# EDGAR Filing Document

**Accession Number:** 0000866706
**File Stem:** 0001104659-26-044425
**Filing Date:** 2026-4
**Character Count:** 504534
**Document Hash:** d37a876da62eb1f310a7286c6a12ef8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-044425.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001104659-26-044425

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260415

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ESCO TECHNOLOGIES INC
- **CENTRAL INDEX KEY:** 0000866706
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATIONS EQUIPMENT, NEC [3669]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 431554045
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10596
- **FILM NUMBER:** 26868124

**BUSINESS ADDRESS:**
- **STREET 1:** 645 MARYVILLE CENTRE DR., SUITE 300
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63141
- **BUSINESS PHONE:** 3142137200

**MAIL ADDRESS:**
- **STREET 1:** 645 MARYVILLE CENTRE DR., SUITE 300
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63141

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ESCO ELECTRONICS CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 15, 2026

ESCO TECHNOLOGIES INC.

(Exact Name of Registrant as Specified in Charter)

Missouri 1-10596 43-1554045 <br> (State or Other (Commission (I.R.S. Employer <br> Jurisdiction of Incorporation) File Number) Identification No.)

645 Maryville Centre Drive, Suite 300 St. Louis, Missouri 63141-5855 <br> (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (314) 213-7200

Securities registered pursuant to section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;Name of each exchange |
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;on which registered |
| &nbsp;&nbsp;Common Stock, par value $0.01 per share | &nbsp;&nbsp;ESE | &nbsp;&nbsp;New York Stock Exchange |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))

◻ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.113d-4 (c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **<u>Item 1.01</u>** | **<u>Entry into a Material Definitive Agreement</u>** |

---

<u>Proposed Acquisition</u>

On April 15, 2026, ESCO Technologies Inc., a Missouri corporation (the "<u>Registrant</u>"), entered into a share purchase agreement (the "<u>Purchase Agreement</u>") with TBG AG, a Swiss stock corporation (the "<u>Seller</u>"), pursuant to which the Seller agreed to sell, and the Registrant agreed to purchase, the entire issued share capital of Megger Group Limited, a company incorporated in England and Wales (the "<u>Company</u>," and such transaction, the "<u>Transaction</u>") for a purchase price of approximately $2.35 billion, consisting of $922 million in cash and 5.10 million shares (the "<u>Consideration Shares</u>") of the Registrant's common stock, par value $0.01 per share (the "<u>Common Stock</u>"), subject to a post-closing adjustment based on the net debt and working capital of the Company, with such adjustment payable in cash. Other than in respect of the Purchase Agreement itself, there is no material relationship between the Registrant or its affiliates and Seller or its affiliates.

The closing of the Transaction is subject to certain conditions, including the preparation and submission of notices and applications by the parties in connection with seeking (i) approval or expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, as amended, (ii) the receipt of applicable clearance or approval from the Committee on Foreign Investment in the United States pursuant to the Defense Production Act of 1950, as amended, (iii) the receipt of applicable regulatory approvals and clearances from the Defense Counterintelligence and Security Agency, and (iv) all other approvals that may be required under applicable foreign merger control laws and foreign investment laws. If the closing conditions are not satisfied or waived by April 15, 2027 (which is subject to automatic extension in certain specified circumstances), either party may terminate the Purchase Agreement in accordance with its terms. Prior to the closing of the Transaction, the Registrant may terminate the Purchase Agreement if the Seller is in breach of certain fundamental warranties, provided that such breach gives rise to a liability in excess of $100,000, or if Seller is in breach of its pre-closing obligations or certain other warranties, provided such breach gives rise to a material liability and both parties have the right to terminate the Purchase Agreement pursuant to other customary termination rights.

The Purchase Agreement contains customary warranties. Seller's obligation to the Registrant after closing for any breach of warranties is limited to breaches of specified fundamental warranties and is subject to certain other restrictions and limitations. Prior to closing of the Transaction, Seller is prohibited from taking certain actions that may result in an alternative transaction proposal other than the Transaction. The Purchase Agreement also contains covenants customary for a transaction of the type contemplated by the Purchase Agreement, including (i) Seller's obligation prior to the closing to conduct the business of the Company and its subsidiaries in the usual course of trading consistent with past practice and to refrain from taking specified actions, subject to certain exceptions, and (ii) Seller's obligations for a period of 18 months after closing with respect to non-competition and two years after closing for non-solicitation of key employees, in each case, subject to certain exceptions.

<u>Shareholder Agreement</u>

At closing, the parties have agreed to enter into certain agreements ancillary to the Transaction, including a shareholder agreement (the "<u>Shareholder Agreement</u>") to be entered into as of closing, the form of which is attached as Exhibit 10.2 to this Current Report on Form 8-K. The terms of the Shareholder Agreement provide for, among other things: (i) the right of Seller to have one designated individual appointed as a member of the Registrant's board of directors (the "<u>Board</u>," and such individual, the "<u>Seller Designee</u>"), with such Board representation continuing for so long as Seller maintains, together with its permitted transferees and certain affiliated holders (collectively, "<u>Seller Holders</u>"), aggregate beneficial ownership of at least 50% of the Consideration Shares (the "<u>Minimum Ownership Threshold</u>"); (ii) certain restrictions on the transfer of the Consideration Shares during the 12-month period following the closing date (such period, the "<u>Restricted Period</u>"), with 50% of the Consideration Shares released from such restrictions six months after the closing date, in all cases subject to certain specified exceptions and limitations; (iii) certain standstill provisions including, during and after the Restricted Period until the date that is six months after no Seller Designee is a member of the Board and Seller has irrevocably waived its right to designate a Seller Designee, limitations on Seller Holders acquiring an aggregate beneficial ownership, inclusive of any Consideration Shares, of more than 24.5% of the then-outstanding shares of Common Stock, unless Seller has obtained the consent of the Registrant's Board, subject to certain exceptions; (iv) certain voting provisions applicable during the Restricted Period and continuing thereafter until no Seller Designee is a member of the Board; (v) the right of Seller to consent to various actions of the Registrant during the Restricted Period (and assuming Seller satisfies the Minimum Ownership Threshold during such time) relating to fundamental changes to the Registrant's business and changes to the Registrant's bylaws that would disproportionately and materially adversely affect Seller's rights under the Shareholder Agreement or relative to other shareholders; (vi) certain customary resale, demand and piggyback registration rights; and (vii) certain preemptive and information rights.

The foregoing description of the Purchase Agreement and Shareholder Agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the Purchase Agreement and Shareholder Agreement, which are attached hereto as Exhibit 10.1 and 10.2 and are incorporated herein by reference. The Purchase Agreement and Shareholder Agreement have been attached to provide investors with information regarding their respective terms. They are not intended to provide any other factual information about the Registrant or any of the other parties to the Purchase Agreement. In particular, the assertions embodied in the warranties contained in the Purchase Agreement are qualified by information in confidential disclosure schedules provided by the parties in connection with the signing of the Purchase Agreement. These confidential disclosure schedules contain information that modifies, qualifies and creates exceptions to the warranties and certain covenants set forth in the Purchase Agreement. Moreover, certain warranties in the Purchase Agreement were used for the purpose of allocating risk among the parties rather than establishing matters as facts and were made only as of the date of the Purchase Agreement (or such other date or dates as may be specified in the Purchase Agreement). Accordingly, the warranties in the Purchase Agreement should not be relied upon as characterizations of the actual state of facts about the Registrant or any of the parties to the Purchase Agreement.

<u>Financing Arrangements</u>

On April 15, 2026, in order to finance the Transaction, the Registrant also entered into a Commitment Letter (the "<u>Commitment Letter</u>") with JPMorgan Chase Bank, N.A. pursuant to which, among other things: (i) the Registrant will endeavor to obtain a $500 million senior secured revolving credit facility (the "<u>Best Efforts Revolving Facility</u>"), a senior secured term loan A facility (the "<u>Best Efforts Term Loan A Facility</u>") and a senior secured term loan B facility (the "<u>Best Efforts Term Loan B Facility</u>", and together with the Best Efforts Revolving Facility and the Best Efforts Term Loan A Facility, collectively, the "<u>Best Efforts Facilities</u>") in an aggregate principal amount of up to $1,500 million, (ii) if the Best Efforts Facilities do not become effective on or prior to the date of consummation of the Transaction (the "<u>Acquisition Closing Date</u>"), the Registrant will endeavor to obtain a limited amendment to its existing Amended and Restated Credit Agreement, dated as of August 30, 2023 (as amended, the "<u>Existing Credit Agreement</u>"), to implement certain changes to permit the Transaction and the financing thereof (the "<u>Limited Amendment</u>"), (iii) if neither the Best Efforts Facilities have become effective in an aggregate amount sufficient to consummate the Transaction (including the refinancing of the Existing Credit Agreement) nor the Limited Amendment has become effective, in each case on or prior to the Acquisition Closing Date, the Registrant will obtain a $500 million senior secured revolving facility and $100 million senior secured term loan A facility (or such other amount as may be agreed between the Registrant and the lead arranger thereof, the "<u>Backstop Facility</u>"), and (iv) if the sum of the Best Efforts Term Loan A Facility and the Best Efforts Term Loan B Facility is less than $975 million, the Registrant will obtain senior secured 364-day bridge loans in an aggregate principal amount of $975 million less the sum of the net cash proceeds of the loans borrowed under the Best Efforts Term Loan A Facility and the Best Efforts Term Loan B Facility actually obtained on the Acquisition Closing Date (the "<u>Bridge Facility</u>").

The proceeds of the loans drawn under the Best Efforts Facilities, the Backstop Facility and/or the Bridge Facility on the Acquisition Closing Date will be applied to (i) pay a portion of the cash consideration in the Transaction, (ii) consummate the refinancing of existing indebtedness of the Registrant and the Company, and (iii) pay the fees, premiums, expenses, and other transaction costs incurred in connection with the Transaction, with any remaining proceeds to be used for working capital and general corporate purposes.

---

| | |
|:---|:---|
| **<u>Item 3.02</u>** | **<u>Unregistered Sales of Equity Securities</u>** |

---

The information set forth above in the first three paragraphs of Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

The issuance of Consideration Shares in connection with the Transaction will be made in accordance with the terms and subject to the conditions set forth in the Purchase Agreement and will be exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof. The Registrant relied, in part, upon warranties from the recipients of the Registrant's securities in the Purchase Agreement that each such recipient was an accredited investor (as defined in Regulation D under the Securities Act).

---

| | |
|:---|:---|
| **<u>Item 9.01</u>** | **<u>Financial Statements and Exhibits</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description of Exhibit</u> |
| [10.1\*](tm2611835d1_ex10-1.htm) | [Agreement for the sale and purchase of the share capital of Megger Group Limited dated April 15, 2026 between TBG AG and ESCO Technologies Inc.](tm2611835d1_ex10-1.htm) |
| [10.2](tm2611835d1_ex10-2.htm) | [Form of Shareholder Agreement between TBG AG and ESCO Technologies Inc.](tm2611835d1_ex10-2.htm) |
| 104 | Cover Page Inline Interactive Data File |

---

\* Schedules to the Purchase Agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant will furnish copies of any such schedules to the U.S. Securities and Exchange Commission upon request.

**<u>Forward Looking Statements</u>**

Statements contained in this Form 8-K and its Exhibits regarding future events are considered "forward-looking statements" within the meaning of the safe harbor provisions of the Federal securities laws. There is no assurance that the Transaction will be consummated, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. The risks and uncertainties in connection with such forward-looking statements related to the Transaction include, but are not limited to, the ability and timing to consummate the Transaction, including obtaining the required regulatory approvals; the Registrant's ability to promptly and effectively integrate the acquired business after the Transaction has closed, and the Registrant's ability to obtain expected cost savings and synergies of the Transaction; the risk that operating costs, customer loss and business disruption (including difficulties maintaining relationships with employees, customers or suppliers of the acquired business) may be greater than expected following the consummation of the Transaction; and other risks and uncertainties described in described in Item 1A, Risk Factors, of the Registrant's annual report on Form 10-K for the year ended September 30, 2025. Words such as expects, anticipates, targets, goals, projects, intends, plans, believes, estimates, variations of such words, and similar expressions are intended to identify such forward-looking statements.

Investors are cautioned that such statements are only predictions and speak only as of the date of this Report, and the Registrant undertakes no duty to update them except as may be required by applicable laws or regulations. The Registrant's actual results in the future may differ materially from those projected in the forward-looking statements.

<u>SIGNATURE</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: April 16, 2026 |  |  |
|  | ESCO TECHNOLOGIES INC. | ESCO TECHNOLOGIES INC. |
|  | By: | /s/ Christopher L. Tucker |
|  |  | Christopher L. Tucker |
|  |  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 10.1

CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) A TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK "[\*\*\*]".

**Exhibit 10.1**

*Execution Version*

DATED 15 April 2026

**TBG AG**

as Seller

**ESCO TECHNOLOGIES INC.**

as Buyer

**AGREEMENT**

for the sale and purchase of the share capital of **MEGGER GROUP LIMITED**

**Contents**

---

| | | |
|:---|:---|:---|
| **Clause** | **Name** | **Page** |
| 1 | Definitions and Interpretation | 1 |
| 2 | Sale and Purchase | 17 |
| 3 | Consideration | 17 |
| 4 | Signing Obligations | 18 |
| 5 | Adjustments to Consideration | 18 |
| 6 | Conditions | 18 |
| 7 | Pre-Completion & Termination | 22 |
| 8 | Integration Committee | 29 |
| 9 | Completion | 29 |
| 10 | Tax Indemnity | 30 |
| 11 | Seller Warranties | 32 |
| 12 | Buyer Warranties | 34 |
| 13 | Protection of Goodwill | 34 |
| 14 | Post-Completion Matters | 36 |
| 15 | Announcements and Confidentiality | 37 |
| 16 | Assignment | 38 |
| 17 | Entire Agreement | 40 |
| 18 | Further Assurance | 40 |
| 19 | Costs | 40 |
| 20 | Effect of Termination | 41 |
| 21 | Payments | 41 |
| 22 | Effect of Completion | 42 |
| 23 | Cumulative Rights | 42 |
| 24 | Third Party Rights | 42 |
| 25 | Waiver | 43 |
| 26 | Variations | 43 |
| 27 | Conflicts | 43 |
| 28 | Invalidity | 43 |
| 29 | Communications | 43 |
| 30 | Service of Process | 45 |
| 31 | Counterparts | 45 |
| 32 | Governing Law and Jurisdiction | 45 |

---

---

| | | |
|:---|:---|:---|
| **Schedule** | **Name** | **Page** |
| 1 | Details of the Group | 47 |
| 1 | Part 1 Details of the other Group Companies | 48 |
| 2 | Reserved Matters | 123 |
| 3 | Signing formalities | 126 |
| 3 | Part 1 Seller's obligations | 126 |
| 3 | Part 2 Buyer's obligations | 126 |
| 4 | Completion formalities | 127 |
| 4 | Part 1 Seller's obligations | 127 |
| 4 | Part 2 Buyer's obligations | 129 |
| 5 | Fundamental Warranties | 130 |
| 6 | Business Warranties | 132 |
| 6 | Part 1 Corporate | 133 |

---

---

| | | |
|:---|:---|:---|
| 6.0 | Part 2 Accounts | 138.0 |
| 6.0 | Part 3 Assets | 139.0 |
| 6.0 | Part 4 Trading | 145.0 |
| 6.0 | Part 5 Finance | 156.0 |
| 6.0 | Part 6 Employment | 158.0 |
| 6.0 | Part 7 Pensions | 165.0 |
| 6.0 | Part 8 Properties | 171.0 |
| 6.0 | Part 9 Tax | 175.0 |
| 7.0 | Seller limitations | 181.0 |
| 8.0 | Provisional Payment | 183.0 |
| 9.0 | Material Properties | 184.0 |
| 10.0 | Completion Statements | 185.0 |
| 10.0 | Part 1 Preparation of the Completion Statements | 185.0 |
| 10.0 | Part 2 Contents of the Completion Statements | 187.0 |
| 10.0 | Part 3 Reference Balance Sheet | 192.0 |
| 11.0 | Buyer warranties | 193.0 |

---

---

| | |
|:---|:---|
| **Execution Page** | 197 |

---

*Documents in the agreed form*

Announcement

Bank Pay Off Letters

Confirmation and waiver under paragraph 1(f) of Schedule 4, Part 1 (*Seller's obligations*)

Confirmation of no-indebtedness

Data Room Index

Resignations of directors, secretary and auditors

Security Control Agreement

Shareholder Agreement

---

| | |
|:---|:---|
| **DATED** | 15 April 2026 |

---

**PARTIES**

(1) **TBG AG**, a Swiss stock corporation (CHE-224.628.443)
 with registered seat in Zürich, Switzerland (the "**Seller** ")

(2) **ESCO TECHNOLOGIES INC.,** a Missouri
 corporation with its principal place of business in St. Louis, Missouri, USA (the "**Buyer** ")

**BACKGROUND**

(A) The Seller has agreed to sell and the Buyer
 has agreed to buy the Shares on the terms of this Agreement.

**OPERATIVE PROVISIONS**

---

| | |
|:---|:---|
| 1 | **Definitions and Interpretation** |

---

1.1 In this Agreement:

"**12 Month EBITDA**" has the meaning given to it in Clause 7.10(b).

"**401(a) Pension Scheme**" has the meaning given to it in paragraph 7(a)(i) of Schedule 6, Part 7 (*Pensions*).

"**ACA**" means the Patient Protection and Affordable Care Act of 2010, as amended, and regulations promulgated thereunder.

"**Accountants**" has the meaning given to it in paragraph 3 of Schedule 10.

"**Accounts**" means the audited consolidated financial statements of the Group as at and for the financial year ended on the Accounts Date, comprising the consolidated balance sheet, consolidated profit and loss account and consolidated cash flow statement of the Group, and the auditors' and directors' reports and notes included at Data Room reference 2.1.3.4.

"**Accounts Date**" means 30 November 2025.

"**Action**" has the meaning given to it in Clause 7.14(c).

"**AI Technologies**" has the meaning given to it in paragraph 9(a) of Schedule 6, Part 4 (*Assets*).

"**Alternative Buyer**" has the meaning given to it in Clause 16.4.

"**Applicable Requirements**" has the meaning given to it in paragraph 22(a) of Schedule 6, Part 4 (*Trading*).

"**Associate**" means in relation to an undertaking, that undertaking and its subsidiary undertakings and parent undertakings and all subsidiary undertakings of any such parent undertakings from time to time and, in relation to an undertaking that is a general partner of a fund, any adviser to or investment manager of the fund and their respective Associates.

"**Associated Person**" has the meaning given to it in paragraph 22(a) of Schedule 6, Part 4 (*Trading*).

"**Bank Loan**" means the facilities set out in the Facilities Agreement.

"**Bank Pay Off Amount**" means the aggregate amount of all principal and accrued interest owing on Completion in relation to the Bank Loan, together with all fees, costs and expenses payable in order to release any Encumbrance granted by a Group Company over any of its shares, assets or undertaking in relation to the Bank Loan, as notified to the Buyer in the Completion Payments Notice in accordance with Clause 9.1.

**"Bank Pay Off Letters**" means pay off letters in a form (as acceptable to and agreed by the Buyer) duly executed and delivered in relation to the repayment of the Bank Loans.

**"Belgian FDI Condition**" means following the submission of a notification with respect to the Transaction to the Interfederal Screening Commission under the Cooperation Agreement of 30 November 2022 as enacted by the Law of 14 February 2023 and as published in the Belgian Gazette on 7 June 2023 (the "**Belgian FDI Act**"), one of the following has been received (expressly or by the expiry of time limits, if applicable): (a) the approval to (if applicable conditionally) consummate the Transaction, or (b) a decision of inadmissibility pursuant to the Belgian FDI Act

"**Bulgarian FDI Condition**" means confirmation having been received in writing from the Interdepartmental Screening Council at the Council of Ministers ("**Screening Council**") (Междуведомствен съвет за скрининг на преките чуждестранни инвестиции) and/or Invest Bulgaria Agency (Българска агенция за инвестиции) (together, the "**Bulgarian FDI Authorities**") that the Transaction does not fall within the scope of the Investment Promotion Act (Закон за насърчаване на инвестициите), Chapter Six; or the Regulation for the implementation of the Investment Promotion Act (Правилник за прилагане на закона за насърчаване на инвестициите) and the Regulation for the organization and activities of the Interdepartmental Council for Screening of Foreign Direct Investments (Правилник за организацията и дейността на Междуведомствен съвет за скрининг на преките чуждестранни инвестиции) (together, the "**Bulgarian FDI Legislation**"); or express authorisation from the Screening Council pursuant to the applicable Bulgarian FDI Legislation relating to the Transaction having been granted; or implicit authorisation being deemed given by the Screening Council pursuant to the applicable Bulgarian FDI Legislation in relation to the Transaction.

"**Business Day**" means a day (other than a Saturday or Sunday) on which the clearing banks are open for business in the City of London, England, Zurich, Switzerland and New York, the United States of America (or, for the purpose of determining when a notice is received under Clause 29 (*Communications*) in the place where the notice is received).

"**Business Warranties**" means the warranties of the Seller contained in Schedule 6 (*Business Warranties*) excluding paragraph 1 of Part 1 of Schedule 6 (*Corporate*).

"**Buyer Financial Statements**" has the meaning given to it in paragraph 7 of Schedule 11 (*Buyer warranties*).

"**Buyer's Accountants**" means PriceWaterhouseCoopers LLP.

"**Buyer's Group**" means the Buyer and any Associate of it from time to time, (including from Completion each Group Company).

"**Buyer's Solicitors**" means Bryan Cave Leighton Paisner LLP, Governor's House, 5 Laurence Pountney Hill, London EC4R 0BR.

"**Cash**" has the meaning given to it in Schedule 10 (*Contents of the Completion Statements*).

"**CBA**" means a collective bargaining, Union or similar agreement, whether written or oral, pursuant to which a Group Company legally recognises a Union or utilises labour referred or supplied by a Union.

"**CFA 2017**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**CFIUS**" means the Committee on Foreign Investment in the United States and each member agency thereof, acting in such capacity.

"**CFIUS Approval**" means that, following the filing of a joint Notice by the parties within 15 Business Days following the date of this Agreement, any of the following shall have occurred: (a) CFIUS shall have provided written notice that the Transaction is not a "covered transaction" as defined in 31 C.F.R. § 800.213 and not subject to review under the DPA; (b) CFIUS shall have provided written notice that it has completed a review or investigation of the Notice provided pursuant to the DPA with respect to the Transaction and has concluded all action under the DPA and there are no unresolved national security concerns with respect to the Transaction; or (c) if CFIUS has sent a report to the President of the United States requesting the President's decision with respect to the Transaction, then (i) the President shall have announced a decision not to take any action to suspend or prohibit the Transaction or (ii) having received a report from CFIUS requesting the President's decision, the President shall not have taken any action after fifteen (15) days from the earlier of the date the President received such report from CFIUS or the end of the investigation period.

"**Claim**" has the meaning given to it in paragraph 1 of Schedule 7 (*Seller limitations*).

"**Closure**" has the meaning given to it in Clause 6.1(a)(i).

"**COBRA**" means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and regulations promulgated thereunder.

"**Code**" means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"**Commitment Letter**" means a written communication from DCSA to the parties agreeing to a plan to mitigate FOCI.

"**Company**" means Megger Group Limited, further details of which are set out in Schedule 1, Part 1 (*Details of the other Group Companies*).

"**Company Employee**" means a current or former employee of any Group Company.

"**Completion**" means completion of the purchase of the Shares in accordance with Clause 9 (*Completion*).

"**Completion Payments Notice**" has the meaning given to it in Clause 9.1.

"**Completion Statements**" means the statements prepared and agreed or determined in accordance with Schedule 10 (*Completion statement*) in order to determine Net Debt and Working Capital.

"**Completion Statements Date**" means 11:59 p.m. CET on the date of Completion.

"**Condition**" means a condition of Completion as specified in Clause 6.1.

"**Consideration**" means the Consideration Cash and the Consideration Shares.

"**Consideration Cash**" means $922,000,000 (nine hundred and twenty two million United States dollars) in cash

"**Consideration Shares**" means five million one hundred thousand (5,100,000) shares of ESCO Stock.

"**Contingent Worker**" means a current or former independent contractor, consultant, temporary employee, leased employee or any other servant or agent performing services with respect to the operation of the business of any Group Company and is classified by the respective Group Company as other than a Company Employee or compensated other than through wages paid by the Group Company through its payroll department and reported on a Form W-2 or applicable jurisdictional equivalent.

"**Covid Measure**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**CTA 2009**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**CTA 2010**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**Data Protection Laws**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**Data Protection Policies**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**Data Room**" means the virtual data room maintained on behalf of the Seller containing the documents and information listed in the data room index delivered with the Disclosure Letter and copies of which are included in the secure file transfer link delivered with the Disclosure Letter.

"**Data Subject Request**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**DB Scheme**" has the meaning given to it in paragraph 1(a)(i) of Schedule 6, Part 7 (*Pensions*).

"**DCSA**" means the Defense Counterintelligence and Security Agency of the United States Department of Defense or any successor thereto.

"**Debt**" has the meaning given to it in Schedule 10 (*Contents of the Completion Statements*).

"**Debt Financing**" means the debt financings that are necessary to be obtained in order to consummate the Transaction.

"**Debt Financing Documentation**" means, as at the date of this Agreement, the signed commitment letter between the Buyer and JPMorgan Chase Bank, N.A. (with all relevant term sheets attached) dated on or around the date of this Agreement and following which, the documentation that is to be entered into to secure the financing described in such commitment letter.

"**Debt Financing Sources**" means the persons that have committed to provide or have otherwise entered into letters or other agreements to provide the Debt Financing, including the persons party to the Debt Financing Documentation referred to in this Agreement, and any joinder agreements, indentures, credit agreements or other definitive agreements entered into pursuant thereto or relating thereto, and any arrangers or administrative agents in connection with the Debt Financing Documentation, together with their current and future Associates and their and such Associates', officers, directors, employees, attorneys, partners (general or limited), controlling representatives and funding sources of each of the foregoing, and their successors and assigns, provided, that in no event shall the Buyer nor any Associate thereof constitute a "**Debt Financing Source**".

"**Disclosed**" means 'fairly' disclosed by the Seller to the Buyer in the Disclosure Letter or, only in relation to the Repeated Warranties as repeated on Completion and only in respect of any matter arising after the date of this Agreement, the Supplemental Disclosure Letter and, in each case, a disclosure shall only be deemed to be 'fair' if it is provided with sufficient detail to enable a reasonable buyer to identify the nature and scope of the matter and to evaluate the purpose and effect of the disclosure.

"**Disclosed Schemes**" has the meaning given to it in paragraph 1(a) of Schedule 6, Part 7 (*Pensions*).

"**Disclosure Letter**" means the letter dated the same date as this Agreement from the Seller to the Buyer relating to the Business Warranties.

"**DOJ**" has the meaning given to it in Clause 6.1(a)(i).

"**DPA**" means Section 721 of the Defense Production Act, as amended, including all implementing regulations thereof.

"**ECTEA**" has the meaning given to it in Schedule 6, Part 8 (*Properties*).

"**Encumbrance**" means a mortgage, charge, pledge, lien, encumbrance, option, right of pre-emption, conversion or set-off, reservation of title, right to acquire or other security or third party right or interest of any kind.

"**Environment**" has the meaning given to it in paragraph 25(a) of Schedule 6, Part 4 (*Trading*).

"**Environmental Law**" has the meaning given to it in paragraph 25(a) of Schedule 6, Part 4 (*Trading*).

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

"**ERISA Affiliate**" means, with respect to any corporation or trade or business, any other corporation or trade or business that is, or was at the relevant time, a member of a group described in Section 414(b), (c), (m), or (o) of the Code or Section 4001(b)(1) of ERISA that includes or included the Company.

"**ESCO Stock**" means ESCO Common Stock (ticker symbol "ESE") as traded on the New York Stock Exchange.

"**Estimated Net Debt**" means the Seller's good faith estimate of the consolidated Net Debt of the Group as at the Completion Statements Date as prepared in accordance with Schedule 8 (*Provisional Payment*).

"**Estimated Working Capital**" means the Seller's good faith estimate of the Working Capital of the Group as at the Completion Statements Date as prepared in accordance with ‎Schedule 8 (*Provisional Payment*).

"**Ex-US Merger Control and FDI Conditions"** means the Turkish Merger Control Condition, Saudi Arabian Merger Control Condition, Belgian FDI Condition, Bulgarian FDI Condition, Finnish FDI Condition, French FDI Condition, Swedish FDI Condition and Italian FDI Condition.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expiry Date**" has the meaning given to it in paragraph 1 of Schedule 7 (*Seller limitations*).

"**Extended Long Stop Date**" has the meaning given to it in Clause 6.11.

"**FA 2003**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**Facilities Agreement**" means the facilities agreement dated 31 July 2025 between, among others, Megger Group Limited as Company, the Financial Institutions named therein and Commerzbank Aktiengesellschaft as Agent.

"**FDI Approval**" means, in respect of any FDI Filing, one or more of the following having occurred: (a) the relevant FDI Authority having issued a written decision or notification confirming that the Transaction is approved, cleared, or otherwise authorised under the applicable FDI Law; (b) the relevant FDI Authority having issued a written decision or notification confirming that the Transaction does not fall within the scope of, or is not subject to review under, the applicable FDI Law; or (c) the applicable statutory period for the relevant FDI Authority to take a decision, impose conditions, or prohibit or unwind the Transaction under the applicable FDI Law having expired without the relevant FDI Authority having taken any such action (including, for the avoidance of doubt, where the applicable FDI Law provides for deemed approval or implicit authorisation upon the expiry of such statutory period).

"**FDI Authority**" means any Governmental Entity in any jurisdiction which has the power or competence, under any FDI Law, to review, investigate, call in, approve, prohibit, block, impose conditions on, unwind, or otherwise take action in respect of foreign direct investment.

"**FDI Condition**" has the meaning given to it in Clause 6.2.

"**FDI Filing**" means any notification, filing, application, declaration, submission of information, or other communication made to, or required or requested by, an FDI Authority in connection with the Transaction under any FDI Law.

"**FDI Law**" means any law, statute, regulation, order, directive, or other legislative or regulatory measure (whether at a supra-national, national, federal, state, regional, or local level) in any jurisdiction which provides for the screening, review, investigation, approval, prohibition, or imposition of conditions in respect of foreign direct investment (including, without limitation, on the grounds of national security, public order, public policy, strategic interests, essential security interests, critical infrastructure, or essential technologies).

"**Finnish FDI Condition**" means that, following the submission of an application or notification, as applicable, with respect to the Transaction to the competent Finnish authority under the Act on the Screening of Foreign Corporate Acquisitions in Finland (172/2012, as amended (*Laki ulkomaisten yritysostojen seurannasta*) (the "**Finnish FDI Act**"), one of the following has been received: (a) the approval to consummate the Transaction, or (b) a decision of inadmissibility pursuant to the Finnish FDI Act (expressly or by the expiry of time limits, if applicable).

"**FOCI**" means foreign ownership, control, and influence, as defined by the National Industrial Security Program Operating Manual Rule ("**NISPOM**"), 32 C.F.R. § 117 or other applicable national security directives, forms and instructions issued by the DCSA.

"**French FDI Condition**" means that, following the submission of a request for authorization with respect to the Transaction to the French Minister of Economy (*Ministre de l'économie*) pursuant to Articles L.151-3 and seq. and R.151-1 and seq. of the monetary and financial code (*Code monétaire et financier*) (the "**French FDI Legislation**"), one of the following has been received: (a) a decision authorizing the Transaction, including subject to certain conditions, if applicable, or (b) a decision stating that the Transaction falls outside the scope of the French FDI Legislation.

"**FSR**" means Council Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 of foreign subsidies distorting the internal market.

"**FTC**" has the meaning given to it in Clause 6.1(a)(i).

"**Fundamental Cap**" has the meaning given to it in Clause 7.9.

"**Fundamental Claim**" has the meaning given to it in paragraph 1 of Schedule 7 (*Seller limitations*).

"**Fundamental Share Warranties**" means the warranties contained in paragraphs 8 to 17 (inclusive) of Schedule 5 (*Fundamental Warranties*).

"**Fundamental Warranties**" means the warranties contained in Schedule 5 (*Fundamental Warranties*) and paragraph 1 of Part 1 of Schedule 6, Part 1 (*Corporate*).

"**GAAP**" has the meaning given to it in paragraph 7 of Schedule 11 (*Buyer warranties*).

"**General Claim**" has the meaning given to it in paragraph 1 of Schedule 7 (*Seller limitations*).

**"Generative AI"** means an artificial intelligence system (such as Open AI, ChatGPT, Copilot, and DALL-E) that generates text, images or other content in response to user-generated prompts, based on data the system is trained on.

"**German Audits**" means the audits concerning Group Companies initiated by the German Tax Authorities prior to the date of this Agreement.

"**Golden Power Regulation**" means, collectively, Law Decree No. 21/2012 (converted with amendments by Law No. 56/2012), as subsequently supplemented and amended, Regulation (EU) 452/2019 and the rules, decrees, ordinances and implementing regulations which have been issued and/or are applicable, from time to time, to the Transaction (in each case, as subsequently amended.

"**Governmental Entity**" means in relation to anywhere in the world, any supra-national, national, state, municipal or local government (including any subdivision, court, administrative agency or commission or other authority thereof) or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority.

"**Group**" means the Company and the Subsidiaries and "**Group Company**" means any one of them.

"**Group Company Plans**" has the meaning given to it in paragraph 7(d) of Schedule 6, Part 7 (*Pensions*).

"**Group Guarantee**" means guarantees given by a Group Company in favour of the Seller or any of its Associates.

"**Group IPR**" has the meaning given to it in paragraph 7(a) of Schedule 6, Part 4 (*Assets*).

"**Hazardous Discharge**" has the meaning given to it in paragraph 25(d) of Schedule 6, Part 4 (*Trading*).

"**Hazardous Substance**" has the meaning given to it in paragraph 25(a) of Schedule 6, Part 4 (*Trading*).

"**HIPAA**" means the Health Insurance Portability and Accountability Act of 1996, as amended, and regulations promulgated thereunder.

"**HMRC**" means His Majesty's Revenue & Customs.

"**HSR Act**" means the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

"**HSR Act Condition**" means the expiration or termination of the waiting period(s) under the HSR Act.

"**Improvements**" has the meaning given to it in paragraph 3(f) of Schedule 6, Part 8 (*Properties*).

"**Integration Committee**" has the meaning given to it in Clause 8.1.

"**Integration Plan**" has the meaning given to it in Clause 8.2.

"**Inward IPR Licences**" has the meaning given to it in paragraph 7(a) of Part 3 of Schedule 6 (*Assets*).

"**IPR**" means all patents, rights to inventions, utility models, copyright and neighbouring and related rights, trade marks and service marks, business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, the confidential information of the Group (including know-how and trade secrets) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.

"**IRS**" means the Internal Revenue Service.

"**Italian FDI Condition**" means the authorization of the Transaction (whether express or implicit, upon expiry of the applicable legal term, or by confirmation of the non-applicability of the Golden Power Regulations).

"**IT Systems**" has the meaning given to it in paragraph 8(a) of Part 3 of Schedule 6 (*Assets*).

"**Key Employee**" has the meaning given to it in the Disclosure Letter.

"**Leased Properties**" means all non-owned real property of the Group that is leased, subleased, licensed or occupied by any of the Group Companies that is used or occupied by, or necessary for the conduct of its business thereon, and "**Leased Property**" means any of them.

"**Leases**" means the leases, subleases, licenses, concessions and other agreements set out at Schedule 9 (*Material Properties*), pursuant to which any of the Group Companies hold a leasehold or sub leasehold estate in, or are granted the right to use or occupy, any of the Leased Properties.

"**Licensed Software**" has the meaning given to it in paragraph 8(a) of Part 3 of Schedule 6 (*Assets*).

"**Long Stop Date**" means the date falling twelve (12) months after the date of this Agreement, subject to the right to extend such date in accordance with Clause 6.1(c) (or such later date as the parties hereto may agree in writing).

"**Material Contract**" means: (i) each agreement contained in folders 13.4.2.3 and 13.4.2.4 of the Data Room; (ii) each distributor, agent or joint venture agreement to which a Group Company derives or is likely to derive revenues of at least $2,000,000 per annum; (iii) each other agreement pursuant to which a Group Company is bound to incur expenditure in excess of $2,000,000 per annum (excluding VAT) or pursuant to which a Group Company derives, or is likely to derive, revenues of at least $2,000,000 per annum; and (iv) each other agreement which is material to any Group Company or the business of any Group Company.

"**Material Liability**" has the meaning given to it in Clause 7.10.

"**Material Subsidiary**" means each of (i) Megger Limited; (ii) AVO International Inc.; (iii) Megger Germany GmbH; (iv) Megger Holding Germany GmbH & Co. KG; (v) Megger GmbH; (vi) Megger Holdings GmbH; (vii) Megger SARL; (viii) Megger Instruments Limited; (ix) Megger Systems Limited; (x) James G. Biddle Co.; (xi) AVO Multi-Amp Corporation; (xii) Megger Systems Germany GmbH; (xiii) Megger Systems and Services GmbH; (xiv) Megger Real Estate Germany GmbH; (xv) IPS Intelligent Process Solutions GmbH; (xvi) Megger Sweden AB; (xvii) Power Diagnostix Instruments GmbH; (xviii) Megger Diagnostic Holding GmbH; (xix) IPS Energy RS d.o.o. Beograd; (xx) Luatech d.o.o. Zagreb; (xxi) Power DB Inc.; (xxii) Biddle Instruments Financial Corporation; and (xxiii) AVO Training Institute Inc., details of each of which are set out in Schedule 1, Part 1 (*Details of the other Group Companies*).

"**Merger Control Approval**" means, in respect of any Merger Control Filing, one or more of the following having occurred: (a) the relevant Merger Control Authority having issued a written decision or notification confirming that the Transaction is approved, cleared, or otherwise authorised under the applicable Merger Control Law; (b) the relevant Merger Control Authority having issued a written decision or notification confirming that the Transaction does not fall within the scope of, or is not subject to review under, the applicable Merger Control Law; or (c) the applicable statutory period for the relevant Merger Control Authority to take a decision, impose conditions, or prohibit or unwind the Transaction under the applicable Merger Control Law having expired without the relevant Merger Control Authority having taken any such action (including, for the avoidance of doubt, where the applicable Merger Control Law provides for deemed approval or implicit authorisation upon the expiry of such statutory period).

"**Merger Control Authority**" means any Governmental Entity in any jurisdiction which has the power or competence, under any Merger Control Law, to review, investigate, call in, approve, prohibit, block, impose conditions on, unwind, or otherwise take action in respect of mergers or acquisitions.

"**Merger Control Filing**" means any notification, filing, application, declaration, submission of information, or other communication made to, or required or requested by, a Merger Control Authority in connection with the Transaction under any Merger Control Law.

"**Merger Control Laws**" means all laws passed by a Governmental Entity that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition, including without limitation the HSR Act.

"**Multiemployer Pension Plan**" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA and PBGC Reg. Section 4001.2.

"**Multiemployer Plan**" means a plan defined in Section 3(37) of ERISA, including a Multiemployer Pension Plan.

"**Net Debt**" means the consolidated net debt of the Group as at the Completion Statements Date as determined in accordance with Schedule 10 (*Completion Statements*).

"**NISPOM**" has the meaning given in the definition of "FOCI".

"**Non-Wholly Owned Subsidiary**" means each of (i) Synaptec Limited, a private limited company incorporated in Scotland with registered number SC472060, (ii) Sentrisense AB, a private limited company incorporated in Sweden with registered number 559371-8694, (iii) Megger LLC, a limited liability company incorporated in Russia (which in turn owns 100% Seba Energo, a company incorporated in Russia), (iv) Seba Service NV, a limited liability company incorporated in Belgium with registered number 0419.424.733, and (v) Megger AS, a limited liability company incorporated in Norway with registered number 931 924 583.

"**Normalised Working Capital**" means €112,000,000.

"**Notice**" is defined in subpart E of the CFIUS Regulations.

"**NYSE**" means the New York Stock Exchange.

"**Open Source Software**" has the meaning given to it in paragraph 8(a) of Part 3 of Schedule 6 (*Assets*).

"**Outward IPR Licences**" has the meaning given to it in paragraph 7(a) of Part 3 of Schedule 6 (*Assets*).

"**Owned Properties**" means the real properties owned in fee by any of the Group Companies as listed in Schedule 9 (*Material* Properties) together with all land, buildings and the components of the buildings, structures, fixtures and other improvements and fixtures located thereon and used by the Group Companies for the conduct of its business thereon, and "**Owned Property**" means any of them.

"**Owned Software**" has the meaning given to it in paragraph 8(a) of Part 3 of Schedule 6 (*Assets*).

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Permits**" has the meaning given to it in paragraph 15(a) of Schedule 6, Part 4 (*Trading*).

"**Personal Data Breach**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**Pillar 2**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**Pre-Contractual Statements**" has the meaning given to it in Clause 17.2.

"**Proceeding**" means any action, suit, claim, charge, complaint, petition, hearing, proceeding, written notice of a violation, summons, subpoena, arbitration, investigation, or mediation by any person or any investigation or audit by any governmental body or authority.

"**Properties**" means the *Owned Properties and Leased Properties* and "**Property**" means any of them.

"**Provisional Payment**" means the sum payable by the Buyer on account of the Consideration in accordance with Clause 3.2 and calculated in accordance with Schedule 8 (*Provisional Payment*).

"**Registered IPR**" has the meaning given to it in paragraph 7(a) of Part 3 of Schedule 6 (*Assets*).

"**Registered Overseas Entity**" has the meaning given to it in Schedule 6, Part 8 (*Properties*).

"**Relevant Accounting Standards**" means International Financial Reporting Standards (IFRS).

"**Relief**" means any loss, relief, allowance, set off, deduction, exemption or credit relating to Tax or to the computation of income, profits or gains for the purpose of any Tax and any right to a repayment of Tax.

"**Repeated Warranties**" means the warranties contained in the following paragraphs of Schedule 6 (*Business Warranties*) to be repeated at Completion in accordance with Clause 11.3: paragraph 13 of Part 1; Part 2 (in its entirety); paragraphs 2, 5, 7 and 8 of Part 3; paragraphs 1, 2, 9, 11, 12 to 15 (inclusive), 21, 22, 24, 25 of Part 4; paragraphs 1 and 2 of Part 5; paragraphs 1(a) to 1(c) (inclusive) and 3(c) of Part 6; paragraphs 6 and 7 of Part 7; paragraphs 1 and 2 of Part 8; and Part 9 (in its entirety), each denoted with a \*.

"**Restricted Business**" means the business of Megger as at Completion, comprising: (i) manufacturing electronic test equipment; (ii) manufacturing hand-held measurement instruments; and (iii) condition monitoring, in each case for use in electrical power applications, specific to the power/utility and water infrastructure segments, as well as asset and performance management software dedicated to utilities and grid operators.

"**Restricted Period**" has the meaning given to it in the Shareholder Agreement.

"**Restricted Transaction**" means (a) a disposal of an interest in the issued share capital of any Group Company or of all, or a material part, of the business or assets of any Group Company, (b) a third party investment in any Group Company, (c) any acquisition, merger, consolidation or reorganisation involving any Group Company, or (d) any equity or debt investment relating to all or any significant part of the business, operations, equity or ownership interests, or assets of any Group Company, or in each case any subsidiary undertaking of any of them.

"**Sanctioned Country**" means any country, region or territory that is the subject or target of country-wide, region-wide, or territory-wide Sanctions (as of the date hereof, including but not limited to Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic, the non-government controlled areas of the Zaporizhzhia and Kherson regions of Ukraine and, prior to July 1, 2025, Syria).

"**Sanctioned Person**" means any person that is the target of Sanctions, including (a) any person listed on any Sanctions-related list of designated persons maintained by any relevant Sanctions Authority, (b) any person directly or indirectly owned 50 percent or greater or controlled by one or more persons (individually or in the aggregate) described in the foregoing clause (a), (c) any person acting on behalf of one or more persons described in the foregoing clauses (a) and (b), (d) any person operating, organised, resident in or, with respect to Cuba only, a citizen or national of a Sanctioned Country, or (e) any person directly or indirectly owned 50 percent or greater or controlled by one or more persons (individually or in the aggregate) described in (d) only to the extent required under Sanctions administered by the United States.

