# EDGAR Filing Document

**Accession Number:** 0001877787
**File Stem:** 0001877787-25-000041
**Filing Date:** 2025-7
**Character Count:** 248935
**Document Hash:** 997c31a18ce5d23909bf07abac78f59d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001877787-25-000041.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001877787-25-000041

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250729

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ermenegildo Zegna N.V.
- **CENTRAL INDEX KEY:** 0001877787
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41180
- **FILM NUMBER:** 251157556

**BUSINESS ADDRESS:**
- **STREET 1:** VIA ROMA 99/100
- **CITY:** VALDILANA (BIELLA)
- **STATE:** L6
- **ZIP:** 13835
- **BUSINESS PHONE:** 003901575911

**MAIL ADDRESS:**
- **STREET 1:** VIA ROMA 99/100
- **CITY:** VALDILANA (BIELLA)
- **STATE:** L6
- **ZIP:** 13835

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ermenegildo Zegna Holditalia S.p.A.
- **DATE OF NAME CHANGE:** 20210810

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**_______________________________**

**FORM 6-K**

**_______________________________**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of July 2025**

**Commission File No. 001-41180**

**_______________________________**

**Ermenegildo Zegna N.V.**

**(Translation of Registrant's Name into English)**

**_______________________________**

**Viale Roma 99/100** 

**13835 Valdilana loc. Trivero**

**Italy**

**(Address of Principal Executive Offices)**

**_______________________________**

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ⌧Form 40-F □

The documents attached hereto as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 are hereby incorporated by reference into the registration statement on Form F-3 (No. 333-271155) of Ermenegildo Zegna N.V. and shall be a part thereof from the date on which such documents are furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

&nbsp;&nbsp;&nbsp;&nbsp;

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The following exhibits are furnished herewith:

Exhibit 99.1 Press release issued by Ermenegildo Zegna N.V., dated July 29, 2025.

Exhibit 99.2 Share Purchase and Investor Rights Agreement, by and between Ermenegildo Zegna N.V. and Venezio Investments Pte. Ltd, dated as of July 28, 2025.

Exhibit 99.3 Registration Rights Agreement, by and between Ermenegildo Zegna N.V. and Venezio Investments Pte. Ltd, dated as of July 28, 2025.

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**SIGNATURE**

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, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| Date: July 29, 2025 | ERMENEGILDO ZEGNA N.V. | ERMENEGILDO ZEGNA N.V. | ERMENEGILDO ZEGNA N.V. |
|  | By: | /s/ Gianluca Ambrogio Tagliabue | /s/ Gianluca Ambrogio Tagliabue |
|  |  | Name: | Gianluca Ambrogio Tagliabue |
|  |  | Title: | Chief Operating Officer and Chief Financial Officer |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | Press release issued by Ermenegildo Zegna N.V., dated July 29, 2025. |
| 99.2 | Share Purchase and Investor Rights Agreement, by and between Ermenegildo Zegna N.V. and Venezio Investments Pte. Ltd, dated as of July 28, 2025. |
| 99.3 | Registration Rights Agreement, by and between Ermenegildo Zegna N.V. and Venezio Investments Pte. Ltd, dated as of July 28, 2025. |

---

## Exhibit 99.1

**Exhibit 99.1**

![logoez.jpg](logoez.jpg)

**ERMENEGILDO ZEGNA GROUP ANNOUNCES PARTNERSHIP WITH TEMASEK TO SUPPORT GLOBAL GROWTH JOURNEY.** 

**THE INVESTMENT FIRM WILL HOLD A 10% STAKE IN THE ITALIAN LUXURY GROUP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ermenegildo Zegna Group and Temasek signed a share purchase and investor rights agreement under which the Italian Group will sell 14.1m in the Company's treasury shares to the Singapore-headquartered investment company at a price of $8.95 per share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Upon closing, Temasek will hold, in total, 26.8m shares, equal to 10% of Ermenegildo Zegna Group's ordinary shares outstanding, having previously acquired 12.7m shares on the market**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **At the completion of the purchase, the Ermenegildo Zegna Group will receive $126.4m in cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Nagi Hamiyeh, Head of EMEA of Temasek, is expected to become a non-executive member of the Board of Directors at its next annual General Meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The transaction affirms the strength of the Ermenegildo Zegna Group's vision and enhances its financial flexibility to support the organic growth of its current brands' portfolio** 

July 29<sup>th</sup>, 2025 – MILAN—(Business Wire)—Ermenegildo Zegna N.V. (NYSE:ZGN) (the "Company" and, together with its consolidated subsidiaries, the "Ermenegildo Zegna Group" or the "Group") and Venezio Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited ("Temasek") today announced an agreement under which the Singapore-headquartered investment company will invest in the Italian luxury Group. Temasek has agreed to purchase 14,121,062 in the Company treasury shares, at a price of $8.95 per share (the "Transaction"), in line with the volume-weighted average of ZGN shares' prices over the period from June 30 to July 25, 2025. Temasek has previously acquired 12,699,981 ordinary shares of the Company through market purchases which, together with the shares to be acquired in the Transaction, will represent a 10% stake in the Company's ordinary share capital outstanding after conclusion of the Transaction.

Ermenegildo "Gildo" Zegna, Chairman and CEO of the Ermenegildo Zegna Group, commented: "I am delighted to welcome Temasek as a strategic investor in our Group's shareholder base. Their investment is a strong endorsement of our vision and long-term growth potential, while firmly recognizing the global significance of the Italian luxury sector. With Temasek's partnership, we are even better positioned to help strengthen our organic expansion globally and to reinforce our unique role as a custodian of truly authentic brands."

Nagi Hamiyeh, Head of EMEA of Temasek commented: "Ermenegildo Zegna Group has successfully established itself in the high-end luxury segment and presents significant long-term value creation opportunities across each brand. Our investment in them underscores our ongoing commitment to support leading European businesses with strong track records and global potential. We look forward to being a thoughtful, long-term partner to the Zegna family and management team, empowering them to execute on their growth strategy and supporting their vision to elevate their iconic brands and global footprint."

Upon the closing of the Transaction, Ermenegildo Zegna Group will receive a total cash consideration of $126.4m. The Transaction will reinforce the Group's balance sheet at a time when management is well-positioned to capitalize on the strong momentum of its brands. The enhanced financial flexibility will allow the Group to carefully seize selected opportunities for accelerating the organic growth of the current brand portfolio. Temasek wealth of experience in the luxury sector and deep knowledge of the Asian market will contribute to the Ermenegildo Zegna Group growth prospects and support the expansion in key geographies where the Group's presence remains underdeveloped.

Nagi Hamiyeh, Head of EMEA of Temasek, is expected to join the Group's Board of Directors in June 2026.

The Transaction is expected to close by July 30<sup>th</sup>, 2025.

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Ermenegildo Zegna Group has been assisted by UBS AG and Sullivan & Cromwell LLP as financial advisor and legal counsel, respectively.

**<u>About Ermenegildo Zegna Group</u>**

Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a global luxury company with a leading position in the high-end menswear business. Through its three complementary brands, the Group reaches a wide range of communities and market segments across the high-end fashion industry, from ZEGNA's timeless luxury to the modern tailoring of Thom Browne, to seductive elegance with TOM FORD FASHION. The Ermenegildo Zegna Group is internationally recognized for its unique *Filiera*, owned and controlled by the Group, which is made up of the finest Italian textile producers fully integrated with unique luxury manufacturing capabilities, to ensure superior excellence, quality and innovation capacity. The Ermenegildo Zegna Group has more than 7,100 employees and recorded revenues of €1.95 billion in 2024.

**<u>About Temasek</u>**

Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$434 billion (€299b) as at 31 March 2025. Its Purpose "So Every Generation Prospers" guides it to make a difference for today's and future generations. Temasek seeks to build a resilient and forward-looking portfolio that will deliver sustainable returns over the long term. It has 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.