"**Sanctions**" means any law or executive order relating to financial and/or economic sanctions administered, implemented or enforced by a relevant Sanctions Authority applicable to the Group Companies.

"**Sanctions Authority**" means (a) the United Nations Security Council, (b) the government of the United States, (c) the European Union or any member state, (d) the government of the United Kingdom, and (e) any other relevant authority, including without limitation, the U.S. Department of Treasury Office of Foreign Assets Control, the U.S. Department of State, and His Majesty's Treasury, the Department for Business and Trade, the World Bank Listing of Ineligible Firms and the Foreign, Commonwealth & Development Office, in the United Kingdom.

"**Saudi Arabian Merger Control Condition**" means approval (or deemed approval) by the General Authority for Competition of Saudi Arabia of the Transaction pursuant to the Competition Law of Saudi Arabia issued by Royal Decree No. M/75 dated 29 Jumada II 1440H (corresponding to 6 March 2019) and its Implementing Regulations.

"**SDLT**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**SEC**" means the Securities and Exchange Commission.

"**SEC Reports**" means each report, registration statement, prospectus, schedule, form, statement and definitive proxy statement filed by the Buyer with the SEC during the period from 30 September 2023 up to and including the date of this Agreement that is publicly available on the SEC's Electronic Data Gathering, Analysis and Retrieval System (EDGAR).

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Seller Group Guarantee**" means guarantees given by the Seller or any of its Associates in favour of a Group Company.

"**Seller Nominee**" has the meaning given to it in Clause 16.5.

"**Seller's Account**" means the account of the Seller with UBS Switzerland AG, 8098 Zurich, Switzerland, SWIFT UBSWCHZH80A and IBAN: CH74 0024 0240 8369 4460 E.

"**Seller's Accountants**" means Ernst and Young LLP.

"**Seller's Group**" means the Seller and each of its Associates from time to time (excluding, for the avoidance of doubt, from Completion any Group Company).

"**Seller's Solicitors**" means Willkie Farr & Gallagher (UK) LLP of CityPoint, 1 Ropemaker Street, London EC2Y 9AW.

"**Shareholder Agreement**" means the agreement in the agreed form relating to the ESCO Stock.

"**Shares**" means the 74,785,350 Ordinary shares of £1 each in the capital of the Company, making up the entire issued share capital of the Company.

"**Subsidiaries**" means the companies listed in Schedule 1, Part 1 (*Details of the other Group Companies*) and "**Subsidiary**" means any one of them.

"**Supervisory Authority**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**Supplemental Disclosure Letter**" means the letter (if any) dated the same date as Completion from the Seller to the Buyer relating only to the Repeated Warranties as repeated on Completion and containing only details of those circumstances, matters and events that have arisen during the period between the date of this Agreement and Completion.

"**Surviving Provisions**" means Clause 1 (*Definitions and Interpretation*), Clause 15 (*Announcements and Confidentiality)*, Clause 16 *(Assignment*), Clause 17 (*Entire Agreement)*, Clause 19 (*Costs*), Clause 20 (*Effect of Termination*), Clause 23 (*Cumulative Rights)*, Clause 24 (*Third Party Rights)*, Clause 25 (*Waiver)*, Clause 26 (*Variations)*, Clause 27 (*Conflicts)*, Clause 28 (*Invalidity*), Clause 29 (*Communications*), Clause 30 (*Service of Process*), Clause 31 (*Counterparts)* and Clause 32 (*Governing Law and Jurisdiction*).

"**Swedish FDI Condition**" means that the notification filed with the Swedish Inspectorate of Strategic Products in respect of the Transaction and under the Swedish Foreign Direct Investment Screening Act (Sw: *Lag om anmälan och granskning av utländska direktinvesteringar)* has been closed without further action.

"**Tax**" includes all taxes, duties (including stamp duties), imposts, contributions, withholdings, deductions, charges, levies and sums in the nature of the foregoing or sums payable to any Tax Authority on account of the foregoing, in each case wherever and whenever imposed, charged or demanded and whether or not primarily payable by, or attributable directly or primarily to, a Group Company or any other person and all charges, interest, fines, penalties and surcharges relating to the same.

"**Tax Assessment**" means any claim, notice, demand, assessment, self-assessment, letter or other document issued or action taken by or on behalf of a Tax Authority or any other person from which it appears that a Group Company may be subject to a Tax Liability in respect of which the Seller may be liable to the Buyer under a Tax Indemnity Claim.

"**Tax Authority**" means HMRC, the United States Internal Revenue Service and any other governmental, state, federal, local, foreign or other fiscal, revenue, customs or excise authority, department, agency, body or office whether in the United Kingdom, the United States or elsewhere in the world having authority or jurisdiction for any Tax purpose.

"**Tax Claim**" has the meaning given to it in paragraph 1 of Schedule 7 (*Seller limitations*).

"**Tax Indemnity Claim**" has the meaning given to it in paragraph 1 of Schedule 7 (*Seller limitations*).

"**Tax Liability**" means a liability to pay an amount of, or in respect of, Tax.

"**Tax Return**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**Trade Control Laws**" means all applicable statutory, regulatory, and licensing requirements related to export controls, trade embargoes, boycotts, imports of goods and payment of custom duties of any jurisdiction applicable to the Group Companies including without limitation the United Kingdom, European Union and United States.

"**Transaction**" means the transaction contemplated by this Agreement (or any part of that transaction).

"**Transaction Bonus**" means any transaction bonus or similar payment expressly agreed in writing between the Buyer and the Seller prior to Completion.

"**Transaction Documents**" means this Agreement, the Disclosure Letter, the Shareholder Agreement, the Supplemental Disclosure Letter and the Bank Pay Off Letters (if the Buyer has made an election under Clause 7.7).

"**Trapped Cash**" has the meaning given to it in Part 2 of Schedule 10 (*Contents of the Completion Statements*).

**"Turkish Merger Control Condition**" means either (i) the issuance of a decision by the Turkish Competition Board pursuant to Article 10 of Law No. 4054 on the Protection of Competition and the Communique No. 2010/4 on the Mergers and Acquisitions Calling for the Authorisation of the Competition Board stating that the Transaction is not subject to notification, or approving the Transaction, either unconditionally or subject to the satisfaction of certain conditions required by the Turkish Competition Board; or (ii) the statutory waiting period of 30 days specified in Article 10 of the Law No. 4054 on the Protection of Competition having expired without the Turkish Competition Board responding to or taking any action in relation to the notification made regarding the Transaction.

"**UK Data Protection Laws**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**UK GDPR**" has the meaning given to it in paragraph 24(a) of Schedule 6, Part 4 (*Trading*).

"**UK Leased Properties**" means the Leased Property located in the United Kingdom, and "UK Leased Property" means any of them.

"**UK Owned Properties**" means Owned Property located in the United Kingdom, and "**UK Owned Property**" means any of them.

"**UK Properties**" means the UK Owned Properties and the UK Leased Properties, and "UK Property" means any of them.

"**Union**" means a union, labor organisation, works council, or other person purporting to represent any employee (or group of employees) as their exclusive bargaining representative.

"**US Disclosed Schemes**" has the meaning given to it in paragraph 7(a) of Schedule 6, Part 7 (*Pensions*).

"**VAT**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**VATA**" has the meaning given to it in paragraph 1 of Schedule 6, Part 9 (*Tax*).

"**WARN Act**" means the United States Worker Adjustment and Retraining Notification Act and the regulations promulgated thereunder and any similar state or local Law.

"**Warranties**" means the Business Warranties and the Fundamental Warranties.

"**Working Capital**" means the working capital of the Group as determined in accordance with Schedule 10 (*Completion Statements*).

1.2 In this Agreement, unless otherwise stated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reference to this "**Agreement** "
 is to this agreement as varied, supplemented, novated or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reference to a document or a provision
 of a document is to that document or provision as varied, supplemented, novated or replaced
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to a document being in "**agreed form**" means, in relation to any document, the form of that document which has been
 initialled for the purpose of identification, or otherwise agreed in writing, by the Buyer
 and the Seller or on their behalf by their solicitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a statute or statutory provision
 includes a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory amendment, consolidation or
 re-enactment of it (whether made before or after the date of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all orders, regulations, instruments or
 other subordinate legislation (as defined in section 21(1) of the Interpretation Act
 1978) made under it (whether made before or after the date of this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any statute or statutory provision of
 which it is an amendment, consolidation or re-enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a "**party** "
 is to a party to this Agreement and includes a reference to that party's successors
 and permitted assignees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to a "**person** "
 includes a legal or natural person, partnership, association, trust, company, corporation,
 joint venture, government, state or agency of the state or other body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reference to a governmental, regulatory
 or administrative authority or other agency or body that ceases to exist or is reconstituted,
 renamed or replaced or has its powers or function removed, means the agency or body which
 performs most closely the functions of that authority, agency or body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to a Clause or Schedule or Appendix
 or attachment is to a Clause of, or Schedule, Appendix or attachment to, this Agreement and
 any reference to this Agreement includes its Schedules, Appendices and attachments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms "**financial year** ",
 "**parent undertaking** "**,** "**subsidiary undertaking** "
 and "**undertaking**" (and, unless the context otherwise requires, other terms
 used in this Agreement that are defined in the Companies Act 2006) shall be interpreted in
 accordance with the Companies Act 2006;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the term "**connected person** "
 has the meaning given to it in section 1122 Corporation Tax Act 2010 and any references to
 persons being "**connected**" shall have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any reference to "**to the extent that**" shall mean "to the extent that" and not solely "if",
 and similar expressions shall be construed in the same way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) reference to the time of day is to the
 time in London.

1.3 In this Agreement the interpretation of general
 words shall not be restricted by words indicating a particular class or particular examples
 and "**including**" means "including without limitation".

1.4 Each of the Warranties is separate and independent
 and without prejudice to the other Warranties and, except where expressly stated otherwise,
 the meaning and extent of any Warranty or any part of it shall not be qualified or limited
 by any other Warranty or any other part of a Warranty or by any other provision in a Transaction
 Document.

1.5 The headings in this Agreement are for ease
 of reference only and are to be ignored when interpreting this Agreement.

1.6 In the Warranties (and otherwise, where the
 context requires), as regards the operations or presence of any Group Company outside of
 England and Wales, and regardless of the references that may be made in the Warranties to
 the statutory provisions or legal or accounting principles or legal terms applying under
 laws other than English law or references to governmental, regulatory or administrative authority
 or other body or agency outside of the United Kingdom:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to a statutory provision or
 to a legal or accounting principle applying under English law shall be treated as including
 references to the nearest corresponding provision or principle in the local jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to any English legal term for
 any action, remedy, method of judicial proceeding, legal document, legal status, court, official
 or any legal concept or thing shall, in respect of any jurisdiction other than England, be
 deemed to include what most nearly approximates in that jurisdiction to the English legal
 term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to a governmental, regulatory
 or administrative authority or other body or agency in the United Kingdom shall be treated
 as including references to the nearest equivalent governmental, regulatory or administrative
 authority or other body or agency in that jurisdiction.

1.7 With respect to any document referred to in
 this Agreement as being in the agreed form, but which is not in the agreed form as at the
 date of this Agreement, the parties shall (in each case acting reasonably and in good faith)
 use all reasonable endeavours to agree the form of such documents as soon as practicable
 following the date of this Agreement, including agreeing the form thereof with any relevant
 third parties, and in any event so as to enable Completion to occur before the Long Stop
 Date or Extended Long Stop Date (as applicable).

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| | |
|:---|:---|
| 2 | **Sale and Purchase** |

---

2.1 On and subject to the terms of this Agreement,
 the Seller agrees to sell, and the Buyer agrees to purchase, the legal and beneficial title
 to the Shares.

2.2 The Shares
 shall be sold at and with effect from Completion free from all Encumbrances and together
 with all rights attached to or accruing to them at Completion, except as provided in the
 Shareholder Agreement.

2.3 The Buyer is not obliged to complete the purchase
 of any of the Shares unless the purchase of all of the Shares is completed simultaneously.

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| | |
|:---|:---|
| 3 | **Consideration** |

---

3.1 The Consideration is the Consideration Cash
 together with the Consideration Shares, subject to adjustment in accordance with the provisions
 of Clause 5 (*Adjustments to Consideration*).

3.2 Subject always to Clause 5 (*Adjustments to Consideration*), the Buyer shall pay or otherwise satisfy the Provisional Payment
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the allotment of the Consideration
 Shares on Completion to the Seller or, at the Seller's direction, the Seller Nominee;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the payment of the Consideration Cash
 on Completion to the Seller's Account.

3.3 The Consideration Shares shall, when issued
 in accordance with the terms of this Agreement, be duly authorised, validly issued, fully
 paid and non-assessable shares of ESCO Stock.

3.4 The Buyer's obligation to pay any sum
 or deliver anything to the Seller shall be satisfied by it paying that sum or delivering
 that thing to the Seller.

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| | |
|:---|:---|
| 4 | **Signing Obligations** |

---

Immediately upon signing this Agreement, the Buyer and Seller shall comply with their respective obligations in Schedule 3 (*Signing formalities*).

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| | |
|:---|:---|
| 5 | **Adjustments to Consideration** |

---

5.1 The Consideration shall be subject to adjustment
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if Net Debt is a positive amount (i.e.
 Debt exceeds Cash), the Consideration shall be reduced (on a US dollar for US dollar basis)
 by an amount equal to Net Debt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if Net Debt is a negative amount (i.e.
 Cash exceeds Debt), the Consideration shall be increased (on a US dollar for US dollar basis)
 by an amount equal to the amount by which Cash exceeds Debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if Working Capital is less than Normalised
 Working Capital, the Consideration shall be reduced by an amount equal to the deficit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if Working Capital is greater than Normalised
 Working Capital, the Consideration shall be increased by an amount equal to the excess.

5.2 Following Completion, the Completion Statements
 shall be prepared and agreed or determined in accordance with Schedule 10 (*Completion Statements*) in order to ascertain Net Debt and Working Capital and, accordingly,
 the amount of the Consideration and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Consideration exceeds the Provisional
 Payment, the Buyer shall pay the Seller in cash an amount equal to the excess; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Consideration is less than the
 Provisional Payment, the Seller shall pay the Buyer in cash an amount equal to the shortfall,

in either case within ten Business Days after the Completion Statements have been agreed or determined in accordance with Schedule 10 (*Completion Statements*).

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| | |
|:---|:---|
| 6 | **Conditions** |

---

6.1 Completion is conditional on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the HSR Act Condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in furtherance and not in limitation of
 the other terms of this Clause 6 (*Conditions*), each of the parties
 shall, as promptly as practicable (but in no event later than 10 Business Days, unless agreed
 to by both Buyer and Seller) after the date of this Agreement, prepare and file with the
 United States Federal Trade Commission (the "**FTC**") and the United States
 Department of Justice (the "**DOJ**") the notification and report forms required
 under the HSR Act (provided, that if any such office is closed or not accepting filings under
 the applicable statute on the 10th Business Day after the date hereof (a "**Closure** "),
 such 10 Business Day period shall be extended day-for-day, for each Business Day such Closure
 is in effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the parties shall submit as soon as practicable
 and advisable any supplemental or additional information that may be requested by the FTC
 and the DOJ and by any other Governmental Entity in connection with such filings, and shall
 comply in all material respects with all applicable Merger Control Laws relating thereto,
 and without prejudice to Clause 6.3 each party shall use its reasonable best efforts to promptly
 take or cause to be taken any and all other actions necessary, proper, or advisable to avoid,
 eliminate, or resolve each and every impediment and obtain all clearances, consents, approvals,
 authorizations, expirations of waiting periods and waivers that may be required, including
 defending, contesting, or litigating any action or order preventing Completion, so as to
 enable the parties to cause the Completion to occur prior to the Long Stop Date or Extended
 Long Stop Date (as applicable); provided, that no party shall enter into any agreement with
 any Governmental Entity not to consummate the transactions contemplated by this Agreement
 without the prior written consent of the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Without prejudice to Clause 6.3, the Buyer
 and Seller shall use their reasonable best efforts to take, or cause to be taken, all actions
 that are customarily and reasonably undertaken to obtain clearance under the HSR Act so as
 to enable the Completion to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CFIUS Condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in furtherance and not in limitation of
 the other terms of this Clause 6 (*Conditions*), Buyer and Seller agree
 to submit as promptly as reasonably practicable (but in no event later than 20 Business Days,
 unless agreed to by both Buyer and Seller) after the date of this Agreement, a draft Notice
 with respect to the Transaction, and, as promptly as reasonably practicable after addressing
 any comments received from CFIUS concerning the draft Notice, submit a joint Notice to CFIUS
 pursuant to the DPA with respect to the Transaction. Each of the parties shall respond to
 any request for information from CFIUS in the timeframe required under the DPA; provided,
 however, that the parties, after consultation with each other, may request in good faith
 an extension of time pursuant to 31 C.F.R. § 800.504(a)(3) to respond to CFIUS
 requests for follow-up information; provided, further, that under no circumstance may a party
 request any extension that causes CFIUS to reject the Notice filed by Buyer or Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer and Seller shall use their reasonable
 best efforts to take, or cause to be taken, all actions that are customarily and reasonably
 undertaken to obtain CFIUS Approval so as to enable the Completion to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with any CFIUS review or
 investigation and without limiting the other provisions of this Section, Buyer and Seller
 shall (i) cooperate in all respects and consult with each other in connection with the
 preparation and consideration of the Notice, including by allowing the other party to have
 an opportunity to review in advance and comment on drafts of filings and submissions, subject
 to redactions for business confidential information, and (ii) promptly inform the other
 party of any communication made to, or received by such party from, CFIUS (including members
 of its staff) regarding the CFIUS Approval or the Transaction, excluding any confidential
 or competitively sensitive information included in such communication. Prior to initiating
 communication with CFIUS (including members of its staff), whether or not in writing, each
 party shall permit counsel for the other party a reasonable opportunity to review and provide
 comments thereon, and consider in good faith the views of the other party in connection with,
 any such communication; provided, that such communications with CFIUS are not confidential;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) without limiting the generality of the
 foregoing, the Seller shall, and shall procure that each of its direct and indirect beneficial
 owners, affiliates and Associates shall: (i) promptly provide CFIUS with all information,
 documentation and certifications required in connection with the CFIUS review or investigation
 of the Transaction, including complete and accurate information regarding the identity, nationality,
 domicile and ownership interests of each direct and indirect beneficial owner of the Seller
 at any level of ownership (it being acknowledged that the Buyer does not have full visibility
 into the Seller's beneficial ownership structure); (ii) cooperate fully and in
 good faith with CFIUS and the Buyer in connection with the Notice and any supplemental submissions,
 and respond promptly and completely to any request for information or follow-up inquiry from
 CFIUS; (iii) accept and implement mitigation measures or conditions that CFIUS may impose
 as a condition of CFIUS Approval related to supply chain assurances, access to information
 regarding U.S. Government contracts, or restrictions on the identity of Seller's representative
 on the board of directors of the Buyer; and (iv) take all further steps and execute
 all further documents as may be necessary or reasonably requested by the Buyer or CFIUS to
 facilitate the obtaining of CFIUS Approval at the earliest possible opportunity except accept
 mitigation measures not described in (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FOCI Conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of Buyer, Seller and Group Companies
 agrees to cooperate and to use reasonable best efforts (i) to submit, as promptly as
 reasonably practicable and advisable after the date of this Agreement all applicable and
 required notices to DCSA pursuant to the NISPOM and (ii) submit a Commitment Letter
 describing the intention to fully comply with the proscribed terms of the Security Control
 Agreement or other instrument required by DCSA immediately upon acquisition no later than
 the submission of the final filing in connection with the CFIUS Approval as set forth in
 Clause 6.3. All security measures applicable to the Buyer as required by the Security
 Control Agreement or other instrument required by DCSA shall apply to the Group Companies
 immediately upon consummation of the Transaction. A copy of this Agreement shall be forwarded
 to DCSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Seller shall, and shall procure that each
 of its direct and indirect beneficial owners, affiliates and Associates shall: (i) accept
 and implement mitigation measures or conditions that DCSA may impose as a condition of satisfying
 the FOCI Condition related to supply chain assurances, access to information regarding U.S.
 Government contracts, or restrictions on the identity of Seller's representative on
 the board of directors of the Buyer; and (ii) take all further steps and execute all
 further documents as may be necessary or reasonably requested by the Buyer or DCSA to facilitate
 the satisfying of the FOCI Condition at the earliest possible opportunity except accept mitigation
 measures not described in (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Ex-US Merger Control and FDI Conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of Buyer and Seller agrees to cooperate
 and to use reasonable best efforts to submit, as promptly as reasonably practicable and advisable
 after the date of this Agreement all applicable and required notices, applications, information
 and documents to satisfy the Ex-US Merger Control and FDI Conditions.

6.2 If,
 at any time prior to Completion, any FDI Authority takes any action in connection with the
 Transaction (including, without limitation, initiating or commencing any review, screening,
 or investigation, requesting or requiring any information or documents, issuing any interim
 order or direction, calling in the Transaction for scrutiny, or requiring any FDI Filing
 to be made), then obtaining FDI Approval from each such FDI Authority shall become a Condition
 for the purposes of this Clause 6 (the "**FDI Condition** "). For the
 avoidance of doubt, the FDI Condition shall be deemed to have been satisfied in circumstances
 where no FDI Authority has taken any action of the type described in this paragraph in connection
 with the Transaction at any time prior to Completion.

6.3 Notwithstanding anything in this Agreement
 to the contrary, the Buyer shall take all steps necessary to satisfy the Conditions, including
 by offering to any Governmental Entity (and not withdrawing) any undertakings that may from
 time to time be necessary or desirable in order to obtain the relevant clearances at the
 earliest possible opportunity, and accept any undertakings that may be imposed by any Governmental
 Entity as a condition for obtaining such clearances. For the avoidance of doubt, such undertakings
 may include the divestment of, or behavioural undertakings relating to, all or part of any
 business, activities or assets of any enterprise that is controlled by or affiliated with
 the Buyer's Group or any of the Group Companies. The Buyer shall use its best efforts
 to perform any such undertakings that are offered to and accepted by, or imposed by, any
 Governmental Entity.

6.4 The Buyer shall be responsible for devising
 and implementing the strategy with respect to all matters relating to the satisfaction of
 the HSR Act Condition (including with respect to "pulling and refiling" its filing
 under the HSR Act), and shall take the lead in all meetings and communications with any Governmental
 Entity in connection with the same, subject to taking due consideration of any reasonable
 comments which the Seller and its advisers may have regarding any related notification, submission,
 response or other communication to a Governmental Entity.

6.5 The Buyer and Seller shall cooperate fully
 for the purpose of satisfying the Conditions and shall ensure that all information and any
 documents necessary for the making of any notifications or filings (or for responding to
 any enquiries or requests for information or for attending any meetings or hearings) are
 supplied promptly and are accurate and complete in all material respects.

6.6 The
 Buyer and Seller shall promptly notify the other respective party sufficiently in advance
 (and provide copies or, in case of non-written communications, details) of any notification,
 submission, response or other communications it proposes to make or submit to any Governmental
 Entity in connection with the satisfaction of the Conditions, and shall take due consideration
 of any reasonable comments which the other party and its advisers may have regarding any
 such notification, submission, response or other communication.

6.7 The
 Buyer and Seller shall cooperate and regularly review the progress of any notifications or
 filings in connection with the satisfaction of the Conditions, keep the other respective
 party fully informed on a timely basis of all material developments with respect to the satisfaction
 of the Conditions , and permit the other respective party (or its advisers) to attend
 all meetings with any Governmental Entity (unless prohibited by the Governmental Entity).

6.8 The Buyer shall be responsible for paying
 all filing fees payable to any Governmental Entity in connection with any notifications or
 filings required to satisfy the Conditions, other than the fees of and payments to each party's
 (or any member of the Seller's Group's or the Buyer's group's) legal
 or other professional advisers, provided that in respect of any filing fees payable under
 the HSR Act, each party shall bear the filing fees where it is the "acquiring party"
 under the HSR Act, and other than any filing fees payable in respect of the CFIUS Condition,
 the Bulgarian FDI Condition, the Finnish FDI Condition and the Italian FDI Condition which
 shall be for the account of the Seller.

6.9 Each party may, with written agreement of
 the other party, waive any Condition.

6.10 If the Conditions are not satisfied (or become
 incapable of being satisfied) or (where applicable) have not been waived in accordance with
 Clause 6.9 on or before the Long Stop Date or Extended Long Stop Date (as applicable), either
 party may terminate this Agreement by notice to the other and no party shall have any claim
 under this Agreement except in respect of any rights and liabilities which have accrued in
 consequence of a breach of this Agreement before termination or under of any of the Surviving
 Provisions.

6.11 If,
 at the date that would otherwise be the Long Stop Date, any Condition remains unsatisfied,
 the Long Stop Date shall automatically be extended until the date falling eighteen (18) months
 after the date of this Agreement (or such later date as the parties hereto may agree in writing),

(the Long Stop Date, as so extended, being the "**Extended Long Stop Date**").

6.12 During
 any period of extension pursuant to Clause 6.11, the obligations of the parties under
 this Agreement shall continue in full force and effect, and the Buyer and Seller shall provide
 such cooperation and assistance as the other party may reasonably request in connection with
 the satisfaction of the Conditions and any related proceedings.

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| | |
|:---|:---|
| 7 | **Pre-Completion & Termination** |

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7.1 Until the earlier of Completion and the termination
 of this Agreement in accordance with its terms, the Seller shall (subject only to Clause 7.2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) procure that the business of each Group
 Company is carried on in the usual course of trading consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure that no Group Company shall do,
 or agree or commit to do, any of the things specified in Schedule 2 (*Reserved Matters*).

7.2 Nothing in Clause 7.1 shall impose any
 obligation on the Seller to prevent or restrict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Group Company from doing or omitting
 to do anything required for the performance of any contract entered into prior to the date
 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Group Company from doing or omitting
 to do anything required in order to comply with any applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Group Company from entering into or
 amending, varying, extending, renewing or terminating in the ordinary course of business
 any contract or commitment, or entering into a new contract or commitment on broadly comparable
 terms in place of a contract or commitment which has expired or is due to expire prior to
 the date of Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any matter reasonably undertaken in an
 emergency or disaster situation or other serious incident or circumstance (including taking
 any measures reasonably required by applicable law or directive of a Government Agency) with
 the reasonable and bona fide intention of minimising any adverse effect thereof and, where
 reasonably practicable, following consultation with the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the completion or performance of actions
 which are reasonably necessary to discharge any obligations undertaken pursuant to any legal
 or regulatory obligation or to comply with a request by any applicable Government Agency
 or pursuant to any contract, arrangement, licence, permits, approvals, authorisations, certificates,
 confirmations, or consents entered into by or relating to the Group Companies prior to the
 date of this Agreement, provided that the Seller shall use all reasonable endeavours to promptly
 notify the Buyer of any material action taken or proposed to be taken pursuant to this exception;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Group Company entering into a real
 estate lease renewal or alternative lease in the ordinary course of its business on terms
 substantially the same as the existing lease and for a rent not exceeding the rent under
 the preceding lease by more than 30%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the engagement with the trustee of the
 DB Scheme in relation to the Transaction or matters relating to the Transaction or contemplated
 by this Agreement, provided that the Seller shall keep the Buyer reasonably informed of any
 material discussions with such trustee and shall obtain the Buyer's prior written consent
 (not to be unreasonably withheld or delayed) before agreeing any commitments that could reasonably
 be expected to affect the financial position of any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the hiring of any supply chain and operations
 consultants up to an annual cost of $500,000 per consultant for the purpose of identifying
 operational improvement activities across the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any increase in basic salary or bonus
 of any employee (who is not a Key Employee) in the ordinary and usual course substantially
 in accordance with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any matter, action or expenditure undertaken
 or incurred at the written request or the prior written consent of the Buyer given expressly
 for the purposes of this Clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any matter, action or expenditure specifically
 provided for in, required, or contemplated by, or made pursuant to, or in order for the Seller
 to comply with its obligations under any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the agreement or commitment (whether conditional
 or not) by any member of the Seller's Group to do or procure the doing of any of the
 things set out in Clauses 7.2(a) to 7.2(n) (inclusive).

7.3 If
 the Buyer's approval is sought for the purpose of Clause 7.2 or Schedule
 2 (*Reserved Matters*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller may seek such consent by written
 notice delivered via e-mail to the Buyer in accordance with Clause 29 (*Communications*);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Buyer's approval shall be deemed
 to have been given to the Seller if such approval has neither been granted nor denied by
 the Buyer within five Business Days of the Buyer having been notified of the request for
 approval in accordance with this Clause 7.3.

7.4 Until Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller shall at the Buyer's
 cost provide the Buyer and its agents and representatives with: (i) such information
 regarding each Group Company as the Buyer shall reasonably request regarding the actual financial
 performance of the business of each Group Company, including monthly management accounts,
 profit and loss statements, balance sheets, cash flow statements, backlog and orders (to
 be provided promptly at the end of each month, but in any event not later than fifteen (15)
 Business Days after the end of each month); and (ii) reasonable access to the Properties
 and to the material books, records, documents and senior executives of each Group Company
 as the Buyer may reasonably request, but excluding any information the Seller deems, acting
 reasonably, to be commercially sensitive; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Buyer shall, at the Seller's
 cost and following a written request from the Seller, provide the Seller and its agents and
 representatives with: (i) financial information for the period following the date of
 this Agreement which is consistent with the format and content of information that was provided
 to the Seller prior to the date of this Agreement and (ii) responses to any other reasonable
 information requests which represent an update to information that was provided prior to
 the date of this Agreement, but in any event excluding any information the Buyer deems, acting
 reasonably, to be commercially sensitive or which cannot be disclosed due to a regulatory
 restriction.

7.5 In the period prior to Completion the Seller
 shall not, and shall procure that no member of the Seller's Group, nor any of its or
 their respective (i) directors, officers or managing directors or (ii) employees
 who have received information about the Transaction other than internal or external communications
 about the Transaction by the Seller or the Buyer that do not include material non-public
 information regarding the Buyer or the Transaction, shall, directly or indirectly, without
 the prior written consent of the board of directors of the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire, agree to acquire, propose, seek
 or offer to acquire, any securities or assets of the Buyer or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter, agree to enter, propose, seek or
 offer to enter into any merger, business combination, recapitalisation, restructuring or
 other extraordinary transaction involving the Buyer or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make, or in any way participate or engage
 in, any (i) submission of any shareholder proposals or notice of nomination or other
 business for consideration at a meeting of the Buyer's shareholders; (ii) vote
 in opposition to directors nominated by the board of directors of the Buyer, (iii) solicitation
 of proxies to vote any voting securities of the Buyer or (iv) other activities that
 involve initiating proxy contests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) form, join or in any way participate in
 a "group" (within the meaning of Section 13(d)(3) of the Exchange Act)
 with an unaffiliated third party with respect to any voting securities of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise act, alone or in concert with
 others, to seek to control or influence the management or the policies of the Buyer, other
 than routine shareholder engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclose any intention, plan or arrangement
 prohibited by, or inconsistent with, the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) advise, assist or encourage or enter into
 any discussions, negotiations, agreements or arrangements with any other persons in connection
 with the foregoing.

7.6 Subject to Clauses 7.1, 7.2 and Schedule 2,
 in the period prior to Completion the Seller shall not, and shall procure that no member
 of the Seller's Group, nor any of its or their respective officers, managing directors,
 employees, agents, advisers, and representatives shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) solicit proposals from any person in relation
 to a Restricted Transaction or respond to any approach by a person which might reasonably
 be anticipated to lead to a Restricted Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) participate in, prepare or make arrangements
 for, discussions or negotiations with any third party in relation to a Restricted Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide or otherwise make available information
 to any third party for a purpose which includes enabling it to evaluate, or decide whether
 to make an offer in connection with or otherwise pursue, a Restricted Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into, agree to enter into or make
 any arrangement relating to any Restricted Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) grant access to any of the properties
 of the Company or any member of the Group to any person contemplating a Restricted Transaction
 or to any mortgagee, surveyor, valuer or other person acting on their behalf;

and shall promptly notify the Buyer in writing upon becoming aware of any approach in relation to a Restricted Transaction. The Seller waives any right to oppose the granting of any equitable relief (including injunctive relief) which the Buyer may seek in relation to a threatened or actual breach of Clause 7.6.

7.7 If requested
 by the Buyer, in the period prior to Completion, the Seller shall procure (to the extent
 that it is legally able to do so) that as soon as reasonably practicable after the date of
 this Agreement, but in any event no later than the latest date permitted under the Bank Loan
 to serve a prepayment notice enabling the Bank Loan to be voluntarily prepaid and cancelled
 in full on Completion, the relevant Group Company serves prepayment notices in accordance
 with the terms of each Bank Loan (or, as the case may be, a consensual agreement is reached
 with the lenders under the Bank Loan) to enable each Bank Loan to be prepaid and cancelled
 in full on Completion, and for the Bank Pay Off Amount to be determined as at, and to be
 settled on, Completion, and the Buyer is kept informed, including by it or its legal advisers
 being copied on all material relevant correspondence, about the progress of such matters.

7.8 No later than 3 Business Days before the date
 scheduled for Completion, the Seller shall deliver to the Buyer a draft of the Supplemental
 Disclosure Letter (if any).

7.9 The Buyer may (in addition to and without
 affecting any other right or remedy available to it) terminate this Agreement with immediate
 effect by notice to the Seller or the Seller's Solicitors if on or before Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller is in breach of any of the
 Fundamental Warranties or would be when they are given on Completion (or if they were given
 at any time before Completion) by reference to the facts and circumstances then existing;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it appears (including by way of any facts,
 matters or circumstances disclosed in the Supplemental Disclosure Letter) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller is in breach of any provision
 of Clause 7 (*Pre-Completion & Termination*) or any other obligation
 of the Seller under this Agreement which cannot be remedied or (if capable of remedy) has
 not been remedied to the Buyer's reasonable satisfaction and; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of the Warranties as given on the date
 of this Agreement (or if they were given at any time before or on Completion by reference
 to the facts and circumstances then existing), or any disclosure in the Disclosure Letter,
 is or may become inaccurate or misleading in any way,

which, in the case of any breach of the Fundamental Warranties, gives rise to a liability in excess of $100,000 (whether alone or in aggregate)(the "**Fundamental Cap**"), and in all other cases (as regards any such breach, inaccuracy or misleadingness) gives rise to a Material Liability (whether alone or in aggregate).

7.10 For
 the purposes of Clause 7.9 something gives rise to a Material Liability if it cannot be remedied
 or (if capable of remedy) has not been remedied to the Buyer's reasonable satisfaction
 and (alone or in aggregate):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) gives or may give rise to a liability
 of the Seller under this Agreement (disregarding for this purpose any minimum claim amount,
 financial threshold or cap on liability in this Agreement and any matter disclosed in the
 Supplemental Disclosure Letter) in an amount equal to at least 20% of the Consideration;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has or may have a material adverse
 effect on the Group including on its reputation, net assets, turnover, profitability or financial
 position of the Group (regardless of whether or not any related loss or damage is covered
 by insurance) and shall be deemed to include a reasonably anticipated reduction of net assets
 and/or EBITDA for the prior 12 months ()"**12 Month EBITDA"),** such reduction
 representing an amount equal to at least 25% of 12 Month EBITDA or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has or may result in a Loss to be suffered
 or incurred by a Group Company or the Buyer (including a diminution in value of the Shares)
 in an amount equal to at least 20% of the Consideration.

7.11 The
 Seller shall promptly notify the Buyer of anything which may constitute any fact, circumstance,
 change, effect, development, event, breach or other matter within the scope of Clause
 7.9 which, in the case of any breach of the Fundamental Warranties, gives rise to a liability
 in excess of the Fundamental Cap, and in all other cases gives rise to a Material Liability.

7.12 In the period prior to Completion, at the
 Buyer's cost, the Seller shall and shall procure that the Group Companies shall use
 commercially reasonable efforts to provide to the Buyer such customary cooperation reasonably
 requested by the Buyer in connection with (a) arranging, obtaining and syndicating the
 financing contemplated by the Debt Financing Documentation and (b) causing the conditions
 in the Debt Financing Documentation to be satisfied.

7.13 The Seller shall not, and shall procure that
 no Group Company shall, take any action which would reasonably be expected to delay, impede
 or prejudice the arrangement, syndication or funding of the Debt Financing.

7.14 Notwithstanding anything herein to the contrary,
 the parties to this Agreement hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Debt Financing Source shall have any
 liability hereunder (whether in contract or in tort, at law or in equity, or granted by statute)
 for any claims, causes of action, obligations or losses, costs or expenses arising under,
 out of, in connection with or related in any manner to this Agreement or based on, in respect
 of or by reason of this Agreement or its negotiation, execution, performance or breach (provided
 that nothing in this Clause 7.14 shall limit the liability or obligations of the Debt Financing
 Sources under the Debt Financing Documentation or the definitive documents governing any
 Debt Financing provided by any such person to the Buyer), and any such claims, causes of
 action, obligations or any related losses, costs or expenses are hereby waived, disclaimed
 and released in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) only the Buyer (including its permitted
 successors and assigns under the Debt Financing Documentation) and the other parties to the
 Debt Financing Documentation at their own direction shall be permitted to bring any claim
 against a Debt Financing Source for failing to satisfy any obligation to fund the Debt Financing
 pursuant to the terms of the Debt Financing Documentation or the definitive documents governing
 any Debt Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if, despite the foregoing Clauses (a) and
 (b) any claim, charge, action, cause of action, demand, lawsuit, arbitration, audit,
 notice of violation, proceeding, litigation, or investigation of any nature, civil, criminal,
 administrative, regulatory, or otherwise, whether at law or in equity (an "**Action** ")
 is brought against any of the Debt Financing Sources, such Action will be governed by the
 laws of the state of New York (without giving effect to any conflicts of law principles that
 would result in the application of the laws of another state), and each of the parties hereto
 agrees that it will not bring or support any Action (whether at law, in equity, in contract,
 in tort or otherwise) against the Debt Financing Sources in any way relating to this Agreement
 or any of the transactions contemplated by this Agreement, including any dispute arising
 out of or relating in any way to the Debt Financing Documentation or the definitive documents
 governing any Debt Financing, or the performance thereof, in any forum other than the United
 States District Court for the Southern District of New York, sitting in the Borough of Manhattan
 (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New
 York sitting in the Borough of Manhattan), or any appellate court thereof (and irrevocably
 waives, to the fullest extent permitted by applicable law, any objection that it may now
 or hereafter have to the laying of the venue of any such Action in any such court or that
 any such Action brought in any such court has been brought in an inconvenient forum); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such party hereby waives, to the fullest
 extent permitted by applicable law, any right it may have to a trial by jury in respect of
 any suit, action or other proceeding arising out of this Agreement or the transactions contemplated
 by this Agreement, including but not limited to any dispute arising out of or relating to
 the Debt Financing Documentation or the definitive documents governing any Debt Financing
 or the performance thereof. No amendment, termination or waiver of this Clause 7.14 or the
 definitions of "Debt Financing", "Debt Financing Documentation" or
 "Debt Financing Sources" (or any other provision of this Agreement which shall
 have the effect of modifying, terminating or waiving this Clause 7.14 or such definitions)
 in a manner that is adverse to any Debt Financing Source shall be effective without the prior
 written consent of the Debt Financing Sources party to the Debt Financing Documentation.
 The parties hereto expressly confirm their agreement that the Debt Financing Sources shall
 be entitled to rely on and enforce the provisions of this Clause and shall be express third-party
 beneficiaries with respect to each such clause or definition. This Clause 7.14 shall, with
 respect to the matters referenced herein, supersede any provision of this Agreement to the
 contrary.

7.15 In the
 period between the date of this Agreement and Completion, the Buyer and the Seller shall
 cooperate in good faith to confirm and finalise the structure for the Transaction, including
 the structure and identity of any Alternative Buyer and any Seller Nominee and the allocation
 of the Consideration among the Group Companies and the Transaction Documents. Neither party
 shall implement, or procure the implementation of, any structure for the Transaction without
 the prior written consent of the other party (such consent not to be unreasonably withheld,
 conditioned or delayed).

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| | |
|:---|:---|
| 8 | **Integration Committee** |

---

8.1 Within ten (10) Business Days of the
 date of this Agreement, the parties shall establish an integration committee (the "**Integration Committee**") comprising representatives of the Seller (and/or its nominees), the
 Buyer (and/or its nominees) and the Company, each of sufficient seniority and expertise regarding
 the matters within the remit of the Integration Committee. Each of the Seller, the Buyer
 and the Company may appoint and remove any of its representatives by notice in writing to
 the other parties.

8.2 The main purposes of the Integration Committee
 shall be to facilitate the integration of the Group into the Buyer's group, including
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and develop a plan setting out
 the steps the parties propose to take to ensure the smooth and orderly integration of the
 Group following Completion, including any key milestones (the "**Integration Plan** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior to Completion, determine in good
 faith the post-Completion roles of management of the Group with a view to optimising integration
 and synergy realisation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) monitor the progress of key milestones
 as set out in the Integration Plan.

8.3 The Integration Committee shall meet (in person,
 by telephone or video conferencing) regularly from its establishment until Completion or
 such later date as the parties may agree in writing.

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| | |
|:---|:---|
| 9 | **Completion** |

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9.1 Not less than five Business Days prior to
 Completion the Seller shall provide the Buyer with a notice (the "**Completion Payments Notice**") setting out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the requisite details (including amount,
 payee and account details) of the Bank Pay Off Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the Provisional Payment
 and attaching the calculation of Estimated Net Debt and Estimated Working Capital, together
 with reasonable detail supporting the calculation of those estimates.

9.2 Completion shall take place at the offices
 of the Buyer's Solicitors (or such other venue as the parties shall agree):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if all Conditions have been satisfied
 or waived in accordance with the terms of this Agreement before the 20<sup>th</sup> day of
 the relevant month, on the last Business Day of that month; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if all Conditions have been satisfied
 or waived in accordance with the terms of this Agreement on or after the 20<sup>th</sup>
 day of the relevant month, on the last Business Day of the following month,

(or such other date as the parties shall agree), provided that if the date on which Completion would otherwise be required to take place pursuant to Clause 9.2(a) or Clause 9.2(b) above falls in the month of September, Completion shall instead take place on the first Business Day of October in the same calendar year (or such other date as the parties shall agree).

9.3 On or prior to Completion, the Seller and
 the Buyer shall comply with their respective obligations in Schedule 4 (*Completion formalities*).

9.4 If any of the transactions set out in Schedule
 4 (*Completion formalities*) does not take place as provided in that Schedule,
 the Buyer, in the case of non-compliance by the Seller, or the Seller, in the case of non-compliance
 by the Buyer, may at its election and, in each case, without prejudice to other rights and
 remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proceed to Completion so far as is practicable;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within two Business Days of the date set
 for Completion by written notice to the other defer Completion for up to ten Business Days;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following the deferral (if the transactions
 have still not taken place) terminate this Agreement in which case the provisions of Clause 20 (*Effect of Termination*) shall apply.

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| | |
|:---|:---|
| 10 | **Tax Indemnity** |

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10.1 This Clause 10 shall have effect from Completion
 only.

10.2 Subject to the provisions of Schedule 7 and
 the other provisions of this Clause 10, the Seller covenants to pay to the Buyer an amount
 equal to any Tax Liability of a Group Company arising in respect or as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a final determination or assessment by,
 or agreements or settlement with the German Tax Authorities in respect of periods ending
 on or before Completion in consequences of the German Audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) income or profits earned, accrued or received
 by Megger International Finance Limited in respect of periods ending on or before Completion
 being subject to charge under Part 9A (*Controlled foreign companies*) of the Taxation
 (International and Other Provisions) Act 2010 as a result of the denial by HMRC of the "75%
 exemption" in section 371ID of that Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the disallowance of U.S. federal and state
 research and development credits claimed on or before Completion in respect of periods ending
 on or before Completion,

in each case together with all costs and expenses reasonably incurred by any member of the Buyer's Group in connection with a Tax Liability in respect of which a claim may be made under this Clause 10.2 or in successfully taking or defending any action under this Clause 10.

<u>Exclusions</u>

10.3 The Seller shall not be liable for, and the
 Buyer shall not be entitled to bring, any Tax Indemnity Claim in respect of any Tax Liability
 to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provision, allowance or reserve for the
 Tax Liability was made (excluding provision, allowance or reserve for deferred tax) in the
 Completion Statements or such Tax Liability was taken into account in computing the amount
 of any provision, allowance or reserve in the Completion Statements (excluding provision,
 allowance or reserve for deferred tax);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Tax Liability was paid or discharged
 on or before Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Tax Liability would not have arisen
 but for a voluntary act, transaction or omission of a Group Company or any member of the
 Buyer's Group after Completion and which the Buyer was aware or ought reasonably to
 have been aware would give rise to the Tax Liability, but excluding any act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carried out pursuant to a legally binding
 obligation of a Group Company entered into by a Group Company on or before Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carried out pursuant to an obligation imposed
 by any law, regulation or requirement having the force of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) carried out at the written request of
 the Seller; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Tax Liability constitutes interest,
 penalties, a fine or a charge arising from a failure to pay Tax to a Tax Authority promptly
 after the Seller has made a payment of any amount to the Buyer in respect of that Tax Liability
 pursuant to a Tax Indemnity Claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Tax Liability would not have arisen
 or would have been reduced but for a failure of the Buyer or (after Completion) a Group Company
 to comply with any of its obligations under this Clause 10.

<u>Conduct of Tax Indemnity Claims</u>

10.4 If the Buyer or (after Completion) a Group
 Company becomes aware of a Tax Assessment which may give rise to a Tax Indemnity Claim, the
 Buyer shall give written notice and reasonable details of it to the Seller as soon as reasonably
 practicable (and in any event within ten (10) Business Days), provided that the giving
 of such notice shall not be a condition precedent to the Seller's liability under a
 Tax Indemnity Claim.

10.5 The Buyer shall take, or procure that a Group
 Company takes, such action as the Seller reasonably requests in writing to avoid, resist
 or contest a Tax Assessment, but excluding allowing the Seller to take over conduct of any
 proceedings arising in connection with the Tax Assessment in the name of the relevant Group
 Company and provided that the Seller indemnifies the Buyer and each Group Company to the
 Buyer's reasonable satisfaction against all reasonable out-of-pocket losses, costs,
 interest, damages and expenses of taking such actions.

10.6 The Buyer shall, or shall procure that the
 Group Companies shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep the Seller informed of all material
 developments and provide the Seller with copies of all material correspondence and other
 documentation relating to the German Audits and any Tax Assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that no material correspondence
 or other document relating to the German Audits or a Tax Assessment is sent or issued by
 the Buyer, any Group Company or their advisers before the Seller has been given an opportunity
 to comment thereon, and further shall incorporate any reasonable comments of the Seller made
 thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make no admission, settlement, agreement
 or compromise in respect of the German Audits or a Tax Assessment without the Seller's
 prior written consent, such consent not to be unreasonably withheld or delayed.

10.7 Neither the Buyer nor any Group Company shall
 be obliged to take any action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which involves an appeal that cannot be
 made without an amount of Tax being paid to the relevant Tax Authority unless the Seller
 first pays such amount to the Buyer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which involves an appeal against any Tax
 Assessment to an appellate body unless tax counsel of at least 10 years' relevant experience
 advises in writing (after disclosure of all relevant information and documents and having
 regard to all the circumstances and information available) that the chances of such appeal
 succeeding are greater than the chances of it failing.

10.8 The Buyer and any relevant Group Company
 shall be free without reference to the Seller to deal with any Tax Assessment in their absolute
 discretion if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller confirms in writing that it
 accepts the Tax Assessment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller has not within fifteen Business
 Days of receipt of a notice of the Tax Assessment under Clause 10.4 requested that the
 Buyer or any Group Company take any action pursuant to Clause 10.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the time limit for the next or final appeal
 or judicial review in respect of the Tax Assessment has expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Seller becomes insolvent or other
 steps are taken for the winding up, dissolution, administration or other similar procedure
 in relation to the Seller; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Seller fails to fulfil any of its
 obligations under this Clause 10.

10.9 Any payment which the Seller is
 liable to make under this Clause 10 shall be made in full on the latter of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) five Business Days after the Seller receives
 a written demand from the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whichever of the following dates is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Tax Liability that involves
 an actual payment of Tax by a Group Company, the fifth Business Day before the date on which
 such Tax is due and payable to the relevant Tax Authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any other case, five Business Days before
 the date on which the Group Company is required to make such payment.

10.10 Any amount due to be paid under this Clause
 10 which is not paid on the due date shall bear interest from the date when payment was due
 until the date of actual payment (after as well as before judgment) at 4% above the official
 rate of the Bank of England in force from time to time (and interest shall accrue from day
 to day and be compounded monthly), provided that interest accruing shall be reduced to the
 extent that the amount otherwise due under this Clause 10 already compensates for late payment.

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| | |
|:---|:---|
| 11 | **Seller Warranties** |

---

11.1 The Seller warrants to the Buyer as at the
 date of this Agreement and at Completion that the Fundamental Warranties are true, accurate
 and not misleading.

11.2 The Seller warrants to the Buyer that: (a) as
 at the date of this Agreement, the Business Warranties are true, accurate and not misleading;
 and (b) as at Completion, the Repeated Warranties are true, accurate and not misleading,
 in each case save only for any matter Disclosed.

11.3 Subject to Clause 11.4, on Completion the
 Seller shall be deemed to repeat the Fundamental Warranties and Repeated Warranties with
 reference to the facts, matters and circumstances then existing (and as if any express or
 implied reference in a Warranty to the date of this Agreement was replaced by a reference
 to the date of Completion).

11.4 If the Seller exercises its right to nominate
 a Seller Nominee pursuant to Clause 16.5, on Completion such Seller Nominee shall also be
 deemed to give the Fundamental Share Warranties with reference to the facts, matters and
 circumstances then existing (and as if any express or implied reference in a Fundamental
 Share Warranty to the date of this Agreement was replaced by a reference to the date of Completion),
 provided that the Seller shall not be released from, and shall continue to be deemed to give,
 the Fundamental Share Warranties on Completion in accordance with Clause 11.3 notwithstanding
 such nomination, and the Seller and the Seller Nominee shall be jointly and severally liable
 in respect of the Fundamental Share Warranties so given.

11.5 The Business Warranties are only qualified
 by a matter that is Disclosed.

11.6 The liability of the Seller under the Warranties
 is limited in accordance with the provisions of Schedule 7 (*Seller limitations*).

11.7 No fact, matter, event or circumstance which
 is inconsistent with the Warranties as repeated in accordance with Clause 11.3 shall be fairly
 disclosed in the Supplemental Disclosure Letter unless it occurs after the date of the Agreement.

11.8 Nothing in the Transaction Documents (including,
 without limitation, the Disclosure Letter) shall qualify or limit or affect the Buyer's
 right and remedies in relation to, the Fundamental Warranties other than those provisions
 of Schedule 7 (*Seller limitations*) that expressly apply to a Fundamental
 Claim (as defined in that schedule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Where a Warranty refers to the knowledge, belief or awareness of the Seller (or any similar expression), the knowledge, belief or awareness (or the like) of the Seller shall be deemed to include the actual and imputed knowledge, having made reasonable enquiry of, [\*\*\*] and shall not be deemed to have any constructive knowledge regarding the subject matter of any Warranty.

11.10 None of the information supplied or statements
 made by a Group Company, or its officers, managing directors, employees, agents or professional
 advisers to the Seller, or their representatives or advisers, in connection with the Warranties
 or the contents of the Disclosure Letter or otherwise in connection with this Agreement or
 in relation to the business or affairs of a Group Company, shall be deemed a representation
 to the Seller as to its accuracy. The Seller waives any right or claim it may have against
 any Group Company, or its officers, managing directors, employees, agents or professional
 advisers in respect of any error or omission in connection with any information supplied
 or statement made by them (and acknowledges and agrees that any such right or claim shall
 not constitute a defence to any claim by the Buyer) (save in the event of fraud or wilful
 misconduct by such officer, managing director, employee, agent or professional adviser in
 which event the Seller shall be entitled to pursue a claim against such person but shall
 in no event be entitled to pursue any claim against any Group Company in relation to vicarious
 liability or otherwise in connection with such fraud).

11.11 The
 Seller acknowledges and agrees that, in the absence of fraud by such person, the Seller has
 no rights against and may not make any claim against any employee, director, agent, officer
 or (except to the extent such adviser has entered into a reliance letter with the Seller)
 adviser of the Buyer or any of the Buyer's Associates on whom the Seller may have relied
 before agreeing to any term of, or entering into, this Agreement or any other Transaction
 Document .

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| | |
|:---|:---|
| 12 | **Buyer Warranties** |

---

12.1 The Buyer warrants to the Seller as at the
 date of this Agreement and at Completion in the terms of Schedule 11 (*Buyer warranties*)
 such warranties being qualified, other than paragraphs 1 to 3 (inclusive), 11 to 13
 (inclusive) and paragraph 15 of Schedule 11 (*Buyer warranties*), only
 by such matters as are included in the SEC Reports (but excluding any risk factors or forward
 looking statements in such SEC Reports) to the extent the foregoing statements are cautionary,
 predictive, speculative or forward looking in nature, but not, for the avoidance of doubt,
 any statements regarding specific historical facts or circumstances).

12.2 The Buyer acknowledges and agrees that, in
 the absence of fraud by such person, the Buyer has no rights against and may not make any
 claim against any employee, director, agent, officer or (except to the extent such adviser
 has entered into a reliance letter with the Buyer) adviser of the Seller or any of the Seller's
 Associates on whom the Buyer may have relied before agreeing to any term of, or entering
 into, this Agreement or any other Transaction Document.

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| | |
|:---|:---|
| 13 | **Protection of Goodwill** |

---

13.1 The
 Seller undertakes to the Buyer that it shall not, and shall procure that none of its Associates
 at Completion or from time to time shall, for a period of two years from Completion (without
 the Buyer's prior written consent) seek to entice away from the employment of a Group
 Company any Key Employee of the Group.

13.2 Nothing in Clause 13.1 shall prevent the
 Seller or any other member of the Seller's Group (i) from placing a general advertisement
 which is not specifically directed at a Key Employee of the Group; or (ii) from employing
 or engaging a Key Employee of the Group who has received notice of termination of employment
 or engagement from the relevant Group Company prior to the date of this Agreement or, where
 such notice is given after the date of this Agreement, where such termination was not initiated
 or procured, directly or indirectly, by the Seller or any member of the Seller's Group.

13.3 The Seller undertakes to the Buyer that it
 shall not, and shall procure that none of its Associates at Completion or from time to time
 shall, for a period of 18 months from Completion (without the Buyer's prior written
 consent) directly or indirectly and whether on its own behalf or otherwise, in any jurisdiction
 in which a Group Company undertakes business on the date of Completion, carry on or be engaged,
 concerned or interested in Restricted Business provided always that nothing in this Clause
 13.3 shall prevent the Seller or any of its Associates from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) holding or acquiring (whether directly
 or indirectly) shares or other securities in any company whose shares are listed or dealt
 in on a recognised investment exchange or other securities market, provided that the aggregate
 interest of the Seller and its Associates does not exceed five per cent. (5%) of the issued
 share capital of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) holding a passive interest as a limited
 partner or non-managing investor in any fund, collective investment scheme, managed account
 or similar investment vehicle managed by a third party, where neither the Seller nor any
 of its Associates has the ability to control (as defined in section 1124 of the Corporation
 Tax Act 2010) the investment decisions of such vehicle (including as to the acquisition or
 disposal of any interest in a Restricted Business); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acquiring (whether directly or indirectly)
 any business or undertaking which is not itself a Restricted Business but which includes
 activities that would constitute a Restricted Business, provided that such Restricted Business
 activities account for no more than fifteen per cent. (15%) of the annual revenue of the
 business or undertaking so acquired, calculated at the closing of such acquisition, and the
 Seller uses reasonable endeavours to dispose of or cease such Restricted Business activities
 within twelve (12) months of such acquisition.

13.4 The Seller undertakes to the Buyer that it
 shall not and shall procure that none of its Associates at Completion or from time to time
 at any time after Completion (without the Buyer's prior written consent) directly or
 indirectly and whether on its own behalf or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) carry on a business activity under a name
 which is the same as, or similar to, or otherwise use the name "Megger"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make adverse comments in relation to the
 Buyer, any business of any Group Company or any employees of any such business.

13.5 Each party undertakes to the other that it
 shall not, and shall procure that none of its Associates at the date of this Agreement, at
 Completion or from time to time at any time after Completion shall (without the other party's
 prior written consent), subject to Clause 13.6, disclose to another person, or itself use
 for any purpose, confidential information concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Seller, any business
 of a Group Company, or the transactions or affairs of the clients or customers of any Group
 Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Buyer, any member of
 the Seller's Group and the businesses carried on by, and the affairs of, any member
 of the Seller's Group.

13.6 The provisions of Clause 13.5 shall not apply
 to any information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which at the time of disclosure is in
 the public domain (other than through breach by the disclosing party or any of its connected
 persons of its obligations of confidentiality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which the disclosing party is compelled
 to disclose by law or by the rules of any securities exchange or other market or regulatory
 body to which it is subject, provided that where any such disclosure is required such disclosing
 party shall (to the extent practicable and lawful to do so) notify the non-disclosing party
 as soon as reasonably practicable of this fact and take into account the non-disclosing party's
 reasonable requirements as to the timing, content and manner of making such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is disclosed by a party to its Associates,
 and to its and their directors, officers, employees, contractors, sub-contractors, agents,
 insurers, auditors and / or professional advisers who reasonably need to know such confidential
 information to carry out their duties, on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which is contemplated by the terms of,
 or as required by a party to enforce its rights under, any Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the extent that such information was
 already in the lawful possession of the disclosing party and was not subject to any obligation
 of confidence owed to the other parties or any of their Associates.

13.7 The parties agree that each of the undertakings
 contained in Clauses 13.1, 13.3, 13.4 and 13.5 are reasonable and are entered into for
 the purpose of protecting the goodwill, confidential information and trade connections of
 the businesses of the members of the Group and, in the case of Clause 13.5(b), the Seller's
 Group.

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| | |
|:---|:---|
| 14 | **Post-Completion Matters** |

---

14.1 The Seller confirms that, as at the date
 of this Agreement, there are no Group Guarantees in existence. In the event that any Group
 Guarantee is identified following Completion, the party identifying such Group Guarantee
 shall promptly notify the other party in writing, and the Seller shall use all reasonable
 endeavours (at the Seller's cost) to procure the release and discharge of the relevant
 Group Company from all liabilities and obligations in respect of such Group Guarantee as
 soon as reasonably practicable following such identification. The Buyer shall, and shall
 procure that the relevant Group Company shall, use reasonable endeavours to mitigate any
 losses arising in connection with any such Group Guarantee. To the extent that the Seller
 has failed to procure such release and discharge within a reasonable period following written
 notification, the Seller shall indemnify the Buyer and the relevant Group Company on demand
 against direct losses actually suffered or incurred by them solely as a result of such Group
 Guarantee remaining outstanding, provided that no indemnity shall be payable in respect of
 any losses that the Buyer or the relevant Group Company could reasonably have avoided or
 mitigated.

14.2 The Seller confirms that, as at the date
 of this Agreement, there are no Seller Group Guarantees in existence. In the event that any
 Seller Group Guarantee is identified following Completion, the party identifying such Seller
 Group Guarantee shall promptly notify the other party in writing, and the Buyer shall use
 all reasonable endeavours (at the Buyer's cost) to procure the release and discharge
 of the Seller and each relevant member of the Seller's Group from all liabilities and
 obligations in respect of such Seller Group Guarantee as soon as reasonably practicable following
 such identification. The Seller shall, and shall procure that each relevant member of the
 Seller's Group shall, use reasonable endeavours to mitigate any losses arising in connection
 with any such Seller Group Guarantee. To the extent that the Buyer has failed to procure
 such release and discharge within a reasonable period following written notification, the
 Buyer shall indemnify the Seller and each relevant member of the Seller's Group on
 demand against direct losses actually suffered or incurred by them solely as a result of
 such Seller Group Guarantee remaining outstanding, provided that no indemnity shall be payable
 in respect of any losses that the Seller or any relevant member of the Seller's Group
 could reasonably have avoided or mitigated.

14.3 The Seller shall procure that all communications,
 notices, correspondence, information, orders or enquiries relating to any business of any
 Group Company which are received by the Seller or any member of the Seller's Group
 on or after Completion shall be passed to the Buyer as soon as reasonably practicable.

14.4 If any benefit under an agreement or arrangement
 relates to the business of a Group Company but is owned by the Seller or an Associate of
 it, the Seller shall notify the Buyer and procure that following Completion that benefit
 shall, to the extent that it relates to a Group Company, be held on trust for the relevant
 Group Company and assigned to it promptly upon the Buyer's request.

14.5 For
 a period of two (2) years following Completion, the Seller shall, and shall procure
 that each member of the Seller's Group shall at the Buyer's cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon reasonable request by the Buyer and
 on reasonable notice (being not less than five (5) Business Days' notice), provide
 the Buyer and its agents and representatives with reasonable access to such books, records,
 accounts and documents of the Seller and each member of the Seller's Group as relate
 to any Group Company or the business of any Group Company for any period prior to Completion,
 and shall permit the Buyer and its agents and representatives to take copies of such books,
 records, accounts and documents as the Buyer may reasonably require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide reasonable assistance to the Buyer
 in relation to any regulatory filings, investigations or proceedings relating to any Group
 Company or the business of any Group Company for any period before Completion.

14.6 After Completion, the Buyer shall, and shall
 procure that each Group Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon reasonable request by the Seller
 and on reasonable notice (being not less than five (5) Business Days' notice),
 provide the Seller and its agents and representatives with reasonable access to such books,
 records, accounts and documents of the Group as relate to any Group Company or the business
 of any Group Company for any period prior to Completion, and shall permit the Seller and
 its agents and representatives to take copies of such books, records, accounts and documents
 as the Seller may reasonably require (at the Seller's cost);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide reasonable assistance to the Seller
 in relation to any regulatory filings, investigations or proceedings relating to any Group
 Company or the business of any Group Company for any period before Completion to which the
 Seller or any member of the Seller's Group is subject and any tax returns, filings,
 enquiries or investigations by a Tax Authority regarding a Seller or a member of the Seller's
 Group which relates to any period before Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to enable compliance with Clause 14.6,
 properly retain and maintain all relevant records until the earlier of seven years after
 Completion and such time as the parties agree in writing that such retention and maintenance
 is no longer reasonably necessary, provided that the Buyer shall not unreasonably withhold
 or delay such agreement.

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| | |
|:---|:---|
| 15 | **Announcements and Confidentiality** |

---

15.1 Subject to the following provisions of this
 Clause 15 (*Announcements and Confidentiality*), no announcement shall be
 made in relation to this Agreement unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is in the agreed form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is required to be made by law or by
 any securities exchange or regulatory or governmental body to which a party or its associates
 is subject, in which case that party shall to the extent reasonably practicable consult with
 the other party as to the form, content and timing of the announcement.

15.2 Nothing in this Agreement shall restrict
 the Buyer after Completion from communicating with the employees of any Group Company, any
 parties to any contract made with any Group Company and with any current or prospective customer
 of or supplier to any Group Company in relation to the fact of the acquisition of any Group
 Company or matters incidental to the future operations of any business of any Group Company.

15.3 The parties shall not, and shall procure
 that none of their respective Associates shall, disclose or otherwise make use of (and shall
 use all reasonable endeavours to prevent the publication or disclosure of) the contents or
 terms of any of the Transaction Documents, unless and then only to the extent that disclosure
 is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made by a party on a confidential basis
 to its professional advisers in connection with their provision of professional services;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made by a party on a confidential basis
 to its actual or prospective financiers and/or rating agencies, affiliates thereof, and their
 respective finance providers, advisers, employees, officers and agents in connection with
 its financing or refinancing arrangements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) required by a party in connection with
 an application for a tax clearance, grant or other concession; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) required by a party in order to enforce
 its rights under, or otherwise afford it the full benefit of, any of the Transaction Documents;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) made under the terms of an announcement
 permitted by this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) required to be made by law or by any securities
 exchange or regulatory or governmental body to which the disclosing party is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) required to be made to a Tax Authority
 in connection with its Tax affairs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) restricted to information which at the
 time of disclosure is in the public domain (other than as a result of a breach by the disclosing
 party or any of its Associates of any of the Transaction Documents).

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| | |
|:---|:---|
| 16 | **Assignment** |

---

16.1 This Agreement shall be binding on and inure
 for the benefit of the successors and permitted assigns of the parties.

16.2 Subject to Clauses 16.3 and 16.5, neither
 the Seller nor the Buyer may without the written consent of the other assign, transfer, grant
 any security interest over or hold on trust any of its rights or obligations under this Agreement
 or any interest in them.

16.3 Subject to Clause 16.6, the Buyer may, without
 the consent of the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assign all or any of its rights under
 this Agreement to any Associate. Before ceasing to be an Associate of the Buyer, any assignee
 shall assign all assigned rights back to the Buyer or another of its Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) charge and/or assign all or any of its
 rights under this Agreement to any person by way of security for borrowings. Any chargee
 or assignee, and any person appointed to enforce the security, may in turn assign those rights
 in connection with the enforcement of the security.

16.4 Subject to Clause 16.6, the Buyer may, by
 notice to the Seller, nominate any Associate to purchase the Shares on Completion (the "**Alternative Buyer**") and following such nomination any reference in this Agreement to the Buyer
 shall be deemed to be (and to have always been) a reference to the Buyer and the Alternative
 Buyer and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Alternative Buyer shall have the ability
 to enforce any rights under this Agreement instead of or in addition to the Buyer as if it
 were a party to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Buyer and the Alternative Buyer shall
 be jointly liable for any breach of this Agreement by the Alternative Buyer (provided that
 the Buyer and the Alternative Buyer shall not, in aggregate, be under any greater obligation
 or liability thereby than if such nomination had never occurred).

16.5 Subject to Clause 16.6, the Seller may, by
 notice to the Buyer, nominate any Associate to subscribe for the Consideration Shares on
 Completion (the "**Seller Nominee**") and following such nomination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller Nominee shall have the ability
 to enforce its rights to subscribe for the Consideration Shares under this Agreement instead
 of or in addition to the Seller as if it were a party to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Seller and the Seller Nominee shall
 be jointly and severally liable for any breach of the Fundamental Share Warranties (whether
 given by the Seller, the Seller Nominee or both) and for the performance of all obligations
 of the Seller Nominee arising under or in connection with this Agreement (provided that the
 Seller and the Seller Nominee shall not, in aggregate, be under any greater obligation or
 liability thereby than if such nomination had never occurred).

16.6 Each party shall only be entitled to assign
 its rights under this Agreement pursuant to this Clause 16 provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the liability of the non-assigning party
 (or any other party) to any such assignee shall not be greater than it would have been had
 such assignment not taken place, and all the rights, benefits and protections afforded to
 the non-assigning party (or any other party) shall continue to apply to the benefit of the
 non-assigning party (or such other party) as against the assignee as they would have applied
 as against the assigning party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such assignment shall not result in any
 increased liability, obligation or cost for the non-assigning party or any of its Associated
 Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such assignment shall not materially prejudice,
 delay or otherwise adversely affect the status or progress of any regulatory filings, notifications
 or approvals required in connection with the Transaction (including any Condition), and the
 assigning party shall procure that any such assignee provides all information and assistance
 which would have been reasonably required from the assigning party in connection with such
 filings, notifications or approvals in accordance with Clause 6 and if such assignment is
 reasonably likely (at any time) to materially prejudice, delay or otherwise adversely affect
 the status or progress of any regulatory filings, notifications or approvals required in
 connection with the Transaction (including any Condition), this Agreement and the benefits
 arising under it shall be deemed automatically by that fact to have been immediately retransferred
 to the assigning party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the assigning party shall notify the non-assigning
 party in writing of any such assignment promptly and in any event: (i) prior to Completion,
 providing reasonable details of the assignee; or (ii) in the case of any assignment
 by any Debt Financing Source or any of their respective successors, transferees or assigns
 in connection with any debt financing or refinancing arrangements (whether occurring before
 or after Completion), within five (5) Business Days of such assignment, providing reasonable
 details of the assignee.

16.7 This Agreement is a contract which is entered
 into for the purposes of, or in connection with, the acquisition, disposal or transfer of
 an ownership interest in a firm, wherever it is incorporated or established, or of a business
 or undertaking or part of a business or undertaking (as those terms are defined pursuant
 to the Business Contract Terms (Assignment of Receivables) Regulations 2018 and this is the
 statement referred to in regulation 4(i)).

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| | |
|:---|:---|
| 17 | **Entire Agreement** |

---

17.1 The Transaction Documents contain the entire
 agreement between the parties, and replace all previous agreements and understandings between
 them, relating to their subject matter.

17.2 Each party agrees and acknowledges that it
 is not relying on any representations, warranties, undertakings or promises that have been
 expressly or impliedly given in respect of the subject matter of the Transaction Documents
 other than those which are expressly stated in the Transaction Documents ()"**Pre-Contractual Statements** ").

17.3 Neither party shall have any remedy in respect
 of any Pre-Contractual Statement not set out in the Transaction Documents upon which it relied
 in entering into the Transaction Documents, unless the statement was made fraudulently.

17.4 Neither party shall be entitled to rescind
 or terminate this Agreement except as otherwise expressly provided in this Agreement.

17.5 No party shall have any liability whatsoever
 for any Pre-Contractual Statement, whether in contract, in tort or under the Misrepresentation
 Act 1967.

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| | |
|:---|:---|
| 18 | **Further Assurance** |

---

Each party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) execute any document and do anything else
 the other party reasonably requires to give effect to this Agreement and the Transaction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use all reasonable endeavours to procure
 that any relevant third party does the same.

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| | |
|:---|:---|
| 19 | **Costs** |

---

19.1 Except as provided otherwise in any Transaction
 Document, each party shall pay the costs and expenses incurred by it in connection with each
 Transaction Document.

19.2 The Buyer shall be liable for and pay all
 stamp duty, notarial and other fees and all registration and transfer taxes (if any), together
 with any related fees, penalties, fines, interest or statutory charges, arising as a result
 or in consequence of this Agreement or the implementation of the Transaction.

---

| | |
|:---|:---|
| 20 | **Effect of Termination** |

---

20.1 If this Agreement is terminated in accordance
 with its terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 party shall return to the other party all documents in tangible form (or, at the sole discretion
 of the returning party, in lieu of such return, destroy all such documents and certify in
 writing to the other party that such documents have been destroyed) and destroy (to the extent
 practicable) all information held electronically concerning such other party or its Associates
 which have been provided to it in connection with this Agreement and will not use or make
 available to another person information which it or its advisers have been given in respect
 of the other party and its Associates and which is not in the public domain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Surviving Provisions and any other
 provisions which expressly or by implication are necessary for the enforcement or interpretation
 of this Agreement shall survive termination.

20.2 If Completion
 does not take place then any provision of this Agreement limiting the liability of the Seller
 to an amount of Consideration received shall be deemed to be a reference to such amount as
 would have been received had Completion taken place.

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| | |
|:---|:---|
| 21 | **Payments** |

---

21.1 All sums payable under or pursuant to this
 Agreement shall be paid free of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any counterclaim or set-off of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other deduction or withholding, except
 those required by law.

21.2 If any deduction or withholding is required
 by law for any payment by either party under this Agreement, or any amount paid by a party
 to the other party under this Agreement is subject to Tax (ignoring for this purpose the
 extent to which any such Tax may be reduced or offset by any Relief available to the payee),
 the paying party shall also pay to the receiving party such amount as will ensure that the
 net receipt, after Tax, is the same as it would have been had there been no Tax, deduction
 or withholding.

21.3 Clause **‎** 21.2 shall not apply with respect to any payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the Consideration (or any part thereof)
 or of interest; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the deduction, withholding
 or Tax (as applicable) would not have arisen but for the recipient changing its jurisdiction
 of Tax residence after the date of this Agreement or having a connection with a jurisdiction
 other than that of its Tax residence as at the date of this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the deduction, withholding
 or Tax (as applicable) has arisen or is increased as a result of the recipient being an assignee
 of any rights or entitlements under this Agreement.

21.4 To
 the extent that a party has paid an additional amount under Clause **‎‎** 21.2,
 and the recipient obtains and utilises a Relief attributable or referable to the relevant
 deduction, withholding or Tax giving rise to the additional payment or to the additional
 payment (reasonable endeavours having been used to obtain the benefit of such Relief), the
 recipient shall pay to the payer(s), within ten Business Days of obtaining an actual saving
 or refund of Tax by virtue of such Relief, an amount equal to the lesser of the Tax so saved
 or refunded and the additional sum paid under Clause **‎‎** 21.2.

21.5 Any payment between the parties under this
 Agreement shall, to the extent possible, be treated as an adjustment to the consideration
 for the Shares.

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| | |
|:---|:---|
| 22 | **Effect of Completion** |

---

Obligations under this Agreement which have not been fully performed by or on Completion and the rights and remedies available under it shall remain in full force and effect despite Completion.

---

| | |
|:---|:---|
| 23 | **Cumulative Rights** |

---

23.1 The rights and remedies of any party expressly
 conferred by this Agreement are cumulative and additional to any other rights or remedies
 it may have.

23.2 A party's exercise of any right or
 discretion conferred on it under or in connection with this Agreement shall be a matter of
 its absolute discretion (without regard to the interests of any other person), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if a right is granted, whether or not
 to exercise that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an election is to be made by it, the
 election made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if something is subject to its consent
 or approval, whether or not it consents or approves and, if it does, the terms upon which
 it does so.

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| | |
|:---|:---|
| 24 | **Third Party Rights** |

---

24.1 The parties do not intend any third party
 to have the right to enforce any provision of this Agreement under the Contracts (Rights
 of Third Parties) Act 1999 except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of any Group Company, its officers,
 managing directors, employees, agents or its professional advisers may with the consent of
 the Buyer enforce and rely on Clause 11.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an employee, director, agent, officer
 or adviser of the Seller or any of its Associates may enforce and rely on Clause 12.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an employee, director, agent, officer
 or adviser of the Buyer or any of its Associates may enforce and rely on Clause 11.11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Seller Nominee may enforce Clause 16.5(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an Alternative Buyer may enforce and rely
 on the rights conferred on it pursuant to Clause 16.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each Debt Financing Source may enforce
 and rely on the rights conferred on it pursuant to Clauses 7.14 and 26.

24.2 Subject to Clauses 7.14(d) and 24.1,
 the parties may terminate or vary or waive any right or obligation under this Agreement without
 the consent of any third party.

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| | |
|:---|:---|
| 25 | **Waiver** |

---

A failure or delay in exercising any right or remedy under this Agreement shall not constitute a waiver of that right or remedy. A single or partial exercise of any right or remedy shall not prevent the further exercise of that right or remedy. A waiver of a breach of this Agreement shall not constitute a waiver of any other breach.

---

| | |
|:---|:---|
| 26 | **Variations** |

---

No variation of any Transaction Document shall be effective unless it is in writing and signed by or on behalf of each party, provided that no amendment, modification or waiver of any provision contemplated by Clauses 7.14(d) and 24.1(f) shall be effective unless it is in writing and signed by or on behalf of each Debt Financing Source (in addition to the parties).

---

| | |
|:---|:---|
| 27 | **Conflicts** |

---

27.1 If there is any conflict or inconsistency
 between this Agreement (excluding any Schedules, Appendices and Attachments) and any of its
 Schedules, Appendices or Attachments, the provisions of this Agreement (excluding the Schedules,
 Appendices and Attachments) shall prevail.

27.2 If there is any conflict or inconsistency
 between any Schedule and any Appendix or Attachment, the provisions of the Schedule shall
 prevail.

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| | |
|:---|:---|
| 28 | **Invalidity** |

---

28.1 The illegality, invalidity or unenforceability
 of any provision of this Agreement under any law of any jurisdiction shall not affect or
 impair the legality, validity or enforceability of the rest of this Agreement, nor the legality,
 validity or enforceability of that provision under the law of any other jurisdiction.

28.2 If any provision of this Agreement is held
 to be illegal, invalid or unenforceable under any law of any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that provision shall if possible apply
 in that jurisdiction with whatever modification or deletion is necessary so as best to give
 effect to the intention of the parties as recorded in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the parties shall negotiate in good faith
 to amend the original provision in order to make it legal, valid and enforceable and, to
 the greatest extent possible, achieves the parties' original commercial intention.

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| | |
|:---|:---|
| 29 | **Communications** |

---

29.1 Any communication under or in connection
 with this Agreement must be in English, in writing, signed by or on behalf of the person
 making it and delivered by hand or sent by internationally recognised courier service or
 email to the relevant party at its address and for the attention of the individual set out
 below (or as notified in accordance with Clause 29 (*Communications*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Buyer

Address: 645 Maryville Centre Dr., Suite 300, St Louis, MO 63141, USA

Email address: legalnotices@escotechnologies.com

Attention: General Counsel

With a copy to the Buyer's Solicitors:

Address: Governor's House, 5 Laurence Pountney Hill, London, EC4R 0BR, England.

Email address: andrew.hart@bclplaw.com and fred.bartelsmeyer@bclplaw.com

Attention: Andrew Hart and Fred Bartelsmeyer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller

Address: TBG AG, Claridenstrasse 26, 8002 Zurich, Switzerland

Email address: ben.kelly@tbgch.com

Attention: Ben Kelly

With a copy to the Seller's Solicitors

Address: CityPoint, 1 Ropemaker Street, London EC2Y 9AW

Email address: GGordon@willkie.com, ATurteltaub@willkie.com

Attention: Gavin Gordon and Adam Turteltaub

29.2 A party may notify a change to its details
 specified in Clause 29.1. The new address shall take effect two Business Days after
 receipt of that notice or such later date as may be specified in the notice.

29.3 Without evidence of earlier receipt, communications
 complying with Clause 29.1 are deemed received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered by hand, at the time of delivery;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by internationally recognised
 courier service, the first Business Day following delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by email, at the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the time a return receipt is generated automatically
 by the recipient's email server;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the time the recipient acknowledges receipt;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 24 hours after transmission, unless the
 sender receives notification that the email has not been successfully delivered,

except that if deemed receipt would occur before 9.00am on a Business Day, it shall instead be deemed to occur at 9.00am on that day and if deemed receipt would occur after 5.00pm on a Business Day, or on a day which is not a Business Day, it shall instead be deemed to occur at 9.00am on the next Business Day. References in this Clause 29 (*Communications*) to a time of day are to the time of day at the location of the recipient.

29.4 In proving the giving of a communication,
 it shall be sufficient to prove that delivery was made to the appropriate address, the communication
 was properly addressed and written evidence of delivery has been provided by an internationally
 recognised courier service, the email was sent to the appropriate email address and dispatch
 of transmission from the sender's external gateway was confirmed as specified pursuant
 to Clause 29.1.

29.5 If a person for whose attention communications
 must be marked has been specified pursuant to Clause 29.1, a communication will be effective
 only if it is marked for that person's attention. Where a copy is to be provided pursuant
 to Clause 29.1, that copy is for information purposes only and shall not affect or constitute
 service.

29.6 This Clause 29 (*Communications*)
 does not apply to the service of any document required to be served in relation to legal
 proceedings.

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| | |
|:---|:---|
| 30 | **Service of Process** |

---

30.1 The
 Seller irrevocably appoints Vistra (UK) Limited of 7th Floor, 50 Broadway, London
 SW1H 0DB as its agent for service of process in relation to any English court proceedings
 in connection with any Transaction Document.

30.2 The
 Buyer irrevocably appoints ESCO UK Global Holdings Ltd of Third Floor One London Square,
 Cross Lanes, Guildford, Surrey, United Kingdom, GU1 1UN as its agent for service of process
 in relation to any English court proceedings in connection with any Transaction Document.

30.3 Service on an agent (as named above or notified
 in accordance with this Clause 30 (*Service of Process*)) shall be deemed
 to be valid service whether or not the process is received by the Seller or Buyer as the
 case may be.

30.4 If an agent changes its address to another
 address in England, the Seller or Buyer (as the case may be) shall within five Business Days
 notify the other parties of the new address.

30.5 If an agent ceases to be able to act as agent
 or to have an address in England, the Seller or Buyer (as the case may be) shall within five
 Business Days notify the other party of the appointment of a new agent acceptable to the
 other party (acting reasonably).

30.6 Nothing in any Transaction Document shall
 affect a party's right to serve process in any other manner permitted by law.

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| | |
|:---|:---|
| 31 | **Counterparts** |

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This Agreement may be executed in any number of counterparts, which shall each constitute an original and together constitute one agreement. If this Agreement is executed in counterpart, it shall not be effective unless each party has executed at least one counterpart.

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| | |
|:---|:---|
| 32 | **Governing Law and Jurisdiction** |

---

32.1 This Agreement and any non-contractual obligations
 arising in connection with it (and, unless provided otherwise, any document entered into
 in connection with it) shall be governed by and construed in accordance with English law.

32.2 The English courts have exclusive jurisdiction
 to determine any dispute arising in connection with this Agreement (and, unless provided
 otherwise, any document entered into in connection with it), including disputes relating
 to any non-contractual obligations.

32.3 Each party irrevocably waives any objection
 which it may now or later have to proceedings being brought in the English courts (on the
 grounds that the English courts are not a convenient forum or otherwise).

32.4 Nothing in this Agreement (or, unless provided
 otherwise, any document entered into in connection with it) shall prevent a party from applying
 to the courts of any other country for injunctive or other interim relief.

**This Agreement is signed by the parties or their duly authorised representatives and takes effect on the date stated above.**

Schedule 2: Reserved Matters

**Schedule 2**

**Reserved Matters**

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| | |
|:---|:---|
| 1 | **Share and Loan capital, distributions** |

---

(a) Vary
 its share capital or the rights attaching to it in any way.

(b) Issue
 or grant any option in respect of any share or loan capital.

(c) Declare,
 make or pay any dividend or make any other distribution of its assets or profits to any shareholder
 or other person or repay loans to it made by any shareholder or any other person or capitalise
 or repay an amount standing to the credit of any reserve.

---

| | |
|:---|:---|
| 2 | **Constitutional matters** |

---

Amend any constitutional documents or comparable governing documents or adopt any resolutions inconsistent with them.

---

| | |
|:---|:---|
| 3 | **Borrowings, Encumbrances and Loans** |

---

(a) Incur
 any borrowings (except under its existing banking facilities at the date of this Agreement,
 in accordance with its normal practice) or other financial indebtedness in the nature of
 borrowings in excess of $3,000,000.

(b) Amend
 to the material detriment of any Group Company the terms of, or allow any event of default
 to occur in respect of, its banking facilities or other arrangements for financial indebtedness
 in the nature of borrowings.

(c) Grant,
 extend, issue or suffer to subsist any Encumbrance over the whole or any part of its assets,
 or redeem or agree to redeem any such Encumbrance, or give or agree to give any guarantee
 or indemnity, in each case, other than in the ordinary course of trade.

(d) Make
 any loan (other than to a wholly-owned Group Company) or give any credit (other than trade
 credit in accordance with its normal practice) or acquire any loan capital of any corporate
 body.

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| | |
|:---|:---|
| 4 | **Acquisitions and disposals** |

---

(a) Acquire
 any asset (except in the normal course of trading) or incur any capital expenditure exceeding
 $1,000,000 individually or in aggregate $2,000,000, other than the capitalisation of intangible
 assets used in research and development in accordance with the Relevant Accounting Standards
 and in the ordinary course of business.

(b) Subscribe
 or otherwise acquire any shares in the capital of any company, or acquire the whole or part
 of the undertaking or liabilities of any other person, firm or company, other than on an
 intra-Group basis, provided that (i) no Group Company shall, in respect of any intra-Group
 transaction, acquire or agree to acquire any asset with a value, or assume or incur or agree
 to assume or incur any liability, obligation or expense (actual or contingent) in an amount,
 in excess of $1,000,000 and (ii) no such intra-Group transaction shall have any adverse
 impact on the Tax position of the Buyer or any Group Company in relation to the Transaction.

Schedule 2: Reserved Matters

(c) Dispose
 of or grant any option in respect of its business or any part of its business or dispose
 of any shares or other interest in the capital of any company or dispose of the whole or
 part of its business.

(d) Other
 than in the ordinary course, dispose of or grant any option in respect of its fixed assets
 exceeding $250,000 individually or in aggregate $1,000,000.

(e) Assign
 or otherwise dispose of any of its book debts, or dispose of, agree to dispose of, or grant
 any option in respect of, any other asset, in each case other than in the ordinary course
 of trade.

(f) Dispose
 of any interest or grant any right in respect of any of the Properties that are material
 to the business or operations of any Group Company, or terminate or vary any arrangement
 relating to the holding of its interest in any such Property, or acquire any interest in
 real estate in an amount in excess of $1,000,000.

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| | |
|:---|:---|
| 5 | **Contracts and trading** |

---

(a) Modify
 or terminate any Material Contract.

(b) Enter
 into, modify or terminate any partnership, joint venture or other arrangement for sharing
 the profits or income of any Group Company.

(c) Enter
 into any unusual or abnormal contract or commitment.

(d) Cease
 or propose to cease to carry on business or give notice of, or propose any resolution, for
 voluntary winding up or the voluntary appointment of an administrator or liquidator in relation
 to any Group Company other than steps taken towards the winding down of the Group's
 activities in Israel.

(e) Institute,
 compromise, settle, materially negotiate or abandon any legal or arbitration proceedings,
 claim or dispute in relation to any claim (together with all other claims or potential claims
 related to the same or similar facts, matters or circumstances) in excess of $1,000,000 individually
 or in the aggregate.

(f) Change
 the material terms of trade with any material customer or material supplier or offer or revise
 any material discounts or other material promotions to any material customer or prospective
 material customer.

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| | |
|:---|:---|
| 6 | **Related party transactions** |

---

Enter into or vary any transaction or arrangement with, or for the benefit of, any of its directors or the Seller, any Associate or connected person of the Seller, or make any payment to or incur any liability to, or discharge any liability for the benefit of, any such person.

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| | |
|:---|:---|
| 7 | **Employment and Pensions** |

---

(a) Except
 as required by law or in the usual course of business, make any change in the terms and conditions
 of employment (including in relation to salaries, bonus, fees or benefits) or pension, health
 and welfare, severance benefits or other retirement benefits of any Key Employee.

(b) Employ
 or appoint any new employee or consultant with individual annual basic remuneration of $200,000
 or (with any other new employees and consultants) having aggregate annual basic remuneration
 together with such persons of $1,000,000 or more, or pay any sign-on, joining or similar
 bonus or fee in excess of $50,000.

Schedule 2: Reserved Matters

(c) Terminate
 the employment or consultancy arrangement of any Key Employee other than 'for cause'
 on grounds that justify summary termination.

(d) Except
 as required by law, enter into any (or amend any existing) agreement with any Union or other
 similar body which is applicable to employees of any Group Company.

(e) Pay any
 benefits under the Group's pension schemes, except in the ordinary course and where
 such payment is made in accordance with the terms of the documents governing such pension
 scheme.

(f) Other
 than in the ordinary course, amend or discontinue (wholly or partly) any of the Group's
 pension schemes, health and welfare plans, severance benefits or retirement plans, change
 the level of benefits under, or communicate to any member or former member, officer or employee
 of any such schemes or plans, proposal or an intention to amend or discontinue the scheme
 (wholly or partly), or exercise a discretion, in relation to any such scheme.

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| | |
|:---|:---|
| 8 | **Accounting and Tax** |

---

(a) Change
 its accounting reference date other than ongoing changes to the accounting reference dates
 of certain Subsidiaries to align with the overall Group's accounting schedule.

(b) Make
 any material change to the method of accounting or accounting practices by reference to which
 its accounts are drawn up save as to comply with applicable law or applicable UK-adopted
 international accounting standards.

(c) Change
 its residence for Tax purposes.

(d) Make,
 change or revoke any Tax election, settle or compromise any claim, audit or dispute with
 respect to any material Tax, file any amended return with any Tax Authority or file a Tax
 Return that is not prepared in accordance with past practice in all material respects, make
 any voluntary Tax disclosure or consent to any extension or waiver of the statute of limitations
 applicable to any Tax claim or assessment.

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| | |
|:---|:---|
| 9 | **General** |

---

Agree to do any of the above.