**<u>Contacts Ermenegildo Zegna Group</u>**

Paola Durante, Chief of External Relations

Alice Poggioli, Investor Relations Director

ir@zegna.com / corporatepress@zegna.com

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

This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group's expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek", "aspire," "goal," "outlook," "guidance," "forecast," "prospect" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; pandemics or other public health crises; international business, regulatory, social and political risks; political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East, and sanctions imposed onto Russia); the occurrence of acts of terrorism or similar events, conflicts or civil unrest; developments in Greater China and other growth and emerging markets; existing or future disputes, proceedings or litigation; future sales of our securities in the public market; our ability to maintain compliance with applicable listing standards; volatility in our share price; sanctions "trade wars"; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing and logistics facilities; risks related to the sale of our products through our direct-to-consumer channel, as well as through points of sale operated by third parties , including credit risks; our dependence on our local partners to sell our products in certain markets; fluctuations in the price or quality of, or disruptions in the availability of, raw materials; our ability to negotiate, maintain or renew our license or co-branding agreements with high end third party brands; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; our ability to protect our intellectual property rights; any malfunction or disruption in our information technology and networks, including as a result of cybercrime; any impact of a possible cybersecurity breach, the theft or unauthorized use of personal information of our customers, employees or other parties; fluctuations in currency exchange rates or interest rates; the level of competition in the industry in which we operate;

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global political conditions, economic conditions and macro events, including inflation; changes in, or failures to comply with, applicable laws and regulations, or actions taken by regulatory authorities; climate change and other environmental impacts and our ability to meet our customers' and other stakeholders' expectations on environment, social and governance matters; the enactment of tax reforms or other changes in tax laws and regulations; accidents or the occurrence of other unexpected events and any other factors, risks and uncertainties, including those described in our filings with the SEC.

Most of these factors are outside the Company's control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events, factors and developments may cause that view to change, and it is not possible to assess the impact of such event, factor or development on the Company's and the Group's business. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.

## Exhibit 99.2

**Exhibit 99.2**

**SHARE PURCHASE AND INVESTOR RIGHTS AGREEMENT** 

This **SHARE PURCHASE AND INVESTOR RIGHTS AGREEMENT** (this "<u>Agreement</u>") is entered into as of July 28, 2025, by and between Venezio Investments Pte. Ltd., a limited liability company with its registered address at 60B Orchard Road, #06-18 Tower 2, The Atrium@Orchard, Singapore 238891 ("<u>Investor</u>") and Ermenegildo Zegna N.V., a Dutch public limited liability company (*naamloze vennootschap*) (the "<u>Company</u>", and each of the Company and Investor, a "<u>Party</u>" and collectively, the "<u>Parties</u>").

**WHEREAS**, through a series of open market purchases up to the date of this Agreement, Investor and/or its Affiliates have acquired 12,699,981 ordinary shares of the Company, with a nominal value of €0.02 each (the "<u>Shares</u>", and such shares so acquired, the "<u>Prior Shares</u>");

**WHEREAS**, Investor desires to purchase and accept from the Company 14,121,062 Shares that are currently held in treasury by the Company (such Shares to be so purchased, the "<u>Acquired Shares</u>") for the Purchase Price (as defined below), and the Company desires to sell and transfer the Acquired Shares to Investor in a private placement in consideration of the representations, warranties and covenants of Investor set forth herein and the payment of the Purchase Price by Investor to the Company in accordance with <u>Section 3 (</u>*<u>Closing</u>*<u>)</u> herein (such transaction, the "<u>Transaction</u>");

**WHEREAS**, concurrently with this Agreement, the Parties are entering into a registration rights agreement (the "<u>Registration Rights Agreement</u>"); and

**WHEREAS**, the Parties wish to enter into this Agreement for the consummation of the Transaction and in order to agree on certain arrangements relating to the governance of the Company as well as to manage the relationship between the Company and Investor as a shareholder of the Company, all in accordance with applicable laws and regulations.

**NOW, THEREFORE**, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the Parties hereto hereby agree as follows:

<u>Section 1.</u><u>Definitions.</u> 

&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)For the purposes of this Agreement, except as otherwise specifically provided herein, the following terms have the following meanings:

"<u>Acquired Shares</u>" shall have the meaning assigned to such term in the Recitals.

"<u>Affiliate</u>" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person; provided that the Company, its Subsidiaries and any of the Company's other controlled Affiliates shall not be deemed an Affiliate of Investor for purposes of this definition; and provided further that, in respect of the Investor, the term shall mean Temasek Holdings (Private) Limited ("<u>THPL</u>") and THPL's direct or indirect wholly owned subsidiaries whose boards of directors or

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equivalent governing bodies comprise employees or nominees of (i) THPL, (ii) Temasek Pte Ltd ("<u>TPL</u>"); and/or (iii) wholly owned subsidiaries of TPL. For the purpose of this definition, the term "control" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with"), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

"<u>Agreement</u>" shall have the meaning assigned to such term in the Preamble.

"<u>Alternative Exchange</u>" shall have the meaning assigned to such term in <u>Section 6(d)</u>.

"<u>Anti-Money Laundering Laws</u>" shall have the meaning assigned to such term in <u>Section 4(t)</u>.

"<u>Articles of Association</u>" shall mean the Articles of Association of the Company, as amended from time to time.

"<u>Board</u>" shall mean the board of directors of the Company.

"<u>Business Day</u>" shall mean a day other than a Saturday, Sunday or other day on which commercial banks in either New York, New York, USA or Milan, Italy are authorized or required by law to close.

"<u>Closing</u>" shall have the meaning assigned to such term under <u>Section 3(a)</u>.

"<u>Closing Date</u>" shall have the meaning assigned to such term under <u>Section 3(a)</u>.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended.

"<u>Company</u>" shall have the meaning assigned to such term in the Preamble.

"<u>Company Securities</u>" shall mean (i) the Shares, (ii) securities convertible into or exchangeable for Shares, (iii) any other equity or equity-linked security issued by the Company and (iv) options, warrants or other rights to acquire Shares or any other equity or equity-linked security issued by the Company.

"<u>Company Material Adverse Effect</u>" shall have the meaning assigned to such term under <u>Section 4(d)(i)</u>.

"<u>Confidential Information</u>" shall mean any information (in any form) relating to the Company or its Affiliates, that the Company or its Representatives made available to any Receiving Party or its respective Representatives on or after the execution of this Agreement, together with any written or electronic materials prepared by or on behalf of Investor or its Representatives containing or based in whole or in part upon or generated from such information. Without limiting the generality of the foregoing, Confidential Information shall include any information, data or know-how which relates to the business of the

&nbsp;&nbsp;&nbsp;&nbsp;-2-

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Company, including information related to any business, governance or financial information, condition (financial or other), operations, assets, liabilities, results of operations, cash flows or prospects, forecasts, customer and vendor lists, business plans, or personnel, marketing or sales information, investors, employees, business and contractual relationships and any other non-public information of the Company (whether prepared by the Company, its advisors or otherwise). Confidential Information does not include information that: (a) at the time of disclosure to the Receiving Parties or their respective Representatives is or thereafter becomes generally available to the public other than as a result of a breach of the terms of this Agreement (or of the Confidentiality Agreement) by Investor or conduct of any of the other Receiving Parties or their or Investor's Representatives that violates the terms of this Agreement or the Confidentiality Agreement applicable to such persons; (b) is or has previously been disclosed to the Receiving Parties or their respective Representatives on a non-confidential basis by a source other than the Company or its Representatives, provided that such source did not breach an obligation of confidentiality to the Company that was known by Investor or should have been known by Investor having made reasonable enquiries; or (c) was independently developed by the Receiving Parties or their respective Representatives without use of or reference to the Confidential Information.

"<u>Confidentiality Agreement</u>" shall mean the Confidentiality Agreement dated July 3, 2025 by and between the Company and Temasek Capital Management Pte. Ltd.

"<u>Contract</u>" shall mean any written agreement, undertaking, lease, license, contract, note, mortgage, indenture, arrangement or other written obligation.

"<u>Cut-Off Date</u>" shall have the meaning assigned to such term in <u>Section 8(e)(ii)</u>.

"<u>Deed of Transfer</u>" shall have the meaning assigned to such term in <u>Section 3(b)(ii)</u>.

"<u>Election Notice</u>" shall have the meaning assigned to such term in <u>Section 8(e)(ii)</u>.

"<u>Environmental Laws</u>" shall have the meaning assigned to such term in <u>Section 4(p)</u>.

"<u>Exchange Act</u>" shall mean the U.S. Securities Exchange Act of 1934, as amended.

"<u>General Meeting</u>" shall mean the Company's general meeting of shareholders.

"<u>Governmental Entity</u>" shall mean any national, federal, state, supranational, municipal or local government (including any (x) government, governmental or quasi-governmental entity, commission, board, department, bureau, official, minister, regulatory or administrative authority or agency, (y) court, tribunal, arbitrator or judicial or other body exercising, or entitled to exercise, any executive, legislative, regulatory or administrative functions under applicable law, and (z) stock exchange or similar self-regulatory organization

&nbsp;&nbsp;&nbsp;&nbsp;-3-

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exercising any regulatory, taxing or other governmental or quasi-governmental authority) and any subdivision, jurisdiction, administrative agency, commission or other authority thereof.