Schedule 3 : Signing formalities

**Schedule 3**

**Signing formalities**

**Part 1**

**Seller's obligations**

10 The Seller shall deliver to the Buyer:

(a) this
 Agreement executed by the Seller;

(b) the Disclosure
 Letter executed by the Seller, together with a secure file transfer link containing the contents
 of the Data Room;

(c) a properly
 completed and duly executed IRS Form W-8BEN-E with respect to the Seller; and

(d) a copy
 of the resolutions of the Seller approving the entry by the Seller into this Agreement and
 any other Transaction Documents to be signed by it.

**Part 2**

**Buyer's obligations**

11 The Buyer shall deliver to the Seller:

(a) this
 Agreement executed by the Buyer;

(b) a copy
 of the Disclosure Letter acknowledged as received by the Buyer; and

(c) an extract
 of the resolutions of the Buyer approving the entry by the Buyer into this Agreement and
 any other Transaction Documents to be signed by it.

Schedule 4 : Completion formalities

**Schedule 4**

**Completion formalities**

**Part 1**

**Seller's obligations**

12 The Seller shall deliver, or procure the delivery of, to the Buyer:

(a) a completed
 and signed transfer of the Shares, in favour of the Buyer, together with the relative share
 certificate or an indemnity in respect thereof in the agreed form and any power of attorney
 under which a transfer is executed;

(b) the Shareholder
 Agreement executed by the Seller;

(c) the Supplemental
 Disclosure Letter executed by the Seller, together with a secure file transfer link containing
 any documents referred to in it;

(d) resignations
 of the directors and secretary of each Group Company, executed as a deed in the agreed form;

(e) if requested
 by the Buyer, the resignation of the auditors of each Group Company in the agreed form, confirming
 that they have no outstanding claims and containing a statement under section 519(1) Companies
 Act 2006 or local law equivalent, that there are no such circumstances as are mentioned in
 that section;

(f) a confirmation
 in the agreed form by the Seller that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there are no subsisting guarantees, indemnities
 or similar arrangements given by a Group Company in favour of the Seller or its Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Seller nor its Associates
 is indebted to a Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are no amounts owing to the Seller
 or its Associates by a Group Company;

(g) a copy
 of any power of attorney under which this Agreement or any of the transfers or other documents
 referred to in this Schedule 4 (*Completion formalities*) has been executed
 on behalf of the Seller;

(h) if requested
 by the Buyer by not less than ten (10) Business Days' prior written notice before
 Completion, evidence reasonably satisfactory to the Buyer that each Group Company 401(k) retirement
 plan has been terminated at least one day prior to Completion;

(i) a power
 of attorney and appointment of proxy in the agreed form, executed by the Seller, empowering
 the Buyer to exercise the Seller's rights as shareholders of the Company pending the
 stamping and registration of the transfers referred to in paragraph 1(a) above;

(j) no less
 than two Business Days prior to Completion, take all steps reasonably necessary to establish,
 or procure the establishment of, segregated accounts with the Buyer's transfer agent
 for the benefit of, and registered in the name of, the Seller or the Seller Nominee (as appropriate),
 into which the Consideration Shares shall be delivered by restricted book entry at Completion
 in accordance with paragraph 1(c) of Schedule 4, Part 2 (*Buyer's obligations*), and shall promptly provide the Buyer with all information and documentation
 reasonably required by the Buyer's transfer agent for the purposes of establishing
 such accounts.

Schedule 4 : Completion formalities

13 The Seller shall deliver or make available to the Buyer or its representatives (as applicable):

(a) To the
 extent in the Seller's possession and not already provided in the Data Room, copies
 of all statutory shareholder registers and material books (each as set out in a list in the
 agreed form) and Companies House authentication codes (or equivalent);

(b) the Companies
 House authentication code for the Company; and

(c) duly
 executed Bank Pay Off Letters, if the Buyer has made an election under Clause 7.7.

14 The Seller shall procure that a board meeting or if applicable a shareholder's meeting of each Group Company is held at which:

(a) such
 persons as the Buyer nominates are appointed as additional directors/managing directors;

(b) as appropriate
 in the case of each Group Company, the resignations referred to at paragraph 1(d) to
 1(e) above be submitted and accepted;

(c) in the
 case of the Company only, the share transfers referred to at paragraph 1(a) above be
 approved and registered (subject to stamping);

(d) following
 registration of the transfer, new share certificates be issued to the Buyer in respect of
 the Shares; and

(e) the registered
 office and registered email address are changed as notified by the Buyer.

Schedule 4 : Completion formalities

**Part 2**

**Buyer's obligations**

15 Upon completion of the matters referred to in Schedule 4, Part 1 (*Seller's obligations*), the Buyer shall:

(a) deliver
 to the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Shareholder Agreement executed by
 the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Supplemental Disclosure Letter acknowledged
 as received by the Buyer;

(b) pay the
 Provisional Payment by means of electronic funds transfer to the Seller's Account;
 and

(c) allot
 the Consideration Shares credited as fully paid up and instruct its registrars to deliver
 by restricted book entry at its transfer agent into segregated accounts established by such
 transfer agent for the benefit of, and registered in the name of, Seller (such establishment
 to occur no less than two Business Days prior to Completion).

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| | |
|:---|:---|
| 16 | Immediately following Completion, the Buyer shall procure that the Company pays to the Bank, the Bank Pay Off Amount (if an election has been made pursuant to Clause 7.7). |

---

Schedule 5 : Fundamental Warranties

**Schedule 5**

**Fundamental Warranties**

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| | |
|:---|:---|
| 17 | The Seller is the sole legal and beneficial owner of the Shares and has the right to transfer the full legal and beneficial interest in the Shares to the Buyer without the consent of another person (save as expressly set out in Clause 6) and the Shares and are not affected by any Encumbrance (including, without limitation, a restrictions notice (having the meaning given to it in Schedule 1B of the Companies Act 2006)) and there are no arrangements or obligations that could result in the creation of an Encumbrance over them. |

---

18 The Seller is a company duly incorporated and organised and validly existing under the laws of its jurisdiction of incorporation.

19 The Seller has the power and authority to enter into the Transaction Documents and to fully perform its obligations under them in accordance with their terms.

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| | |
|:---|:---|
| 20 | Save as expressly set out in Clause 6, the Seller does not require the consent, approval or authority of any other person to enter into or exercise its rights or perform its obligations under the Transaction Documents. |

---

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| | |
|:---|:---|
| 21 | Save as set out in this Agreement, the Seller does not require any material consent or approval of any governmental, regulatory or other authority that has not been unconditionally and irrevocably obtained or made at the date of this Agreement. |

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| | |
|:---|:---|
| 22 | The entry into and the exercise by the Seller of its rights and performance of its obligations under the Transaction Documents will not constitute a breach or give rise to a default under any applicable laws or regulations (including any sanctions) or any order, decree, judgement, contract or other obligation binding on it (including any provision of its constitutional documents) which has or could have an adverse effect on its ability to execute or perform its obligations under the Transaction Documents. |

---

---

| | |
|:---|:---|
| 23 | The Seller is not a party to any litigation, arbitration or administrative proceedings, nor is it the subject of any governmental, regulatory or official investigation or enquiry which in each case is in progress or threatened or pending and which has or could have an adverse effect on its ability to execute or perform its obligations under the Transaction Documents. |

---

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| | |
|:---|:---|
| 24 | Neither the Seller, the Company, any Material Subsidiary, nor any other Group Company (to the extent such Group Company is not a Material Subsidiary, and so far as the Seller is aware) is insolvent or bankrupt under the laws of its residence, jurisdiction of incorporation or within the meaning of any applicable legislation and regulation relating to insolvency applicable to it, has been served with a statutory demand, or is unable to pay its debts as they fall due or has proposed or is liable to any arrangement (whether by court process or otherwise) under which its creditors (or any group of them) would receive less than the amounts due to them. No action or steps have been taken by, or legal proceedings started against, the Seller for its winding up or dissolution; or for it to enter into any arrangement or composition for the benefit of creditors; or for the appointment of a receiver, administrator, administrative receiver, liquidator, supervisor, compulsory manager, trustee or similar person of any of its revenues or assets, and no events have occurred which would justify such proceedings. No steps have been taken to enforce any security over any assets of the Seller, the Company, any Material Subsidiary, or any Group Company (to the extent such Group Company is not a Material Subsidiary and so far as the Seller is aware) and no event has occurred to give the right to enforce such security. |

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Schedule 5 : Fundamental Warranties

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| | |
|:---|:---|
| 25 | Seller is aware that the ESCO Stock issued as Consideration Shares has not been registered under the Securities Act, and that the Consideration Shares are deemed to constitute "restricted securities" under Rule 144 ("Rule 144") promulgated under the Securities Act. Seller also understands that the Consideration Shares are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Seller's warranties contained in this Schedule 5. |

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| | |
|:---|:---|
| 26 | Seller is obtaining the ESCO Stock issued as Consideration Shares for its own account and has no present intention of distributing or selling Consideration Shares except as permitted under the Securities Act, applicable state securities laws and the Shareholder Agreement. |

---

27 Seller has sufficient knowledge and experience in business and financial matters to evaluate Buyer and understand the risks and merits of an investment in ESCO Stock and to bear the risks of such an investment.

---

| | |
|:---|:---|
| 28 | Seller has had an opportunity to discuss Buyer's business, management and financial affairs with directors, officers and management of Buyer. Seller has also had the opportunity to ask questions of and receive answers from Buyer and its management regarding the terms and conditions of an investment in ESCO Stock. |

---

29 Seller has the capacity to protect its own interests in connection with the issuance of the Consideration Shares by virtue of its business or financial expertise.

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| | |
|:---|:---|
| 30 | Seller understands that the ESCO Stock issued as Consideration Shares may not be sold, transferred or otherwise disposed of unless such ESCO Stock is subsequently registered under the Securities Act or an exemption from such registration is available. Seller has been advised or is aware of the provisions of Rule 144, as in effect from time to time. Seller further understands and agrees that an appropriate restrictive legend notation will be made in the book-entry account(s) in respect of the Consideration Shares and appropriate stop transfer instructions will be placed with Buyer's transfer agent with respect to the Consideration Shares, which stop transfer instructions will be removed upon expiration of the Restricted Period in accordance with the relevant provisions in the Shareholder Agreement. |

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| | |
|:---|:---|
| 31 | Seller has satisfied itself as to the full observance of the laws of its jurisdiction of residence in connection with the receipt of Consideration Shares including (i) the legal requirements within its jurisdiction for the receipt of Consideration Shares, (ii) any foreign exchange restrictions applicable to such receipt, (iii) any government or other consents that may need to be obtained in connection with such receipt, and (iv) the Tax (including income Tax) consequences, if any, that may be relevant to the purchase, holding, redemption, sale or Transfer of the Consideration Shares. |

---

32 Seller is an "accredited investor" as defined in Regulation D promulgated under the Securities Act.

33 Seller's registered address is set forth next to Seller's name in Clause 29.1(b) hereof.

Schedule 6: Business Warranties

**Schedule 6**

**Business Warranties**

Part 1 Corporate

Part 2 Accounts

Part 3 Assets

Part 4 Trading

Part 5 Finance

Part 6 Employment

Part 7 Pensions

Part 8 Properties

Part 9 Tax

**Part 1**

**Corporate**

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| | |
|:---|:---|
| 1 | **Share capital of the Company and the Material Subsidiaries** |

---

(a) The Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comprise the whole of the allotted and
 issued share capital of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been properly allotted and issued;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are fully paid and there is no obligation
 to pay up any sum on them.

(b) No person,
 other than the Seller or a Group Company, has (and neither the Company nor any Material Subsidiary
 is party to any arrangement, or under any obligation, to create):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the right (actual or contingent) to require
 the allotment, issue, transfer, conversion or redemption of any share or loan capital of
 the Company or any Material Subsidiary or of any other securities giving rise to a right
 over the share capital of the Company or any Material Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other right relating to any of the
 shares in the capital of the Company or a Material Subsidiary, or relating to any of the
 rights attaching to those shares.

(c) Each
 of the allotted and issued shares or other equity or share capital (as applicable) of the
 Material Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is solely legally and beneficially owned
 and held either by the Company or by a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has been properly allotted and issued
 and duly authorised and validly issued fully paid up in accordance with applicable laws and
 the constitutional documents of each Material Subsidiary.

(d) None
 of the allotted and issued shares in the capital of a Material Subsidiary is affected by
 an Encumbrance and there is no arrangement or obligation, including stockholder agreements,
 buy-sell agreements, voting trust, or other agreements or understandings to which any Group
 Company is a party, that could result in the creation of an Encumbrance affecting any of
 the allotted and issued shares in the capital of a Material Subsidiary or any future shares
 in the capital of a Material Subsidiary.

(e) The information
 in Schedule 1 (*Details of the Group)* in respect of the Company and each Material
 Subsidiary is accurate and complete.

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| | |
|:---|:---|
| 2 | **Share capital of the Subsidiaries** |

---

(a) Schedule
 1 (*Details of the Group*) accurately and completely sets forth the capitalisation
 of each Subsidiary. Each of the allotted and issued shares or other equity or share capital
 (as applicable) of the Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in respect of the Non-Wholly
 Owned Subsidiaries, are solely legally and beneficially owned and held either by one or more
 other Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been properly allotted and issued
 and duly authorised and validly issued or constituted in accordance with applicable laws
 and the constitutional documents of the respective Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are fully paid and, other than in respect
 of the Non-Wholly Owned Subsidiaries, non-assessable without restriction on the right of
 transfer thereof.

(b) Except
 for Buyer's rights pursuant to this Agreement, no person has or claims to have (and
 there is no arrangement, or any obligation, to create):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the right or option (actual or contingent)
 to require the allotment, issue, transfer, conversion or redemption of any share or loan
 capital of a Subsidiary or of any other securities giving rise to a right over the share
 capital of a Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other right relating to any of the
 shares in the capital of a Subsidiary, or relating to any of the rights attaching to those
 shares,

other than as Disclosed with respect to the Non-Wholly Owned Subsidiaries.

(c) None
 of the allotted and issued shares in the capital of a Subsidiary is affected by an Encumbrance
 and there is no arrangement or obligation, including stockholder agreements, buy-sell agreements,
 voting trust, or other agreements or understandings to which any Group Company is a party,
 that could result in the creation of an Encumbrance affecting any of the allotted and issued
 shares in the capital of a Subsidiary or any future shares in the capital of a Subsidiary.

(d) Other
 than in respect of the Non-Wholly Owned Subsidiaries, none of the allotted and issued shares
 in the capital of a Subsidiary is subject to any agreement or arrangement which could hinder
 or influence the exercise of any of the rights associated with such shares.

(e) None
 of the allotted and issued shares in the capital of a Subsidiary represent assets which were
 the subject of a transfer at an undervalue (within the meaning of, in respect of each Subsidiary
 incorporated in the United Kingdom, sections 238 and 339 of the Insolvency Act 1986, and
 in respect of any other Subsidiaries, any equivalent legislation) within the past five years.

(f) None
 of the allotted and issued shares in the capital of any Subsidiary are admitted to trading
 or listed on any recognised investment exchange, stock exchange or other similar body or
 market anywhere in the world, nor has any application been made or agreed to be made for
 any such admission or listing.

(g) Except
 for shares held in the Subsidiaries, no Group Company is the legal or beneficial owner of
 any shares, securities or loan capital issued by any person and is not obliged to acquire
 any shares, securities or loan capital in or of any person.

(h) The shareholders'
 lists (*Gesellschafterliste*) in respect of each German Subsidiary are current and accurate
 in all respects, and no changes in the shareholdings of any such Subsidiary are pending notarisation
 or registration.

---

| | |
|:---|:---|
| 3 | **Dormant Subsidiaries** |

---

(a) Each
 of (i) Megger New Zealand Limited (New Zealand), (ii) Megger Systems Inc. (USA)
 and (iii) Megger Grid Analytics Limited (UK):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a dormant company and has never traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has no assets (other than those represented
 by its paid up share capital) and no liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) has no commitments or obligations (contractual
 or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has never had any employees or bank accounts.

(b) Megger
 Inc. (USA) is a dormant company and has not traded in the past five years.

---

| | |
|:---|:---|
| 4 | **Branches** |

---

No Group Company has a branch, agency or place of business, or a permanent establishment outside of their country of incorporation other than as Disclosed.

---

| | |
|:---|:---|
| 5 | **Directors** |

---

The only directors and/or managing directors (as applicable) of a Group Company are the persons specified in Schedule 1 (*Details of the Group*) and no person is a shadow director of a Group Company (to the extent such term is applicable in the jurisdiction of the respective Group Company).

---

| | |
|:---|:---|
| 6 | **Due incorporation** |

---

(a) Each
 Group Company is properly incorporated and duly organised, validly existing and in good standing
 under the laws of the jurisdiction of its incorporation. No Group Company has, since the
 Accounts Date, been required to be registered, licensed or qualified to do business in any
 other jurisdiction in order to conduct its business.

(b) Each
 Group Company has all requisite (corporate or other) power and authority to own, lease or
 use their assets and properties (as applicable) and to conduct the business in which they
 are engaged and hold all material authorisations, licences and permits necessary and required
 therefor and all such authorisations, franchises, licences and permits are valid and subsisting.

(c) No bankruptcy
 or insolvency proceeding concerning any Group Company has been initiated, applied for, or
 opened, or rejected because of a lack of assets and no circumstances exist which would require
 an application for any bankruptcy or insolvency proceedings concerning any Group Company.

---

| | |
|:---|:---|
| 7 | **Constitutional documents** |

---

So far as the Seller is aware, any copy of the memorandum and articles, certificate or deed of incorporation or organisation, shareholders' list, commercial register excerpts, share ledger, register of beneficial owners, bylaws, operating agreement, articles of association or equivalent constitutional documents of each Group Company in section 1.2 of the Data Room is up-to-date, accurate and are the true, complete and correct copies of such constitutional documents. No Group Company is nor has been in the last seven years in breach or violation of or default under any provision of its constitutional documents.

---

| | |
|:---|:---|
| 8 | **Statutory books** |

---

(a) At Completion,
 in all material respects, complete copies of the books of account, minute books, bank accounts,
 and other corporate records of the Group will be in the possession or control of a Group
 Company.

(b) The books
 and records of each Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are in the possession or control of each
 respective Group Company and are not subject to any audit or inspection pursuant to any specific
 order or directions issued by any governmental agency other than in the ordinary course of
 business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been properly kept as per applicable
 laws, are up-to-date and contain an accurate and complete record of the matters they are
 required by applicable law to contain.

(c) No notice
 or allegation has been received that the statutory books of a Group Company (if applicable)
 are incorrect or require rectification in order to comply with applicable law, regulation
 or court order.

---

| | |
|:---|:---|
| 9 | **Documents filed** |

---

(a) All returns,
 particulars, resolutions and documents required to be filed by each Group Company pursuant
 to applicable law, regulation or court order have been duly filed and were correct in all
 material respects and the statutory duty and/or any other payments payable in respect thereof
 has been fully paid.

(b) All charges
 with respect to a Group Company have (if registerable) been registered with the relevant
 authority in accordance with, in respect of each Group Company incorporated in the United
 Kingdom, sections 860 and 878 Companies Act 2006, and in respect of any other Group Companies,
 any equivalent legislation.

(c) There
 are no pending filings with the Registrar of Companies in respect of a Group Company incorporated
 in the United Kingdom, or other equivalent company registries in respect of a Group Company
 incorporated outside the United Kingdom and, in particular, there are no unresolved queries
 or objections from such applicable authority in relation to any such filings.

---

| | |
|:---|:---|
| 10 | **Possession of documents** |

---

All title deeds relating to the material assets of each Group Company, an executed copy of all material agreements to which a Group Company is a party, and all other documents which are required by law, regulation or court order to be held by a Group Company, are in the possession or control of such Group Company.

---

| | |
|:---|:---|
| 11 | **Investigations** |

---

So far as the Seller is aware, no investigations or enquiries by, or on behalf of, a governmental or other body in respect of the affairs of a Group Company are taking place or pending.

---

| | |
|:---|:---|
| 12 | **Commissions** |

---

No person is entitled to receive from a Group Company a finder's fee, management fee, brokerage or other commission in connection with the sale and purchase of the Shares under this Agreement or arrangements leading to the sale of the Shares.

---

| | |
|:---|:---|
| 13 | **Non-contravention\*** |

---

(a) Other
 than Conditions, no Group Company is a party to, subject to or bound by any law or order
 that would (i) conflict with or be breached or in violation or the obligations thereunder
 accelerated, increased, extinguished or terminated (whether or not with notice or lapse of
 time or both) by the execution, delivery or performance by the Company or any Subsidiary
 of this Agreement or any Transaction Document, or (ii) prevent the carrying out of the
 transactions contemplated hereby or thereby.

(b) Other
 than the Conditions, no permit, consent, waiver, approval or authorisation of, or declaration
 to or filing or registration with, any government or third party is required in connection
 with the execution, delivery or performance of this Agreement or any Transaction Document
 by the Company or any Subsidiary or the consummation of the transactions contemplated hereby
 or thereby.

(c) None
 of the execution or delivery of this Agreement or the Transaction Documents by the Company
 or any Subsidiary or the consummation of the transactions contemplated hereby or thereby
 will (i) violate, conflict with or result in any breach of any provision of their respective
 constitutional documents, (ii) result in the creation of any Encumbrance against any
 Group Company or any of the properties or assets of any Group Company or (iii) result
 in the creation of any Encumbrance against the allotted and issued shares of the Group Companies.

---

| | |
|:---|:---|
| 14 | **Information** |

---

The information in Schedule 1 (*Details of the Group*) is accurate and complete.

**Part 2**

**Accounts\***

---

| | |
|:---|:---|
| 15 | **Accounts** |

---

(a) The Accounts
 were prepared using the same accounting policies and estimation techniques used in preparing
 the audited accounts of the Group for the three last preceding accounting periods.

(b) The Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give a true and fair view of the assets
 and liabilities and financial position of the Group at the Accounts Date and its profits
 for the financial period ended on that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been prepared in accordance with
 the requirements of the Companies Act 2006 and other relevant statutes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) comply with all Relevant Accounting
 Standards in force at the date the Accounts were prepared and approved.

---

| | |
|:---|:---|
| 16 | **Accounting reference date** |

---

The accounting reference date of each Group Company incorporated in the United Kingdom, for the purposes of section 391 Companies Act 2006, is 30 November.

---

| | |
|:---|:---|
| 17 | **Books and records** |

---

The accounts, books, ledgers, financial and other records of each Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are in its possession or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been properly kept and contain an
 accurate and complete record of the matters with which they are required by applicable law,
 regulation and accounting policy to deal.

**Part 3**

**Assets**

---

| | |
|:---|:---|
| 18 | **Ownership** |

---

(a) Each
 of the assets included in the Accounts (other than assets disposed of in the normal course
 of trading) or acquired by a Group Company since the Accounts Date or used by a Group Company
 in the operation of its business is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the possession or under the control
 of a Group Company, or the relevant Group Company is validly entitled to use or utilise such
 assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) either validly entitled to be used or
 utilised by the relevant Group Company, or fully paid for and legally and beneficially owned
 solely by a Group Company free from all Encumbrances and other third party rights, subject
 to hire purchase, leasing and rental agreements entered into in the ordinary course of business.

(b) No Group
 Company is obliged to dispose of a right or an interest in any fixed asset that is material
 to such Group Company or its business.

(c) Where
 an asset is used but not owned by a Group Company, no event or circumstance has arisen, or,
 so far as the Seller is aware, is likely to arise, which would permit a third party to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) terminate the agreement under which the
 asset is used by a Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take the asset away from a Group Company's
 possession or use; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) increase the payments due from a Group
 Company, other than in the ordinary course of business.

---

| | |
|:---|:---|
| 19 | **Assets sufficient for the business\*** |

---

The assets owned by the Group, together with assets held under hire purchase, leasing, license and rental agreements, comprise all assets necessary for the continuation of the business of the Group as carried on.

---

| | |
|:---|:---|
| 20 | **Stock and work in progress** |

---

(a) The stock
 and inventory of each Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is, to the Seller's knowledge, capable
 of being sold in the normal course of trading, at its current list price, subject to discounts
 and rebates customarily applied across the Group's business as promotional activities
 and other than as provisioned for in the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is held at an adequate level, having
 regard to the relevant Group Company's trading requirements, the time of year and work-in-progress
 amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was
 valued for the purpose of the Accounts in accordance with the accounting policies contained
 in folder 2.7.1 of the Data Room.

(b) The work
 in progress of each Group Company is adequate to maintain cash flow in accordance with the
 usual practices of the Group in the 12 months prior to the date of this Agreement.

---

| | |
|:---|:---|
| 21 | **Condition** |

---

(a) To the
 Seller's knowledge, the plant, machinery, vehicles, equipment and other tangible fixed
 assets used in connection with the business of each Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are in a good working order for the purposes
 for which they are currently used and have been properly maintained in accordance with usual
 business practices of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are not expected to require replacements
 or additions at an annual cost materially greater than the annual capital expenditure of
 the Group in the prior two accounting periods.

(b) Maintenance
 contracts are in full force in respect of all assets of any Group Company which it is normal
 or prudent to have maintained by independent or specialist contractors in order to maintain
 the usual use of such assets or in respect of which a Group Company is legally obliged to
 maintain or repair.

---

| | |
|:---|:---|
| 22 | **Liabilities\*** |

---

(a) There
 are no liabilities (including contingent, disputed, unquantified or unknown liabilities)
 of a Group Company except for any matter disclosed in the Accounts or incurred, in the normal
 course of its trading business, since the Accounts Date.

(b) There
 has been no exercise, purported exercise or claim for an Encumbrance over assets of a Group
 Company.

(c) No Group
 Company has an exposure in relation to interest or exchange rate fluctuations.

---

| | |
|:---|:---|
| 23 | **Insurance** |

---

(a) Assets
 and undertakings of each Group Company of an insurable nature (excluding the Properties)
 are, and have at all material times been, insured in accordance with customary commercial
 practices of persons carrying on the same kind of business as that carried on the Group.

(b) Each
 Group Company is, and has at all material times been, adequately covered against accident,
 damage, injury, third party loss (including product liability), loss of profits and other
 risks normally insured against by persons carrying on the same kind of business as that carried
 on by it.

(c) All insurance
 policies of the Group as Disclosed are in full force and effect, and nothing has been done
 or omitted to be done which could make any policy of insurance void or voidable, or which
 is likely to lead to insurers refusing a claim or terminating a policy.

(d) No claim
 is outstanding, or may be made, under any of the insurance policies of the Group as Disclosed
 and, so far as the Seller is aware, there is nothing which is likely to give rise to such
 a claim.

---

| | |
|:---|:---|
| 24 | **IPR\*** |

---

(a) In this
 paragraph 7 (*IPR*):

"**Group IPR**" means IPR owned, used or exploited by any Group Company.

"**Inward IPR Licences**" means licences granted to any Group Company by a third party for use of IPR.

"**Outward IPR Licences**" means licences granted by any Group Company to a third party for use of IPR.

"**Registered IPR**" means Group IPR which has been registered or for which application for registration has been made, in the name of a Group Company.

(b) A Group
 Company is the sole legal and beneficial owner of the Group IPR except for Group IPR used
 under Inward IPR Licences. Other than Group IPR used under Inward IPR Licences, the Group
 IPR is not subject to any Encumbrances or other restrictions affecting the Group's
 ability to use or exploit it. So far as the Seller is aware, all moral rights associated
 with Group IPR have been waived by the relevant party.

(c) The Group
 IPR comprises the IPR required to enable each Group Company to carry on its business in the
 same manner and to the same extent as it has been carried out in the 12 months before Completion.

(d) So far
 as the Seller is aware, none of the Group IPR will be adversely affected by the acquisition
 of the Shares or the performance of this Agreement. Other than under Inward IPR Licences,
 the use of the Group IPR by the Group is not subject to any payment by any Group Company.

(e) So far
 as the Seller is aware, all the Group IPR is valid, subsisting and enforceable. No actions,
 claims, counterclaims, applications or allegations contesting the validity or enforceability
 of any Group IPR or its ownership by any Group Company have been brought or made and, so
 far as the Seller is aware, are pending or anticipated and, so far as the Seller is aware,
 there are and have been no facts, matters or circumstances which could give rise to such
 an action, claim, counterclaim, application or allegation.

(f) There
 have been no actions, claims, counterclaims, applications or allegations received by a Group
 Company alleging that the operation of the business of each Group Company and the use of
 Group IPR by licensees under the Outward IPR Licences, has infringed, or infringes any third
 party's IPR, and, so far as the Seller is aware, there are and have been no facts,
 matters or circumstances which could give rise to such an action, claim, counterclaim, application
 or allegation.

(g) There
 have been no actions, claims, counterclaims, applications or written allegations by any Group
 Company against any third party alleging infringement of any Group IPR and, so far as the
 Seller is aware, there are and have been no facts, matters or circumstances which could give
 rise to any such action, claim or allegation.

(h) All documents
 material to the Group's right, title and interest in the Group IPR, including all documents
 and materials necessary for the maintenance of the Registered IPR, form part of the records
 or materials in the possession or ownership of a Group Company.

(i) Copies
 of all Inward IPR Licences and Outward IPR Licences which are in writing (excluding standard
 form licences for off-the-shelf computer software) and which are material to any Group Company
 have been Disclosed. Details and terms of all Inward IPR Licences and Outward IPR Licences
 which are not in writing and which are material to any Group Company have been Disclosed.
 In respect of all Inward IPR Licences and all Outward IPR Licences, so far as the Seller
 is aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the licence is in full force and effect;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no party to it is or has been in material
 breach of any terms of the licence and there are no facts, matters or circumstances that
 could give rise to a termination or restriction of the licence during its term.

(j) So far
 as the Seller is aware, no Group Company has permitted or acquiesced to the use of any of
 the Group IPR by any third party other than under an Outward IPR Licence.

(k) In relation
 to the Registered IPR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is in the name of a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so far as the Seller is aware, nothing
 has been done or omitted to have been done by which any person may be able to seek cancellation
 or rectification or any other modification of any Registered IPR and so far as the Seller
 is aware, no person has done so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees have been paid and all deadlines
 have been met in connection with all applications for registration, and registrations and
 renewals of, Registered IPR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no opposition to any applications has
 been filed and, so far as the Seller is aware, there are no facts, matters or circumstances
 which would indicate or suggest that any opposition is likely to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) so far as the Seller is aware, there are
 no facts, matters or circumstances which would indicate or suggest that any of the applications
 may not be granted and/or proceed to registration in full in accordance with the application.

(l) Sections
 7.1, 13.6 and 11.1.1 of the Data Room list details of all Registered IPR and other Group
 IPR which is material to a Group Company.

(m) No Group
 Company has sold or transferred or otherwise disposed of any IPR that was or is material
 to a Group Company in the three year period before Completion.

(n) No Group
 Company has disclosed, or permitted to be disclosed, or undertaken or arranged to disclose,
 to a person other than the Buyer any of its material know-how, technical information, trade
 secrets, databases of prices, customers or suppliers, or of any other confidential information
 other than pursuant to written agreements of confidentiality.

(o) All of
 the Group Company's employees, founders, officers, contractors, consultants and any
 other individuals or entities (including the Group Company's directors and advisors),
 past and present, who were or are engaged in the creation or development of any Group IPR
 which is material to the Group Companies ()"**IP Contributors** "), have entered
 into written binding agreements with the applicable Group Company which assign to the applicable
 Group Company all rights, title and interests in such Group IPR.

---

| | |
|:---|:---|
| 25 | **Information Technology\*** |

---

(a) In this
 paragraph 8 (*Information Technology*):

"**IT Systems**" means the information and communications technologies used by the Group Companies including computer hardware, software, operating systems, data, internet and web sites, firmware, networking, peripherals and all associated documentation or other infrastructure equipment or systems.

"**Licensed Software**" means any software which forms part of the IT Systems and which is required to be licensed to any Group Company under a licence from a third party (excluding standard form licences for off the shelf computer software).

"**Open Source Software**" means any Licensed Software used by any Group Company which is licensed on terms which comply with the Open Source Definition, as amended from time to time by the Open Source Initiative.

"**Owned Software**" means any software which forms part of the IT Systems, the IPR to which are owned by a Group Company.

(b) In relation
 to the Owned Software:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) details of Owned Software which is material
 to any Group Company have been Disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Owned Software is owned by the relevant
 Group Company free of any Encumbrances.

(c) In relation
 to the Licensed Software, details of the Licensed Software which is material to any Group
 Company have been Disclosed. With respect to such Licensed Software the Licensed Software
 is licensed to the relevant Group Company.

(d) To the
 extent the IT Systems comprise Open Source Software, details of that Open Source Software
 have been Disclosed.

(e) Each
 Group Company is the legal and beneficial owner of all computer hardware comprised in the
 IT Systems used by that Group Company in connection with its business. A list of all material
 contracts under which the IT Systems are owned, supplied, acquired, maintained and used by
 any Group Company has been Disclosed and, so far as the Seller is aware, the relevant Group
 Company and counterparty are not in material breach of such contracts.

(f) The IT
 Systems:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have not been affected by any defects
 or other faults that have caused any material or repeated interruption to any Group Company's
 business at any time during the 3 years before the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are functional and comprise the information
 and communication technologies necessary for the continuation of the business of each Group
 Company in the same manner and to the same extent as it has been carried out in the 12 months
 before Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are not outsourced to or otherwise administered
 or controlled by, or shared with, any third party.

(g) So far
 as the Seller is aware, the IT Systems do not contain any viruses, worms, trojan horses,
 bugs, faults or other malicious code, devices, errors, contaminants or effects that (i) disrupt
 or adversely affect the functionality of any IT Systems (except as disclosed in their documentation),
 or (ii) enable or permit any person to access without authorisation any IT Systems.

---

| | |
|:---|:---|
| 26 | **AI** |

---

(a) In this
 paragraph 9 (*AI*):

"**AI Technologies**" means (i) deep learning, machine learning, machine-based, and other artificial intelligence technologies, software and systems, including large language models, generative pre-trained transformer, and any and all technologies, software and systems that can, for a given set of machine or human-defined objectives, autonomously generate information, data and/or content including predictions, recommendations, or decisions influencing the real and/or virtual environments with which such technologies interact, or (ii) any other technology or systems defined as artificial intelligence, machine learning, or similar term under applicable law.

(b) No Group
 Company has authorised any employee, consultant, contractor or other person acting on behalf
 of a Group Company to use Generative AI in connection with the creation or development of
 any material inventions, artistic works or other works of authorship with respect to the
 Business.

(c) Each
 Group Company uses AI Technologies in material compliance with the applicable licence terms
 and applicable laws. So far as the Seller is aware, no employee, consultant, contractor or
 other person acting on behalf of a Group Company has included any sensitive personal data,
 trade secrets or material confidential or proprietary information of any Group Company, or
 of any third party disclosed to a Group Company under an obligation of confidentiality in
 any prompts or inputs into any AI Technologies, except in cases where such AI Technologies
 do not use such information, prompts or services to train the machine learning or algorithm
 of such tools or improve the services related to such tools. So far as the Seller is aware,
 no employee, consultant, contractor or other person acting on behalf of a Group Company has
 used any AI Technologies in a manner that adversely affects the ownership, validity, enforceability,
 registrability, or patentability of any Group IPR.

**Part 4**

**Trading**

---

| | |
|:---|:---|
| 27 | **Changes since Accounts Date\*** |

---

Since the Accounts Date:

(a) the business
 of each Group Company has been continued in the usual course without any material interruption
 or material alteration in the nature, scope or manner of the business;

(b) there
 has been no material adverse change in the turnover, or in the financial or trading position
 or prospects or material assets, of a Group Company;

(c) no Group
 Company has, by doing or omitting to do anything, materially prejudiced its goodwill;

(d) no Group
 Company has adopted, materially amended, or terminated, or committed to the adoption, material
 amendment, or termination of any plan, programme, agreement, policy or arrangement that is
 described in Schedule 6, Part 6 (*Employment*) or Schedule 6, Part 7 (*Pensions*),
 in each case other than in the ordinary course of business; and

(e) no dividend
 or other distribution has been declared, made or paid by a Group Company.

---

| | |
|:---|:---|
| 28 | **Effect of sale of Shares\*** |

---

So far as the Seller is aware, after Completion (whether by reason of an existing agreement or arrangement or otherwise) or as a result of the acquisition of the Shares by the Buyer or the performance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no material supplier of a Group Company
 will cease, or be entitled to cease, supplying it or may substantially reduce its level of
 supplies to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no material customer of a Group Company
 will cease, or be entitled to cease, to deal with it or may substantially reduce its existing
 level of business with it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Group Company will lose the benefit
 of a material right or benefit which it enjoys.

---

| | |
|:---|:---|
| 29 | **Subsisting contracts** |

---

(a) Complete
 and accurate details of all Material Contracts have been Disclosed.

(b) No Group
 Company is a party to, subject to or bound by any Material Contract that would (i) conflict
 with or be breached or in violation or the obligations thereunder accelerated, increased,
 extinguished or terminated (whether or not with notice or lapse of time or both) by the execution,
 delivery or performance by the Company or any Subsidiary of this Agreement or any Transaction
 Document, or (ii) prevent the carrying out of the transactions contemplated hereby or
 thereby.

(c) So far
 as the Seller is aware, no Material Contract to which a Group Company is a party is unenforceable
 against any other party to it.

(d) No offer,
 tender or the like is outstanding which may be converted into an obligation of a Group Company
 by acceptance by, or other act of, another person other than in the ordinary course of the
 business of such Group Company.

(e) No Group
 Company has manufactured, sold or supplied products which are, or were, or will become in
 a material respect faulty or defective, or which do not comply in a material respect with
 warranties or representations expressly or impliedly made by it, or with applicable regulations,
 standards and requirements, in each case excluding defective or faulty products in the ordinary
 course of business consistent with the usual levels of defective or faulty products of the
 Group.

(f) Full
 details of any notice of termination of any Material Contract given or received by a Group
 Company in the last 12 months have been Disclosed.

---

| | |
|:---|:---|
| 30 | **Business Continuity** |

---

Each Group Company has in place (in accordance with good industry practice as would be expected from a leading company within its relevant industry or business sector) all applicable regulatory requirements, a fully documented business continuity and crisis management plan which would enable the maintenance or prompt restoration of business-critical functions upon the occurrence of any unplanned interruption, event or circumstance that may impair its ability to carry on its business, including (without limitation), any civil emergency, pandemic or civil unrest.

---

| | |
|:---|:---|
| 31 | **Joint ventures and partnerships** |

---

(a) Other
 than in respect of the Non-Wholly Owned Subsidiaries, no Group Company is or has agreed to
 become a participant in or member of a joint venture, consortium, partnership or other unincorporated
 association.

(b) Other
 than in respect of the Non-Wholly Owned Subsidiaries, no Group Company is a party to an agreement
 or arrangement for sharing commissions or other income.

---

| | |
|:---|:---|
| 32 | **Arrangements restricting business** |

---

No Group Company is:

(a) a party
 to an agency or distributorship agreement or arrangement the existence of which has not been
 Disclosed;

(b) a party
 to an agreement or arrangement which restricts its freedom to carry on its business as it
 thinks fit; or

(c) bound
 by an undertaking or assurance given to a court or governmental agency, and no undertaking
 which is still in force has been given to a third party arising out of any legal proceedings.

---

| | |
|:---|:---|
| 33 | **Guarantees and indemnities** |

---

There is no subsisting guarantee or agreement for indemnity or for suretyship given by, or in favour of, a Group Company or for its accommodation other than in respect of Leases in the ordinary course of business.

---

| | |
|:---|:---|
| 34 | **Purchases and sales from or to one party** |

---

No Group Company has obtained or made more than 10% of the aggregate amount of its purchases or more than 10% of the aggregate amount of its sales from or to the same supplier or customer (including a person connected with the supplier or customer) and no material source of supply to, or outlet for the sales of, a Group Company is or is likely to be in jeopardy.

---

| | |
|:---|:---|
| 35 | **Insider contracts\*** |

---

(a) No Group
 Company is, nor has it within the last three years been, a party to any agreement or arrangement
 in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller or any of its connected persons;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a director of a Group Company, or any
 of their connected persons,

is or has been interested, whether directly or indirectly.

(b) No Group
 Company is a party to, and its profits or financial position during the past three years
 have not been affected by, an agreement or arrangement to which a Group Company was party
 which was or is not at arm's length.

---

| | |
|:---|:---|
| 36 | **Seller's other interests and liabilities** |

---

Neither the Seller nor any of its connected persons is:

(a) directly
 or indirectly interested in any business which is or is likely to be, or become, competitive
 with the business of a Group Company; or

(b) indebted
 to a Group Company.

---

| | |
|:---|:---|
| 37 | **Defaults\*** |

---

(a) No Group
 Company is, nor is the Seller aware of any circumstances that would be reasonably likely
 to result in a Group Company becoming, in default under a Material Contract.

(b) No threat
 or claim of default has been made and is outstanding against a Group Company in respect of
 a Material Contract.

(c) No counterparty
 to a Material Contract is in default under such Material Contract nor is the Seller aware
 of any circumstances that would be reasonably likely to result in a counterparty to a Material
 Contract becoming in default under such Material Contract.

---

| | |
|:---|:---|
| 38 | **Litigation and disputes\*** |

---

(a) No Group
 Company is engaged in litigation or arbitration proceedings as claimant or defendant; there
 are no proceedings pending or, so far as the Seller is aware, threatened, either by or against
 a Group Company; and the Seller is not aware of any circumstances which are likely to give
 rise to litigation or arbitration.

(b) No Group
 Company is in dispute with any person (including any statutory or regulatory body, trade
 association or contractual counterparty of a Group Company), other than in respect of matters
 in the ordinary course of business including customary warranty claims and repairs, and the
 Seller is not aware of any circumstances which are likely to give rise to such a dispute.

---

| | |
|:---|:---|
| 39 | **Insolvency\*** |

---

(a) No order
 has been made, petition presented or resolution passed, or meeting convened, for the winding-up
 or provisional winding-up of a Group Company, or whereby the assets of a Group Company are
 to be distributed to creditors, shareholders or other contributories.

(b) No insolvency
 proceedings concerning any Group Company have been applied for by the Seller or any Group
 Company or have been opened or rejected by reason of a lack of assets.

(c) No Group
 Company is the subject of an application to the court for an administration order, a notice
 of appointment of an administrator, a notice of intention to appoint an administrator or
 has an administrator appointed over it.

(d) No action
 has been taken for a Group Company to enter into any arrangement or composition for the benefit
 of creditors, or for the appointment of a receiver, administrative receiver or similar officer
 of a Group Company's undertaking, interests, properties, revenues or assets.

(e) No distress,
 execution or other process has been levied in respect of a Group Company which remains undischarged
 and there is no unfulfilled or unsatisfied judgment or court order outstanding against a
 Group Company.

(f) No Group
 Company has stopped payment or is insolvent or unable to pay its debts within the meaning
 of section 123 Insolvency Act 1986 (as it may be amended from time to time) (but omitting
 any requirement to prove anything to the satisfaction of the court).

---

| | |
|:---|:---|
| 40 | **Compliance\*** |

---

(a) Each
 Group Company has at all times conducted, and is conducting, its business in all material
 respects in compliance with the laws and regulations, statutory or regulatory guidance, orders
 or notices of those countries where it operates.

(b) No Group
 Company has, and none of its officers, managing directors, agents or employees (during the
 course of their duties in relation to it) has, committed or omitted to do anything, the commission
 or omission of which is or could be in contravention of an act, order, regulation or the
 like giving rise to a penalty, default proceedings or other loss or liability.

(c) Each
 Group Company has carried on business and conducted its affairs in accordance with its articles
 of association, constitutional documents and all other documents to which it is or has been
 a party in all material respects.

(d) Each
 Group Company has the power and is qualified to carry on business in the jurisdictions in
 which it carries on business.

---

| | |
|:---|:---|
| 41 | **Licences and consents\*** |

---

(a) Each
 Group Company has all licences, consents, permits and accreditations (whether statutory,
 regulatory, contractual or otherwise) ()"**Permits**") necessary or desirable
 for the carrying on of its business.

(b) All the
 Permits are valid and subsisting; no Group Company is in breach of any of them; and so far
 as the Seller is aware there is nothing that might prejudice their continuation or renewal
 on their current terms.

(c) Details
 of each Permit are set out in section 10 of the Data Room.

---

| | |
|:---|:---|
| 42 | **Business names** |

---

Other than as Disclosed, no Group Company uses a name for any purpose other than its full corporate name.

---

| | |
|:---|:---|
| 43 | **Powers of attorney and authority** |

---

(a) No power
 of attorney given by a Group Company is in force other than to employees, legal counsel or
 other advisors of the Group in the ordinary course of business for genuine business purposes.

(b) No authorities
 (express or implied) by which a person may enter into a contract or commitment on behalf
 of a Group Company are outstanding other than to employees, legal counsel or other advisors
 of the Group in the ordinary course of business for genuine business purposes.

---

| | |
|:---|:---|
| 44 | **Anti-competitive arrangements** |

---

(a) So far
 as the Seller is aware, no Group Company (including any of its officers, managing directors,
 employees or agents) has committed, or omitted to do, any act or thing which could give rise
 to a fine, penalty or any proceedings under applicable competition legislation.

(b) So far
 as the Seller is aware, no Group Company is (nor has it been) a party to an agreement, arrangement,
 business practice or conduct which infringes or infringed (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provision of the Competition Act 1998
 and/or Enterprise Act 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Article 101 or 102 of the Treaty
 on the Functioning of the European Union; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other competition legislation in
 any jurisdiction in which a Group Company carries on business.

(c) So far
 as the Seller is aware, no Group Company is (nor has it been) a party to an agreement or
 business practice in respect of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has given an undertaking or commitment;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an order, judgment, decision or direction
 has been made against or in relation to it,

under competition legislation in any jurisdiction in which it carries on business.

(d) So far
 as the Seller is aware, no Group Company is (nor has it been) a party to an agreement, arrangement,
 business practice or conduct in respect of which it has received any request for information,
 statement of objections, decisions or similar document from the CMA (including any predecessor
 authority), the European Commission, a court, a tribunal, or other competent authority (as
 applicable).

(e) So far
 as the Seller is aware, no Group Company is, nor has it been, the subject of any actual or
 threatened complaint or allegation concerning any alleged infringement of any competition
 rules in any jurisdiction.

(f) So far
 as the Seller is aware, no Group Company has been a party to any acquisition, merger or joint
 venture which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was or was required to be notified to
 the European Commission under Council Regulation (EC) 139/2004 (as amended), or any predecessor
 Regulation, or to the EFTA Surveillance Authority or the European Commission under Article 57
 of the Agreement constituting the European Economic Area; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was or qualified to be investigated by
 the CMA (including any predecessor authority) under part 3 of the Enterprise Act 2002 or
 under the Fair Trading Act 1973; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was or was required to be notified to,
 or was investigated by, any other competition authority under applicable merger control laws
 in any relevant jurisdiction.

---

| | |
|:---|:---|
| 45 | **NS&I** |

---

So far as the Seller is aware, no Group Company has been a party to any transaction which was subject to a notification obligation to, but did not obtain the necessary approval from:

(a) the Secretary
 of State pursuant to the National Security & Investment Act 2021; or

(b) any other
 government or regulatory body pursuant to legislation regulating transactions on the basis
 of national security, investment control, foreign ownership or other public policy grounds.

---

| | |
|:---|:---|
| 46 | **Foreign Subsidies Regulation** |

---

(a) So far
 as the Seller is aware, no Group Company has completed any transaction in breach of the FSR
 or participated in any public procurement procedure in which it did not comply with the FSR,
 nor has it committed or omitted to do any other act or thing which could give rise to a fine
 or other penalty under the FSR.

(b) So far
 as the Seller is aware, no Group Company has received any financial contribution or subsidy
 which the European Commission has reviewed in accordance with Article 9 of the FSR,
 nor has any Group Company offered any commitments to, or been subject to redressive measures
 from, the European Commission under the FSR.

---

| | |
|:---|:---|
| 47 | **Sanctions\*** |

---

(a) No Group
 Company, nor any director, managing director, officer, agent, employee of any Group Company,
 is a Sanctioned Person.

(b) No Group
 Company, nor any director, managing director, officer, agent, or employee of (and in connection
 to their engagement by), any Group Company, has, for the past 10 years, engaged in any activity,
 practice or conduct that is contrary to or a violation of applicable Sanctions and/or Trade
 Control Laws.

(c) No Group
 Company, nor any director, managing director, officer, agent, or employee of (and in connection
 to their engagement by) any Group Company, is or has been the subject of any investigation,
 inquiry or enforcement proceedings by any governmental, administrative or regulatory body
 regarding any offence or alleged offence related to compliance with applicable Sanctions
 and/or Trade Control Laws, and no such investigation, inquiry or proceedings have been threatened
 or are pending and there are no circumstances likely to give rise to any such investigation,
 inquiry or proceedings.

---

| | |
|:---|:---|
| 48 | **Anti-corruption and money laundering\*** |

---

(a) In this
 paragraph 22 (*Anti-corruption and money laundering*):

"**Associated Person**" means, in relation to an undertaking, a person (including an employee, managing director, officer, agent, representative or consultant) who performs or has performed services for or on behalf of that undertaking.

"**Applicable Requirements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all applicable laws, regulations, orders
 and notices in force from time to time relating to anti-bribery and anti-corruption matters,
 including the Bribery Act 2010, the Prevention of Corruption Act 1988 and the US Foreign
 Corrupt Practices Act 1977; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all applicable laws, regulations, rules imposed
 by government authorities, financial regulators, generally accepted industry guidance or
 other procedures (including all internal policies and procedures) for the prevention of money
 laundering and terrorist financing (including as defined in Article 1 of Directive 2005/60/EC
 of the European Parliament and of the Council of 26 October 2005 on the prevention of
 the use of the financial system for the purpose of money laundering and terrorist financing),
 including all applicable requirements of that Directive, the Proceeds of Crime Act 2002,
 the Terrorism Act 2000, the Money Laundering Regulations 2007, the Financial Conduct Authority
 (including requirements and/or guidance issued or approved) , the German Anti-Money Laundering
 Act (*Geldwäschegesetz – GwG*), the Prevention of Money Laundering Act 2002
 and guidance issued by the Joint Money Laundering Steering Group.

(b) No Group
 Company nor any of its Associated Persons (in connection with their engagement by a Group
 Company) is or has at any time been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engaged in any activity, practice or conduct
 which would constitute an offence under the Applicable Requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) convicted of any offence involving bribery,
 corruption, fraud or dishonesty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the subject of any investigation, inquiry
 or enforcement proceedings by any governmental, administrative or regulatory body or any
 customer or any internal investigation regarding any offence or alleged offence under the
 Applicable Requirements; and no such investigation, inquiry or proceedings have been threatened
 or are pending nor are there any circumstances likely to give rise to any such investigation,
 inquiry or proceedings.

(c) Each
 Group Company and, so far as the Seller is aware, its respective Associated Persons have
 at all times maintained and enforced appropriate policies and procedures designed to ensure,
 and which are reasonably expected to ensure, compliance by each Group Company and their respective
 Associated Persons for the time being with all Applicable Requirements.

(d) No Group
 Company has conducted or initiated an internal review or investigation related to potential
 or alleged violations of Applicable Requirements or made any voluntary disclosure to any
 regulatory or governmental body or other person with respect to a possible violation of Applicable
 Requirements.

(e) No Group
 Company has made any contribution or donation to any candidate for political office or person
 holding political office and all the donations made by each of the Group Company were made
 and have been made in compliance with the Applicable Requirements.

---

| | |
|:---|:---|
| 49 | **Modern Slavery** |

---

(a) The modern
 slavery and human trafficking policy of the Group located in the Data Room at section 5.1.2
 and the Group's code of conduct located in the Data Room at section 5.1.5 contain details
 of the steps taken by each Group Company to ensure that slavery, servitude, forced or compulsory
 or child labour and human trafficking is not taking place in any part of its own business
 or any of its supply chains.

(b) No Group
 Company nor any of its officers, managing directors, employees or representatives nor, so
 far as the Seller is aware, any supplier has committed any offence or been the subject of
 any investigation, enquiry, court order or enforcement action in relation to slavery, servitude,
 forced or compulsory or child labour and/or human trafficking including, without limitation,
 under the Modern Slavery Act 2015.

---

| | |
|:---|:---|
| 50 | **Data Protection\*** |

---

(a) In this
 paragraph 24 (*Data Protection*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Data Protection Laws** "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the General Data Protection Regulation (EU
 2016/679) ()"**GDPR** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the UK Data Protection Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all applicable U.S. federal and state data
 protection and privacy laws, including without limitation the California Consumer Privacy
 Act of 2018 (as amended by the California Privacy Rights Act of 2020);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all other legislation and regulatory requirements
 in force from time to time which apply to a party relating to the use of personal data (including,
 without limitation, any legislation of the European Union or an EEA member state that implements
 Directive 2002/58/EC of the European Union Parliament and of the Council of 12 July 2002
 concerning the processing of personal data and the protection of privacy in the electronic
 communications sector and, as applicable, the Israeli Protection of Privacy Law, 1981 as
 amended and related regulations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Data Protection Policies** "
 means the data protection and privacy policies of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Data Subject Request** "
 means any written request from a data subject concerning his or her rights of access to,
 rectification, erasure, objection to or restriction of processing of personal data under
 applicable Data Protection Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Personal Data Breach** "
 means a breach of security leading to the accidental or unlawful destruction, loss, alteration,
 unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise
 processed including any other functional equivalent of "Personal Data Breach"
 under one or more applicable Data Protection Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Supervisory Authority** "
 means any regulatory, supervisory, governmental or other competent authority with jurisdiction
 or oversight over applicable Data Protection Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**UK Data Protection Laws** "
 means all applicable data protection and privacy legislation in force from time to time in
 the UK including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the UK GDPR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Data Protection Act 2018 and regulations
 made thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Privacy and Electronic Communications
 (EC Directive) Regulations 2003 (SI 2003/2426), as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**UK GDPR**" has the
 meaning given to it in section 3(10) (as supplemented by section 205(4)) of the Data
 Protection Act 2018; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the terms data processor, processing,
 data subject and personal data have the meanings given to them in the GDPR (or other applicable
 Data Protection Law as the context requires).

(b) In the
 five years prior to the date of this Agreement, each Group Company has materially complied
 with all applicable Data Protection Laws and Data Protection Policies.

(c) The Data
 Protection Policies comply with the requirements of all applicable Data Protection Laws in
 all material respects. The Data Protection Policies and the employee training provided by
 each Group Company are designed to achieve compliance with applicable Data Protection Laws,
 including requirements to notify Supervisory Authorities of personal data breaches and to
 respond to Data Subject Requests.

(d) Each
 Group Company has provided privacy notices to data subjects as required by applicable Data
 Protection Laws and such notices are materially compliant with applicable requirements.

(e) So far
 as the Seller is aware, no member of the Group has engaged any person to carry out processing
 or sub-processing of personal data other than in accordance with a written agreement incorporating
 contractual terms sufficient to comply with applicable Data Protection Laws, including appropriate
 technical and organisational security measures.

(f) So far
 as the Seller is aware, no personal data has been transferred outside the country of its
 collection other than in accordance with applicable Data Protection Laws and in accordance
 with appropriate safeguards as required by applicable Data Protection Laws.

(g) Each
 Group Company has complied with applicable requirements to notify a Supervisory Authority
 of personal data held or processed by it and has paid all fees due in connection with any
 such notifications.

(h) No Group
 Company has in the last six years received any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notice, complaint or correspondence relating
 to compliance with any Data Protection Laws (including, without limitation, any information
 or enforcement notice, monetary penalty notice or any transfer prohibition notice being enforced
 by any Supervisory Authority); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) claim for compensation for loss or unauthorised
 disclosure of personal data.

(i) Each
 Group Company has implemented procedures in accordance with the requirements of applicable
 Data Protection Laws for protecting the security of its IT systems and the confidentiality
 and integrity of all personal data stored therein, including having implemented a written
 information security programme that: (i) includes appropriate technical, administrative
 and physical safeguards to ensure the availability, integrity, security and confidentiality
 of such IT Systems and all personal data collected or otherwise processed by each Group Company;
 and (ii) is designed to protect against the occurrence of a Personal Data Breach and
 anticipated threats or hazards to the security or integrity of such IT Systems or such personal
 data. Each Group Company has assessed and tested such written information security programme
 and has remediated any material vulnerabilities identified.

(j) No Group
 Company has suffered any Personal Data Breach in the last six years. No Group Company has
 notified, and so far as the Seller is aware, there have been no facts or circumstances that
 would require any Group Company to notify, any data subject, Supervisory Authority or other
 person of any Personal Data Breach.

(k) Each
 Group Company has materially complied with applicable Data Protection Laws with respect to
 the placing of cookies and other web tracking technologies on the devices of data subjects.

(l) Each
 Group Company has procured and maintained a record of necessary consents from data subjects
 to whom it sends promotional electronic communications or text/SMS.

---

| | |
|:---|:---|
| 51 | **Environmental matters\*** |

---

(a) In this
 paragraph 25 (*Environmental matters*):

"**Environmental Law**" means all applicable laws, statutes, regulations, subordinate legislation, bye-laws, Permits, common law and other national, international, federal, European Union, state and local laws, judgments, decisions, orders, and injunctions of any court or tribunal, codes of practice and guidance notes that are legally binding to the extent that they relate to or apply to the pollution or protection of the Environment or to the health and safety of any human beings and/or other living organisms, including treatment and or disposal of any Hazardous Substance.

"**Hazardous Substance**" means any substance or waste in solid, liquid or gaseous form which alone or in combination with others constitutes waste under Environmental Law or is capable of polluting or causing harm to the Environment or causing an actionable nuisance or is otherwise regulated under any Environmental Law. For the avoidance of doubt, Hazardous Substance shall include any (a) pollutant, contaminant, material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring or manmade, in each case regulated by Environmental Law, (b) hazardous, toxic, carcinogenic, mutagenic, corrosive, dangerous, noxious, flammable, explosive, infectious or radioactive substances, chemicals, materials or wastes (including those defined, declared, regulated or controlled as hazardous under any Environmental Law), (c) petroleum including crude oil or any derivative or fraction thereof, (d) asbestos or erionite in any form, (e) solid or liquid wastes, (f) polychlorinated bi-phenyls, polychlorinated bi-phenyl related wastes, (g) radon, (h) lead or lead-containing materials, or (i) any individual category or combination of per- and polyfluoroalkyl substances.

"**Permit**" means any permit, authorisation, consent, licence, certificate, permission, registration, notification or other approval required under any Environmental Law.

(b) Each
 Group Company has at all times complied in all material respects with and has adequate facilities
 to continue to comply with all applicable Environmental Laws in all material respects.

(c) Each
 Group Company is in possession of and complies with and has at all times been in possession
 of and complied with, in each case in all material respects, the terms and conditions of
 all Permits necessary to operate the business and operations of each Group Company and/or
 use the Properties. There are no facts or circumstances which may lead to the revocation,
 variation, suspension, refusal or non-renewal of any Permit.

(d) There
 have been no emissions, spills, releases, or discharges (each a "**Hazardous Discharge** ")
 of any Hazardous Substance at or from any of the places where the business and operations
 of the Group Companies are conducted into or upon the Environment, except in accordance with
 the terms and conditions set out in the Permits.

(e) Accurate
 and complete copies of all Permits and all material corresponding reports, data, and communications
 thereto, necessary to operate the business of each Group Company and/or use the Properties
 have been Disclosed. Each Group Company is in the possession or control of all corresponding
 originals for all Permits necessary.

(f) So far
 as the Seller is aware, all material environmental and/or worker health and safety permits,
 reports, audits, notices of violations, and/or material documents or communications possessed
 by, or in the knowing control of, the Group Company have been Disclosed.

(g) Other
 than as Disclosed, no Group Company owns, occupies or operates its business on any land other
 than the Properties.

(h) There
 are no facts or circumstances which may lead to liability under Environmental Law in connection
 with a Group Company including liability to undertake any works and/or investigation, remediation
 or removal action or steps or incur expenditure under Environmental Law.

(i) So far
 as the Seller is aware, no audit has been carried out in respect of the Properties or land
 previously owned or occupied by a Group Company which relates to the extent to which the
 Properties or land previously owned or occupied by a Group Company contain or might contain
 any Hazardous Substance or be liable to cause harm to the Environment.

(j) There
 have been no claims, investigations, prosecutions or other proceedings against or threatened
 against a Group Company or any of their directors, managing directors, officers or employees
 with respect to any breach (or alleged breach) of, or liability under, any Environmental
 Law and there are no facts or circumstances which may lead to any such claims, investigations,
 prosecutions or other proceedings.

(k) No Hazardous
 Substances have been released, stored, generated, manufactured, refined, transported, produced,
 disposed of or treated at, on, or from any of the Properties.

(l) None
 of the Group Companies has received a written request for information under any Environmental
 Law nor has any Group Company agreed to indemnify or assume any liabilities of any person,
 including a predecessor, buyer, seller, landlord or tenant pursuant to any Environmental
 Law.

**Part 5**

**Finance**

---

| | |
|:---|:---|
| 52 | **Bank and other borrowings\*** |

---

(a) Other
 than the Bank Loan, no Group Company has outstanding indebtedness nor has it factored any
 debts, or is engaged in any financing arrangements or arrangements having the commercial
 effect of borrowing, including any finance or capital leases, receivables financing, factoring
 or invoice discounting.

(b) Details
 of the amounts of indebtedness owed by each Group Company under the Bank Loan as at the Accounts
 Date have been Disclosed. Since the Accounts Date, there have been no drawings under any
 of the Bank Loan.

(c) No Group
 Company has any written obligation (present or future and whether conditional or otherwise)
 in respect of a derivative transaction including any foreign exchange transaction.

(d) Save
 for any repayment of the Bank Loan at Completion, no event has occurred or is likely to occur
 which has caused or may cause any material outstanding indebtedness of any Group Company
 to become repayable in whole or in part before its stated maturity, or the enforcement of
 any security in respect of such material outstanding indebtedness.

(e) No Group
 Company has received a notice (whether formal or informal) from any external lender requiring
 repayment or intimating the enforcement of any security the lender may hold over any of the
 Group's assets.

(f) No registered
 security exists over any of the shares, assets or undertaking of any Group Company.

(g) There
 have not been any amendments, consents, waivers, payment deferrals or suspensions or other
 concessions agreed or sought in the last 12 months in connection with the Bank Loan.

---

| | |
|:---|:---|
| 53 | **Working capital\*** |

---

Having regard to existing bank and other facilities, each Group Company has sufficient working capital to carry on its business, in its present form and at its present level of turnover, for 12 months after Completion and to carry out all its commitments, in accordance with their terms.

---

| | |
|:---|:---|
| 54 | **Capital commitments** |

---

No material commitments on capital account were outstanding at the Accounts Date and, since the Accounts Date, no Group Company has made or agreed to make any capital expenditure, incurred or agreed to incur capital commitments or disposed of or agreed to dispose of capital assets, other than, in each case, in accordance with the usual practices of the Group, as recorded in the Accounts, or as otherwise Disclosed.

---

| | |
|:---|:---|
| 55 | **Loans by a Group Company** |

---

No Group Company has:

(a) lent
 money which has not been repaid to it or is the creditor in respect of a debt (whether or
 not due for payment) which has arisen otherwise than in the normal course of its trading
 business;

(b) made
 a loan, which remains outstanding, on terms entitling it to receive either a rate of interest
 varying with, or a share of, the profits of a business.

---

| | |
|:---|:---|
| 56 | **Creditors** |

---

There is no amount owing by a Group Company which has been due for more than 12 weeks, other than in the ordinary course of business, unless the Group Company is disputing in good faith the amount or timing of such payment. No Group Company is unable to pay its debts as they fall due or is otherwise deemed unable to pay its debts within the meaning of applicable law.

---

| | |
|:---|:---|
| 57 | **Grants** |

---

(a) No Group
 Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) applied for or received any State aid
 for the purposes of Article 107 of the Treaty on the Functioning of the European Union,
 nor any other grant, subsidy, or financial aid and/or assistance from a government department
 or agency or a local or other authority or body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) done or omitted to do anything which
 could, and the sale of the Company will not, result in all or part of any state aid, grant,
 subsidy or other financial assistance from a government department or agency or a local or
 other authority ()"**Governmental Grant**") made or due to be made to it becoming
 repayable, or being forfeited or withheld; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) received funding or grants from, guidance
 or facilities of, a governmental body, or institution, university, college or other academic
 or educational institution or research centre, military forces, non-profit institution or
 organization whose primary purpose is to create or foster the creation of Open Source Software
 (or any affiliate of any of the foregoing) (collectively, "**Third Party Institutions** ")
 that was used in the development of any Group IPR owned in whole or in part, by the Group
 Company. No current or former IP Contributor, has engaged with, performed services for, was
 employed by, or otherwise was under any restrictions resulting from his/her relations with,
 any Third Party Institutions or other third party, during such IP Contributor's engagement
 with the Group Company or during the time such IP Contributor was involved in, or contributed
 in any manner to the creation or development of any Group IPR owned or purported to be owned
 by the Group Company.

(b) The Company
 is and has been at all times in compliance with the terms, conditions, requirements and criteria
 of any Governmental Grants and any applicable laws, including, to the extent applicable,
 restrictions on the transfer of know-how and obligations relating to the payment of any royalties,
 and has duly fulfilled the conditions, undertakings, reporting and other obligations relating
 thereto. To the Company's knowledge, no event has occurred, and no circumstance or
 condition exists, that could reasonably be expected to give rise to (i) the revocation,
 withdrawal, suspension, cancellation, recapture or material modification of any Governmental
 Grant; (ii) the imposition of any material limitation on any Governmental Grant or any
 material benefit available in connection with any Governmental Grant; (iii) a requirement
 that the Company return or refund any benefits provided under any Governmental Grant; or
 (iv) an acceleration or increase of royalty payments obligation (including total royalty
 amount and royalty rate), or obligation to pay additional payments to any Governmental Authority,
 in each case, other than ongoing royalty payments.

**Part 6**

**Employment**

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| | |
|:---|:---|
| 58 | **Employees and terms of employment** |

---

(a) Sections
 6 and 13.1 of the Data Room contains (i) accurate and complete anonymised details of
 the employees and officers of each Group Company including their dates of commencement of
 employment or appointment to office, salaries, and other principal terms including all remuneration
 (including accrued holiday pay where permitted by law or regulation), and where permitted
 by law or regulation participation in benefit schemes such as private medical insurance,
 pension, company car, any profit sharing, commission, incentive or discretionary bonus arrangements
 to which a Group Company is a party (whether legally binding on each Group Company or not);
 (ii) details of all other benefits provided which each Group Company is bound to provide
 (whether now or in the future) to each employee or officer; (iii) copies of all standard
 form of employment contracts and offer letters used by a Group Company; (iv) copies
 of staff/employee handbooks and other material procedures, schemes and policies; and (v) details
 of all agreements or other commitments, whether of an individual or collective nature, qualified
 or non-qualified, written or oral, funded or unfunded, regarding employee benefits such as
 'employee benefit plans' as defined in Section 3(3) of ERISA, bonuses,
 welfare or 'fringe' benefits, severance, health care reimbursement, dependent
 care assistance, cafeteria plan, change in control, transaction, profit participation or
 other variable remuneration elements, and stock options, stock appreciation rights or similar
 rights, other than pensions. No past employee of a Group Company has a right to return to
 work or to be reinstated or re-engaged.\*

(b) Except
 as set forth in the Disclosure Letter or as a result of actions taken by Buyer following
 Completion, in connection with the acquisition of the Shares or the performance of this Agreement,
 no past or present employees of a Group Company will or might receive any payment or other
 benefit in connection with which a Group Company will or could be liable to account for Tax
 and no such arrangements exist that could (i) accelerate the time at which any compensation,
 benefits or award may become payable, vested or required to be funded in respect of any current
 or former service provider of a Group Company, (ii) require any contributions or payments
 to fund any obligations under any benefit plan, or (iii) result in the payment of an
 'excess parachute payment' within the meaning of Section 280G of the Code.\*

(c) Except
 with respect to any Transaction Bonus which is described in the Disclosure Letter or as a
 result of actions taken by Buyer following Completion, the consummation of the Transaction,
 other than by reason of any actions taken by any Group Company following Completion, will
 not: (i) entitle any current or former Company Employee employed in the United States
 to severance pay or any other termination payment from any Group Company; (ii) accelerate
 the time of payment or vesting, or increase the amount of, any compensation due to any current
 or former Company Employee employed in the United States; or (iii) give rise to the
 payment of any amount that would not be deductible pursuant to Section 280G of the Code.\*

(d) No person
 who has accepted an offer of employment with a Group Company for an annual remuneration in
 excess of $150,000 has yet to commence this employment.

---

| | |
|:---|:---|
| 59 | **Remuneration** |

---

(a) Except
 as Disclosed, no Group Company has any obligation or liability (whether actual or contingent)
 in relation to any commission, bonus, deferred remuneration, or share-based incentive (including,
 any restricted share, share option, share application or phantom share option).

(b) During
 the period to which the Accounts relate and since the Accounts Date (or, where employment
 began after the beginning of such period, since the start of the employment) no change or
 promise to change has been made in the rate of remuneration, emoluments, pension benefits
 or other terms of employment of an officer, ex-officer or senior executive of a Group Company
 (a senior executive being a person in receipt of remuneration in excess of $200,000 per annum),
 in each case of the foregoing outside the ordinary course of business.

(c) No Group
 Company is obliged or accustomed to pay anything, other than in respect of remuneration or
 pension benefits, to or for the benefit of an officer or employee of a Group Company other
 than as Disclosed.

(d) There
 are no negotiations outside of the ordinary course of business for any increase in the remuneration
 or benefits of an officer or employee of a Group Company with an annual remuneration in excess
 of $200,000 which have been finalised since the Accounts Date and which are to take effect
 after the date of this Agreement or which are current or pending.

---

| | |
|:---|:---|
| 60 | **Termination of contracts of employment and/or service** |

---

(a) In relation
 to employees in the United States of America only, except as required by applicable law or
 to the extent set forth in a CBA or a written employment agreement listed in the Disclosure
 Letter, all current Company Employees are employed on an at-will basis and may have their
 employment terminated by the applicable Group Company at any time, without prior notice,
 and without the payment of any amount other than payment of wages earned through the last
 day of employment.

(b) Except
 as set forth in the Disclosure Letter, the contracts of employment and/or service to which
 a Group Company is a party are terminable at any time on three months' notice or less
 (except for the employment of Company Employees located in a jurisdiction with statutory
 notice requirements) without compensation (other than compensation in accordance with the
 applicable labour laws).

(c) Except
 as set forth in the Disclosure Letter, no current senior executive of a Group Company (being
 a person who is in receipt of remuneration in excess of $200,000 per annum):\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has given or received notice from such
 Group Company terminating or communicating the intent to terminate his employment, except
 as expressly set out in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so far as the Seller is aware, has threatened
 that he intends to terminate or otherwise end his employment/service relationship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is entitled to leave his employment
 prematurely or increase in severance payment, as a result of the acquisition of the Shares
 or the performance of this Agreement.

(d) So far
 as the Seller is aware, no current Company Employee with an annual remuneration in excess
 of $150,000 has given notice to terminate their contract of employment or been given notice
 of termination by the applicable Group Company within the three months preceding the date
 of this Agreement (whether or not such notice has expired).

(e) So far
 as the Seller is aware, except as Disclosed, no current officer, senior executive or other
 employee of a Group Company is bound by any post-contractual non-competition prohibition
 with such individual's prior employer or other recipient of such individual's
 services (or, in respect of senior executive employees only, a Group Company, other than
 as Disclosed).

---

| | |
|:---|:---|
| 61 | **Redundancies** |

---

(a) In the
 12 months' period ending with the date of this Agreement, no employee has been made
 redundant or has been given notice of redundancy, and no Group Company is obliged or accustomed
 to make any payments to any employee or officer of a Group Company by way of enhanced redundancy
 payment.

(b) In the
 12 months' period ending with the date of this Agreement, no Group Company has given
 notice of any redundancies to the relevant Government authority or started consultations
 with any appropriate representatives under the provisions of applicable labour laws, nor
 has any Group Company failed to comply in any material respect with any obligation under
 the applicable labour laws in this regard.

(c) Except
 as set forth in a CBA, no Group Company has a formal written policy, plan or programme of
 paying severance pay, or any form of severance compensation, in connection with the termination
 of the employment of any Company Employee or the termination of any engagement of any Contingent
 Worker.

(d) So far
 as the Seller is aware, (i) the Group Companies' obligations to provide statutory
 severance pay to employees who reside or work in Israel or whose employment is otherwise
 subject to the laws of the State of Israel pursuant to the Israeli Severance Pay Law, 5723-1963
 have been fully funded in accordance with Section 14 of such law ()"**Section 14 Arrangement** "), (ii) each Section 14 Arrangement has been properly established
 and maintained in all material respects throughout the life of each such Section 14
 Arrangement with respect to the entire period of employment and full salary, and (iii) the
 Group Companies will not be required to make any payments pursuant to the Israeli Severance
 Pay Law, except for the release of the funds accrued in accordance with any applicable Section 14
 Arrangement.

(e) Except
 as set forth in the Disclosure Letter, no Group Company has, within the past three years,
 experienced a "plant closing," "business closing," or "mass
 layoff" as defined in the WARN Act affecting any site of employment of a Group Company
 within the United States or one or more facilities or operating units within any site of
 employment or facility of a Group Company, and, during the ninety (90) day period preceding
 the date hereof, no Company Employee has suffered an "employment loss," as defined
 in the WARN Act, with respect to any Group Company. The Disclosure Letter sets forth for
 each United States Company Employee who has suffered such an "employment loss"
 during the ninety (90) day period preceding the date hereof: (i) the name of such employee,
 (ii) the Group Company who is the employee's employer of record; (iii) the
 date of hire of such employee, (iv) such employee's regularly scheduled hours
 over the six (6) month period prior to such "employment loss," (v) the
 reason for the "employment loss," and (vi) such employee's last job
 title(s), location, and department(s).

---

| | |
|:---|:---|
| 62 | **Employee and industrial relations** |

---

(a) There
 is no material outstanding claim or liability against a Group Company by any director (or
 former director), an employee, former employee, contractor or contract worker (existing or
 former), consultant or former consultant and, so far as the Seller is aware there are no
 circumstances which may give rise to any such claim or liability. With respect to any director,
 former director, officer, ex-officer or senior executive of a Group Company (a senior executive
 being a person in receipt of remuneration in excess of $200,000 per annum), there is no outstanding
 claim or liability against a Group Company by any such individual and, so far as the Seller
 is aware there are no circumstances which may give rise to any such claim or liability.

(b) There
 is no, and during the past three years there has been no, labour strike, picketing of any
 nature or lockout pending or, so far as the Seller is aware, threatened, against or affecting
 the business of any of the Group Companies.

(c) There
 is no, and during the past three years there has been no, material labour dispute, work stoppage,
 slowdown or any other material concerted interference with normal operations, pending or,
 so far as the Seller is aware, threatened, against or affecting the business of any of the
 Group Companies. The Disclosure Letter sets forth each Union purporting to act as the exclusive
 collective bargaining representative of any current Company Employee or current Contingent
 Worker. The Disclosure Letter sets forth all CBAs in effect in the past three years.

(d) Except
 as set forth in the Disclosure Letter, no Group Company has a duty to bargain with, or otherwise
 deal with, any Union representing any current Company Employees or current Contingent Workers
 with respect to the wages, hours or other terms and conditions of employment of any current
 Company Employee or current Contingent Worker.

(e) So far
 as the Seller is aware, except as set forth in the Disclosure Letter, no Union claims or
 demands to represent any current Company Employees or current Contingent Workers, there are
 no organisational campaigns in progress with respect to any current Company Employees or
 current Contingent Workers and no question concerning representation of such individuals
 exists.

(f) There
 are no work rules or practices agreed to with any Union, except as specifically stated
 in the CBAs listed in the Disclosure Letter, that are binding on any Group Company, or with
 respect to any current Company Employee or current Contingent Worker.

(g) In the
 12 months' period ending with the date of this Agreement, no Group Company has engaged
 in any unfair labour practice.

(h) There
 is no unfair labour practice charge or complaint pending, or so far as the Seller is aware,
 threatened against or otherwise affecting the operations of any Group Company.

(i) No grievance
 brought by a Union or pursuant to a CBA is pending or, so far as the Seller is aware, threatened
 which, if adversely decided, could have a material adverse effect.

(j) No Group
 Company: (i) is delinquent in any obligation to make a payment or contribution to any
 person (including, for the avoidance of doubt, to any third-party benefit fund) as required
 under the terms of any CBA; and (ii) has performed any work on a non-union basis within
 the scope of work and territory covered by any CBA that would constitute a violation of such
 CBA, taking into account any geographic scope, work jurisdiction, travellers clauses, or
 similar clauses in such CBA. Except as set forth and specified in the Disclosure Letter,
 no Group Company has assigned its collective bargaining rights under a current CBA to any
 third party or organisation.

(k) Within
 the last three years, no Group Company has received any claim or demand by any governmental
 body or authority, Union, Multiemployer Plan or auditor claiming that a Group Company has
 maintained any improper, invalid or indefensible "double-breasted operation,"
 including, without limitation, any such claim or demand containing allegations that, if true,
 would: (i) constitute a breach of any CBA; (ii) result in the extension of a Union's
 representation to a current Company Employee not represented by such Union; (iii) result
 in any current Company Employee being covered by any CBA who was not treated as having been
 covered by such CBA; or (iv) result in the extension of any term of, or obligation under
 any CBA (including, without limitation, any obligation to contribute to any Multiemployer
 Plan) to a current Company Employee who was not treated as having been covered under such
 CBA.

(l) No disciplinary
 or grievance issue has been reported to a representative of any Group Company by or against
 any employee or any allegation of discrimination, harassment or bullying within the last
 12 months.

(m) So far
 as the Seller is aware, within the last three years: (i) no Company Employee or Contingent
 Worker has made any allegation of sexual harassment against any other Company Employee or
 Contingent Worker; and (ii) no Group Company has entered into any settlement agreement
 related to allegations of sexual harassment made by a Company Employee or Contingent Worker.
 So far as the Seller is aware, there is no, and during the last three years there has been
 no, consensual or non-consensual sexual relationship between: (i) any beneficial owner,
 officer or executive-level employee of any Group Company on the one hand, and any current
 or former Company Employee or Contingent Worker on the other hand; or (ii) between any
 supervisory employee of any Group Company on the one hand, and any current or former Company
 Employee or Contingent Worker within the same reporting structure on the other hand.

(n) No Group
 Company nor any of its current employees is involved in an existing, pending or, so far as
 the Seller is aware, threatened industrial dispute.

(o) There
 is no material outstanding claim by any employee or former employee or any Union. No material
 disputes or court proceedings (including conciliation board proceedings) have during the
 three years preceding the date of the Agreement arisen between any Group Company and any
 material number or category of employees or former employee or any Union and, so far as the
 Seller is aware there are no circumstances which may give rise to any such claim.

(p) During
 the three years preceding the date of the Agreement, no Group Company has been affected by
 any strikes, work stoppages or lockouts in each case of their own personnel.

(q) No Group
 Company recognises, or has in the last six months received a request for recognition of,
 a trade union for the purposes of collective bargaining in relation to any of its employees.

(r) There
 is no Union convened for the purpose of providing information to or consulting with employees
 of a Group Company which represents or is elected by its employees. So far as the Seller
 is aware, there are no indications that a works council is currently being established in
 any Group Company.

(s) Except
 as set forth in the Disclosure Letter, there are no agreements or arrangements between a
 Group Company and a Union.

(t) Except
 as set forth in section 6.6 of the Data Room, no Group Company is bound by any collective
 bargaining agreement and there are no collective bargaining agreements (*Tarifverträge*)
 which are applied at a Group Company.

(u) So far
 as the Seller is aware, neither the Seller nor any Group Company has or is subject to any
 extension order (*tzavei harchava*) in Israel (other than extension orders applicable
 to all employees that reside or work in Israel).

(v) So far
 as the Seller is aware, no current or former employee or consultant of any Group Company
 owns any IPR that has been developed during the course of their employment or consultancy
 engagement with a Group Company, and all such rights are the exclusive property of the relevant
 Group Company, including the right to transfer, license and modify such IPR.

(w) No action
 for protection against dismissal or other action of former or current officers, senior executives
 or former or current other employees against an individual Group Company is pending before
 a court and, so far as the Seller is aware, no action for protection against dismissal or
 other action of former or current officers, senior executives or former or current other
 employees has been threatened vis-à-vis a Group Company until the date of this Agreement.

(x) No Group
 Company currently employs any freelancers or other third-party personnel (in particular consultants,
 self-employed persons, recruitment agencies, work and service providers, temporary workers).
 All consultants, self-employed persons, and work and service providers work free of instructions
 and are not classified as employees or persons similar to employees. The respective employee
 leasing company has the respective required employee leasing permit. There is no employment
 relationship between a temporary worker and a German Group Company, and no managerial employee
 or other employee of a German Group Company is leased to a third party within the meaning
 of the German Personnel Leasing Act (*Arbeitnehmerüberlassungsgesetz - AÜG*).
 Each German Group Company has materially complied with all applicable provisions of the German
 Personnel Leasing Act in connection with the employment of temporary workers.

(y) No German
 Group Company is party to any agency or similar distribution agreements which could oblige
 a Group Company to make compensation payments or similar claims pursuant to or analogous
 to section 89b German Commercial Code (*Handelsgesetzbuch – HGB*).

(z) In the
 last five (5) years prior to the date of this Agreement each Group Company has fulfilled
 all claims and obligations due up to the date of this Agreement towards social security contributions
 and tax authorities.

---

| | |
|:---|:---|
| 63 | **Legislation and regulations affecting employees** |

---

(a) Except
 as set forth in the Disclosure Letter: (i) each Group Company is, and during the past
 six years has been, in compliance in all material respects with all applicable laws and regulations
 relating to labour and employment matters including laws and regulations concerning human
 rights, pay equity, fair employment practices, workplace safety and health, workers'
 compensation, unemployment insurance, terms and conditions of employment, immigration and
 work authorisation, classification as exempt/non-exempt for purposes of the United States
 Fair Labour Standards Act and analogous state and local laws and regulations, classification
 as independent contractors or employees, data privacy, drug screening, background checks,
 and wages and hours; (ii) no Group Company is delinquent in any payments to any Company
 Employee or Contingent Worker for any wages, salaries, commissions, bonuses, fees or other
 compensation due with respect to any services performed for it to the date hereof or amounts
 required to be reimbursed to such Company Employees or Contingent Workers; (iii) there
 are no, and within the last three years there have been no Proceedings pending or, so far
 as the Seller is aware, threatened against any Group Company with respect to employment or
 labour matters; (iv) there are no, and within the last three years there have been no
 formal or informal internal complaints with respect to employment or labour matters (including
 allegations of employment discrimination, sexual or other discriminatory harassment, sexual
 assault, retaliation or unfair labour practices) made by any Company Employee or Contingent
 Worker; (v) none of the employment policies or practices of any Group Company is currently
 being audited or investigated, or so far as the Seller is aware, subject to imminent audit
 or investigation by any governmental body or authority; and (vi) no Group Company is,
 or within the last three years has been, subject to any order, decree, injunction or judgment
 by any governmental body or authority or private settlement contract in respect of any labour
 or employment matters.

(b) The Group
 Companies: (i) have withheld and reported all amounts required by applicable laws and
 regulations or by contract to be withheld and reported with respect to wages, salaries and
 other payments to Company Employees and Contingent Workers; (ii) are not liable for
 any arrears of any Taxes or any interest, fine or penalty for failure to comply with any
 of the foregoing; and (iii) are not liable for any payment to any trust or other fund
 governed by or maintained by or on behalf of any governmental body or authority with respect
 to unemployment compensation benefits, social security or other benefits or obligations for
 employees or former employees.

(c) A German
 Group Company has not (i) entered into an employment agreement and established an employment
 relationship after 31 July 2022, or (ii) entered into an employment agreement prior
 to 31 July 2022, and established an employment relationship commencing after 1 August 2022,
 without having notified the senior executives or other employees of the respective Group
 Company of their material terms and conditions of employment in accordance with the German
 Evidence Act (*NachwG* - *Nachweisgesetz*).

(d) Each
 Group Company has complied in all material respects with all relevant orders and awards made
 under all legislation affecting the conditions of service of its employees and officers.
 All appropriate notices have been issued under all statutes, regulations and codes of conduct
 in respect of relations between it and its employees or any recognised Union.

(e) No contract
 of service exists between a Group Company and a director or employee in relation to which
 the requirements of section 188 Companies Act 2006 have not been fulfilled.

(f) Each
 Group Company has not and does not recruit any child labour.

(g) Each
 Group Company has complied with all immigration requirements in any relevant jurisdiction
 in relation to the employment or engagement of any person who is not a citizen of the country
 of his employment or work.

(h) No employee
 has limited leave to remain in the country of his employment or work or is subject to any
 other form of immigration control.

(i) Within
 the last three years, no orders or recommendations have been made by the Equality and Human
 Rights Commission, the Commission for Racial Equality, the Disability Rights Commission,
 the Equal Opportunities Commission, any other equivalent commission, any employment tribunal
 or any court which directly or indirectly involve a Group Company, nor have any investigations
 under applicable statutes been carried out nor are there any facts known to a Group Company
 which might suggest that there may be any complaints or proceedings pending against it.

(j) Within
 the last three years, no recommendations have been made to a Group Company by any regulatory
 body, committee, tribunal or court with respect to workplace relationships and there have
 not been any awards or declarations affecting a Group Company made by any regulatory body,
 committee, tribunal or court in this regard.

**Part 7**

**Pensions**

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| | |
|:---|:---|
| 64 | **Pensions, life and health benefits** |

---

(a) The Group
 sponsors, maintains or participates in the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of certain Group Companies
 incorporated in the United Kingdom, AVO International Pension Scheme (the "**DB Scheme** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) healthcare cash plan, private medical
 insurance, and eye care program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of certain Group Companies
 incorporated in Germany, pension commitments covering two current and former German Company
 Employees (the "**German Scheme** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 respect of a Group Company incorporated in France, statutory retirement benefits that pay
 a lump sum on retirement based on compensation and service (the "**French Scheme** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in respect of certain Group Companies
 incorporated in India, statutory gratuity benefits that pay a lump sum on termination of
 employment or retirement based on compensation and service (the "**Indian Scheme** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in respect of certain Group Companies
 incorporated in Sweden, retirement pension, waiver of premium insurance, disability pension,
 occupational injury insurance, transition support and severance compensation and part time
 pension contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in respect of a Group Company incorporated
 in Canada, group retirement savings plan (Canada Life); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) life insurance (death in service),
 company car/car allowance, cycle to work scheme, electric vehicle car scheme, public transport
 season ticket loan, discretionary bonus, contractual bonus, long service awards, professional
 fees reimbursement, education assistance programme, birthday leave, annual leave purchase
 scheme, one-off special leave, rewards platform (My Megger), subsidized canteen, and free
 sanitary products,

(together the "**Disclosed Schemes**"). The Data Room includes information which accurately describes each jurisdiction in which the Disclosed Schemes are sponsored, maintained or participated in by each Group Company.

(b) Apart
 from the Disclosed Schemes, immaterial fringe benefits or as required pursuant to applicable
 law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Group Company is under any obligation
 or a party to any ex gratia arrangement to pay any pensions, life assurance, medical or disability
 benefits to or in respect of any of its past or present officers or employees or any dependant
 of them or any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Group Company has any actual or contingent
 liability to contribute to or make any payment (and there are no circumstances which could
 give rise to such a liability) on behalf of any Company Employee in connection with any personal
 pension plan, occupational pension scheme or any other retirement, pension, death benefit,
 medical benefit or disability arrangement or has made a promise or proposal to establish
 any such arrangement.

(c) No Group
 Company has made a binding promise or proposal to materially change or materially increase
 any benefit under the Disclosed Schemes.

---

| | |
|:---|:---|
| 65 | **Disclosed Scheme documents** |

---

(a) Full
 details of the Disclosed Schemes are contained in sections 6.2, 6.3 and 6.4 of the Data Room
 and, so far as the Seller is aware, there are no other deeds or documents currently governing
 the Disclosed Schemes.