"<u>IFRS</u>" shall have the meaning assigned to such term in <u>Section 4(k)(ii)</u>.

"<u>Investor</u>" shall have the meaning assigned to such term in the Preamble.

"<u>Investor Nominee</u>" shall have the meaning assigned to such term in <u>Section 8(b)(i)</u>.

"<u>Investor Shares</u>" shall mean the Prior Shares and the Acquired Shares, collectively (including any Shares issued to the Investor with respect to the Investor Shares by way of a share dividend, subdivision, reclassification, reorganization, recapitalization, split, combination, exchange of shares, merger or any similar event).

"<u>Lien</u>" shall mean any lien, charge, pledge, mortgage, easement, hypothecation, usufruct, deed of trust, security interest, claim or other encumbrance, other than, in each case, restrictions on transfer arising solely under applicable federal and state securities laws.

"<u>Lock-Up Period</u>" shall mean the period beginning on the Closing Date and ending thirty-six (36) months after the Closing Date.

"<u>Market Disruption Event</u>" shall mean, with respect to any date, (i) the failure by NYSE or, if the Shares are not then listed on the NYSE, the principal U.S. national or regional securities exchange on which the Shares are then listed, or, if the Shares are not then listed on a U.S. national or regional securities exchange, the principal other market on which the Shares are then traded, to open for trading during its regular trading session on such date; or (ii) the occurrence or existence, for more than two consecutive hours of trading or during the one-half hour period before the close of trading in that market, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Shares or in any options contracts, warrants or futures contracts relating to the Shares.

"<u>Minimum Holding Requirement</u>" shall mean the Investor having beneficial ownership (as such term is defined in Rule 13d-3 under the Exchange Act), at any given time, of at least 7.5% (after any reduction to give effect to any hedging positions and arrangements that effectively transfer Investor's economic interest in the Company to a third party (e.g., forward sale contracts), as determined by the Board in good faith) of the total Shares issued and outstanding at such time.

"<u>NYSE</u>" shall mean the New York Stock Exchange.

"<u>Observer</u>" shall have the meaning assigned to such term in <u>Section 8(c)(i)</u>.

"<u>OFAC</u>" shall have the meaning assigned to such term in <u>Section 4(u)</u>.

"<u>Outside Date</u>" shall have the meaning assigned to such term in <u>Section 9(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;-4-

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"<u>Party</u>" shall have the meaning assigned to such term in the Preamble.

"<u>Person</u>" shall mean an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Entity.

"<u>Prior Shares</u>" shall have the meaning assigned to such term in the Recitals.

"<u>Prohibited Investor</u>" shall have the meaning assigned to such term in <u>Section 5(h)</u>.

"<u>Proposed Transfer</u>" shall have the meaning assigned to such term in <u>Section 8(e)(i)</u>.

"<u>Proposed Transfer Notice</u>" shall have the meaning assigned to such term in <u>Section 8(e)(ii)</u>.

"<u>Purchase Price</u>" shall mean $126,383,504.90.

"<u>Receiving Parties</u>" shall have the meaning assigned to such term in <u>Section 6(a)(i)</u>.

"<u>Registration Rights Agreement</u>" shall have the meaning assigned to such term in the Recitals.

"<u>Representatives</u>" shall mean, collectively, with respect to any Party, such Party's Affiliates and its and their respective officers, directors, managers, members, partners, professional advisors (including counsel, accountants, consultants and financial advisors) and employees.

"<u>Rule 144</u>" shall have the meaning assigned to such term in <u>Section 5(e)</u>.

"<u>Right Of First Offer</u>" shall have the meaning assigned to such term in <u>Section 8(e)(ii)</u>.

"<u>ROFO Exercise Period</u>" shall have the meaning assigned to such term in <u>Section 8(e)(ii)</u>.

"<u>ROFO Parties</u>" shall have the meaning assigned to such term in <u>Section 8(e)(i)</u>.

"<u>Sanctioned Jurisdiction</u>" shall have the meaning assigned to such term in <u>Section 4(u)</u>.

"<u>Sanctioned Person</u>" shall have the meaning assigned to such term in <u>Section 5(h)</u>.

"<u>Sanctions</u>" shall have the meaning assigned to such term in <u>Section 4(u)</u>.

"<u>SEC</u>" shall mean the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;-5-

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"<u>SEC Reports</u>" shall mean each of the documents filed by the Company with the SEC since January 1, 2025.

"<u>Securities Act</u>" shall mean the U.S. Securities Act of 1933, as amended.

"<u>Shares</u>" shall have the meaning assigned to such term in the Recitals.

"<u>Shareholder Designee</u>" shall have the meaning assigned to such term in <u>Section 8(e)(ii).</u>

"<u>Strategic Investors</u>" shall mean certain strategic investors as identified by the Company from time to time in good faith. As of the date of this Agreement, these include: Monterubello s.s., Mr. Ermenegildo Zegna di Monte Rubello, Strategic Holding Group S.à.r.l. and Investor.

"<u>Subject Shares</u>" shall have the meaning assigned to such term in <u>Section 8(e)(i)</u>.

"<u>Subsidiary</u>" shall mean each of the Company's "significant subsidiaries" as defined in Rule 1.02 of Regulation S-X promulgated under the Securities Act.

"<u>Tax</u>" or "<u>Taxes</u>" shall mean any and all taxes, levies, fees, imposts, duties and charges of whatever kind and wheresoever imposed (including any interest, penalties or additions to the tax imposed in connection therewith or with respect thereto) imposed by any Governmental Entity, including, without limitation, taxes imposed on, or measured by, income, franchise, profits or gross receipts, and any ad valorem, value added, sales, use, service, real or personal property, capital stock, license, payroll, withholding, employment, social security, workers' compensation, unemployment compensation, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes and customs or duties.

"<u>Termination Events</u>" shall have the meaning assigned to such term in <u>Section 9(a)</u>.

"<u>THPL</u>" shall have the meaning assigned to such term in the definition of "Affiliate".

"<u>TPL</u>" shall have the meaning assigned to such term in the definition of "Affiliate".

"<u>Trading Day</u>" shall mean a day on which (i) there is no Market Disruption Event; and (ii) trading in the Shares generally occurs on the NYSE or, if the Shares are not then listed on the NYSE, the principal U.S. national or regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Shares are then traded.

"<u>Transaction</u>" shall have the meaning assigned to such term in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;-6-

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"<u>Transfer</u>" shall mean to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any interest owned by a Person or any interest (including a beneficial interest or an economic entitlement) in, or the ownership, control or possession of, any interest owned by a Person, including, for the avoidance of doubt, by way of any hedging positions and arrangements that effectively transfer Investor's economic interest in any Investor Shares to a third party (e.g., forward sale contracts).

&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)The headings in this Agreement are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to affect or form part of any of the provisions of this Agreement. All references to Sections are to Sections of this Agreement unless otherwise specified.

&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)Unless otherwise specified in this Agreement or if the context otherwise requires, for purposes of this Agreement: (i) words importing one gender shall include all other genders and *vice versa*; (ii) whenever the words "includes" or "including" are used, they shall be deemed to be followed by the words "without limitation;" (iii) the words "hereof," "herein," "hereunder" and similar terms shall refer to this Agreement as a whole; and (iv) the word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply "if".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Unless otherwise specified in this Agreement or the context otherwise requires, all references to any (i) statute in this Agreement include the rules and regulations promulgated thereunder, (ii) laws and regulations in this Agreement shall be a reference to such laws and regulations as amended, re-enacted, supplemented, consolidated or replaced as of the applicable date or during the applicable period of time, and (iii) agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No Party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly for or against either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If any action under this Agreement is required to be done or taken on a day that is not a Business Day, then such action shall be required to be done or taken not on such day but on the first succeeding Business Day thereafter

<u>Section 2.</u><u>Sale and Transfer</u>. Subject to the terms and conditions of this Agreement, and in reliance on the representations, warranties and covenants contained herein, at the Closing, Investor agrees to purchase and accept from the Company, and the Company agrees to sell and transfer to Investor, the Acquired Shares for a cash amount equal to the Purchase Price.

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<u>Section 3.</u><u>Closing</u>.

&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)<u>Closing Date</u>. Subject to the terms and conditions of this Agreement, the closing of the purchase, sale and transfer of the Acquired Shares provided for in this Agreement (the "<u>Closing</u>") shall take place remotely by exchange of documents and signatures (or their electronic counterparts) on the first (1st) Business Day following the satisfaction or, to the extent permitted by applicable law, waiver of the last condition in <u>Section 7 (</u>*<u>Conditions</u>*<u>)</u> to be satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permitted by applicable law, waiver of those conditions) (such date, the "<u>Closing Date</u>").

&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)<u>Company Closing Deliverables</u>. Subject to the terms and conditions of this Agreement, the Company shall deliver (or cause to be delivered) to Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)at the Closing, a certificate, dated as of the Closing Date, signed by an appropriate officer of the Company, as contemplated by <u>Section 7(c) (</u>*<u>Conditions to Obligations of Investor</u>*<u>)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the Closing and subject to receipt by the Company from the Investor of the certificate referred to in <u>Section 3(c)(i)</u> and the Purchase Price, a duly signed counterpart of the private deed of transfer of shares between the Company and the Investor, pursuant to which the Company will transfer, on the Closing Date, the Acquired Shares in registered form, free and clear of any Liens (other than those agreed by the Parties in this Agreement and any Liens created, imposed or caused, directly or indirectly, by Investor) to the Investor, and the Investor will accept the same (the "<u>Deed of Transfer</u>"); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)as soon as practicable after the Closing Date, a written notice from the Company or its transfer agent evidencing the registration of the Acquired Shares in the name of Investor in the Company's shareholders register as of the Closing Date. The Investor's details for its registration as a shareholder in the Company's shareholders register shall be those included under <u>Section 10(j) (</u>*<u>Notices</u>*<u>)</u> herein.

&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)<u>Investor Closing Deliverables</u>. Subject to the terms and conditions of this Agreement, at the Closing, Investor shall deliver to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a certificate, dated as of the Closing Date, signed by an appropriate officer of Investor, as contemplated by <u>Section 7(b) (</u>*<u>Conditions to Obligations of the Company</u>*<u>)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)an amount equal to the Purchase Price by wire transfer of United States dollars in immediately available funds to an account specified by the Company, pursuant to instructions given to Investor by the Company no later than two (2) Business Days prior to the Closing Date; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)at the Closing and subject to receipt by the Investor from the Company of the certificate referred to in <u>Section 3(b)(i)</u>, a duly signed counterpart of the Deed of Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Legends on Acquired Shares</u>. Each book entry for the Acquired Shares shall contain a notation, and each certificate (if any) evidencing the Acquired Shares shall be stamped or otherwise imprinted with a legend, in substantially the following form:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE REOFFERED, SOLD, ASSIGNED, PLEDGED, ENCUMBERED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN A TRANSACTION REGISTERED UNDER OR EXEMPT FROM OR NOT SUBJECT TO SUCH REGISTRATION.

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THAT CERTAIN SHARE PURCHASE AND INVESTOR RIGHTS AGREEMENT, DATED JULY 28, 2025, BETWEEN ERMENEGILDO ZEGNA N.V. (THE "COMPANY") AND VENEZIO INVESTMENTS PTE. LTD. (THE "AGREEMENT") (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). SUBJECT TO THE EXCEPTIONS DESCRIBED IN THE AGREEMENT, THESE SHARES MAY NOT BE SOLD OR TRANSFERRED PRIOR TO [•]<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Legends on Prior Shares</u>. Upon the Company's request, Investor shall, and shall cause its Affiliates to, cooperate and take all actions necessary in order for the book entries for the Prior Shares to contain a notation, and each certificate (if any) evidencing the Prior Shares to be stamped or otherwise imprinted with a legend, in substantially the following form:

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THAT CERTAIN SHARE PURCHASE AND INVESTOR RIGHTS AGREEMENT, DATED JULY 28, 2025, BETWEEN ERMENEGILDO ZEGNA N.V. (THE "COMPANY") AND VENEZIO INVESTMENTS PTE. LTD. (THE "AGREEMENT") (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). SUBJECT TO THE EXCEPTIONS DESCRIBED IN THE AGREEMENT, THESE SHARES MAY NOT BE SOLD OR TRANSFERRED PRIOR TO [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Stop Transfer Instructions</u>. Investor and its Affiliates agree and consent to the entry of stop transfer instructions with the Company's transfer agent and registrar against the Transfer of any Investor Shares in compliance with the lock-up restrictions under <u>Section 8(a) (</u>*<u>Lock-Up</u>*<u>)</u> and to the addition of legends to the Investor Shares describing the above-mentioned restrictions.

<u>Section 4.</u><u>Company Representations and Warranties</u>. Except as set forth in any reports, forms, registration statements and other statements, certifications and

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that, in the actual legend, the blob will be replaced by the first day after the end of the 36-month lock-up.

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documents filed with or furnished to the SEC by the Company (including notes, exhibits and schedules thereto and all other information incorporated by reference and any amendments and supplements thereto) on or prior to the date hereof (but excluding, in each case, any disclosures set forth or referenced in any risk factor, forward-looking statement, quantitative and qualitative disclosures about market risk section or in any other section to the extent they are forward-looking statements or cautionary, predictive or forward-looking in nature), the Company represents and warrants to Investor as of the date of this Agreement and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date) that:

&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)<u>Due Incorporation and Valid Existence</u>. Each of the Company and its Subsidiaries has been duly formed and is validly existing under the laws of its jurisdiction of organization and is in good standing under its jurisdiction of incorporation (to the extent such concept exists in such jurisdiction), with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Agreement. Neither the Company nor any of its Subsidiaries is in violation or default of any of the provisions of its constituent documents.

&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)<u>Ownership of the Shares</u>. The Company is the sole record and beneficial owner of the Acquired Shares. The Company has good and marketable title to the Acquired Shares, free and clear of any Liens. Upon the transfer of the Shares to Investor at the Closing in accordance with this Agreement, Investor will acquire good and marketable title to the Acquired Shares, free and clear of any Liens (other than those agreed by the Parties in this Agreement and any Liens created, imposed or caused, directly or indirectly, by Investor), assuming the accuracy of the representations and warranties of Investor under this Agreement. The Acquired Shares will not be subject to any preemptive or similar rights.

&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)<u>Due Authorization</u>. This Agreement has been duly authorized, executed and delivered by the Company and, assuming that this Agreement constitutes the valid and binding obligation of Investor, this Agreement constitutes a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The execution and delivery by the Company of this Agreement and the performance by the Company of its obligations hereunder, including the sale of the Acquired Shares and the execution, delivery and compliance by the Company with all of the provisions of this Agreement and the consummation of the transactions contemplated herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien upon any of the property or assets of the Company or any of its Subsidiaries pursuant to the terms of any Contract to which the Company or any of its

&nbsp;&nbsp;&nbsp;&nbsp;-10-

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Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, properties, financial condition, tax position, tax status, prospects, shareholders' equity or results of operations of the Company and its Subsidiaries, taken as a whole (a "<u>Company Material Adverse Effect</u>") or materially affect the legal authority of the Company to timely comply in all material respects with the terms of this Agreement; (ii) result in a violation of the provisions of the organizational documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any Governmental Entity having jurisdiction over the Company or any of its Subsidiaries or any of its or their properties that would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect or materially affect the legal authority of the Company to perform in all material respects its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Neither the Company nor any of its Subsidiaries is in default or violation of any term, condition or provision of (i) its organizational documents, (ii) any Contract to which the Company or any of its Subsidiaries is now a party or by which the Company's or any of its Subsidiaries' properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any Governmental Entity having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not be reasonably expected to have, individually or in the aggregate, a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Registration</u>. Assuming the accuracy of the representations and warranties of Investor set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Acquired Shares by the Company to Investor hereunder. The Acquired Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act. The sale of the Acquired Shares hereunder does not contravene the rules and regulations of the NYSE or the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Authorized Share Capital</u>. As of the date hereof, (i) the authorized share capital of the Company consisted of 400,000,000 Shares, 200,000,000 special voting shares A, with a nominal value of €0.02 each, 50,000,000 special voting shares B, with a nominal value of €0.08 each and 15,000,000 special voting shares C, with a nominal value of €0.18 each, and (ii) there are 254,089,368 Shares and 154,981,350 special voting shares A issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>No Consents or Approvals</u>. Assuming the accuracy of the representations and warranties of Investor set forth in this Agreement, the Company is not required to obtain any consent, approval or waiver, authorization or order of, give any notice to, or make any filing or registration with, any Governmental Entity or other Person in