(b) In respect
 of the DB Scheme the following documents are provided in section 6.3 of the Data Room:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the latest actuarial certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the last actuarial valuation and any
 funding reviews prepared in the last year (whether in draft or in final form) together with
 any subsequent actuarial advice or recommendations given in relation to the DB Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the audited accounts for 2023 and 2025
 financial years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the identity of the principal employer
 and all participating employers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the identity of the current trustees.

(c) All information
 supplied for the purposes of the last actuarial valuation or funding review of the DB Scheme
 was true and complete in all material respects.

(d) So far
 as the Seller is aware, the booklets relating to each Disclosed Scheme are in the form provided,
 and are an accurate and complete description of the Disclosed Scheme as it exists and is
 now operated, and of the benefits provided or to be provided under it.

---

| | |
|:---|:---|
| 66 | **Compliance and disputes** |

---

(a) The DB
 Scheme does not hold any employer related investments beyond the level permitted under section
 40 Pensions Act 1995 and the related regulations.

(b) In respect
 of the Disclosed Schemes there are no civil, criminal or arbitration proceedings, claims
 or disputes in progress, pending or, so far as the Seller is aware, threatened (other than
 routine claims for benefits) against the Seller, the trustees or administrators of the Disclosed
 Schemes, any employer which participates or has participated in them, or a person any of
 them are or may be liable to indemnify or compensate. So far as the Seller is aware there
 are no circumstances which might give rise to any such claims.

(c) No current
 employee of a Group Company is receiving any permanent disability benefit or has made a claim
 in respect of such benefits in relation to any permanent health insurance scheme or in the
 12 months' period ending with the date of this Agreement had such a claim refused by
 any of the Group Company.

(d) The Disclosed
 Schemes comply with and have at all times been administered in all material respects in accordance
 with all applicable laws, regulations and requirements.

(e) Each
 Group Company that has jobholders (as defined in the Pensions Act 2008) in the United Kingdom
 has at all times materially complied with its automatic enrolment obligations as required
 by the Pensions Act 2008 and associated legislation.

(f) The Disclosed
 Schemes, as applicable, are registered pension schemes for the purpose of chapter 2 of part
 4 of the Finance Act 2004 and so far as the Seller is aware there is no reason why HMRC might
 de-register the Disclosed Schemes.

(g) No employee
 or former employee of a Group Company has been excluded from, or has had benefits limited
 under, the Disclosed Schemes, whether directly or indirectly in circumstances that could
 reasonably be expected to give rise to either direct or indirect unlawful discrimination,
 and so far as the Seller is aware, every person who is currently entitled to membership of
 the Disclosed Schemes has been invited to join from the date on which he became entitled.

---

| | |
|:---|:---|
| 67 | **Contributions and premiums** |

---

All contributions, tax, expenses and premiums due to or in respect of the Disclosed Schemes from a Group Company or an employee or former employee of a Group Company were paid when they fell due, and in accordance with applicable law.

---

| | |
|:---|:---|
| 68 | **Benefits** |

---

(a) All benefits,
 whether in lump sum or pension form (other than refunds of contributions) payable under the
 Disclosed Schemes on the death in service of a member or during periods of sickness or disability
 are fully insured under a policy effected with an insurance company of good repute and each
 member has been covered for insurance by the insurance company at its normal rates and on
 its normal terms for persons in good health, and all insurance premiums have been paid. The
 Seller is not aware of any ground on which the insurance company concerned might avoid liability
 under a policy or contract.

(b) The amount
 of benefits payable to and in respect of members of the Disclosed Schemes other than the
 DB Scheme, the German Scheme, the French Scheme and the Indian Scheme (other than insured
 lump sum death in service benefits) is based solely on the amount of the accumulated contributions
 made by and in respect of the member and the investment returns on them.

(c) No power
 or discretion has been exercised under the Disclosed Schemes to augment benefits, provide
 new or additional benefits, or admit an employee who would not otherwise be eligible for
 membership, other than where required pursuant to applicable law or regulation. No undertaking
 or assurance (whether legally enforceable or not) has been given to any employee or former
 employee of any Group Company or any dependant of any of them or any other person as to the
 introduction, improvement or increase of any benefit under the Disclosed Schemes or the continuation
 of the Disclosed Schemes, or any alteration to, or exception from, their terms. There is
 no arrangement (whether legally enforceable or not) to introduce, improve or increase any
 benefit under the Disclosed Schemes or otherwise on an employee ceasing employment with a
 Group Company at the request of the Group Company.

(d) No employee
 of a Group Company has a right to an early retirement pension under the Disclosed Schemes
 without the consent of his employer or the principal employer.

---

| | |
|:---|:---|
| 69 | **Defined benefit pension scheme liabilities\*** |

---

(a) There
 are not and have not been any circumstances which could give rise to a material liability
 to a Group Company, as applicable, under sections 227 or 231 of the Pensions Act 2004 or
 sections 75 or 75a of the Pensions Act 1995.

(b) No Group
 Company has at any time(as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) been associated or connected with (such
 terms having the meaning given to them for the purposes of the anti-avoidance provisions
 in sections 38 to 51 of the Pensions Act 2004) any other company that has been the principal
 employer or a participating employer in an occupational defined benefit pension scheme other
 than the DB Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) been the principal employer or a participating
 employer in an occupational defined benefit pension scheme other than the DB Scheme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) had a financial support direction or
 a contribution notice (as defined in sections 38 to 51 of the Pensions Act 2004) imposed
 on it by the Pensions Regulator and the Seller is not aware of any circumstances that could
 reasonably be expected to give rise to the imposition of a financial support direction or
 a contribution notice on any Group Company.

(c) So far
 as the Seller is aware, no event has occurred, or may occur on, or as a result of, Completion
 which would or could entitle any person or body of persons to wind up, terminate or close
 the DB Scheme in whole or in part, without the consent of the Buyer.

---

| | |
|:---|:---|
| 70 | **Benefits for United States Employees\*** |

---

(a) The Group
 participates in the following for the benefit of United States based employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Megger Savings Plan (the "**401(a) Pension Scheme** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) medical insurance (PPO, HCA/HRA, and
 HSA plans), dental insurance, vision insurance, telemedicine services, health savings accounts,
 health reimbursement accounts, health care flexible spending accounts, dependent care flexible
 spending accounts, and a wellness program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) basic and supplemental life insurance,
 basic and voluntary accidental death and dismemberment insurance, short-term and long-term
 disability insurance, voluntary accident insurance, voluntary critical illness insurance,
 voluntary hospital indemnity insurance, employee assistance program, disability resource
 services program, group legal services plan, identity theft protection, educational assistance
 program, and paid time off,

(together the "**US Disclosed Schemes**").

(b) Each
 401(a) Pension Scheme is so qualified and has received a favourable determination from
 the IRS, or with respect to a prototype or volume submitter plan, can rely on an opinion
 or advisory letter from the IRS to the prototype or volume submitter plan sponsor, to the
 effect that such plan is so qualified and that the plan and the trust related thereto are
 exempt from federal income Taxes under Sections 401(a) and 501(a), respectively, of
 the Code. So far as the Seller is aware, nothing has occurred that could reasonably be expected
 to adversely impact the qualified status of any such plan intended to be qualified under
 Section 401(a) of the Code or the exemption of any related trust.

(c) There
 are no pending or, so far as the Seller is aware, threatened claims against or involving
 any Group Company Plan (as defined below) and, so far as the Seller is aware, no facts exist
 that could reasonably be expected to give rise to any dispute involving any Group Company
 Plan, other than routine claims for benefits and domestic relations order proceedings. No
 Group Company Plan is, or was during the last three (3) years, the subject of an audit
 or other inquiry from the IRS, U.S. Department of Labor, PBGC or other Authority, nor is
 any Group Company Plan subject to any active filing under any voluntary compliance, amnesty,
 closing agreement or other similar programme sponsored by any Authority, and no completed
 audit, compliance filing or closing agreement has resulted in the imposition of any material
 Tax, interest or penalty that has not been satisfied.

(d) With
 respect to such agreement or commitment listed in paragraph 1(a) of Part 6 (*Employment*)
 that is sponsored, maintained or contributed to by the Group Companies or any ERISA Affiliate
 or with respect to which the Group Companies have or may have any current or future liability,
 contingent or otherwise, in each case, in respect of United States based employees and the
 US Disclosed Schemes (collectively, the "**Group Company Plans** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Group Company Plan has been established,
 administered, operated, and maintained in material compliance with its terms, ERISA, the
 Code and any other applicable laws. The Group Companies have no direct or indirect material
 liability under the requirements provided by any and all statutes, orders or governmental
 rules or regulations, including but not limited to ERISA, COBRA, HIPAA and the Code.
 With respect to each Group Company Plan, so far as the Seller is aware, no prohibited transactions
 (as defined in ERISA Section 406 or Section 4975 of the Code) for which an applicable
 statutory or administrative exemption does not exist have occurred and no breaches of any
 of the duties imposed on Group Company Plan fiduciaries by ERISA with respect to the Group
 Company Plans have occurred that could result in any material liability or excise Tax under
 ERISA or the Code being imposed on the Group Companies. Neither the Group Companies nor any
 of their directors, officers, employees or any plan fiduciary has any material liability
 for failure to comply with ERISA, HIPAA, COBRA or the Code for any action or failure to act
 in connection with the administration or investment of any Group Company Plan. Each Group
 Company Plan may be amended or terminated by the Seller or the Buyer on or at any time after
 the Completion Date without material liability to the Seller or the Buyer other than as required
 by applicable law and administrative expenses associated therewith. None of the rights of
 the Group Companies under a Group Company Plan will be materially impaired by the consummation
 of the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all contributions to each Group Company
 Plan have been made on a timely basis in accordance with applicable law, including ERISA.
 All insurance premiums have been paid in full, subject only to normal retrospective adjustments
 in the ordinary course, with regard to the Group Company Plans for policy years or other
 applicable policy periods ending on or before the Completion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Group Company Plan provides life,
 health or other welfare benefits to former or retired employees of the Group Companies or
 any ERISA Affiliate, and neither the Group Companies nor any of its ERISA Affiliates has
 any liability or obligation to provide life, medical or other welfare benefits to former
 or retired employees, other than pursuant to COBRA or similar state laws that require limited
 continuation of coverage for such benefits. No Group Company Plan provides benefits to any
 individual who is not a current or former employee of the Group Companies, or a dependent
 or beneficiary of any such current or former employee. Each individual who is classified
 by the Group Companies as an independent contractor has been properly classified for purposes
 of participation and benefit accrual under each Group Company Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) so far as the Seller is aware, each Group
 Company Plan that is a "nonqualified deferred compensation" plan within the meaning
 of Section 409A of the Code has been operated and administered in compliance with Section 409A
 of the Code and has been in documentary compliance with Section 409A of the Code. No
 award (and no agreement or promise by the Group Companies to make an award) under any Group
 Company Plan that provides for the granting of equity, equity-based rights, equity derivatives
 or options to purchase equity has been backdated or has been granted with a purchase price
 that is less than the fair market value of such equity as of the applicable grant date to
 the extent required for such award to be exempt from, or compliant with, Section 409A
 of the Code. Neither the Group Companies nor any of its ERISA Affiliates has any (i) liability
 for withholding taxes or penalties due under Section 409A of the Code or (ii) obligation
 to indemnify or gross-up for any Taxes imposed under Section 409A or 4999 of the Code.
 The Group Companies have received, from each service provider or former service provider
 who holds an outstanding equity interest that is subject to a substantial risk of forfeiture
 as of the date hereof, if any, a copy of the election(s) made under Section 83(b) of
 the Code with respect to all such outstanding equity interests, and, so far as the Seller
 is aware, such elections were validly made and filed with the IRS in a timely fashion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Group Companies, their ERISA Affiliates,
 and each Group Company Plan have been and are in material compliance with the ACA, including,
 without limitation, compliance with all filing and reporting requirements, all waiting periods,
 and the offering of affordable health insurance coverage compliant with the ACA to all employees
 and contractors who meet the definition of a full-time employee under the ACA, such that
 there is no reasonable expectation that any material Tax or penalty could be imposed pursuant
 to the ACA. So far as the Seller is aware, no condition exists that could reasonably be expected
 to cause the Group Companies or any of their ERISA Affiliates to have any material liability
 for any assessable payment, taxes, or other penalties under Section 4980H of the Code
 or otherwise under the ACA or in connection with requirements relating thereto. So far as
 the Seller is aware, no event has occurred, or condition exists that could reasonably be
 expected to subject the Group Companies or any of their ERISA Affiliates to have any material
 liability on account of a violation of the health care requirements of Part 6 or 7 of
 Title I of ERISA or Section 4980B or 4980D of the Code. The Group Companies and each
 of their ERISA Affiliates are in material compliance with and maintain records that are sufficient
 to satisfy the reporting requirements under Sections 6055 and 6056 of the Code, to the extent
 required, for all periods of time up to and through the Completion Date. Neither the Group
 Companies nor any of their ERISA Affiliates has modified the employment or service terms
 of any employee or service provider for the purposes of excluding such employee or service
 provider from full-time status for purposes of ACA.

(e) In the
 past six years, no Group Company nor any ERISA Affiliate has maintained, contributed to,
 participated in, sponsored, or otherwise had any liability with respect to (a) a multiemployer
 plan as defined in Section 3(37) of ERISA, (b) an employee benefit plan subject
 to Title IV or Section 302 of ERISA or Sections 412 or 4971 of the Code, (c) a
 "multiple employer plan" within the meaning of Sections 201, 4063, or 4064 of
 ERISA or Section 413(c) of the Code, (d) a "multiple employer welfare
 arrangement" within the meaning of Section 3(40) of ERISA, (e) a voluntary
 employees' beneficiary association within the meaning of Section 501(c)(9) of
 the Code, or (f) a self-funded or self-insured group health plan.

---

| | |
|:---|:---|
| 71 | **Beckmann warranty** |

---

No employee or former employee of any Group Company has any rights in connection with an occupational pension scheme (as defined by section 1 of the Pension Schemes Act 1993) which have become obligations or liabilities of any Group Company pursuant to the Transfer of Undertakings (Protection of Employment) Regulations 1981 or the Transfer of Undertakings (Protection of Employment) Regulations 2006 or the Acquired Rights Directives (EC Directive 2001/23/EC).

**Part 8**

**Properties**

---

| | |
|:---|:---|
| 72 | **Title\*** |

---

(a) A Group
 Company is the sole legal and beneficial owner of each of the Owned Properties.

(b) As far
 as the Seller is aware, the information contained in Schedule 9 (*Material Properties*)
 is complete and accurate, all leaseholds listed therein are in full force and effect and
 each Group Company is in the possession of the underlying original documents relating hereto.

(c) Pursuant
 to each Lease, each relevant Group Company has a valid and binding leasehold interest in,
 or license in respect of, the Leased Property subject of the Lease, free and clear of all
 Encumbrances.

(d) Each
 Lease is a valid, legal and binding agreement of the relevant Group Company enforceable against
 the relevant Group Company and, to Seller's knowledge, each other party thereto, in
 accordance with its terms.

(e) A Group
 Company has a good and marketable title to each of the Owned Properties.

(f) The Properties
 comprise all the properties owned, occupied or otherwise used by a Group Company in connection
 with their business or in which a Group Company has any interest. No Group Company is a party
 to any option or other contract to purchase any real property or interest therein.

(g) The occupation
 or use by each Group Company of the Properties is by right of ownership or under the applicable
 Lease, the terms of which permit such occupation or use.

---

| | |
|:---|:---|
| 73 | **Encumbrances\*** |

---

(a) Each
 of the Properties has the benefit of all rights necessary for their existing use and enjoyment
 and such rights are held for the same estate and interest as the estate or interest of a
 Group Company in each of the Properties and are enjoyed without interruption and no third
 party has any right to restrict or otherwise interfere with the exercise of such rights and
 easements. Where any such right requires protection (in order to bind all other persons)
 in order for the relevant Group Company to enjoy the use of such Property, such protection
 has been properly effected and is still valid.

(b) Each
 of the Owned Properties is free from Encumbrances nor is there any agreement or commitment
 to create any in relation to any of the Owned Properties.

(c) None
 of the Owned Properties is subject to outgoings, with the exception of usual market costs
 including business rates, water rates, utility charges and insurance premiums and where applicable,
 rent and service charges.

(d) None
 of the Owned Properties is subject to any matter which would adversely affect the title of
 a Group Company to any of the Owned Properties nor its use and enjoyment of any of the Owned
 Properties nor is there any agreement or commitment to create (or any acquiescence in) any
 of them in relation to any of the Owned Properties.

(e) There
 is no condemnation, expropriation or other proceeding in eminent domain pending or, to Seller's
 knowledge, threatened, affecting any Owned Properties or any portion thereof or interest
 therein.

(f) Where
 any of the matters referred to in paragraph 2(a) and paragraph 2(d) have
 been disclosed in the Disclosure Letter, the obligations and liabilities imposed and arising
 under them have been performed and discharged in full and on time, no such obligations or
 liabilities have been waived and no payments in respect of them are outstanding.

---

| | |
|:---|:---|
| 74 | **Leasehold properties** |

---

(a) True,
 correct, and complete copies of each lease, including all amendments, modifications, extensions,
 renewals, guarantees, subordination agreements and other agreements with respect thereto
 have been Disclosed.

(b) The Leases
 are legal, valid, binding, in full force and effect and enforceable in accordance with their
 terms. The Leases have been adequately stamped (if required) and duly registered (if required),
 in each case, in compliance with applicable law. All covenants relating to each Lease have
 been properly performed and observed by the relevant Group Company in all material respects,
 and no Group Company has received a written notice of any outstanding breach of covenant
 in respect of any such Lease.

(c) A Group
 Company has fully discharged its obligations (including payment of the agreed rent, fees
 and other dues) in all material respects and observed and performed the covenants contained
 in the Leases in all material respects (which expressions in this paragraph includes underleases)
 and all the Leases are in full force.

(d) (i) There
 are no disputes to which a Group Company is party with respect to any Lease. (ii) None
 of the Group Companies, nor to Seller's knowledge, any other party to any Lease, is
 otherwise in material breach or default under such Lease and, to the knowledge of Seller,
 no event has occurred or circumstance exists which, with the delivery of notice, the passage
 of time or both, would constitute such a material breach or default, or permit the termination,
 modification or acceleration of rent under any Lease. (iii) No security deposit or portion
 thereof deposited with respect to any Lease has been applied in respect of a breach or default
 thereunder which has not been redeposited in full. (iv) The possession and quiet enjoyment
 of the Leased Properties under each Lease has not been disturbed.

(e) Any consents
 and approvals required from the landlords and any superior landlords or any other bodies
 under the Leases required for the relevant Group Company to utilise the property the subject
 of the Lease have been obtained, and the covenants on the part of the tenant contained in
 those consents and approvals have been duly performed in full and on time in all material
 respects.

(f) All buildings,
 structures, improvements, fixtures, building systems and equipment, and all components thereof
 included in the Properties (the "**Improvements**") are in good and substantial
 operating condition and repair, are sufficient for the business of each Group Company and
 have been constructed in compliance with all applicable laws including any layout plan approved
 by the relevant Governmental Entity (as applicable), in each case in all material respects,
 and the same is certified for occupation. There are no major structural or electrical deficiencies
 affecting any of the Improvements and there are no facts or conditions affecting any of the
 Improvements which would, individually or in the aggregate, interfere in any material respect
 with the use or occupancy of the Improvements, or any portion thereof, in the current operation
 of the business of any Group Company. No obligation exists on the part of any Group Company
 to carry out material improvements or repairs on all or part of the Properties and no orders
 or instructions have been received by any Group Company with respect to any such improvements
 or repairs. The present use of the Properties and Improvements conforms in all material respects
 to all applicable building codes, safety, planning, zoning and other applicable laws. The
 Properties have proper unencumbered and direct or indirect unhindered access to main public
 roads free from Encumbrances. There are no disputes with neighbouring owners with respect
 to boundary walls and fences, or with respect to easements or rights over or means of access
 to the Owned Properties. Each of the Owned Properties enjoys the main services of water,
 drainage, electricity and gas.

---

| | |
|:---|:---|
| 75 | **Planning matters** |

---

(a) The present
 use of each of the UK Properties is the permitted use for the purposes all relevant planning
 legislation and no such use is stated to be personal. Such permissions have all been granted
 without any further requirements or only with the minimum economically reasonable requirements,
 conditions or similar that have already been fulfilled.

(b) Each
 Group Company has complied and is complying in all material respects with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of all planning legislation,
 regulations, agreements and permissions relating to each of the UK Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no enforcing authority has commenced
 or threatened any proceedings for a breach of any of the foregoing.

(c) Building
 regulation consents and/or any other similar consent that are required by applicable law
 have been obtained with respect to all development of and alterations and improvements to
 the Properties. Such consents have all been granted without any further requirements or with
 the minimum economically reasonable requirements, conditions or similar and have already
 been fulfilled.

---

| | |
|:---|:---|
| 76 | **Adverse orders** |

---

There are no closing, demolition or clearance orders or enforcement notices affecting the Properties and there is nothing likely to lead to any being made.

---

| | |
|:---|:---|
| 77 | **Other information in respect of the Properties** |

---

(a) The buildings
 and other structures on or comprising the Properties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are in good and substantial repair and
 fit for the purposes for which they are used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) comply, and have been maintained in accordance
 with, in all material respects, all applicable building safety requirements.

(b) None
 of the buildings or structures on the Properties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has been affected by structural damage
 or electrical defects or by timber infestation or disease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) contains in its fabric high alumina cement,
 blue asbestos, calcium chloride accelerator, wood wool slabs used as permanent shuttering
 or other deleterious material; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where applicable, is a "higher-risk"
 building or a "relevant building" as defined, respectively, by section 65 and
 section 177 of the Building Safety Act 2022.

(c) None
 of the Properties is located in an area or subject to circumstances particularly susceptible
 to flooding or is affected by past or present mining activity or unexploded ordnance.

(d) Neither
 the current use of the Properties nor the operations of the Group Companies thereon violate
 any instrument of record or any other agreement affecting the Properties or any applicable
 law, regulation or court order.

Schedule 6 : Business Warranties

**Part 9** 

**Tax\***

---

| | |
|:---|:---|
| 78 | **Definitions** |

---

In addition to the definitions in Clause 1 (*Definitions and interpretation*), in this Schedule 6, Part 9 (*Tax*) the following definitions apply:

"**CFA 2017**" means Criminal Finances Act 2017.

"**Covid Measure**" means any measure, benefit, postponement or scheme introduced, in each case in relation to Tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under the Coronavirus Act 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under the Coronavirus Aid, Relief, and
 Economic Security Act (Pub. L. 116-136) or any amendment or successor provision thereto;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as a result of the COVID-19 pandemic in
 the United Kingdom, United States or elsewhere.

"**CTA 2009**" means Corporation Tax Act 2009.

"**CTA 2010**" means Corporation Tax Act 2010.

"**FA 2003**" means Finance Act 2003.

"**Pillar 2**" means the framework of rules (referred to therein as the Global Anti-Base Erosion Rules) contained in the OECD's document entitled "Tax Challenges Arising from the Digitalisation of the Economy - Global Anti-Base Erosion Model Rules (Pillar Two)", as originally approved by the OECD/G20 Inclusive Framework on BEPS on 14 December 2021 and as amended by the OECD/G20 Inclusive Framework on BEPS from time to time.

"**SDLT**" means stamp duty land tax.

"**Tax Return**" means any report, return, computation, notice, declaration, statement or other information supplied or required to be supplied to a Tax Authority in connection with Tax, including any amendments, estimated returns, claims for refund, information statements, attachments and reports of every kind with respect to Tax.

"**VAT**" means value added Tax or any similar or substituted turnover or sales Tax, and use Tax, whether imposed by the United Kingdom, United States or elsewhere.

"**VATA**" means Value Added Tax Act 1994.

---

| | |
|:---|:---|
| 79 | **Administration** |

---

(a) All Tax
 Returns and any other information required to be submitted, or prepared for submission, to
 any Tax Authority by each Group Company in the last six (6) years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have, where required, been submitted within
 applicable time limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) were accurate, complete and in compliance
 with legal requirements in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are not the subject matter of any enquiry,
 investigation, audit or review by any Tax Authority.

Schedule 6 : Business Warranties

(b) No Group
 Company has, in the last six (6) years, been (nor, so far as the Seller is aware, is
 reasonably likely to be) involved in any enquiry or non-routine audit by or dispute with
 any Tax Authority and no Tax Returns of any Group Company have, in the last six (6) years,
 been disputed or subject to investigation (or, so far as the Seller is aware, are reasonably
 likely to be disputed or subject to investigation) by any Tax Authority.

(c) All Tax
 which has become due from any Group Company in the last six (6) years has been duly
 paid within the applicable time limit.

(d) Each
 Group Company has, in the last six (6) years, complied in all material respects with
 all Tax legislation and regulations relating to the deduction of Tax from payments made by
 it.

(e) The Accounts
 make full provision or reserve, in accordance with generally accepted accounting practice,
 for all Tax for which the Group Companies are liable as at the Accounts Date.

(f) No Group
 Company has, in the last six (6) years, been required to pay any penalty or material
 amount of interest in respect of Tax.

(g) Each
 Group Company maintains and has kept and maintained within the applicable time limits, complete
 and accurate records, invoices and other information relating to Tax, including keeping and
 preserving all records it is required to keep or preserve under any Tax statute, which are
 in all material respects complete, correct and up-to-date.

(h) So far
 as the Seller is aware, no Group Company has been liable to make to any person (including
 any Tax Authority) any payment in respect of any liability to Tax which is primarily or directly
 chargeable against, or attributable to, any other person.

(i) All agreements,
 concessions, dispensations or other arrangements of any Group Company which have been made
 with or by any Tax Authority which are not based on a strict application of the relevant
 legislation (whether formal or informal) currently subsisting are set out in the Disclosure
 Letter. No Group Company has taken any action which has had or might have the result of altering,
 prejudicing or in any way disturbing any such agreement, concession, dispensation or arrangement.

(j) Any clearances,
 consents and rulings relating to Tax obtained by or on behalf of any Group Company have been
 properly obtained on the basis of full and accurate disclosure to the relevant Tax Authority
 of all relevant facts and circumstances, any transaction for which such consent, clearance
 or ruling was obtained has been carried out in accordance with the terms of the relevant
 applications for consent, clearance or ruling and any such consent or clearance was and remains
 valid and effective.

(k) No Group
 Company is a party to, or otherwise bound by, any Tax sharing or Tax allocation agreement
 or any indemnity, covenant or warranty in respect of Tax, the terms of which are still extant.

(l) No Group
 Company is nor has been, or deemed to have been, consolidated into a qualifying multinational
 group for the purposes of Pillar 2.

(m) No interest
 in any Group Company constitutes a "United States real property interest" as
 defined in Section 897(c) of the Code.

Schedule 6 : Business Warranties

---

| | |
|:---|:---|
| 80 | **Residence** |

---

(a) Each
 Group Company has always been resident for Tax purposes in the jurisdiction of its incorporation
 and in no other jurisdiction.

(b) No Group
 Company has ever had outside the jurisdiction of its incorporation a branch, agency, place
 of business or permanent establishment (within the meaning of the Model Tax Convention on
 Income and Gains published by the Organisation for Economic Co-operation and Development),
 and no Group Company has ever incurred any liability to Tax on its income, profits or gains
 in any jurisdiction other than the jurisdiction of its incorporation and is not liable to
 register with any Tax Authority outside of its jurisdiction of incorporation for the purposes
 of paying or administering any Tax (other than in respect of VAT in such jurisdictions as
 are specified in the Disclosure Letter).

(c) No Group
 Company has received written notice of any claim made by a Tax Authority in a jurisdiction
 where such Group Company does not file returns that such Group Company is or may be subject
 to taxation by that jurisdiction.

---

| | |
|:---|:---|
| 81 | **Groups** |

---

(a) No Group
 Company is or has in the last six (6) years been, or been treated as, a member of an
 affiliated, consolidated, combined, unitary or similar group for any Tax purpose other than
 with a group consisting solely of other Group Companies.

(b) Except
 as provided in the Accounts and for any payments or surrenders between Group Companies, the
 Group Companies are not, nor will be, obliged to make or be entitled to receive any payment
 for group relief or for the surrender of tax refunds in respect of any period ending on or
 before Completion or any repayment of such payment.

(c) Except
 for any elections which concern only the Group Companies, no Group Company has, in the last
 six (6) years, entered into, or agreed to enter into, an election pursuant to section
 171A Taxation of Chargeable Gains Act 1992, paragraph 16 of Schedule 26 Finance Act 2008
 or section 792 CTA 2009, or any equivalent provision in any other jurisdiction.

(d) Except
 for any arrangements which concern only the Group Companies, no Group Company has in the
 last six (6) years been party to any arrangements pursuant to section 59F Taxes Management
 Act 1970, or any equivalent provision in any other jurisdiction.

(e) Neither
 the execution of this Agreement nor Completion will result in the clawback or disallowance
 of any relief or allowance previously given or claimed for any Tax purpose which will affect
 any Group Company, nor will give rise to any liability to Tax for any Group Company or the
 withdrawal in whole or in part of any relief claimed by any Group Company.

(f) In the
 past four (4) years, no Group Company has been involved in any transaction purported
 or intended to qualify for treatment under Section 355 of the Code.

(g) Each
 Group Company was entitled to benefit from, and has complied in all material respects with
 any requirements of, any Covid Measure from which it has benefitted.

Schedule 6 : Business Warranties

(h) No Group
 Company, Buyer, nor any of Buyer's affiliates will be required to include any item
 of income or gain in, or exclude any item of deduction or loss from, taxable income for any
 taxable period (or portion thereof) ending after the date of Completion as a result of any
 (i) change in method of accounting made prior to Completion or improper use of an accounting
 method for a taxable period ending on or prior to the date of Completion, (ii) "closing
 agreement," as described in Section 7121 of the Code (or any corresponding provision
 of state, local or non-U.S. Law) executed prior to Completion, (iii) instalment sale
 or open transaction disposition made prior to Completion, (iv) prepaid amount, deferred
 revenue or advance payment received or accrued prior to Completion, (v) use or application
 of the completed contract method of accounting or the cash method of accounting to any transaction
 occurring prior to Completion or (vi) intercompany transaction or excess loss account
 described in the U.S. Treasury regulations under Section 1502 of the Code (or any corresponding
 or similar provision of state, local or non-U.S. Law).

(i) The classification
 of each Group Company for U.S. federal income Tax purposes has been Disclosed.

---

| | |
|:---|:---|
| 82 | **Transfer pricing** |

---

(a) All transactions,
 provisions or arrangements entered into by any Group Company (including with its related
 parties) in the last ten (10) years have been made on fully arm's length terms
 and so far as the Seller is aware there are no circumstances in which Part 4 of Taxation
 (International and Other Provisions) Act 2010, Section 482 of the Code or any other
 rule or provision could apply causing any Tax Authority to make an adjustment to the
 terms on which such transaction, provision or arrangement is treated as having been made
 for Tax purposes. Each Group Company has maintained and has in its possession and control
 sufficient and adequate contemporaneous records to demonstrate the criteria taken into account
 in determining this.

(b) No notice,
 enquiry or adjustment has been made by any Tax Authority in connection with any such transaction
 or arrangement.

---

| | |
|:---|:---|
| 83 | **Hybrid and other mismatches** |

---

No Group Company has in the last six (6) years entered into, nor is party to, nor is otherwise involved in any scheme, arrangement, transaction or series of transactions that are or could be subject to counteraction under Part 6A of the Taxation (International and Other Provisions) Act 2010, or any equivalent provision in any other jurisdiction.

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| | |
|:---|:---|
| 84 | **Interest deductibility** |

---

No Group Company has been a party to a loan relationship which had an unallowable purpose (within the meaning of section 442 of CTA 2009) or of which a main purpose was to obtain a loan-related tax advantage (within the meaning of section 455C of CTA 2009).

---

| | |
|:---|:---|
| 85 | **VAT** |

---

(a) Each
 Group Company has complied in all material respects with the statutory requirements, orders,
 provisions, directions and conditions relating to VAT, including the collection of exemption
 certificates with respect to any sales made or services provided to customers that are exempt
 from sales, use and similar Taxes.

(b) Each
 Group Company maintains complete, correct and up-to-date records relating to VAT, including
 the retention of exemption certificates collected from customers with respect to exemptions
 from sales, use and similar Taxes.

(c) No Group
 Company is or has been a member of a VAT group other than with another Group Company.

Schedule 6 : Business Warranties

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| | |
|:---|:---|
| 86 | **Stamp taxes** |

---

(a) Any applicable
 stamp duties, documentary taxes or other charges in respect of documents which establish
 or are necessary to establish the title of any Group Company to any material asset owned
 at Completion have been duly accounted for and paid.

(b) No Group
 Company is a party to a stampable but unstamped document held outside the United Kingdom
 in respect of any material asset owned at Completion.

(c) No Group
 Company has entered into any land transaction where there may be an obligation after Completion
 to make any further return in respect of SDLT or make a payment or further payment of SDLT.

---

| | |
|:---|:---|
| 87 | **Capital allowances and R&D credits** |

---

(a) Each
 Group Company has only claimed capital allowances on qualifying assets owned by it, which
 have all been validly claimed and all claims for such allowances have been allowed.

(b) Each
 Group Company has in its possession and control all records required to make and substantiate
 all such claims.

(c) The capital
 allowances computations for the periods ending on the Accounts Date are complete and correct.

---

| | |
|:---|:---|
| 88 | **Avoidance** |

---

(a) No Group
 Company has entered into any notifiable arrangements for the purposes of Part 7 of the
 Finance Act 2004 (disclosure of tax avoidance schemes), any notifiable contribution arrangements
 for the purposes of the National Insurance Contributions (Application of Part 7 of the
 Finance Act 2004) Regulations 2012 (SI 2012/1868), any notifiable schemes for the purposes
 of Schedule 11A VATA (disclosure of avoidance schemes), Schedule 17 to the Finance (No.2)
 Act 2017, DAC 6 (Directive on Administrative Cooperation, Council Directive (EU) 2018/822),
 The International Tax Enforcement (Disclosable Arrangements) Regulations 2023, 'listed
 transaction' as defined in United States Treasury regulation Section 1.6011-4(b)(2) or
 any equivalent provision in any other jurisdiction.

(b) No Group
 Company has been a party to, nor has been otherwise involved in, any transaction, scheme
 or arrangement which either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contained steps or stages that have no
 commercial purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) were designed or entered into solely
 or wholly or mainly for the purpose of avoiding or deferring Tax or reducing a liability
 to Tax; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the main purpose, or one of the main
 purposes, of which was the avoidance of Tax, or any transaction into which steps were artificially
 inserted with a view to avoiding, reducing or deferring Tax.

Schedule 6 : Business Warranties

(c) So far
 as the Seller is aware, no person, acting in the capacity of an Associated Person (as defined
 in section 44(4) of the CFA 2017) of any Group Company has committed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a UK tax evasion facilitation offence
 under section 45(5) of the CFA 2017; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a foreign tax evasion facilitation offence
 under section 46(6) of the CFA 2017.

(d) Each
 Group Company has in place (and has had in place at all times since 30 September 2017)
 such reasonable prevention procedures (as defined in sections 45(3) and 46(4) of
 the CFA 2017) as are proportionate to its business risk to mitigate the risk of a tax evasion
 offence as required or contemplated by the CFA 2017 or any other similar legislation as may
 be implemented in any territory or jurisdiction.

(e) Neither
 a Group Company, nor, so far as the Seller is aware, any person acting in the capacity of
 a person associated with any Group Company, is or has been the subject of any investigation,
 inquiry or enforcement proceedings regarding any offence or alleged offence under Part 3
 of the CFA 2017, and no such investigation, inquiry or enforcement proceedings have been
 threatened or are pending and so far as the Seller is aware there are no circumstances likely
 to give rise to any such investigation, inquiry or proceedings.

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| | |
|:---|:---|
| 89 | **Employment taxes** |

---

(a) Each
 Group Company has in the last six (6) years complied in all material respects with its
 legal obligations relating to the assessment, collection and recovery of Tax in respect of
 employment income and other earnings.

(b) No Group
 Company has been party to any arrangements in respect of which a liability to Tax under Part 7A
 Income Tax (Earnings and Pensions) Act 2003 (or any equivalent provision in any other jurisdiction)
 has arisen and, so far as the Seller is aware, no relevant step has been taken in pursuance
 of or in connection with any such arrangements and which could give rise to such a liability.

(c) There
 are no options to acquire interests in any Group Company held by or for any current, former
 or proposed employee or director of any Group Company (or any nominees or associates of such
 employees or directors), where the right or opportunity to acquire such options was available
 by reason of an office or employment of the option holder with a Group Company and the exercise
 of which options may give rise to a liability of any Group Company to account for PAYE, income
 tax or National Insurance contributions (or equivalent liabilities in any jurisdiction).

---

| | |
|:---|:---|
| 90 | **Intangibles** |

---

No claims or elections have been made by a Group Company in the last six (6) years in respect of any intangible fixed assets under Chapter 7 of Part 8 CTA 2009, or sections 827 to 833 CTA 2009.

---

| | |
|:---|:---|
| 91 | **Distributions** |

---

(a) No Group
 Company has made, agreed to make, nor will it have been deemed to have made, any distribution
 (as defined in Chapter 2 Part 23 CTA 2010) other than dividends provided for in the
 statutory accounts of each Group Company.

(b) No Group
 Company has, in the previous seven years, been engaged in, nor been a party to, any of the
 transactions set out in Chapter 5 Part 23 CTA 2010, nor has it made or received a chargeable
 payment as defined in section 1088 CTA 2010 during that period.

Schedule 7 : Seller limitations

**Schedule 7**

**Seller limitations**

---

| | |
|:---|:---|
| 92 | **Definitions** |

---

In addition to the definitions in Clause 1 (*Definitions and Interpretation*), in this Schedule 7 (*Seller limitations*) the following definitions apply:

"**Claim**" means a General Claim or a Tax Claim.

"**Expiry Date**" means: in relation to a General Claim, the second anniversary of Completion; in relation to a Tax Claim the seventh anniversary of Completion; and in relation to a Fundamental Claim the sixth anniversary of Completion.

"**Fundamental Claim**" means a claim in connection with one or more of the Fundamental Warranties.

"**General Claim**" means a claim by the Buyer in relation to any of the Business Warranties, other than a Tax Claim.

"**Tax Claim**" means a claim by the Buyer in relation to Tax under the Warranties.

"**Tax Indemnity Claim**" means a claim by the Buyer under Clause 10.2.

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| | |
|:---|:---|
| 93 | **Fraud exception** |

---

Nothing in this Agreement limits the liability of the Seller in the case of fraud or wilful concealment by the Seller or, before Completion, by any Group Company or any of its officers, managing directors, employees or agents.

---

| | |
|:---|:---|
| 94 | **Cap on Claims** |

---

(a) The aggregate
 liability of the Seller to make payment to the Buyer in respect of all Claims shall not exceed
 $1.00 (one US dollar).

(b) Subject
 to paragraph 3(c) below, the liability of the Seller in respect of all Tax Indemnity
 Claims shall not exceed $8,500,000 (eight million five hundred thousand US dollars).

(c) The aggregate
 liability of the Seller in respect of all Claims, Fundamental Claims and Tax Indemnity Claims
 shall not exceed the Consideration.

---

| | |
|:---|:---|
| 95 | **Time limits and notice** |

---

(a) Proceedings
 in relation to a Claim shall not be brought against the Seller unless written notice of the
 Claim is given to the Seller before the relevant Expiry Date.

(b) Proceedings
 in relation to a Tax Indemnity Claim shall not be brought against the Seller unless written
 notice of the Tax Indemnity Claim is given to the Seller before the fourth anniversary of
 Completion.

---

| | |
|:---|:---|
| 96 | **Mitigation** |

---

Nothing in this Schedule 7 (*Seller limitations*) shall affect any common law duty of the Buyer to mitigate its loss.

---

| | |
|:---|:---|
| 97 | **No double recovery** |

---

The Buyer shall not be entitled to recover damages or otherwise obtain reimbursement more than once in respect of the same loss (but, for the avoidance of doubt, this shall be without prejudice to the Buyer's right to recover the full amount of any loss by means of one or more Claims).

Schedule 8 : Provisional Payment

**Schedule 8**

**Provisional Payment**

---

| | |
|:---|:---|
| 98 | In order to determine the Provisional Payment, the Seller shall prepare a calculation of Estimated Net Debt and Estimated Working Capital as at Completion applying the policies set out in Schedule 10, Part 2 (*Contents of the Completion Statement*) and in each case in the form of the statement set out in Schedule 10, Part 3 (*Reference Balance Sheet*). |

---

---

| | |
|:---|:---|
| 99 | The Provisional Payment shall be an amount equal to the Consideration that would be payable if Estimated Net Debt and Estimated Working Capital were, respectively, the actual amount of Net Debt and Working Capital as agreed or determined in accordance with Schedule 10 (*Completion statement*). |

---

Schedule 9 : Material Properties

**Schedule 9**

**Material Properties**

**[\*\*\*]**

Schedule 9 : Part 1 – Owned Properties

**Part 2 – Material Leased Properties**

[\*\*\*]

Schedule 10 : Completion Statements

**Schedule 10**

**Completion Statements**

**Part 1**

**Preparation of the Completion Statements**

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| | |
|:---|:---|
| 100 | The Buyer shall prepare and deliver a draft of the Completion Statements to the Seller within 60 Business Days after (but not including) the date of Completion. The Completion Statements shall be drawn up in accordance with the provisions set out in this Schedule 10 (*Completion Statements)*. The Seller shall provide, and shall procure that the Seller's Accountants provide, all assistance reasonably requested by the Buyer or the Buyer's Accountants in the preparation of the Completion Statements. If the Buyer does not deliver a draft of the Completion Statements to the Seller in accordance with this paragraph 1, at the Seller's election either the Provisional Payment shall be final and binding on the parties or the Seller shall prepare and deliver its own draft of the Completion Statements to the Buyer which shall be drawn up in accordance with the provisions set out in this Schedule 10, and the provisions of this Schedule 10 shall apply to those Seller-prepared Completion Statements mutatis mutandis. |

---

---

| | |
|:---|:---|
| 101 | The Seller may within 30 Business Days after (and not including) the date of delivery of the draft Completion Statements, deliver to the Buyer a report setting out the details of any items in the draft that it disputes, and, to the extent that Seller is able to do so, specifying any adjustments which in its opinion should be made and the reasons therefor; if it does so, all other items in the draft shall be deemed to be agreed. If the Seller does not provide a report complying with the preceding provisions of this paragraph 2, the draft Completion Statements shall be deemed to be agreed. The Buyer shall provide the Seller reasonable access to the material books, records, documents and senior executives of each Group Company as the Seller may reasonably request for the purpose of its review of the draft Completion Statements. |

---

---

| | |
|:---|:---|
| 102 | The Buyer and the Seller shall use their reasonable endeavours to reach agreement as to the adjustment (if any) required to be made in connection with any matter of disagreement notified in accordance with paragraph 2 above, but if any such matter remains in dispute fifteen Business Days after notification (not including the day of notification), the dispute shall at the request of the Buyer or the Seller be referred for final determination to an independent firm of chartered accountants (the "**Accountants**"). |

---

103 The following provisions shall apply to the appointment of the Accountants and their determination:

(a) the Buyer
 and the Seller shall co-operate in good faith to do everything reasonably necessary to procure
 the appointment of the Accountants and to facilitate their determination;

(b) the Accountants
 shall be appointed by agreement in writing between the Seller and the Buyer or failing agreement
 within five Business Days, nominated by the president of the Institute of Chartered Accountants
 in England and Wales upon their joint application (or, failing that, by court order), in
 which case the fee payable for the nomination shall be borne equally by the Buyer and the
 Seller;

(c) the Buyer
 and the Seller shall each prepare a written statement of, and confined to, the matters in
 dispute and submit it, together with any supporting documents, to the Accountants promptly
 and in any event within 20 Business Days of their appointment;

Schedule 10 : Completion Statements

(d) the Accountants'
 terms of reference shall be to determine (within the parameters set by paragraph 4(e) below)
 what adjustments (if any) are in their opinion required to be made to the Completion Statements
 in relation to the matters in dispute (as notified to them in accordance with paragraph (c) above)
 so as to ensure compliance with the provisions of it in Part 2 of Schedule 10 (*Contents of the Completion Statements*);

(e) the determination
 of the Accountants in respect of any matter in dispute shall not be outside the range of
 the value proposed by the Seller in the draft Completion Statement and the value proposed
 by the Buyer in the report referred to in paragraph 2 above in respect of that matter;

(f) the Buyer
 and the Seller shall each provide the Accountants with any further information which they
 reasonably request and the Accountants shall be entitled (to the extent they consider it
 appropriate) to base their opinion on such information;

(g) the Accountants
 shall be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to require the Buyer and the Seller and
 their respective accountants to attend one or more meetings and to raise enquiries of them
 about any matters which the Accountants consider relevant (and the Buyer and/or the Seller,
 as the case may be, shall use all reasonable endeavours to answer any such enquiries); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of agreement between the
 Buyer and the Seller, to determine the procedure to be followed in undertaking the expert
 determination, insofar as the procedure is not set out in this Agreement.