&nbsp;&nbsp;&nbsp;&nbsp;-11-

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connection with the execution, delivery and performance by the Company of this Agreement (including the sale and transfer of the Acquired Shares), other than (i) filings with the SEC, (ii) filings, the failure to obtain which would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect; and (iii) those required by the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>No Default</u>. The Company has not received any written communication from a Governmental Entity alleging that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Litigation</u>. There is no (i) suit, action, proceeding or arbitration before a Governmental Entity pending, or, to the Company's knowledge, threatened against the Company or any of its Subsidiaries, or (ii) judgment, decree, injunction, ruling or order of any Governmental Entity outstanding against the Company or any of its Subsidiaries, except for such matters as have not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Investment Company Act</u>. The Company is not, and immediately after receipt of payment for the Acquired Shares and consummation of the Transaction, will not be required to be registered as an "investment company" within the meaning of the U.S. Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>SEC Reports; Financial Statements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)As of the date hereof, the Company has filed all SEC Reports required to be filed with the SEC on a timely basis or has received or obtained a valid extension of such time of filing and has filed such SEC Reports prior to the expiration of any such extension. Each of the SEC Reports, as of its respective filing date, complied in all material respects with the requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable to such SEC Report, and, except to the extent that information contained in any SEC Report has been revised or superseded by a later filed SEC Report filed and publicly available prior to the date of this Agreement, 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 therein, in light of the circumstances under which they were made, not misleading. There are no outstanding or unresolved comments from the SEC staff with respect to the SEC Reports as of the date hereof. To the Company's knowledge, as of the date hereof, none of the SEC Reports are the subject of an ongoing SEC review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The consolidated financial statements and the related notes thereto of the Company and its consolidated Subsidiaries included or incorporated by reference in the SEC Reports present fairly in all material respects the financial position of the Company and its consolidated

&nbsp;&nbsp;&nbsp;&nbsp;-12-

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Subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified. Such consolidated financial statements have been prepared in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) ("<u>IFRS</u>") applied on a consistent basis throughout the periods covered thereby (other than, in the case of unaudited consolidated financial statements, for the omission of notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Title to Properties</u>. The Company and its Subsidiaries have good and marketable title to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries or (ii) could not reasonably be expected, individually or in the aggregate, to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Intellectual Property</u>. (a) The Company and its Subsidiaries own or possess the rights to use all material patents, patent rights, inventions, copyrights and related rights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks and trade names currently employed by them that are material in the context of the business of the Company and its Subsidiaries, taken as a whole, as currently conducted, and, (b) neither the Company nor any of its Subsidiaries has received any notice or claim of infringement or misappropriation of or conflict with asserted rights of others with respect to any of the foregoing, and neither the Company nor any of its Subsidiaries has received notice of, or is aware of facts that would form a reasonable basis for, any such notice or claims, which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Permits</u>. The Company and its Subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the conduct of their respective businesses, except where the failure to possess or make the same would not or could not reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course, in each case except as could not reasonably be expected, individually or in the aggregate, to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>No Labor Disputes</u>. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened, except as would not, individually or in the aggregate, have a Company Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Environmental Compliance</u>. The Company and its Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules and regulations, relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "<u>Environmental Laws</u>") and (ii) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses, except in the case of each of (i) and (ii) above, for any such failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability as would not or could not reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Taxes</u>. The Company and each Subsidiary (i) has filed with all appropriate taxing authorities, all income, profit, franchise or other Tax returns required to be filed through the date hereof, and such filings were when submitted (and remain) accurate and complete, save for any filings for which the failure to file (or the filing or an inaccurate or incomplete return) would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect; (ii) has duly and punctually paid all Tax for which it is, or has become, liable to pay and the Company and each Subsidiary are not liable to pay any penalty, surcharge, fine or interest in relation thereto, except (x) for Taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained in accordance with IFRS or (y) to the extent that any failure to pay an amount of Tax (or the incurrence of any penalty, surcharge, fine or interest) would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect; and (iii) is not currently party to and does not have any knowledge of any dispute with or investigation by any tax authority which, if determined adversely to the Company or any Subsidiary, might individually or in the aggregate reasonably be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Insurance</u>. The Company and its Subsidiaries maintain insurance against such losses and risks and in such amounts as the Company reasonably deems adequate to conduct its current business as described in the SEC Reports. Neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage as may be necessary to continue its business at a cost that would not have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)<u>No Unlawful Payments</u>. Neither the Company nor any of its Subsidiaries nor, to the Company's knowledge, any Affiliate or Representative of the Company or of any of its Subsidiaries, has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any "government official" (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper advantage relating to the Company or any of its Subsidiaries or any of their respective businesses; the Company and each of its Subsidiaries conducts their businesses in compliance in all material

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respects with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. Neither the Company nor any of its Subsidiaries will use, directly or knowingly indirectly, the proceeds of this offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Money Laundering Laws or any applicable requirements or restrictions imposed by OFAC (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Compliance with Anti-Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and, to the knowledge of the Company, have been conducted within the past five (5) years in compliance in all material respects with applicable financial recordkeeping and reporting requirements, including, to the extent applicable, those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "<u>Anti-Money Laundering Laws</u>"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)<u>No Conflicts with Sanctions Laws</u>. None of the Company or any of its Subsidiaries nor, to the Company's knowledge, any directors or officers of the Company or of any of its Subsidiaries, is currently the subject or the target of any sanctions administered or enforced by the U.S. Government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("<u>OFAC</u>") or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, or the U.K. Government (including, without limitation, the Office of Financial Sanctions Implementation) (collectively, "<u>Sanctions</u>"), nor is the Company or any of its Subsidiaries located, organized, resident or doing business in a country, region or territory that is the subject or the target of country or region-wide Sanctions, including, without limitation, the Crimea (including Sevastopol), so-called Donetsk People's Republic, and so-called Luhansk People's Republic regions of Ukraine, Cuba, Iran, and North Korea (each a "<u>Sanctioned Jurisdiction</u>"). Further, none of the Company or any of its Subsidiaries is (i) directly or indirectly controlled by or owned 50% or more in the aggregate by one or more persons or entities that is the subject or target of Sanctions; or (ii) acting on behalf of any individuals or entities operationally based or domiciled in a Sanctioned Jurisdiction, or the government of a Sanctioned Jurisdiction. The Company, each of its Subsidiaries and, to the knowledge of the Company, each of their respective directors and officers have not since April 24, 2019 engaged in, and are not now engaged in, any dealings or transactions in such relevant capacity in violation of applicable Sanctions. Neither the Company nor any of its Subsidiaries are currently planning to do business in any Sanctioned Jurisdiction, or with any person or entity that is the target of Sanctions or directly or indirectly controlled by or owned 50% or more in the aggregate by one or more persons or entities that is the subject or target of Sanctions. The Company and each of its Subsidiaries have instituted and maintain policies

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and procedures reasonably designed to promote and ensure compliance with applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Export Control Laws</u>. The Company has not in the past five (5) years violated, and is currently not in violation of, applicable export control laws and regulations, including but not limited to the Export Administration Regulations administered by the Bureau of Industry and Security, an agency of the United States Department of Commerce. The Company has instituted and maintains policies and procedures reasonably designed to promote and ensure compliance with all applicable export control laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)<u>No TID U.S. business</u>. The Company or its Subsidiaries (i) do not produce, design, test, manufacture, fabricate, or develop any critical technologies as that term is defined in 31 C.F.R. § 800.215; (ii) do not perform the functions as set forth in column 2 of appendix A to 31 C.F.R. Part 800 with respect to covered investment critical infrastructure, as that term is defined in 31 C.F.R. § 800.212; and (iii) do not maintain or collect sensitive personal data, and have no demonstrated business objective to do so in the future, as described in 31 C.F.R. § 800.241, and, therefore, neither the Company nor any of its Subsidiaries is a "TID U.S. business" as defined in 31 C.F.R. § 800.248.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Absence of Certain Changes</u>. From December 31, 2024 to the date hereof: (i) the Company and its Subsidiaries have conducted their business, in all material respects, in the ordinary course of business; (ii) the Company has not purchased any of its outstanding share capital, nor declared, paid or otherwise made any dividend or distribution of any kind on its share capital other than ordinary and customary dividends; and (iii) there has been no event, occurrence or development that has had or would reasonably be expected to have a Company Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)<u>NYSE</u>. The Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the NYSE, and there is no action pending by the Company or any other Person to terminate the registration of the Shares under the Exchange Act or to delist the Shares from the NYSE, nor has the Company received any written notification that the SEC or NYSE is currently contemplating terminating such registration or listing. The Company is in compliance in all material respects with applicable NYSE continued listing requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Manipulation of Price</u>. The Company has not taken, and, to the Company's knowledge, no Person acting on its behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Acquired Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)<u>US Tax Status</u>. The Company is organized as a Dutch public limited liability company (*naamloze vennootschap*) which is, as of the date hereof, a *per se* corporation under U.S. Treasury Regulations Section 301.7701-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ab)<u>Artificial Intelligence and Machine Learning</u>. No artificial intelligence or machine learning tools used by the Company or its Subsidiaries are trained on third-party or sensitive customer datasets, and no such tools are sold, licensed to, or developed for,

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external third parties. No software development by the Company or its Subsidiaries occurs within the United States.

<u>Section 5.</u><u>Investor Representations and Warranties</u>. Investor represents and warrants to the Company as of the date of this Agreement and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date) that:

&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)<u>Due Incorporation and Valid Existence</u>. Investor has been duly incorporated and is validly existing as a limited liability company under the laws of Singapore, in good standing under the laws of Singapore (to the extent such concept exists in such jurisdiction), with corporate or similar power and authority to conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Agreement. All of the equity interests of Investor are ultimately owned by THPL.

&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)<u>Due Authorization</u>. Investor has all requisite power and authority and has taken all action necessary in order to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by Investor, and assuming that this Agreement constitutes the valid and legally binding agreement of the Company, this Agreement constitutes a valid and legally binding obligation of Investor, enforceable against Investor in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at law or equity.

&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)<u>No Consents or Approvals</u>. No expirations of waiting periods under applicable laws are required and notices, reports or other filings are required to be made by Investor with, nor are any consents, registrations, approvals, permits or authorizations required to be obtained by Investor from, any Governmental Entity in connection with the execution, delivery and performance of this Agreement by Investor or the consummation of the Transaction, except those that the failure to make or obtain would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially impair the consummation of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No conflicts</u>. The execution, delivery and performance by Investor of this Agreement do not, and the consummation of the Transaction will not, conflict with, or result in any breach or violation of, or default (with or without notice, lapse of time or both) under, or give rise to any right of termination, loss of rights, adverse modification of provisions, cancellation or acceleration of any obligations under, or result in the creation of a Lien on any of the assets of Investor under any provision of (i) the certificate of incorporation, by-laws or comparable governing documents of Investor, (ii) any Contract binding upon Investor or (iii) assuming (solely with respect to performance of this Agreement and consummation of the Transaction) compliance with the matters referred to in <u>Section 5(c) (</u>*<u>No Consents or Approvals</u>*<u>)</u> above, any law to which Investor is subject, except, in the case of clauses (ii) and (iii) above, for any such breach, violation, default, termination, loss, adverse modification, cancellation, acceleration or creation that would not, individually or in

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the aggregate, reasonably be expected to prevent, materially delay or materially impair the consummation of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Public Offering</u>. Investor acknowledges and agrees that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Investor acknowledges and agrees that the Acquired Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Investor absent an effective registration statement or pursuant to an applicable exemption from the registration requirements of the Securities Act and subject to state securities laws and regulations and any other applicable securities laws, and that any certificates representing the Acquired Shares shall contain the restrictive legend set forth in <u>Section 3(d) (</u>*<u>Legends on Acquired Shares</u>*<u>)</u>. Investor acknowledges and agrees that the Acquired Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Acquired Shares and may be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Investor acknowledges and agrees that the Acquired Shares may not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act ("<u>Rule 144</u>") until at least six months from the Closing Date. Investor acknowledges and agrees that it has been advised to consult legal counsel and tax and accounting advisors prior to making any offer, resale, transfer, pledge or disposition of any of the Acquired Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Evaluation and Ability to Bear Risk</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Investor (i) is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act), (ii) is acquiring the Acquired Shares only for its own account and not for the account of others, and (iii) is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. Investor is not an entity formed for the specific purpose of acquiring the Acquired Shares and is an "institutional account" as defined by FINRA Rule 4512(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In making its decision to purchase the Acquired Shares, Investor represents that it has relied solely upon its own independent analysis and investigation. Investor acknowledges and agrees that Investor has received all information that Investor deems necessary in order to make an investment decision with respect to the Acquired Shares, including with respect to the Transaction. Without limiting the generality of the foregoing, Investor acknowledges that it has reviewed or had the full opportunity to review the Company's filings with the SEC. Investor acknowledges and agrees that Investor and Investor's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Investor and such Investor's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Shares, sufficient, in Investor's judgment, to enable Investor to evaluate its investment. As applicable, Investor acknowledges that certain such

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information is forward looking, and such forward looking statements were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares, including but not limited to those set forth in the Company's filings with the SEC. Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Shares, and Investor has sought such accounting, legal and tax advice as Investor has considered necessary to make an informed investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Investor represents and acknowledges that Investor, alone, or together with any professional advisor(s), has adequately analyzed and fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Investor and that Investor is able at this time and in the foreseeable future to bear the economic risk of a total loss of Investor's investment in the Company. Investor acknowledges specifically that a possibility of total loss exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Investor understands and acknowledges that no federal or state agency has passed upon or endorsed the merits of this offering of the Acquired Shares or made any findings or determination as to the fairness of an investment in the Acquired Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Investor understands and agrees that Investor is purchasing the Acquired Shares directly from the Company. Investor further acknowledges that there have been no representations, warranties, covenants and agreements made to Investor by or on behalf of the Company or any of its Affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>No Broker / Dealer</u>. Investor acknowledges that none of the Company or its representatives or any person acting on behalf of any of them acted as investment advisor, broker or dealer to Investor; neither Investor nor any of its subsidiaries, nor any of their representatives or any person acting on behalf of any of them has employed any broker, finder or investment bank or has incurred or will incur any obligation or liability for any brokerage fees, commissions or finders fees in connection with the transactions contemplated by this Agreement, except that Investor has employed Rothschild & Co. as its financial advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Sanctions</u>. Investor is not (i) a person or entity named on any sanctioned or restricted party list maintained by the United States, including OFAC and the

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U.S. Department of State, or by any Governmental Entities of any other jurisdictions in which the Company or any of its Subsidiaries do business or to whose jurisdiction any of them are otherwise subject (a "<u>Sanctioned Person</u>"), (ii) owned in the aggregate 50 percent or greater, directly or indirectly, or otherwise controlled by, or acting for or on behalf of, a Sanctioned Person, (iii) organized, incorporated, established, located, or resident in a Sanctioned Jurisdiction, (iv) a Governmental Entity of, or acting for or on behalf of a Governmental Entity of, a Sanctioned Jurisdiction or Venezuela, (v) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (vi) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (each, a "<u>Prohibited Investor</u>"). Investor represents that it maintains policies and procedures reasonably designed to ensure compliance with applicable sanctions laws and implementing rules and regulations thereof, including, without limitation, those administered by OFAC and the U.S. Department of State, which policies and procedures provide for the screening of its investors against all applicable sanctioned or restricted party lists. Investor further represents and warrants that, to its knowledge, the funds held by Investor and used to purchase the Acquired Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Sufficiency of Funds</u>. Investor has and, when required to deliver payment to the Company pursuant to <u>Section 3 (</u>*<u>Closing</u>*<u>)</u> above, will have, sufficient funds to pay the Purchase Price and consummate the purchase of the Acquired Shares pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>No Put Equivalent Positions</u>. As of the date hereof, Investor does not have, and during the thirty (30) day period immediately prior to the date hereof Investor has not entered into, any "put equivalent position" as such term is defined in Rule 16a-1 under the Exchange Act or short sale positions with respect to the securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Group</u>. Investor is not currently (and at all times through Closing will refrain from being or becoming) a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) acting for the purpose of acquiring, holding, voting or disposing of equity securities of the Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than a group consisting solely of Investor and its Affiliates.