(h) the Accountants
 shall be requested to make their determination as soon as reasonably practicable and in any
 event within 20 Business Days of their receipt of the parties' written statements (pursuant
 to paragraph 4(a) above);

(i) the Accountants
 shall act as experts and not arbitrators and their determination shall (in the absence of
 manifest error) be final and binding; and

(j) the Accountants'
 costs (and those of any advisers engaged by them in accordance with the above provisions)
 shall be borne equally by the Buyer and the Seller unless the Accountants consider it is
 fair and reasonable to apportion the costs otherwise and so direct.

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| | |
|:---|:---|
| 104 | If the Accountants shall be or become unable or unwilling to act then a substitute independent firm of chartered accountants shall be appointed by the Buyer and the Seller in accordance with the provisions of paragraph 4 (and references in this Schedule to the Accountants shall be deemed to be a reference to that substitute firm). |

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| | |
|:---|:---|
| 105 | Upon the draft Completion Statements being agreed (or being deemed to be agreed) by the Buyer and the Seller or being determined by the Accountants that statement as so agreed (or deemed to be agreed) or determined shall be the Completion Statements for the purposes of this Agreement and shall be final and binding on the parties and the amount of Net Debt and Working Capital shall be as stated on those statements. |

---

Schedule 10 : Completion Statements

**Part 2**

**Contents of the Completion Statements**

In this Part 2 of Schedule 10 (*Contents of the Completion Statements*) the following additional definitions shall apply:

"**Cash**" means, without duplication, the aggregate amount of:

(a) cash (including amounts on deposit) held by
 or for a Group Company in hand or with banks or with financial or other similar institutions;

(b) petty cash;

(c) cash in transit;

(d) any interest rate or currency swap agreements
 or any other hedging or derivative instrument or arrangement which are in an asset position
 (i.e., in the money);

(e) to the extent not already captured by the
 preceding, any balances in line items classified as Cash in the Reference Balance Sheet in
 Schedule 10, Part 3 (*Reference Balance Sheet*);

of the Group, calculated as at the Completion Statements Date and in accordance with Schedule 10, Part 2 (*Contents of the Completion Statemen*ts).

For the avoidance of doubt, Cash will not include any Trapped Cash.

"**CFO Reserves**" means any provision, reserve or accrual that:

(a) is not attributable to a specific, identified
 liability or obligation of a Group Company existing as at the Completion Statements Date,
 or is recognised in an amount exceeding the proper and reasonable estimate of such liability
 or obligation as at the Completion Statements Date; or

(b) represents a general contingency, management
 overlay or unallocated reserve;

"**Debt**" means, without duplication, the aggregate amount of:

(a) any indebtedness of a Group Company, being
 an obligation of a Group Company (whether present or future and whether as principal or surety)
 for the payment or repayment of money (whether in respect of interest, principal or otherwise
 and including any break fees, prepayment fees, expenses or penalties related to or arising
 as a result of the termination or prepayment of any arrangements referred to below) incurred
 in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money borrowed or raised, including by
 way of any bond, note, loan stock, debenture or overdraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any acceptance credit, bill discounting,
 note purchase, factoring (to the extent there is recourse) or documentary credit facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Finance Leases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any interest rate or currency swap agreements
 or any other hedging or derivative instrument or arrangement that are in a liability position
 (i.e., out-of-the-money);

Schedule 10 : Completion Statements

(b) any outstanding unpaid fees payable by any
 Group Company to Willkie Farr & Gallagher (UK) LLP and any other advisers engaged
 on behalf of the Seller in connection with the sale contemplated by this Agreement;

(c) any commission or bonus payable by any Group
 Company to the extent it is as a result of or directly relates to the sale of the Shares
 (including transaction incentive payments, bonuses or other incentives related to the Transaction
 which are due or payable by any Group Company to any key employees or affiliates of any Group
 Company, any related National Insurance Contributions or other Tax or social security amounts
 payable by a Group Company in connection with the sale);

(d) any long-term incentive plan or similar employee
 incentive arrangements, including any related National Insurance Contributions or other Tax
 or social security amounts payable by a Group Company, net of any specifically identified
 Tax benefit directly as a result of the payment of such amounts;

(e) any corporation tax, income tax and similar
 tax balances which remain unpaid at Completion;

(f) any restructuring provisions and redundancy
 related accruals associated with any restructuring initiatives;

(g) all net pension liabilities, including defined
 benefit obligations and statutory employee-related retirement obligations;

(h) all deferred consideration, earn-outs, or
 similar obligations arising from acquisitions completed prior to the Completion Statements
 Date;

(i) all transaction-related expenses, including
 advisory, legal, accounting and success fees incurred in connection with the Transaction
 to the extent unpaid at the Completion Statements Date;

(j) all accrued professional fees not incurred
 in the ordinary course of business and unpaid at the Completion Statements Date; and

to the extent not already captured by the preceding, any balances in line items classified as Debt in the Reference Balance Sheet in Schedule 10, Part 3 (*Reference Balance Sheet*) of the Group, calculated as at the Completion Statements Date and in accordance with Part 2 of Schedule 10 (*Contents of the Completion Statements*).

"**Finance Lease**" means any lease or hire purchase contract, a liability under which would, in accordance with Relevant Accounting Standards applicable on or before 31 December 2018, be treated as a finance or capital lease but excluding any real estate or operating leases or any leases included within file 'Omega – Lease balances Q4 25 IFRS 16' within VDR reference 2.5.1.1.

"**Group Company**" means, for the purposes of this Part 2 of Schedule 10 (*Contents of the Completion Statements*) only, each subsidiary undertaking of the Company in which the Company holds directly or indirectly over 50% of the economic and/or voting rights.

"**Net Debt**" means Debt less Cash as determined in accordance with this Part 2 of Schedule 10 (*Contents of the Completion Statements*).

"**Reference Balance Sheet**" means the illustrative balance sheet included at Schedule 10, Part 3 (*Reference Balance Sheet*) setting out the classifications of Cash, Debt, Working Capital and Other.

Schedule 10 : Completion Statements

"**Trapped Cash**" means only cash deposit balances specifically required to be maintained as performance bank guarantees within Megger (India) Pvt Ltd.

"**Working Capital**" means, without duplication, the net aggregation of current assets and current liabilities (but excluding any items already classified as Cash or Debt) at the Completion Statements Date and in accordance with Part 2 of this Schedule 10, including the line items classified as Working Capital in the Reference Balance Sheet in Schedule 10, Part 3 (*Reference Balance Sheet*).

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| | |
|:---|:---|
| 1 | **General** |

---

(a) The Completion
 Statements shall comprise the consolidated balance sheet of the Group in the form as set
 out in Schedule 10, Part 3 (*Reference Balance Sheet*) (the "**Completion Balance Sheet**") setting out the Net Debt and Working Capital.

(b) The Completion
 Statements shall be prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as at the Completion Statements Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in accordance with the remaining provisions
 of this Part 2 of Schedule 10 (*Contents of the Completion Statements)*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the form of the pro forma Completion
 Statements included in Schedule 10, Part 3 (*Reference Balance Sheet*);

(c) The Completion
 Statements shall be drawn up in accordance with, and the items and amounts to be included
 in them shall be identified and calculated by applying, the following in the following order
 of priority (the "**Accounting Policies** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the accounting principles, policies, procedures,
 categorisations, definitions, methods, practices and techniques set out below in paragraph 2
 (the "**Specific Policies** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if and to the extent not inconsistent
 with paragraph 1(c)(i), the same accounting principles, policies, procedures, categorisations,
 classifications, assets recognition bases, definitions, methods, practices and techniques
 as applied in the Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if and to the extent not otherwise covered
 by, and not inconsistent with, paragraphs 1(c)(i) and 1(c)(ii), Relevant Accounting
 Standards as applicable at the Completion Statements Date.

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| | |
|:---|:---|
| 2 | **Specific Policies** |

---

(a) No account
 shall be taken of post balance sheet events or information becoming available after the Completion
 Statements Date.

(b) There
 shall be no double counting of any account balances in the Completion Statements such that
 an account balance shall be only included once within either Working Capital or Net Debt.

(c) Subject
 to any other Specific Policies, the Completion Statements shall be drawn up as at the Completion
 Statements Date on the basis that the Completion Statements Date represents the end of an
 accounting and tax financial year, and should reflect specific procedures that a company
 would be expected to adopt including, but not limited to, a hard close of the accounting
 records; normal year-end procedures and reconciliations; cut-off procedures and a detailed
 assessment of prepayments, accruals and provisions. Corporate income tax current liabilities
 shall be based on a full tax computation as if the Completion Statements Date were the last
 day of a financial year.

Schedule 10 : Completion Statements

(d) No item
 shall be excluded from the Completion Statements solely on the grounds of materiality.

(e) The Completion
 Statements shall be prepared on the basis that the Group is treated as a going concern and
 shall exclude: (i) the effect of change of control or ownership of the Group; (ii) the
 effects of any post-Completion reorganisations or the post-Completion intentions, payments,
 obligations of, specific to, or made by any member of the Buyers' Group; (iii) any
 financing undertaken by any member of the Buyers' Group or at the direction of any
 member of the Buyers' Group; and (iv) any purchase accounting adjustments arising
 out of the consummation of the transactions contemplated by this Agreement.

(f) The Completion
 Statements shall be prepared from the nominal ledgers of the Group such that the balance
 sheets of the Group Companies are aggregated. Balances between the Group Companies shall
 be reconciled and eliminated and any unreconciled assets or liabilities shall be written
 off.

(g) The Completion
 Statements shall be prepared in the local currency of each Group Company and shall be converted
 for aggregation purposes to Euros at the relevant exchange rate as obtained from S&P
 Global as at the Completion Statements Date consistent with the methodology adopted in the
 Accounts.

(h) On the
 Completion Statements Date, the Net Debt and Working Capital and Normalised Working Capital
 shall be converted from Euros to US Dollars at the relevant exchange rate as obtained from
 S&P Global as at the Completion Statement Date consistent with the methodology adopted
 in the Accounts.

(i) No amounts
 in relation to those line items included under the heading "Other" in the pro
 forma Completion Statements set out in Part 3 of Schedule 10 will be included in Cash,
 Debt or Working Capital.

(j) The Completion
 Statements shall not include any amount within Cash, Debt or Working Capital in respect of
 the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any fixed assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amounts in respect of direct electrical
 test equipment included within the TB code 130830 – Equipment for Rental and the associated
 depreciation in the TB code 130835 – Accum Depreciation – Rental Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any goodwill revaluations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any IFRS 16 lease liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any deferred tax assets (excluding those
 arising as a result of limb (d) of the Debt definition) or deferred tax liabilities
 or uncertain tax provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any contingent assets or liabilities
 unless required by another specific accounting policy in this paragraph 2 or the definitions
 of Cash, Debt or Working Capital;

Schedule 10 : Completion Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any liabilities paid by a member of
 the Seller's Group after Completion (and where such payments are not reimbursed or
 reimbursable to the Seller's Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any provisions, reserves or similar (including CFO Reserves) unless
 required to be recognised as a liability under the Relevant Accounting Standards as at the
 Completion Statements Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any provisions for dilapidations or litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any liabilities with respect to any matter
 which is subject to an indemnity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any warranty provisions.

(k) No liabilities
 for restructuring costs (including, for the avoidance of doubt, redundancy costs) incurred
 prior to the Completion Statements Date shall be included in Debt or Working Capital, where
 the decision to implement such restructuring was taken after signing of this Agreement. To
 the extent that any such restructuring costs are incurred and settled prior to the Completion
 Statements Date, an asset equal to the amount settled shall be recognised as Cash. For the
 avoidance of doubt, any such post-signing restructuring decision shall be communicated to
 the Buyer via written notice.

(l) The following
 provisions shall apply to the determination of Working Capital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent unpaid and payable by a
 Group Company, an accrual shall be included in Working Capital in respect of the pro-rated
 annual bonus due to employees for the financial year. This shall be calculated based on the
 expected full year results and by pro-rating such annual bonus amount, which is to be calculated
 by reference to the relevant performance indicators under the applicable bonus plans as of
 the Completion Statements Date on a straight line basis into the pre- and post-Completion
 periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An accrual shall be recognised for all
 untaken statutory and contractual holiday entitlement accrued by the Group's employees
 up to the Completion Statements Date, calculated using the relevant employees' standard
 rates of pay;

(m) Schedule
 10, Part 3 (*Reference Balance Sheet*) provides an illustration of the
 Completion Statements as at 30 November 2025. To the extent there is any conflict between
 this illustration and the provisions of Schedule 10, Part 2 (*Contents of the Completion Statement*), the provisions of this Schedule 10, Part 2 (*Contents of the Completion Statement*) shall prevail.

Schedule 11 : Buyer warranties

**Part 3**

**Reference Balance Sheet**

The Reference Balance Sheet is set out on the following page.

Schedule 11 : Buyer warranties

**Schedule 11**

**Buyer warranties**

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|:---|:---|
| 3 | The Buyer is a company duly incorporated and organised and validly existing under the laws of its jurisdiction of incorporation and is qualified to do business and, to the extent such concept is applicable, is in good standing as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of its properties or assets or conduct of its business requires such qualification, except as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Buyer or a material adverse effect on its ability to execute or perform its obligations under the Transaction Documents. Each of Buyer's "significant subsidiaries" (as such term is defined in Rule 1-02(w) of Regulation S-X promulgated by the SEC) (a) is a legal entity duly organised, validly existing and, to the extent such concept is applicable, in good standing under the laws of its respective jurisdiction of organisation, (b) has all power and authority to own, lease and operate its properties and assets and to carry on its business as currently conducted in all material respects and (c) is qualified to do business and, to the extent such concept is applicable, is in good standing as a foreign corporation or other legal entity, in each jurisdiction where the ownership, leasing or operation of its properties or assets or conduct of its business requires such qualification, in each case except as would not, individually or in the aggregate, have a material adverse effect on Buyer or its ability to execute and perform its obligations under the Transaction Documents. |

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|:---|:---|
| 4 | The Buyer has the power and authority to own, lease and operate its properties and assets, to carry on its business as currently conducted in all material respects and to enter into and fully perform its obligations under the Transaction Documents in accordance with the terms thereof. Each of Buyer's "significant subsidiaries" (as such term is defined in Rule 1-02(w) of Regulation S-X promulgated by the SEC) has all power and authority to own, lease and operate its properties and assets and to carry on its business as currently conducted in all material respects. The shares of ESCO Stock to be issued as Consideration Shares, when issued in accordance with this Agreement, will be duly authorised, validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive rights or other contractual rights to purchase securities issued by the Buyer. Upon issuance, the Consideration Shares will be free and clear of all Encumbrances other than restrictions arising under the Securities Act and as set forth in the Shareholder Agreement. The Buyer has applied, or prior to Completion will apply, to have the Consideration Shares approved for listing on the NYSE, subject to official notice of issuance. The Buyer does not require the consent, approval or authority of any other person to enter into or exercise its rights or perform its obligations under the Transaction Documents (other than a Supplemental Listing Application with the NYSE). |

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|:---|:---|
| 5 | The entry into and the exercise by the Buyer of its rights and performance of its obligations under the Transaction Documents and the transactions contemplated by them will not constitute a breach or give rise to a default under any applicable laws or regulations (including any sanctions) or any order, decree or judgement or other obligation binding on it (including any provision of its constitutional documents), which has or could have a material adverse effect on its ability to execute or perform its obligations under the Transaction Documents. Since September 30, 2023, (i) the businesses of Buyer and each of its subsidiaries have been conducted in compliance with applicable laws or regulations and neither Buyer nor any of its subsidiaries has received any written notice or other written communication from a governmental, regulatory or administrative authority asserting noncompliance with any applicable law or regulation by Buyer or any of its subsidiaries except, in each case, as has not had and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on Buyer or a material adverse effect on its ability to execute or perform its obligations under the Transaction Documents. |

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Schedule 11 : Buyer warranties

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| | |
|:---|:---|
| 6 | The Buyer is not a party to any litigation, arbitration or administrative proceedings nor is it the subject of any governmental, regulatory or official investigation or enquiry which is in progress or threatened or pending and which has or could have a material adverse effect on its ability to execute or perform its obligations under the Transaction Documents or a material adverse effect on the Buyer. |

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| | |
|:---|:---|
| 7 | Accurate and complete copies of the SEC Reports have been filed through the SEC EDGAR system. As of the time it was filed with the SEC by Buyer: (a) each SEC Report complied in all material respects with the applicable requirements of the Securities Act and the rules and regulations promulgated thereunder or the Exchange Act and the rules and regulations promulgated thereunder (as the case may be), and (b) none of the SEC Reports contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. |

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| | |
|:---|:---|
| 8 | Buyer (with respect to itself and its consolidated subsidiaries) maintains internal control over financial reporting as defined in and required by Rule 13a-15 or Rule 15d-15 under the Exchange Act reasonably designed to provide reasonable assurance that (i) all material information relating to Buyer, including its consolidated subsidiaries, required to be disclosed by Buyer in the reports that it files or submits under the Exchange Act is accumulated and communicated to Buyer's principal executive officer, its principal financial officer or those individuals responsible for the preparation of the consolidated financial statements of Buyer included in the SEC Reports to allow timely decisions regarding required disclosure and to make the certifications required by Rule 13a-14 or Rule 15d-14 under the Exchange Act and pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, consistently applied, (iii) transactions are executed only in accordance with the authorization of management and (iv) reasonable prevention and timely detection of the unauthorized acquisition, use or disposition of the properties and assets of Buyer and its subsidiaries. Buyer has disclosed, based on the most recent evaluation of its disclosure controls and procedures and internal control over financial reporting prior to the date of this Agreement, to Buyer's auditors and the audit committee of the board of directors of Buyer, (i) any "significant deficiencies" in the design or operation of its internal controls over financial reporting that are reasonably expected to adversely affect Buyer's ability to record, process, summarise and report financial information and (ii) any fraud that involves management or other employees who have a significant role in Buyer's internal controls over financial reporting that are reasonably likely to adversely affect Buyer's ability to record, process, summarise and report financial information. Since September 30, 2025, Buyer has not received any complaints regarding material violations of or deficiencies in Buyer's accounting controls, internal accounting controls or auditing matters that have not been reported to the audit committee of the board of directors of Buyer and disclosed to the Seller. |

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| | |
|:---|:---|
| 9 | Buyer's financial statements set forth in the SEC Reports filed since 30 September 2023 (the "**Buyer Financial Statements**"), have been prepared in accordance with U.S. generally accepted accounting principles ("**GAAP**") (except as may be indicated in any notes thereto). Each balance sheet in the Buyer Financial Statements is accurate and complete in all material respects and fairly presents in all material respects the financial condition of Buyer as of its respective date. Each statement of income and cash flows in the Buyer Financial Statements is accurate and complete in all material respects and fairly presents in all material respects the results of operations and cash flows, respectively, of the Buyer for the periods covered thereby. Notwithstanding the foregoing, the interim Buyer Financial Statements (i.e., Buyer Financial Statement as of a period other than a fiscal year-end) are subject to customary year-end adjustments. Buyer maintains a system of internal account controls and procedures designed to record transactions as reasonably necessary to permit the preparation of its financial statements in conformity with GAAP. |

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Schedule 11 : Buyer warranties

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| | |
|:---|:---|
| 10 | There are no obligations or liabilities of any kind of Buyer or any of its subsidiaries required by GAAP to be reflected or reserved on a consolidated balance sheet of Buyer and its subsidiaries included in the SEC Reports, except (i) as reflected or reserved against in the consolidated balance sheet of such SEC Reports, (ii) those incurred in the ordinary course of business since September 30, 2025 (none of which are, or would reasonably be expected to be, individually or in the aggregate, material to the Buyer), and (iii) those incurred pursuant to the terms of this Agreement. |

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| | |
|:---|:---|
| 11 | The only authorised shares of capital stock of Buyer as of April 13, 2026 are (a) 50,000,000 shares of ESCO Stock, of which (i) 25,907,172 shares are issued and outstanding (excluding shares held in treasury), (ii) 5,056,771 shares are held in treasury, and (iii) 1,208,597 shares are reserved for issuance (including in respect of outstanding Buyer securities that are convertible into ESCO Stock), and (b) 10,000,000 shares of preferred stock, $0.01 par value, none of which are issued and outstanding. Neither Buyer nor any of its subsidiaries have any outstanding bonds, debentures, notes or other obligations the holders of which have the right to vote (or convert into or exercise for securities having the right to vote) with the equity holders of Buyer on any matter. Since June 30, 2023, and through the date of this Agreement, except for securities issued or issuable pursuant to employee benefit plans or arrangements, including options issued pursuant to Buyer stock option plans and awards payable in ESCO Stock, (i) no shares of ESCO Stock or preferred stock of Buyer have been repurchased or redeemed or issued, and (ii) no shares of ESCO Stock have been reserved for issuance. Except for securities issued or issuable pursuant to employee benefit plans or arrangements, including options issued pursuant to Buyer stock option plans and awards payable in ESCO Stock, there are no preemptive or other outstanding rights, options, warrants, conversion rights, stock appreciation rights, redemption rights, repurchase rights, contracts, arrangements, calls, commitments or rights of any kind that obligate Buyer to issue or to sell any securities of Buyer. |

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| | |
|:---|:---|
| 12 | Buyer is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Shares are not registered under the Securities Act, or any state securities laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable. Buyer is able to bear the economic risk of holding the Shares for an indefinite period (including total loss of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment. |

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| | |
|:---|:---|
| 13 | True and correct copies of the Debt Financing Documentation (which have been redacted for fees and other confidential information) have been provided to the Seller prior to the date of this Agreement, being a signed commitment letter (appending the relevant term sheets) and such commitment letter is in full force and effect and has not been terminated or modified in any respect. |

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14 The Buyer has committed financing in the form of binding commitments evidenced by the Debt Financing Documentation which are (and as at Completion, will be) sufficient to consummate the Transaction.

Schedule 11 : Buyer warranties

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| | |
|:---|:---|
| 15 | The aggregate proceeds contemplated to be provided pursuant to the Debt Financing Documentation will be sufficient for the Buyer to satisfy all of its cash payment obligations under this Agreement, including all amounts payable by it at Completion pursuant to Clause 3.2(b), and the timely satisfaction of such cash payment obligations shall in no way adversely affect the Buyer's ability to satisfy its obligations to pay any other amounts, including any non-cash portion of the consideration to be paid by the Buyer to Seller at Completion, pursuant to this Agreement. |

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| | |
|:---|:---|
| 16 | No corporate action or other steps have been taken by the Buyer or legal proceedings started or threatened against it for its winding up or dissolution; or for it to enter into any arrangement or composition for the benefit of creditors; or for the appointment of a receiver, administrator, administrative receiver, liquidator, supervisor, compulsory manager, trustee or similar person of any of its revenues or assets, and none of the foregoing actions and arrangements are currently, or since September 30, 2025 have been, contemplated to be taken, entered into or effected by the Buyer. |

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17 The Buyer is entering into this Agreement as principal and not as agent.

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| | |
|:---|:---|
| 18 | The ESCO Stock is listed on the NYSE under the symbol "ESE" and the Buyer has not received any written notice of delisting proceedings or any written notice from the NYSE that the Buyer is not in compliance with the listing requirements of the NYSE. There are no proceedings pending or, to the knowledge of the Buyer, threatened against the Buyer by the NYSE with respect to any such delisting or otherwise with respect to the Buyer or the ESCO Stock. |

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**EXECUTION PAGE**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signed for and on behalf of **TBG AG**<br> by<br>| &nbsp;&nbsp;))) | &nbsp;&nbsp; <br>………………………………… |
|  |  | &nbsp;&nbsp;Duly authorised person<br> Jeremy Abson<br>|
|  |  | &nbsp;&nbsp;………………………………… |
|  |  | &nbsp;&nbsp;Duly authorised person<br> Alain Scherrer<br>|

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signed by David Schatz<br> for and on behalf of **ESCO TECHNOLOGIES INC.**<br>| &nbsp;&nbsp;))) |  |
|  |  | &nbsp;&nbsp;………………………………… |
|  |  | &nbsp;&nbsp;Duly authorised person<br>|

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## Exhibit 10.2

CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) A TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK "[\*\*\*]".

**Exhibit 10.2**

**AGREED FORM OF**

**SHAREHOLDER Agreement**

This Shareholder Agreement (this "<u>Agreement</u>") is entered into as of [●], 2026, by and between ESCO Technologies Inc., a Missouri corporation (the "<u>Company</u>"), and [TBG AG, a Swiss stock corporation] ("<u>Seller</u>"). Each of the Company and Seller are referred to herein as a "<u>Party</u>" and, collectively, as the "<u>Parties</u>". Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Purchase Agreement.

**WHEREAS**, the Company and Seller are parties to that certain Agreement for the Sale and Purchase of the Share Capital of Megger Group Limited, dated as of April [●], 2026, by and between the Company and Seller (the "<u>Purchase Agreement</u>"), pursuant to which, upon the terms and subject to conditions set forth therein, on the date on which Completion occurs (the "<u>Completion Date</u>"), among other things, the Company will acquire Megger Group Limited, a private limited company organized and existing under the laws of England and Wales, in exchange for the payment by the Company to Seller of the Consideration (together with the other transactions contemplated to occur on the Completion Date pursuant to the Purchase Agreement, the "<u>Transaction</u>").

**WHEREAS**, the consideration to be received by Seller on the Completion Date in the Transaction pursuant to the Purchase Agreement consists of (i) the Consideration Cash and (ii) an aggregate of 5,100,000 shares (the "<u>Consideration Shares</u>") of common stock, par value $0.01 per share, of the Company (the "<u>Common Stock</u>").

**WHEREAS**, as a material inducement to the willingness of the Parties to enter into the Purchase Agreement and to consummate the Transaction on the Completion Date upon the terms and subject to the conditions set forth therein, the Parties are entering into this Agreement to provide for, among other things, certain restrictions on the voting, sale, assignment, transfer, encumbrance or other disposition of the Consideration Shares (and, in certain cases other Common Stock held by Seller) by Seller, and certain governance, registration rights and other rights and interests of Seller with respect to the Company, in each case, as set forth herein.

**NOW, THEREFORE, BE IT RESOLVED**, in consideration of the premises and of the terms and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto each hereby agree as of the date hereof as follows:

1. **Lock-Up.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller hereby agrees that for a period of twelve (12) months from the Completion Date (the "<u>Restricted Period</u>"), without, in each case, the prior written consent of the board of directors of the Company (the "<u>Company Board</u>"), Seller will not, directly or indirectly through any of its Affiliates (as defined below): (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Consideration Shares; (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Consideration Shares, whether any such transaction described in clauses (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise; or (iii) publicly disclose the intention to do any of the foregoing. Seller acknowledges and agrees that the foregoing restrictions preclude Seller from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Consideration Shares even if such Consideration Shares would be disposed of by someone other than Seller. Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Consideration Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such Consideration Shares or the Common Stock (the restrictions set forth in this <u>Section 1(a)</u>, the "<u>Lock-Up Restrictions</u>"); *provided*, that 50% of the Consideration Shares shall be released from the Lock-Up Restrictions on the date that is six (6) months after the Completion Date, and the Lock-Up Restrictions in this <u>Section 1</u> for such 50% of the Consideration Shares so released shall only be applicable for such six (6) months. The Lock-Up Restrictions for the balance of the Consideration Shares shall continue to apply for the remaining portion of the Restricted Period notwithstanding the effectiveness of the Form S-3 Shelf (as defined below) during the Restricted Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to compliance in all cases with applicable securities laws and regulations, the restrictions set forth in <u>Section 1(a)</u> shall not apply to transfers of the Consideration Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if in response to a bona fide third party tender offer, merger, consolidation or other similar transaction
which is recommended by the Company Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to any partnership, corporation or limited liability company 100% owned directly or indirectly by Seller
(" <u>Permitted Transferee(s)</u> "), *provided*, that, as a prerequisite to such transfer, such Permitted Transferee must
sign and deliver to the Company a joinder agreement substantially in the form attached hereto as <u>Exhibit A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in a sale of shares to the Company pursuant to a share buyback between Company and Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pursuant to a pledge which does not, except in the event of foreclosure, convey voting rights with respect
to the pledged shares (and in the event of foreclosure, requires the pledgee to agree in writing to be bound by the same or similar restrictions
then applicable to such pledged shares under this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) pursuant to a 10b5-1 plan that provides for sales of shares of Common Stock following the expiration of
the applicable Restricted Period with respect to such Consideration Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) as a distribution to the direct or indirect equity holders of Seller for no consideration (each, a " <u>Seller Equity Distribution</u> "), *provided*, that, as a prerequisite to any such transfer, (A) each recipient thereof must sign
and deliver to the Company a joinder agreement substantially in the form attached hereto as <u>Exhibit A</u> and (B) Seller
must comply with the obligations set forth in <u>Section 1(d)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller acknowledges that (i) the Company may impose stock transfer restrictions on the Consideration Shares (including without limitation placing a legend on the shares of Common Stock indicating that such shares are subject to this Agreement (the "<u>Lock-Up Legend</u>")) to enforce the provisions of this Agreement and (ii) the restrictions imposed by this Agreement are in addition to any other restrictions imposed on the Consideration Shares pursuant to applicable law. Notwithstanding (but without otherwise limiting) <u>Section 5(e)</u>, if requested in writing by Seller, upon the expiration of applicable Lock-Up Restrictions under this <u>Section 1</u> (including <u>Section 1(d)</u> below), the Company agrees to cooperate, and shall cause or direct its representatives and transfer agent to cooperate, with Seller and its representatives to promptly release the stock transfer limitations in <u>clause (i)</u> of this <u>Section 1(c)</u> (and to remove the associated Lock-Up Legend) with respect to any or all Consideration Shares held by Seller, its Permitted Transferees or recipients of a Seller Equity Distribution that are no longer subject to such Lock-Up Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Seller agrees that, during the Restricted Period and continuing until the Board Fall-Away Date (as defined below), prior to effectuating any Seller Equity Distribution, any transfer to Permitted Transferee(s) pursuant to <u>Section 1(b)(ii)</u>, or any assignment of this Agreement pursuant to <u>Section 9</u>, Seller shall give advance written notice to the Company of its intent to effectuate such a Seller Equity Distribution, transfer to Permitted Transferee(s) or such assignment pursuant to <u>Section 9</u>, and the Parties shall cooperate with respect to such Seller Equity Distribution, transfer to a Permitted Transferee or assignment, as applicable, in the same manner described in <u>Section 2(c)</u> and such Seller Equity Distribution or assignment, as applicable, shall be subject to the satisfaction of the same conditions described in such <u>Section 2(c)</u> including, without limitation, the granting or withholding of the Company's consent as described therein. In connection with any such request, Seller shall provide, or cause to be provided, to the Company such reasonable identification materials for any proposed transferees as shall requested in writing by the Company to evaluate such request, including the names, addresses, citizenship and such other identification documentation reasonably requested by the Company as to such proposed transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In furtherance of the foregoing, the Company and its transfer agent and registrar shall not be required to make any transfer of Consideration Shares prohibited by the express terms of this Agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Affiliate</u>" means, with respect to any Person (as defined below), any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such first Person, including, without limitation, any general partner, managing member, officer, director or trustee of such first Person, or any investment fund or similar entity that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such first Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Board Fall-Away Date</u>" means the date that is six months after no Seller Designee (or any Replacement Designee) (in each case, as defined below) is a member of the Company Board, *provided* that Seller has irrevocably waived its right to appoint a Replacement Designee in writing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>control</u>" (including the terms "controlling", "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>FDI Laws</u>" means any applicable laws or regulations, including any state, national or multi-jurisdictional laws or regulations, that are designed or intended to prohibit, restrict, or regulate actions to acquire interests, including contingent interests, in or control over, equities, securities, entities, assets, real estate, land, or interests or to otherwise screen investments, in each case on national interest, public order or security, or national security or similar grounds.

2. **Standstill.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller agrees that during the Restricted Period, neither Seller, any Affiliate of Seller, any Permitted Transferees or any recipients of a Seller Equity Distribution, will, directly or indirectly, without the prior written consent of the Company Board: (i) acquire, agree to acquire, propose, seek or offer to acquire, any securities or assets of the Company or any of its subsidiaries (other than (x) pursuant to an exercise of its rights pursuant to and in accordance with <u>Section 4</u> of this Agreement or (y) purchases of shares of Common Stock in the open market or through any broker-dealer or stock exchange, in each case of clauses (x) and (y), *provided*, that after giving effect thereto, Seller, together with its Affiliates, any Permitted Transferees and recipients of a Seller Equity Distribution, shall not beneficially own, in the aggregate, a number of shares of Common Stock equal to or greater than 24.5% of the then-outstanding shares of Common Stock (the "<u>24.5% Threshold</u>")); (ii) enter, agree to enter, propose, seek or offer to enter into any merger, business combination, recapitalization, restructuring or other extraordinary transaction involving the Company or any of its subsidiaries; (iii) make, or in any way participate or engage in, any (A) submission of any shareholder proposals or notice of nomination or other business for consideration at a meeting of the Company's shareholders; (B) voting in opposition to directors nominated by the Company Board, (C) solicitation of proxies to vote any voting securities of the Company or (D) other activities that involve initiating proxy contests; (iv) form, join or in any way participate in a "group" (within the meaning of Section 13(d)(3) of the Exchange Act (as defined below)) with an unaffiliated third party with respect to any voting securities of the Company; (v) otherwise act, alone or in concert with others, to seek to control or influence the management or the policies of the Company, excluding routine shareholder engagement; (vi) disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing; or (vii) enter into any agreement or arrangement with any other persons to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller, and any Permitted Transferee, further agrees, during the Restricted Period and thereafter so long as any Seller Designee (or any Replacement Designee) is a member of the Company Board, to vote in favor of (i) all directors nominated by the Company Board, and (ii) other proposals (excluding (x) any transaction or series of related transactions that would directly or indirectly result in a change of control of, or relating to a material acquisition by, the Company or (y) any proposals to amend the Company's articles of incorporation), in each case, to the extent recommended by the Company Board and presented for shareholder approval at any annual or special meeting of shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the Restricted Period and continuing until the Board Fall-Away Date, the Company, Seller, any Affiliate of Seller, any Permitted Transferees and any recipients of a Seller Equity Distribution agree that Seller, any such Affiliate of Seller, any such Permitted Transferees and any such recipients of a Seller Equity Distribution, as applicable, shall not, directly or indirectly, acquire, agree to acquire, propose, seek or offer to acquire, any Common Stock or securities convertible into or exercisable for Common Stock exceeding the 24.5% Threshold without the prior written consent of the Company Board, which shall not be unreasonably withheld or conditioned; *provided*, that the Seller Designee (or any Replacement Designee) shall recuse himself or herself from all discussions relating to the consideration of, and shall not vote on, the granting or withholding of any such consent; *provided*, *further*, that as to (i) any such transaction in respect of which the Company has not validly and affirmatively withheld its consent in accordance with this <u>Section 2(c)</u> and (ii) any and all other acquisitions of any Common Stock or securities convertible into or exercisable for Common Stock by Seller, its Affiliates, any Permitted Transferees or any recipients of a Seller Equity Distribution in accordance with this Agreement, in each case, the Company covenants and agrees to use its commercially reasonable efforts to cooperate with Seller, its Affiliates, any Permitted Transferees and any recipients of a Seller Equity Distribution in connection with any required approvals or consents of any third parties or Governmental Entities, including any required regulatory approvals under CFIUS, FOCI and any other FDI Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this <u>Section 2</u> shall restrict Seller, any of its Affiliates, any Permitted Transferee or any recipient of a Seller Equity Distribution from taking any action otherwise prohibited hereby if (i) any third party unaffiliated with any of the foregoing enters, agrees to enter or publicly proposes, seeks or offers to enter into any merger, business combination, recapitalization, restructuring or other extraordinary transaction involving the Company, *provided* that none of Seller or such Affiliates, Permitted Transferee or recipients of a Seller Equity Distribution has breached its respective obligations in this <u>Section 2</u> in connection with the initiation or undertaking of any such activities by such unaffiliated third party, or (ii) the Company enters or agrees to enter into any transaction or series of related transactions that would directly or indirectly result in a change of control of the Company (including, without limitation, any of the foregoing that would result in any such unaffiliated third party, together with its own Affiliates, acquiring a majority of the voting power or economic interests of the Company).

3. **Governance; Restricted Period Consent Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that, subject to the consummation of the transactions contemplated by the Purchase Agreement and this <u>Section 3</u>, the Company Board shall take all actions necessary to appoint an individual designated by Seller, who (subject to the receipt of all required regulatory approvals under CFIUS, FOCI and any other FDI Laws as to such individual) shall initially be [\*\*\*] (the "<u>Seller Designee</u>"), as a member of the Company Board in the class of directors with a term ending in 2029, with such appointment to be effective immediately following Completion. The Seller Designee shall have the right to resign at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms of this Agreement and Seller at all times following Completion maintaining continuous beneficial ownership of at least 50% of the Consideration Shares (such ownership, the "<u>Minimum Ownership Threshold</u>"), if Seller Designee (including any Replacement Designee selected and appointed pursuant to this <u>Section 3</u>) is no longer serving on the Company Board, including in the event that the Seller Designee (or any Replacement Designee) has resigned, then Seller shall provide a list of three candidates to serve as replacement director (the "<u>Candidate List</u>") to the Company Board. The Company Board will select one individual from the Candidate List to serve as Seller Designee (a "<u>Replacement Designee</u>"), who shall also be subject to the receipt of all required regulatory approvals under CFIUS, FOCI and any other FDI Laws. For clarity, the following Consideration Shares would not be included in the numerator in determining whether Seller has continued to satisfy the Minimum Ownership Threshold: any Consideration Shares (i) transferred or distributed to an unaffiliated third party pursuant to and in accordance with <u>Section ‎1(b)(i)</u>, <u>Section</u> ‎<u>1(b)(iii)</u> or <u>Section</u> ‎<u>1(b)(v)</u>, (ii) to the extent any Consideration Shares are pledged, following foreclosure thereon pursuant to <u>Section ‎1(b)(iv)</u>, or (iii) to the extent any Consideration Shares are purportedly transferred or distributed pursuant to <u>Section 1(b)(ii)</u> or <u>Section 1(b)(vi)</u> and as to which such transferee or distribute has not signed and delivered to the Company a joinder agreement substantially in the form attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Until such time as the Minimum Ownership Threshold is no longer satisfied, the Company Board shall take all necessary action to include in the slate of nominees recommended by the Company Board for election as directors at each applicable annual or special meeting of shareholders at which the class of directors that includes the Seller Designee or Replacement Designee are to be elected, an individual designated by Seller in the manner provided in this <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Seller Designee and any Replacement Designee must (i) be qualified to serve as a member of the Company Board under all applicable policies of the Company and all applicable legal and regulatory requirements; (ii) unless waived by the Company Board in its sole discretion, meet the independence requirements with respect to the Company of the listing rules of any market or exchange on which shares of Common Stock of the Company are listed or quoted for trading and all applicable rules of the Securities and Exchange Commission; and (iii) have complied with the Company's procedures for new director candidates (including the full completion of a directors and officers questionnaire, successfully (in the reasonable determination of the Company Board) undergoing a customary background check, and participating in interviews with members of the Company Board). Upon becoming a member of the Company Board, the Replacement Designee will be deemed to be the Seller Designee for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As a condition to the appointment of Seller Designee or any Replacement Designee to the Company Board, the Seller Designee or any such Replacement Designee shall, and Seller shall cause the Seller Designee or any Replacement Designee to, submit to the Company Board an irrevocable resignation letter providing for the resignation of the Seller Designee in the event (i) Seller fails to satisfy the Minimum Ownership Threshold or (ii) the individual does not receive requisite shareholder approval following recommendation by the Company Board to the Company's shareholders to vote in favor of approving such individual. The resignation may be accepted at the discretion of the Company Board. Seller shall promptly (and in any event within five Business Days (as defined below)) inform the Company in writing if Seller fails to satisfy the Minimum Ownership Threshold at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the terms of this Agreement and Seller having ownership of the Minimum Ownership Threshold, the Company agrees to take, or cause to be taken, at any time and from time to time, all actions necessary so that Seller Designee or any Replacement Designee, if requested by Seller, will serve as a member of each of the Nominating and Corporate Governance Committee, the Audit and Finance Committee, and the Human Resources and Compensation Committee (collectively, the "<u>NYSE Standing Board Committees</u>") (subject to the independence requirements under applicable standards of the Securities and Exchange Commission ("<u>SEC</u>") or New York Stock Exchange ("<u>NYSE</u>") standards). **[**The Company represents and warrants that, as of the date hereof, the Company Board (including the Nominating and Corporate Governance Committee) has received all requested information from [\*\*\*], and has evaluated and confirmed that [\*\*\*] satisfies the independence requirements and any other eligibility requirements under applicable SEC and NYSE standards for purposes of serving on each of the NYSE Standing Board Committees.**]<sup>1</sup>** With respect to any Replacement Designee, the Company and the Company Board, including the Nominating and Corporate Governance Committee, shall act in good faith and consistent with the Company's nominating and governance practices (consistently applied) in evaluating the independence of any such Replacement Designee under applicable SEC and NYSE standards. In addition, the Company agrees to take all actions necessary so that Seller Designee or any Replacement Designee, if requested by Seller Designee or any Replacement Designee, will serve as a member of the Executive Committee of the Company Board (the "<u>Executive Committee</u>") and, absent any material conflict of interest as reasonably determined in good faith by the Company Board in consultation with legal counsel, any special committee of the Company Board. The Seller Designee and any Replacement Designee shall agree to hold in confidence all information received in their capacity as a member of the Company Board and any committee thereof; *provided*, that the Company reserves the right to withhold any information and to exclude such individual from any meeting or portion thereof if the portion as to which such individual is excluded relates primarily to subject matter in which Seller or Seller Designee or any Replacement Designee has a conflict of interest as reasonably determined by the Company Board in consultation with legal counsel. Seller Designee or any Replacement Designee shall be permitted to share information with Seller pursuant to a customary nondisclosure agreement between the Company and Seller, including, without limitation, appropriate protections necessary to preserve the attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Restricted Period Consent Rights</u>. During the Restricted Period, for so long as Seller satisfies the Minimum Ownership Threshold, without the prior written consent of Seller (not to be unreasonably withheld, conditioned or delayed), the Company shall not, and shall not permit its subsidiaries to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) effect any fundamental change in the nature of the business conducted by the Company and its subsidiaries,
taken as a whole, including by entering into any line of business that is not reasonably related or ancillary to the business of the Company
and its subsidiaries as conducted on the date hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effect any amendment or modification to the Company's bylaws that would disproportionately and materially
adversely affect Seller's rights under this Agreement or in its capacity as a shareholder relative to other holders of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Seller (or any Affiliate that has accepted the assignment of Seller's rights pursuant to and in compliance with the second sentence of <u>Section 9</u> below) shall be appointed, authorized and empowered to act, as the sole and exclusive representative, agent and attorney-in-fact to act on behalf of each Permitted Transferee and recipient of a Seller Equity Distribution in exercising the rights of Seller in this <u>Section 3</u>, and each Party joining in this Agreement pursuant to <u>Section 1(b)(ii)</u> and <u>Section 1(b)(vi)</u> shall be deemed to have expressly acknowledged and agreed to such appointment and authorization.

<sup>1</sup> Between the date of the Purchase Agreement and the Completion Date, Seller and the Company will evaluate the eligibility of [\*\*\*] (or any other initial Seller Designee, if not [\*\*\*]) for each of the NYSE Board Committees. If the Company Board concludes he meets these requirements, the bracketed representation will be included.