<u>Section 6.</u><u>Covenants.</u>

&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)<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Investor agrees that Confidential Information furnished and to be furnished to it and to its Representatives has been and may in the future be made available in connection with Investor's investment in the Company. From the Closing Date until the date that is two (2) years after Investor and its Affiliates (or their respective successors and permitted assigns) (collectively, the "<u>Receiving Parties</u>") no longer own any Shares, Investor shall, and shall cause the other Receiving Parties to, keep confidential, and direct any Person to whom Confidential Information is disclosed pursuant to clause (i) below to keep confidential, the Confidential Information in accordance with this <u>Section 6(a) (</u>*<u>Confidentiality</u>*<u>)</u> and shall, and shall cause the other Receiving

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Parties to, only use such Confidential Information in connection with monitoring and managing their respective investment in the Company and with their internal compliance and audit processes, and not for any other purpose. The Receiving Parties shall not disclose any Confidential Information to any Person without the Company's prior written consent, except that Confidential Information may be disclosed (i) to the Receiving Parties' Representatives, on a need-to-know basis only, with respect to monitoring and managing the Receiving Parties' investment in the Company as well as complying with the Receiving Parties' internal compliance and audit processes, (ii) in the case of Investor Nominee, in the performance of his or her duties for and/or on behalf of the Company, (iii) to the extent the Receiving Parties or their respective Representatives are so required in connection with a judicial, regulatory, tax or administrative proceeding (by oral questions, interrogatories, requests for information or documents, subpoena, Civil Investigation Demand or similar process), provided that the Receiving Parties agree, to the extent legally permissible and reasonably practicable, to give the Company prompt prior notice of the requirement to make such disclosure, and the Receiving Parties agree to reasonably cooperate, and to direct their respective Representatives to reasonably cooperate, with the Company so that the Company may seek, at its sole cost and expense, an appropriate protective order or other remedy, and in the event that such a protective order or other remedy is not obtained, the Receiving Parties or their respective Representatives (as applicable) (x) will furnish only that portion of the Confidential Information that, on the written advice of its legal counsel (internal or external), is required by applicable law to be disclosed to avoid censure or penalty and (y) will use commercially reasonable efforts to obtain reasonable assurance that confidential treatment will be accorded to such information, or (iv) in connection with the enforcement of any right or remedy relating to this Agreement or any of the transactions contemplated hereby. Investor agrees to be responsible for any breach by the Receiving Parties and its and their respective Representatives of the applicable provisions of this <u>Section 6(a) (</u>*<u>Confidentiality</u>*<u>)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Investor is aware that securities laws in the United States and elsewhere prohibit any person who has material non-public information about a company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. Investor also understands that the Confidential Information may constitute material non-public information about the Company, and Investor is familiar with the legal prohibitions and limitations imposed upon a recipient of material non-public information by the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Company may at any time reasonably request Investor to inform the Company of how many Shares the Receiving Parties legally or

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beneficially hold. Upon such request, Investor shall inform the Company as requested in writing within three (3) Business Days.

&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)<u>No Hedging</u>. Investor agrees that, from the date of this Agreement until the Closing Date or the earlier termination of this Agreement, none of Investor or any person or entity acting on behalf of Investor or pursuant to any understanding with Investor will engage in any hedging or other transactions or arrangements (including any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or similar instrument, including equity repurchase agreements and securities lending arrangements, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale, loan, pledge or other disposition or transfer (whether by Investor or any other person), in each case, solely to the extent it has the same economic effect as a "short sale" (as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act), of any economic consequences of ownership (excluding, for the avoidance of doubt, any consequences resulting solely from foreign exchange fluctuations), in whole or in part, directly or indirectly, physically or synthetically, of any Acquired Shares, any equity securities of the Company or any instrument exchangeable for or convertible into any equity securities of the Company prior to the Closing, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of equity securities of the Company, in cash or otherwise, or to publicly disclose the intention to undertake any of the foregoing.

&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)<u>Listing</u>. The Company shall use commercially reasonable efforts to maintain the listing and trading of the Shares on the NYSE or on another internationally recognized exchange (the "<u>Alternative Exchange</u>"), and, in accordance therewith, will use reasonable best efforts to comply in all material respects with the Company's reporting, filing and other obligations under the rules and regulations of the NYSE or such other Alternative Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Removal of Legends</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Following the expiry of the Lock-Up Period, in connection with any sale, assignment, transfer or other disposition of Investor Shares by Investor or any Affiliate pursuant to Rule 144 or pursuant to any other exemption under the Securities Act such that the purchaser acquires freely tradable shares and upon compliance by the Investor with the requirements of this Agreement, if requested by the Investor by notice to the Company, the Company shall request its transfer agent to remove any restrictive legends related to the book entry account of Investor or its Affiliates holding such Shares and make a new, unlegended entry for such book entry Shares sold or disposed of without restrictive legends as soon as reasonably practicable following any such request therefor from the Investor, provided that the Company has timely received from the Investor or the relevant Affiliates customary representations and other documentation reasonably satisfactory to the Company, its legal counsel and the transfer agent in connection therewith.

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The Company shall be responsible for the fees of its transfer agent and its legal counsel associated with such legend removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Following the expiry of the Lock-Up Period, subject to receipt from the Investor or the relevant Affiliates by the Company and the transfer agent of customary representations and other documentation in a form reasonably satisfactory to the Company, its legal counsel and the transfer agent in connection therewith, upon the earliest of such time as the Investor Shares (a) have been registered under the Securities Act pursuant to an effective registration statement; (b) have been sold pursuant to Rule 144, or (c) are eligible for resale under Rule 144(b)(1) without the requirement for the Company to be in compliance with the current public information requirements under Rule 144(c)(1) (or any successor provision), the Company shall, in accordance with the provisions of this <u>Section 6(e)</u> and as soon as reasonably practicable following any request therefor from the Investor accompanied by such representations and documentation referred to above, (x) deliver to the transfer agent instructions that the transfer agent shall make a new, unlegended entry for such book entry Shares in a form reasonably acceptable to the transfer agent, and (y) cause its counsel to deliver to the transfer agent one or more opinions to the effect that the removal of such legends in such circumstances may be effected under the Securities Act if required by the transfer agent to effect the removal of the legend in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Conflicting Agreements</u>. The Company will not take any action, enter into any agreement or make any commitment that would conflict or interfere in any material respect with the Company's performance of its obligations to the Investor under this Agreement or the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Changes to U.S. Tax Status</u>. For so long as Investor satisfies the Minimum Holding Requirement, the Company shall consult Investor in good faith prior to engaging in any merger, restructuring or similar transaction, or making an election on IRS Form 8832, that in each case would cause the Company (or any successor to the Company) to be classified as anything other than a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Further Assurance</u>. At the Closing, the Parties hereto shall execute and deliver, or shall cause to be executed and delivered, such additional documents and take such additional actions as the Parties reasonably may deem to be practical and necessary to consummate the Transaction as contemplated by this Agreement.

<u>Section 7.</u><u>Conditions.</u>

&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)<u>Condition to Each Party's Obligation to Consummate the Transaction.</u> The respective obligation of each Party to consummate the Transaction is subject to the satisfaction or waiver in writing by Investor and the Company, at or prior to the Closing, of the following condition:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Orders and Litigation</u>. No Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby.

&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)<u>Conditions to Obligations of the Company</u>. The obligation of the Company to consummate the Transaction shall be subject to the satisfaction on the Closing Date, or the waiver (in writing) by the Company, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all representations and warranties of Investor contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true in all respects) as of such specified date), and consummation of the Closing shall constitute a reaffirmation by Investor of each of the representations and warranties of Investor contained in this Agreement as of the Closing Date or such specified date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of Investor required to be performed by it at or prior to the Closing Date shall have been performed in all material respects; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Company shall have received at the Closing a certificate signed on behalf of Investor by a duly authorized officer of Investor (solely in their capacity as such and not in their personal capacity, and without personal liability), as to the conditions set forth in <u>Section 7(b)(i)</u> and <u>Section 7(b)(ii)</u>.

&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)<u>Conditions to Obligations of Investor</u>. The obligation of Investor to consummate the Transaction shall be subject to the satisfaction on the Closing Date, or the waiver (in writing) by Investor, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all representations and warranties of the Company contained in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect, which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect, which representations and warranties shall be true in all respects) as of such specified date), and consummation of the Closing shall constitute a reaffirmation by the Company

&nbsp;&nbsp;&nbsp;&nbsp;-24-

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of each of the representations and warranties of the Company contained in this Agreement as of the Closing Date or such specified date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)all obligations, covenants and agreements of the Company required to be performed by it at or prior to the Closing Date shall have been performed in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Investor shall have received at the Closing a certificate signed on behalf of the Company by a duly authorized officer of the Company (solely in their capacity as such and not in their personal capacity, and without personal liability), as to the conditions set forth in <u>Section 7(c)(i)</u> and <u>Section 7(c)(ii)</u>; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)no stop order or suspension of trading shall have been imposed by the NYSE, the SEC or any other governmental or regulatory body with respect to public trading in the Shares. The Shares shall not have been suspended, as of the Closing Date, by the SEC or the NYSE from trading thereon nor shall any such suspension by the SEC or the NYSE have been threatened, as of the Closing Date, in writing by the SEC or the NYSE.