4. **Rights to Future Stock Issuances.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this <u>Section 4</u> and applicable securities laws and through such time as Seller continuously satisfies the Minimum Ownership Threshold, if the Company proposes to offer or sell any shares of Common Stock (the "<u>New Securities</u>"), the Company shall give written notice (the "<u>Offer Notice</u>") to Seller stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the structure of the proposed offering or sale. By written notification to the Company within ten (10) Business Days after the date of the Offer Notice (the "<u>Exercise Period</u>"), Seller may elect to purchase, upon the same terms and conditions as other purchasers in the offering or sale of the New Securities, up to that portion of such New Securities that would allow Seller to maintain its percentage ownership of the issued and outstanding shares of Common Stock at such time after the offering or sale of the New Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right of first offer in <u>Section 4</u> shall not be applicable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities issuable upon conversion of or with respect to any then previously-issued or outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) securities issued pursuant to arms' length bank financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares of Common Stock and/or Common Stock equivalents issued or issuable for compensatory purposes to
employees, officers, directors, contractors, vendors, advisors or consultants of the Company or any of its subsidiaries (whether or not
issued pursuant to a Company equity incentive plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) securities issued as a dividend, stock split or distribution on the Common Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any right, option or warrant to acquire any securities set forth in <u>Section</u> 4(b)(i)-(iv) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event Seller fails to exercise its right of first refusal within the Exercise Period for the entire amount of New Securities offered pursuant to <u>Section 4(a)</u> above, the Company shall have sixty (60) calendar days thereafter to sell, or to enter into an agreement to sell (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within thirty (30) calendar days from the date of such agreement), the New Securities with respect to which Seller's right of first refusal set forth in <u>Section 4(a)</u> was not exercised, at a price and upon terms no more favorable to the purchasers thereof than the price and terms specified in the Offer Notice. In the event the Company has not sold within such sixty (60) calendar day period (or has not entered into an agreement to sell the New Securities in accordance with the previous sentence and closed such offering within the thirty (30) calendar period day thereafter), the Company shall not thereafter issue or sell any New Securities without first again offering such securities to Seller in the manner provided in this <u>Section 4</u>. If Seller fails to exercise its right to purchase New Securities within the Exercise Period for the entire amount of New Securities offered pursuant to <u>Section 4(a)</u> above, but nevertheless expresses thereafter an interest in participating in such offering prior to such offering having been effected, the Company will use commercially reasonable efforts to include Seller in such offering if the Company, in its reasonable discretion, determines that the inclusion of Seller at such later time will not adversely affect the success of such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Agreement, in no event shall the Company be obligated to issue, and no holder shall be entitled to acquire, any shares of Common Stock pursuant to this Agreement to the extent that such issuance, when aggregated with all other issuances made in connection with the same transaction or series of related transactions, would require the Company to obtain shareholder approval under the rules of NYSE Listed Company Manual (including, without limitation, Section 312.03 thereof, as amended from time to time), unless and until such shareholder approval has been obtained (the "<u>NYSE Approval Limitation</u>"). If any issuance to Seller is restricted or prevented by the NYSE Approval Limitation, the rights of Seller shall be suspended with respect to the portion of shares that cannot be issued without triggering the NYSE Approval Limitation, and shall be deemed to have lapsed solely to the extent necessary to comply with such requirement, without prejudice to Seller's rights with respect to any portion of the issuance not subject to the NYSE Approval Limitation.

5. **Registration Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions**. The terms defined in this section shall, for all purposes of this Agreement, have the respective meanings set forth below:

"<u>Adverse Disclosure</u>" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or the Company Board, in each case, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, declared effective or used, as the case may be, and (iii) the Company has a bona fide business purpose for not making such information public.

"<u>Agreement</u>" shall have the meaning given in the Preamble hereto.

"<u>Business Day</u>" shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.

"<u>Commission</u>" shall mean the U.S. Securities and Exchange Commission.

"<u>Common Stock</u>" shall have the meaning given in the Recitals hereto.

"<u>Company</u>" shall have the meaning given in the Preamble hereto and includes the Company's successors by recapitalization, merger, consolidation, spin-off, reorganization or similar transaction.

"<u>Completion</u>" shall have the meaning given in the Purchase Agreement.

"<u>Completion Date</u>" shall have the meaning given in the Purchase Agreement.

"<u>Demanding Holder</u>" shall have the meaning given in <u>Section 5(b)(iii)</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

"<u>Form S-3 Shelf</u>" shall have the meaning given in <u>Section 5(b)(i)</u>.

"<u>Holder</u>" shall have the meaning given in the Preamble, *provided* that, for purposes of this <u>Section 5</u>, the terms Holders, Requesting Holders or Demanding Holders are sometimes used in anticipation of Permitted Transferees joining in this Agreement.

"<u>Holder Information</u>" shall have the meaning given in <u>Section 5(l)(ii)</u>.

"<u>Maximum Number of Securities</u>" shall have the meaning given in <u>Section 5(b)(iv)</u>.

"<u>Minimum Takedown Threshold</u>" shall have the meaning given in <u>Section 5(b)(iii)</u>.

"<u>Misstatement</u>" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading.

"<u>Person</u>" shall mean an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership), limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.

"<u>Piggyback Registration</u>" shall have the meaning given in <u>Section 5(c)(i)</u>.

"<u>Prospectus</u>" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

"<u>Purchase Agreement</u>" shall have the meaning given in the Recitals hereto.

"<u>Registrable Security</u>" or "<u>Registrable Securities</u>" shall mean: (i) any of the Consideration Shares; and (ii) any other equity security of the Company issued or issuable with respect to any securities referenced in clause (i) above by way of a stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; *provided, however*, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities upon the earliest to occur of the following events: (a) the date on which such security has been registered under the Securities Act and disposed of in accordance with an effective registration statement relating thereto; (b) the date on which such security has been sold pursuant to Rule 144 and the security is no longer a restricted security; and (c) the date on which all Registrable Securities owned by Seller and its Affiliates constitute less than 5% of all outstanding shares of Common Stock and may be resold without volume or other restrictions in a single day pursuant to Rule 144.

"<u>Registration</u>" shall mean a registration, including related Shelf Takedowns, effected by preparing and filing a Registration Statement, Prospectus or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

"<u>Registration Expenses</u>" shall mean the documented, out-of-pocket expenses of a Registration, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc. and any national securities exchange on which the Common Stock are then listed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) printing, messenger, telephone and delivery expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reasonable fees and disbursements of counsel for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders in an Underwritten Offering, *provided, however*, that such reimbursable fees and expenses of counsel shall not exceed $50,000.

"<u>Registration Statement</u>" shall mean any registration statement that covers Registrable Securities pursuant to the provisions of this Agreement, including any Shelf, and in each case, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

"<u>Requesting Holders</u>" shall have the meaning given in <u>Section 5(b)(iv)</u>.

"<u>Rule 144</u>" shall mean Rule 144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended from time to time.

"<u>Shelf</u>" shall mean the Form S-3 Shelf, or any Subsequent Shelf Registration, as the case may be.

"<u>Shelf Registration</u>" shall mean a registration of the offer and sale of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the Commission.

"<u>Shelf Takedown</u>" shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.

"<u>Subsequent Shelf Registration</u>" shall have the meaning given in <u>Section 5(b)(ii)</u>.

"<u>Total Limit</u>" shall mean three (3) Underwritten Offerings.

"<u>Transfer</u>" shall mean the (i) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).

"<u>Transfer Agent</u>" shall have the meaning given in <u>Section</u> 5(e).

"<u>Underwriter</u>" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's market-making activities.

"<u>Underwritten Lock-Up Period</u>" shall have the meaning given in <u>Section 5(d)</u>.

"<u>Underwritten Offering</u>" shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

"<u>Underwritten Shelf Takedown</u>" shall have the meaning given in <u>Section 5(b)(iii)</u>.

"<u>Withdrawal Notice</u>" shall have the meaning given in <u>Section 5(b)(v)</u>.

"<u>Yearly Limit</u>" shall have the meaning given in <u>Section 5(b)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Shelf Registration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Filing</u>. The Company shall, subject to <u>Section 5(i)</u>, use its commercially reasonable
efforts to prepare and file a Registration Statement for a Shelf Registration on such form as it is then currently able to use (which
shall be Form S-3ASR if the Company is then able to use such form) (the " <u>Form S-3 Shelf</u> "), in each case,
covering the resale of all Registrable Securities (determined as of two (2) Business Days prior to such submission or filing) on
a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf declared effective as promptly as practicable
after the filing thereof. The Company shall use reasonable best efforts to cause the Shelf Registration (if not an automatic shelf registration
statement) to be declared effective by the SEC on the date that is six (6) months following the Completion Date or as promptly thereafter
as practicable, it being understood that an automatic shelf registration statement shall become automatically effective upon filing with
the SEC and accordingly the Company may file a Form S-3ASR on the date that is six (6) months after the Completion Date if the
Company determines in good faith will then be eligible to use Form S-3ASR. Such Shelf shall provide for the resale of the Registrable
Securities included therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named
therein. Subject to <u>Section</u> 5(i), the Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare
and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf
continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included therein and
in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Subsequent Shelf Registration</u>. If any Shelf ceases to be effective under the Securities Act for
any reason at any time while Registrable Securities are still outstanding, the Company shall, subject to <u>Section 5(i)</u>, use
its commercially reasonable efforts to, as promptly as is reasonably practicable, cause such Shelf to again become effective under the
Securities Act (including using its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness
of such Shelf), and shall use its commercially reasonable efforts to, as promptly as is reasonably practicable, amend such Shelf in a
manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf or file an additional registration
statement as a Shelf Registration (a " <u>Subsequent Shelf Registration</u> ") registering the resale of all Registrable Securities
under such Shelf (determined as of two (2) Business Days prior to such filing), and pursuant to any method or combination of methods
legally available to, and requested by, any Holder named therein. If a Subsequent Shelf Registration is filed, the Company shall use its
commercially reasonable efforts to (A) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly
as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an automatic shelf
registration statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer
(as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (B) keep
such Subsequent Shelf Registration continuously effective, available for use to permit the Holders named therein to sell their Registrable
Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that the Company is eligible to use such form.
Otherwise, such Subsequent Shelf Registration shall be on another appropriate form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Requests for Underwritten Shelf Takedowns</u>. Subject to <u>Section 5(i)</u>, at any time and
from time to time when an effective Shelf is on file with the Commission, any Holder beneficially owning a majority of the Registrable
Securities (a " <u>Demanding Holder</u> ") may request to sell all or any portion of its Registrable Securities in an Underwritten
Offering or other coordinated offering that is registered pursuant to the Shelf (each, an " <u>Underwritten Shelf Takedown</u> "); *provided*, that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable
Securities proposed to be sold by the Demanding Holder, either individually or together with other Demanding Holders, with total gross
proceeds of, in the aggregate, at least $25 million based on the closing price for the Company's Common Stock the day prior to the
request (the " <u>Minimum Takedown Threshold</u> "). All requests for Underwritten Shelf Takedowns shall be made by giving written
notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf
Takedown. The initial Demanding Holder shall have the right to select the Underwriters for such offering (which shall consist of one or
more reputable nationally recognized investment banks), subject to the Company's prior approval (which approval shall not be unreasonably
withheld, conditioned or delayed). The Holders may demand Underwritten Shelf Takedowns pursuant to this <u>Section 5(b)(iii)</u> not
more than one (1) time in any 12-month period (the " <u>Yearly Limit</u> "). Notwithstanding anything to the contrary in
this Agreement, the Company may effect any Underwritten Offering pursuant to any then-effective Registration Statement, including a Form S-3,
that is then available for such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reduction of Underwritten Offering</u>. If the managing Underwriter or Underwriters in an Underwritten
Shelf Takedown, in good faith, advise the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this
Agreement with respect to such Underwritten Shelf Takedown (the " <u>Requesting Holders</u> ") (if any) in writing that the
dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken
together with all other shares of Common Stock or other equity securities that the Company desires to sell all other shares of Common
Stock or other equity securities, if any, that have been requested to be sold in such Underwritten Offering pursuant to separate written
contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum
number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such
securities, as applicable, the " <u>Maximum Number of Securities</u> "), then the Company shall include in such Underwritten
Offering, before including any shares of Common Stock or other equity securities proposed to be sold by the Company or by other holders
of Common Stock or other equity securities, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (*pro rata*, as nearly as possible, based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder
(if any) has requested be included in such Underwritten Shelf Takedown and the aggregate number of Registrable Securities that the Demanding
Holders and Requesting Holders have requested be included in such Underwritten Shelf Takedown that can be sold without exceeding the Maximum
Number of Securities). To facilitate the allocation of Registrable Securities in accordance with the above provisions, the Company or
the Underwriters may round the number of shares allocated to any Holder to the nearest ten (10) Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Underwritten Shelf Takedown Withdrawal</u>. Prior to the filing of the applicable "red herring"
prospectus or prospectus supplement used for marketing such Underwritten Shelf Takedown, a majority in interest of the Demanding Holders
initiating an Underwritten Shelf Takedown shall have the right to withdraw from such Underwritten Shelf Takedown for any or no reason
whatsoever upon written notification (a " <u>Withdrawal Notice</u> ") to the Company and the Underwriter or Underwriters (if
any) of their intention to withdraw from such Underwritten Shelf Takedown; *provided*, that any other Demanding Holder(s) may
elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied by the Registrable
Securities proposed to be sold in the Underwritten Shelf Takedown by the Demanding Holder(s). If withdrawn, a demand for an Underwritten
Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of <u>Section 5(b)(iii)</u> and
shall count toward the Yearly Limit and the Total Limit, unless either (A) the Demanding Holder(s) making the withdrawal has
not previously withdrawn any Underwritten Shelf Takedown or (B) the Demanding Holder(s) making the withdrawal reimburses the
Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there is more than one Demanding Holder,
a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities that each Demanding Holder has
requested be included in such Underwritten Shelf Takedown); *provided*, that if any other Demanding Holder(s) elects to continue
an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf Takedown shall instead
count as an Underwritten Shelf Takedown demanded by such Demanding Holder(s) for purposes of <u>Section 5(b)(iii)</u> and
shall count toward the Yearly Limit and the Total Limit. Following the receipt of any Withdrawal Notice, the Company shall promptly forward
such Withdrawal Notice to any other Requesting Holders. Notwithstanding anything to the contrary in this Agreement, the Company shall
be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under this <u>Section 5(b)(v)</u>,
other than if a Demanding Holder elects to pay such Registration Expenses pursuant to <u>clause (B)</u> of the second sentence of
this <u>Section 5(b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Piggyback Registration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Piggyback Rights</u>. If the Company or any Holder proposes to conduct a registered offering of, or
if the Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, or Company equity securities
for its own account or for the account of shareholders of the Company (or by the Company and by the securityholders of the Company including,
without limitation, an Underwritten Shelf Takedown pursuant to <u>Section</u> 5(b)(iii)), other than a Registration Statement (or
any registered offering with respect thereto) (A) filed in connection with any employee stock option or other benefit plan, (B) for
an exchange offer or offering of securities solely to the Company's existing securityholders, (C) pursuant to a Registration
Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor
rule thereto), (D) for an offering of debt that is convertible into equity securities of the Company, or (E) for a dividend
reinvestment plan, then the Company shall give written notice of such proposed offering to all of the Holders of Registrable Securities
as soon as practicable but not less than seven days before the anticipated filing date of such Registration Statement or, in the case
of an Underwritten Offering pursuant to a Shelf Registration, the applicable "red herring" prospectus or prospectus supplement
used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering,
and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such registered offering such number
of Registrable Securities as such Holders may request in writing within two (2) Business Days after transmission of such written
notice (such Registration, a " <u>Piggyback Registration</u> "). Subject to <u>Section 5(c)(ii)</u>, the Company shall,
in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities
requested by the Holders pursuant to this <u>Section 5(c)(i)</u> to be included therein on the same terms and conditions as
any similar securities of the Company included in such registered offering and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder's Registrable Securities
in a Piggyback Registration shall be subject to such Holder's agreement to enter into an underwriting agreement in customary form
with the Underwriter(s) selected for such Underwritten Offering by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reduction of Piggyback Registration</u>. If the managing Underwriter or Underwriters in an Underwritten
Offering that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating
in the Piggyback Registration in writing that the dollar amount or number of shares of Common Stock or other equity securities that the
Company or the Demanding Holders desire to sell, taken together with (a) the shares of Common Stock or other equity securities, if
any, as to which Registration or a registered offering has been demanded pursuant to separate written contractual arrangements with Persons
other than the Holders of Registrable Securities hereunder (b) the Registrable Securities as to which Registration has been requested
pursuant to this <u>Section 5(c)</u>, and (c) the shares of Common Stock or other equity securities, if any, as to which Registration
or a registered offering has been requested pursuant to separate written contractual piggy-back registration rights of Persons other than
the Holders of Registrable Securities hereunder, exceeds the Maximum Number of Securities, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If the Registration or registered offering is undertaken for the Company's account, the Company
shall include in any such Registration or registered offering (I) first, the shares of Common Stock or other equity securities that
the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (II) second, to the extent that
the Maximum Number of Securities has not been reached under the foregoing <u>clause (I)</u>, the Registrable Securities of Holders exercising
their rights to register their Registrable Securities pursuant to <u>Section 5(c)(i)</u> hereof (*pro rata*, as nearly
as practicable, based on the respective number of Registrable Securities that such Holder has requested be included in such Underwritten
Offering and the aggregate number of Registrable Securities that the Holders have requested to be included in such Underwritten Offering),
which can be sold without exceeding the Maximum Number of Securities; and (III) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing <u>clauses (I)</u> and <u>(II)</u>, the shares of Common Stock or other equity securities,
if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual piggy-back registration
rights of Persons other than the Holders of Registrable Securities hereunder, which can be sold without exceeding the Maximum Number of
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the Registration or registered offering is pursuant to a request by Persons other than the Holders
of Registrable Securities, then the Company shall include in any such Registration or registered offering (I) first, the shares of
Common Stock or other equity securities, if any, of such requesting Persons, other than the Holders of Registrable Securities, which can
be sold without exceeding the Maximum Number of Securities; (II) second, to the extent that the Maximum Number of Securities has
not been reached under the foregoing <u>clause (I)</u>, the Registrable Securities of Holders exercising their rights to register their
Registrable Securities pursuant to <u>Section 5(c)(i)</u>, pro rata, as nearly as practicable, based on the respective number of
Registrable Securities that each Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable
Securities that the Holders have requested to be included in such Underwritten Offering, which can be sold without exceeding the Maximum
Number of Securities; (III) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing <u>clauses (I)</u> and <u>(II)</u>, the shares of Common Stock or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; and (IV) fourth, to the extent that the Maximum Number of Securities has not
been reached under the foregoing <u>clauses (I)</u>, <u>(II)</u> and <u>(III)</u>, the shares of Common Stock or other equity securities,
if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual piggy-back registration
rights of such Persons other than the Holder of Registrable Securities hereunder, which can be sold without exceeding the Maximum Number
of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities
pursuant to <u>Section 5(b)</u>, then the Company shall include in any such Registration or registered offering securities in the
priority set forth in <u>Section 5(b)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Piggyback Registration Withdrawal</u>. Any Holder of Registrable Securities (other than a Demanding
Holder, whose right to withdraw from an Underwritten Shelf Takedown, and related obligations, shall be governed by <u>Section 5(b)(v)</u>)
shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company
and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness
of the Registration Statement filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration
pursuant to a Shelf Registration, the filing of the applicable "red herring" prospectus or prospectus supplement with respect
to such Piggyback Registration used for marketing such transaction. The Company (whether on its own good faith determination or as the
result of a request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement
filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement.
Notwithstanding anything to the contrary in this Agreement (other than <u>Section 5(b)(v)</u>), the Company shall be responsible
for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this <u>Section 5(c)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Unlimited Piggyback Registration Rights</u>. For purposes of clarity, subject to <u>Section 5(b)(v)</u>,
any Piggyback Registration effected pursuant to <u>Section 5(c)</u> hereof shall not be counted as an Underwritten Shelf Takedown
under <u>Section 5(b)(v)</u> and shall not count toward the Yearly Limit or the Total Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Market Stand-off**. In connection with any Underwritten Offering of equity securities of the Company, if requested by the managing Underwriter, each Holder that is an executive officer or director of the Company or a Holder in excess of 5.0% of the then-outstanding Common Stock or securities convertible thereinto (and for which it is customary for such a Holder to agree to a lock-up) agrees that it shall not Transfer any shares of Common Stock or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during the seven (7) days prior to and the 90-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering (the "<u>Underwritten Lock-Up Period</u>"). Each such Holder agrees to execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all other Holders). The terms of such lock-up agreements shall be negotiated among the applicable Holders, the Company and the Underwriters and shall include customary exclusions from the restrictions on Transfer set forth therein. The Company will not be obligated to undertake an Underwritten Shelf Takedown during any Underwritten Lock-Up Period binding on the Holders, nor will the Company be obligated to include in any Piggyback Registration any Registrable Securities that are then subject to a "lock-up" agreement.

In connection with any Underwritten Shelf Takedown initiated by a Holder pursuant to <u>Section 5(b)(iii)</u>, the Company agrees that it will not, without the prior written consent of the managing Underwriter, effect any public sale or distribution of shares of Common Stock or any securities convertible into or exchangeable or exercisable for shares of Common Stock (other than pursuant to registrations on Form S-4 or Form S-8 or any successor form thereto), during the seven (7) days prior to and the 180-day period (or such shorter time as may be agreed between the Company and the managing Underwriter of such Underwritten Shelf Takedown) beginning on the date of pricing of such Underwritten Shelf Takedown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legends**. Following the expiration of the Restricted Period, in connection with any sale or other disposition of the Registrable Securities by a Holder pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) and upon compliance by the Holder with the requirements of this <u>Section 5(e)</u>, if requested by the Holder, the Company shall use its commercially reasonable efforts to instruct the transfer agent for the Registrable Securities (the "<u>Transfer Agent</u>") to remove any restrictive legends related to the book entry account holding such Registrable Securities (if the requirements of Rule 144 have been met) and make a new, unlegended entry for such book entry shares sold or disposed of without restrictive legends promptly after any such request therefor from the Holder; *provided*, that the Company and the Transfer Agent have timely received from the Holder customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith. Subject to receipt from the Holder by the Company and the Transfer Agent of customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith, the Holder may request that the Company remove any legend from the book entry position evidencing its Registrable Securities and the Company will, if required by the Transfer Agent, use its commercially reasonable efforts to cause its legal counsel to deliver a legal opinion, in a form reasonably acceptable to the Transfer Agent, to the effect that the removal of such restrictive legends in such circumstances may be effected under the Securities Act, following the earliest of such time as such Registrable Securities (i) are subject to or have been or are about to be sold pursuant to an effective Registration Statement (including, without limitation, the Form S-3 Shelf) or (ii) have been or are about to be sold pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission). If restrictive legends are no longer required for such Registrable Securities pursuant to the foregoing, the Company shall, in accordance with the provisions of this <u>Section 5(e)</u> promptly after any request therefor from the Holder accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for such book entry shares. The Company shall be responsible for the fees of its Transfer Agent and its legal counsel associated with such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **General Procedures**. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof (and including all manners of distribution in such Registration Statement as Holders may reasonably request in connection with the filing of such Registration Statement and as permitted by law, including distribution of Registrable Securities to a Holder's members, securityholders or partners), and pursuant thereto the Company shall, as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the Commission, as soon as reasonably practicable, a Registration Statement with
respect to such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective
and remain effective until all Registrable Securities have ceased to be Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare and file with the Commission such amendments and post-effective amendments to the Registration
Statement, and such supplements to the Prospectus, as may be reasonably requested by any Holder that holds at least five percent (5%)
of the Registrable Securities registered on such Registration Statement or any Underwriter of Registrable Securities or as may be required
by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish
without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders'
legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
(in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities
included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable
Securities owned by such Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior to any public offering of Registrable Securities, use its commercially reasonable efforts to (A) register
or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such
jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their
intended plan of distribution) may request (or provide evidence reasonably satisfactory to such Holders that the Registrable Securities
are exempt from such registration or qualification) and (B) take such action necessary to cause such Registrable Securities covered
by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of
the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders
of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such
jurisdictions; *provided, however*, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation
in any such jurisdiction where it is not then otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use commercially reasonable efforts to cause all such Registrable Securities to be listed on each national
securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide a transfer agent and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation
or threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such stop order should be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus as may be (A) necessary in order to comply with the Securities Act, the Exchange Act and the
rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (B) advisable in order to reduce
the number of days that sales are suspended pursuant to <u>Section 5(i)</u>, furnish a copy thereof to each seller of such Registrable
Securities and by means of one counsel on behalf of all such sellers (excluding any exhibits thereto and any filing made under the Exchange
Act that is to be incorporated by reference therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) notify the selling Holders at any time when a Prospectus relating to such Registration Statement is required
to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration
Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in <u>Section 5(i)</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in the event of an Underwritten Offering or sale by a broker, placement agent or sales agent that is registered
pursuant to a Registration Statement, permit a representative of the Holders (such representative to be selected by a majority of the
participating Holders), the Underwriters or other financial institutions facilitating such Underwritten Offering or other sale pursuant
to such Registration, if any, and any attorney, consultant or accountant retained by such Holders collectively, Underwriters or other
financial institutions to participate, at each such Person's own expense, in the preparation of the Registration Statement, and
cause the Company's officers, directors and employees to supply all information reasonably requested by any such representative,
Underwriter, financial institution, attorney, consultant or accountant in connection with the Registration; *provided, however*,
that such representative, Underwriters or financial institutions agree to confidentiality arrangements, in form and substance reasonably
satisfactory to the Company, prior to the release or disclosure of any such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) use commercially reasonable efforts to obtain a "comfort" letter (including a bring-down letter
dated as of the date the Registrable Securities are delivered for sale pursuant to such Registration) from the Company's independent
registered public accountants in the event of an Underwritten Offering or a sale by a broker, placement agent or sales agent pursuant
to a Registration Statement (subject to such Underwriter or other financial institution facilitating such offering providing such certification
or representation as reasonably requested by the Company's independent registered public accountings and the Company's counsel),
to the extent customary, in customary form and covering such matters of the type customarily covered by "comfort" letters
as the managing Underwriter or other similar type of sales agent or placement agent may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) use commercially reasonable efforts to obtain, in the event of an Underwritten Offering or sale by a broker,
placement agent or sales agent pursuant to a Registration Statement, to the extent customary, on the date the Registrable Securities are
delivered for sale pursuant to such Registration, obtain an opinion and negative assurance letter, dated such date, of counsel representing
the Company for the purposes of such Registration, addressed to the participating Holders, the broker, the placement agent or sales agent,
if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is
being given as the participating Holders, broker, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters, *provided*, in each case, that such participating Holders provide such
information to such counsel as is customarily required for, or is reasonably requested by such counsel for purposes of, such opinion or
negative assurance letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) in the event of any Underwritten Offering or sale by a broker, placement agent or sales agent pursuant
to a Registration Statement, enter into and perform its obligations under an underwriting agreement, purchase agreement, sales agreement
or placement agreement in usual and customary form, with the managing Underwriter or broker, sales agent or placement agent of such offering
or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) 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 satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any successor rule promulgated thereafter by the Commission);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) with respect to an Underwritten Offering pursuant to <u>Section 5(b)(iii)</u>, use its commercially
reasonable efforts to make available senior executives of the Company to participate in customary "road show" presentations
that may be reasonably requested (in light of the circumstances of the Company at the time) by the Underwriter in such Underwritten Offering;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably
be requested by the Holders participating in such Registration, consistent with the terms of this Agreement, in connection with such Registration.

Notwithstanding the foregoing, the Company shall not be required to provide any documents or information to an Underwriter or other sales agent or placement agent if such Underwriter or other sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering or other offering involving a registration as an Underwriter or broker, sales agent or placement agent, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Registration Expenses**. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters' or agents' commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of Registration Expenses, all reasonable fees and expenses of any legal counsel representing the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Requirements for Participation in Underwritten Offerings**. The Holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter or placement agent or sales agent, if any, in connection with the preparation of any Registration Statement or Prospectus, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to <u>Section 5(b) or 5(c)</u> and in connection with the Company's obligation to comply with federal and applicable state securities laws. Notwithstanding anything in this Agreement to the contrary, if any Holder does not timely provide the Company with its requested Holder Information, the Company may exclude such Holder's Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that such information is necessary to effect the registration and such Holder continues thereafter to withhold such information. No Person may participate in any Underwritten Offering or other coordinated offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any arrangements approved by the Company and (ii) timely completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting or other agreements and other customary documents as may be reasonably required under the terms of such arrangements. The exclusion of a Holder's Registrable Securities as a result of this <u>Section 5(h)</u> shall not affect the registration of the other Registrable Securities to be included in such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Suspension of Sales; Adverse Disclosure; Restrictions on Registration Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies
of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare
and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing
by the Company that the use of the Prospectus may be resumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would (A) require the Company to make an Adverse Disclosure, (B) require the inclusion in such Registration Statement
of financial statements that are unavailable to the Company for reasons beyond the Company's control or (C) in the good faith
judgment of the majority of the Company Board, be seriously detrimental to the Company, and the majority of the Company Board concludes
as a result that it is essential to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving
prompt written notice of such action to the Holders (which notice shall not specify the nature of the event giving rise to such delay
or suspension), delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of
time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under this <u>Section 5(i)(ii)</u>, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use
of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities until such Holder receives
written notice from the Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality
of such notice and its contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to <u>Section 5(i)(iv)</u>, if (A) during the period starting with the date 60 days
prior to the Company's good faith estimate of the date of the filing of, and ending on a date 120 days after the effective date
of, a Company-initiated Registration, and provided that the Company continues to actively employ, in good faith, all commercially reasonable
efforts to maintain the effectiveness of the applicable Shelf Registration, or (B) if, pursuant to <u>Section 5(i)(iv)</u>,
Holders have requested an Underwritten Shelf Takedown and the Company and such Holders are unable to obtain the commitment of underwriters
to firmly underwrite such offering, then, in each case, the Company may, upon giving prompt written notice of such action to the Holders,
delay any other registered offering pursuant to <u>Section 5(i)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement
pursuant to <u>Section 5(i)(ii)</u> or a registered offering pursuant to <u>Section 5(i)(iii)</u> shall be exercised
by the Company, in the aggregate, for not more than 60 consecutive calendar days or more than 120 total calendar days during any 12-month
period (a " <u>Blackout Period</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Reporting Obligations**. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to use commercially reasonable efforts to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Holder Information**. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this <u>Section 5</u> with respect to the Registrable Securities of any selling holder that such holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such holder's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Indemnification and Contribution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities,
its officers, directors and agents and each Person who controls such Holder (within the meaning of the Securities Act) against all losses,
claims, damages, liabilities and reasonable and documented out-of-pocket expenses (including, without limitation, reasonable outside attorneys'
fees) resulting from any untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto filed pursuant to this Agreement or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Company by such Holder
expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each Person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with any Registration Statement filed pursuant to this Agreement in which a Holder of Registrable
Securities is participating, such Holder shall furnish (or cause to be furnished) to the Company in writing such information and affidavits
as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus (the " <u>Holder Information</u> ")
and, to the extent permitted by law, shall indemnify the Company, its directors, officers and agents and each Person who controls the
Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and reasonable and documented out-of-pocket
expenses (including, without limitation, reasonable outside attorneys' fees) resulting from any untrue or alleged untrue statement
of material fact contained in or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such untrue statement is contained in (or not contained in,
in the case of an omission) any information or affidavit so furnished in writing by such Holder expressly for use therein; *provided, however*, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and
the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such
Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify
the Underwriters, their officers, directors and each Person or entity who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Person entitled to indemnification herein shall (A) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (*provided*, that the failure to give prompt notice shall not impair
any Person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party)
and (B) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than
one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect
to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter
into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party
pursuant to the terms of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of
such indemnified party or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to
such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The indemnification provided for under this Agreement shall remain in full force and effect regardless
of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified
party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering
also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the
Company's or such Holder's indemnification is unavailable for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the indemnification provided under <u>Section 5(l)</u> hereof from the indemnifying party
is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket
expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount
paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion
as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and indemnified party 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, was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied
by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's
relative intent, knowledge, access to information and opportunity to correct or prevent such action; *provided, however*, that the
liability of any Holder under this <u>Section 5(l)(v)</u> shall be limited to the amount of the net proceeds received by such
Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in <u>Sections 5(l)(i)</u>, <u>5(l)(ii)</u> and <u>5(l)(iii)</u> above, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection
with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section 5(l)(v)</u> were determined by *pro rata* allocation or by any other method of allocation, which does not take
account of the equitable considerations referred to in this <u>Section 5(l)(v)</u>. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this <u>Section 5(l)(v)</u> from
any Person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **No Inconsistent Agreements.** To the extent that the Company at any time grants registration rights to any Person that are, taken as a whole, more favorable with respect to such Person than the registration rights granted in this <u>Section 5</u> with respect to the Holders, then this Agreement shall be deemed automatically amended, without the requirement of any further action or consent of any Party, to provide the Holders with such more favorable registration rights, effective as of the date on which such more favorable registration rights are granted to such Person. The Company shall promptly notify the Holders in writing of any such grant, describing in reasonable detail the registration rights granted to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Term***.* This <u>Section 5</u> shall terminate with respect to a Holder on the date that such Holder no longer holds any Registrable Securities. The provisions of <u>Section 5(l)</u> shall survive any termination.

6. **Information Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to provide to Seller, upon written request made (x) through the Seller Designee or any Replacement Designee (for so long as a Seller Designee or Replacement Designee is then serving on the Company Board) or (y) directly to the Company's Chief Executive Officer (or other designee appointed by the Company for such requests) (if no Seller Designee or Replacement Designee is then serving on the Company Board), in each case, in accordance with <u>Section 6(b)</u>, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company's annual audited financial statements (to the extent that the Company has not filed
such with the Securities and Exchange Commission via the Commission's EDGAR system (or any successor thereto));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company's unaudited quarterly financial statements (to the extent that the Company has not filed
such with the Securities and Exchange Commission via the Commission's EDGAR system (or any successor thereto));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the annual budget and business plan for the next fiscal year, once approved by the Company Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other information or documents as may be reasonably requested by Seller in connection with monitoring
or making decisions with respect to its investment in the Company to the extent that such information or documents have been prepared
and is reasonably available at the time of the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any request by Seller for information pursuant to <u>Section 6</u> shall be made in writing and directed (x) to the Seller Designee or any Replacement Designee (for so long as a Seller Designee or Replacement Designee is then serving on the Company Board), who, to the extent the information falls within the scope of <u>Section 6(a)</u> shall bring the request to the attention of the Company Board or the Chief Executive Officer (or other designee appointed by the Company for such requests), as appropriate, or (y) if no Seller Designee or Replacement Designee is then serving on the Company Board, directly to the Company's Chief Executive Officer (or other designee appointed by the Company for such requests). As to any requests made pursuant to <u>Section 6(a)(iii)</u> and <u>(iv)</u>, the Company shall not be required pursuant to this <u>Section 6</u> to create any new information or materials that is not already prepared in the ordinary course of business by the Company and the Company may redact or withhold any portion of information or materials (i) that are expressly prohibited from being disclosed pursuant to an existing, bona fide contractual obligation owed by the Company to a third party that is not an Affiliate of the Company, or where disclosure would be materially prejudicial to the Company's legal, commercial, or regulatory interests (including, without limitation, under CFIUS, FOCI and any other FDI Laws), (ii) as to which disclosure to Seller would (A) violate applicable law, or (B) be reasonably likely to result in the loss of the attorney-client privilege between the Company and its counsel with respect thereto or (iii) primarily relates to subject matter in which Seller has, in the reasonable judgment of the Company in consultation with counsel, a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller acknowledges that the Company is a public company issuer registered with the SEC with stock traded on the NYSE. Seller, on behalf of itself and its Affiliates, hereby acknowledges that: (i) the information described in <u>Sections 3</u> and <u>6</u> of this Agreement may contain or constitute material non-public information concerning the Company and its Affiliates; and (ii) trading in the Company's securities while in possession of material non-public information or communicating that information to any other person or party who trades in such securities could subject Seller, its Affiliates or other parties to liability under the U.S. federal and state securities laws, and the rules and regulations promulgated thereunder, including Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. Seller agrees that it and its Affiliates shall not trade in the Company's securities while in possession of material non-public information until it can do so in compliance with all applicable U.S. federal and state securities and regulations and without breach of this Agreement. As a condition to receiving such information, Seller and the Company shall enter into a customary nondisclosure agreement containing, among other things, appropriate protections necessary to preserve the attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights granted under this <u>Section 6</u> shall terminate and cease to apply immediately to the extent Seller no longer beneficially owns at least 5% of the outstanding Common Stock.

7. **Status as "Insider"**. Seller agrees that so long as the Seller Designee or any Replacement Designee is a member of the Company Board, Seller or any other Permitted Transferee, for themselves and their respective Affiliates, shall comply with the ESCO Technologies Inc. Insider Trading Policy (as amended from time to time, the "<u>Company Insider Trading Policy</u>") to the same extent as such Insider Trading Policy applies to directors of the Company, including with regard to the continuation of such obligations relating to Material Non-Public Information (as defined therein) after cessation of status as a director of the Company until such time as it has become public or is no longer material, as set forth in Section 2 thereof (and, for the avoidance of doubt, such Seller Designee or Replacement Designee shall comply with the Company Insider Trading Policy, as applicable to all other independent directors of the Company); *provided*, that the foregoing shall not restrict any Transfer of shares of Common Stock pursuant to an Underwritten Offering or Underwritten Shelf Takedown effected in accordance with <u>Section 5</u> of this Agreement and not subject to a Blackout Period; and *provided*, *further*, that the Company Insider Trading Policy shall not be deemed to limit the information rights of the Seller Designee (or any Replacement Designee) or its right to share information with the Seller or any Permitted Transferee(s) as contemplated by this Agreement.

8. **Authority**. Each of the Parties hereby represents and warrants that it has full power and authority to enter into this Agreement.

9. **Successors and Assigns**. Except as otherwise permitted herein, no Party may assign its rights and obligations under this Agreement, in whole or in part, without the prior written consent of the other Party(ies). Notwithstanding the foregoing, Seller may assign its rights under <u>Section 3</u> to an Affiliate in connection with a transfer of all or substantially all of the Consideration Shares then held by Seller to such Affiliate; *provided*, that such Affiliate agrees in writing to be bound by the terms and conditions of this Agreement and such assignment is made in accordance with the terms of <u>Section 1(d)</u>. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Parties and their respective successors and permitted assigns.

10. **Specific Performance**. The Parties hereto each agree that each Party would be irreparably harmed in the event any provision of this Agreement was not performed in accordance with the specific terms hereof or was otherwise breached or violated. Accordingly, the Parties agree that in the event of such failure to perform or breach or violation of this Agreement by a Party, the non-breaching Party shall be entitled to equitable relief, including injunctive relief and specific performance of the terms of this Agreement, without the necessity of proving the inadequacy of money damages as a remedy and without bond or other security being required, this being in addition to any other remedies which such Party may have at law or in equity. The Parties agree that, in the event of any action by the non-breaching Party for specific performance or injunctive relief, the other Party will not assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in respect of such failure to perform, or other breach or violation of the terms of this Agreement, should not be available on the grounds that money damages are adequate or any other grounds.

11. **Governing Law**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Missouri without regard to conflict-of-law principles.

12. **Jurisdiction**. The Parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Missouri and to the jurisdiction of the United States District Court for the Eastern District of Missouri for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Missouri or the United States District Court for the Eastern District of Missouri, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. Each of the Parties to this Agreement consents to personal jurisdiction for any equitable action sought in the United States District Court for the Eastern District of Missouri or any state court of Missouri having subject matter jurisdiction.

13. **Notices.** All notices, statements, instructions or other documents required to be given hereunder shall be in accordance with the notice provisions in the Purchase Agreement.

14. **Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be delivered via facsimile, electronic mail (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

15. **Amendments and Waivers**. <u>Section 5</u> of this Agreement may be amended with the written consent of the Sellers and Permitted Transferees beneficially owning a majority of the Registrable Securities and the Company and any other term of this Agreement may be amended with the written consent of Seller and the Company. No delay or failure on the part of either Party in exercising any power or right under this Agreement shall operate as a waiver of any power or right.

16. **Severability**. The provisions of this Agreement shall be deemed severable and the illegality, invalidity or unenforceability of any provision shall not affect the legality, validity or enforceability of the other provisions of this Agreement. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is held to be illegal, invalid or unenforceable, (a) a suitable and equitable provision to be negotiated by the Parties hereto, each acting reasonably and in good faith, shall be substituted therefor in order to carry out, so far as may be legal, valid and enforceable, the intent and purpose of such illegal, invalid or unenforceable provision, and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such illegality, invalidity or unenforceability, nor shall such illegality, invalidity or unenforceability affect the legality, validity or enforceability of such provision, or the application of such provision, in any other jurisdiction.

17. **Construction; Interpretation**. This Agreement has been entered into freely by each of the Parties and shall be interpreted fairly in accordance with its respective terms, without any construction in favor of or against either Party. Notwithstanding the foregoing, the Parties agree that (i) the term "including" shall mean "including, without limitation," in each instance in which such term appears herein, (ii) whenever used herein, the singular shall include the plural, the plural shall include the singular, and the use of any gender shall be applicable to all genders, (iii) the term "or" shall be construed both conjunctively and disjunctively (i.e., as "and/or") and (iv) the phrase "to the extent" shall mean the degree to which a subject or other matter extends, and such phrase shall not simply mean "if". The headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions of this Agreement.

18. **Entire Agreement**. This Agreement, the Purchase Agreement and the other documents referred to herein and therein constitute the entire agreement between the Parties pertaining to the subject matter hereof, and supersede all prior and contemporaneous agreements, negotiations, understandings, representations and warranties, whether oral or written, with respect to such matters.

[*Signature Pages Follow*]

**IN WITNESS WHEREOF**, the undersigned has executed this Agreement as of the date first written above.

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| |
|:---|
| **[TBG AG]** |
| By: |
| Name: |
| Title: |

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[*Signature Page to Shareholder Agreement*]

**IN WITNESS WHEREOF**, the undersigned has executed this Agreement as of the date first written above.

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| |
|:---|
| **ESCO TECHNOLOGIES INC.** |
| By: |
| Name: |
| Title: |

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[*Signature Page to Shareholder Agreement*]

<u>Exhibit A</u>

Form of Joinder Agreement

[Transferee Name]

[Address]

[●], 20[●]

ESCO Technologies Inc.

645 Maryville Centre Drive, Suite 300

St. Louis, MO 63141

[TBG AG]

Claridenstrasse 26

8002 Zurich

Ladies and Gentlemen:

Reference is hereby made to that certain Shareholder Agreement, dated as of [●], 2026, by and between ESCO Technologies Inc., a Missouri corporation (the "<u>Company</u>"), and [TBG AG, a Swiss stock corporation] ("<u>Seller</u>") (as the same may be amended, restated, supplemented, or otherwise modified from time to time in accordance with the terms thereof, the "<u>Shareholder Agreement</u>"). Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Shareholder Agreement.

Pursuant to Sections [1(b)(ii) OR 1(b)(vi)] and 1(d) of the Shareholder Agreement, the undersigned hereby agrees that, following the execution and delivery of this letter agreement by the undersigned, effective as of, and conditioned upon, the occurrence of the transfer, assignment or other conveyance to the undersigned of all or any Consideration Shares, the undersigned shall become a Party to the Shareholder Agreement as a Holder [and as a Permitted Transferee] for all purposes thereunder and shall be bound by, and subject to, the terms, conditions, restrictions and obligations of the Shareholder Agreement applicable to the undersigned thereunder[, and, solely in the undersigned's capacity as a recipient of such Consideration Shares, the Purchase Agreement, in each case]<sup>2</sup> in such capacity as though an original Party thereto.

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|:---|
| Very truly yours, |
| **[TRANSFEREE]** |
| By: |
| Name: |
| Title: |

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<sup>2</sup> Bracketed language to be included only for Permitted Transferees (and, for the avoidance of doubt, such bracketed language shall not be required for transfers pursuant to Section 1(b)(vi) of the Shareholder Agreement].