<u>Section 8.</u><u>Certain Rights and Obligations of Investor Following the Closing</u>.

&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)<u>Lock-Up</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>No Transfers of Prior Shares.</u> Investor shall, and shall cause its Affiliates, not to Transfer any of the Prior Shares or any economic entitlement therein from the date of this Agreement until the Closing Date, included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Lock-Up on Investor Shares.</u> Subject to <u>Section 8(a)(iii) (</u>*<u>Permitted Transfers</u>*<u>)</u>, Investor shall, and shall cause its Affiliates, not to Transfer any of the Investor Shares, or any economic entitlement therein, during the Lock-Up Period. For the avoidance of doubt, Investor and its Affiliates shall retain all of their respective rights as shareholders of the Company with respect to the Investor Shares during the Lock-Up Period, including the right to vote any of the Investor Shares and to receive any dividends or other distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Permitted Transfers</u>. Notwithstanding <u>Section 8(a)(ii) (</u>*<u>Lock-Up on Investor Shares</u>*<u>)</u>, subject to <u>Section 8(a)(v) (</u>*<u>Transfer Notice for Permitted Transfers</u>*<u>)</u>, Investor and its Affiliates shall be permitted to Transfer from time to time any or all of the Investor Shares to any of its Affiliates, including to a corporation, partnership, limited liability company, trust or any other business entity that is wholly owned by Investor (it being understood that any such Investor Shares shall continue to be subject to the restrictions on Transfer set forth in this Agreement and the transferee shall agree in writing to be bound thereby as provided in <u>Section 8(a)(v) (</u>*<u>Transfer Notice for Permitted Transfers</u>*<u>)</u>; provided that, such permitted transferee shall continue to be

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ultimately wholly owned by THPL at least until the expiry of the Lock-Up Period; and provided, further, that if during the Lock-Up Period such permitted transferee were to cease to be ultimately wholly owned by THPL, prior to ceasing to be so wholly owned, it shall Transfer back to Investor (or the applicable Affiliate) all of its Investor Shares, subject to compliance with this <u>Section 8(a)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Transfers After Lock-Up Expiry</u>. Following the expiration of the Lock-Up Period, the Investor Shares (or any economic entitlement therein) beneficially owned or held of record by Investor or its Affiliates may be Transferred without restrictions under this Agreement, other than the restrictions set forth in <u>Section 8(a)(v) (</u>*<u>Transfer Notice for Permitted Transfers</u>*<u>)</u>, <u>Section 8(a)(vi) (</u>*<u>Compliance with Law</u>*<u>)</u>, <u>Section 8(a)(vii) (</u>*<u>Volume Limitation on Certain Transfers</u>*<u>)</u>, <u>Section 8(a)(viii) (</u>*<u>Identity of Transferees</u>*<u>)</u> and <u>Section 8(e) (</u>*<u>Right of First Offer</u>*<u>)</u> below; it being understood that, for so long as an Investor Nominee is a member of the Board, any such Transfer shall be made in compliance with the Company's insider trading policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Transfer Notice for Permitted Transfers</u>. At least ten (10) Business Days of prior notice shall be given during the Lock-Up Period to the Company by the transferor of any Transfer of Investor Shares permitted by <u>Section 8(a)(iii) (</u>*<u>Permitted Transfers</u>*<u>)</u>. Prior to consummation of any such Transfer during the Lock-Up Period, Investor shall cause the transferee to execute and deliver to the Company a written agreement in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this <u>Section 8(a) (</u>*<u>Lock-Up</u>*<u>) and Section 6(a) (</u>*<u>Confidentiality</u>*<u>)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Compliance with Law.</u> Notwithstanding any other provision of this Agreement, Investor agrees that it and its Affiliates will not, directly or indirectly, Transfer any of their Investor Shares except as permitted under applicable law, including applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Volume Limitation on Certain Transfers.</u> After the expiry of the Lock-Up Period, for so long as Investor and its Affiliates (or their successors and permitted assigns) hold any Shares, Investor and its Affiliates shall not Transfer, individually or collectively, a number of Shares that exceeds three percent (3%) of the total Shares issued and outstanding in any twenty (20)-Trading Day period as part of any "at-the-market," continuous equity or similar offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>Identity of Transferees</u>. In connection with any Transfer or proposed Transfer by Investor or its Affiliates (individually or collectively, and taken together with any Transfers by their permitted transferees) of more than two percent (2%) of the Shares then issued and outstanding, whether in a single transaction or series of related transactions, to a single transferee (or several transferees affiliated among them), Investor shall promptly notify the

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Company of the identity of any such prospective or actual transferee to the extent it may technically know such transferee's identity.

&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)<u>Nomination Rights</u>. Subject to the terms and conditions of this Agreement, including, for the avoidance of doubt, with respect to the Minimum Holding Requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Nomination of Investor Nominee</u>. Subject to and subsequent to the Closing, for so long as Investor satisfies the Minimum Holding Requirement at the time of the notice of a General Meeting, and subject to the other terms of this <u>Section 8(b)</u>, Investor shall have the right to nominate one (1) individual to serve as non-executive director (the "<u>Investor Nominee</u>") for appointment by the General Meeting. For the avoidance of doubt, the foregoing nomination right shall first apply with respect to the annual General Meeting to be held in 2026. The Parties agree that the Investor Nominee shall initially be Mr. Nagi Hamiyeh.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Required Approval and Qualifications</u>. The nomination of the Investor Nominee (including any replacement) under this <u>Section 8(b)</u> shall be subject to such Investor Nominee's satisfaction of all criteria and qualifications for service as a non-executive director, including under applicable law and regulations, the Articles of Association, NYSE rules, the Dutch Corporate Governance Code, any corporate regulations and any other criteria established by the Board for such service, including, for the avoidance of doubt, the *Profile of the Board* included in the Board regulations, that are generally applicable to members of the Board (but, for the avoidance of doubt, not including independence or diversity criteria). In addition, the nomination of any Investor Nominee (including of any replacement thereof) shall be subject to the Board's approval in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Company Efforts</u>. The Company shall use its reasonable efforts to cause the Board to, in accordance with the Articles of Association, make a binding nomination for the appointment of the Investor Nominee as non-executive director of the Company at the next annual General Meeting scheduled by the Board after receiving Investor's proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Undertakings by Investor Nominee.</u> Subject to <u>Section 8(b)(x) (</u>*<u>Lapse of Nomination Right and Cure Period</u>*<u>)</u> below, any Investor Nominee shall undertake in writing to the Company (x) to promptly tender his or her resignation from the Board at such time at which Investor ceases to satisfy the Minimum Holding Requirement and (y) to be bound by the same code of conduct, code of ethics, confidentiality obligations and other Board policies as are approved by the Board or by the Company and applicable to the non-executive directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Term.</u> Each Investor Nominee appointed to the Board by a General Meeting shall serve for a term following the appointment of such director until the earlier of (a) the close of the first annual General Meeting

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following the appointment of such director and (b) his or her death, withdrawal by the Investor Nominee, retirement or resignation or dismissal pursuant to this Agreement, the Articles of Association or the Board regulations, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Nomination Review Process.</u> Investor shall cause the Investor Nominee to make themselves reasonably available (at a reasonable time (but not less than sixty (60) days) in advance of the expected convocation of the relevant General Meeting at which the Investor Nominee is to be appointed) for interviews and to consent to such reference and background checks or other investigations as the Board may reasonably request to determine the Investor Nominee's eligibility and qualification to serve as a non-executive director of the Company, consistent with the Board's practices with respect to director candidates generally. If an Investor Nominee does not satisfy the requirements to serve a non-executive director of the Company set forth in <u>Section 8(b)(ii) (</u>*<u>Required Approval and Qualifications</u>*<u>)</u>, and provided that Investor satisfies the Minimum Holding Requirement, then Investor shall have the right to designate an alternative Investor Nominee for appointment as non-executive director to the Board, subject to the conditions set forth in <u>Section 8(b)(ii) (</u>*<u>Required Approval and Qualifications</u>*<u>)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Replacement Investor Nominee.</u> If the term of the Investor Nominee terminates before the next annual meeting of shareholders of the Company, then at the request of Investor, provided that Investor satisfies the Minimum Holding Requirement, and in any case subject to <u>Section 8(b)(ii) (</u>*<u>Required Approval and Qualifications</u>*<u>)</u> above, such director shall be replaced by another director nominated by Investor. Subject to compliance with above <u>Section 8(b)(ii) (</u>*<u>Required Approval and Qualifications</u>*<u>)</u>, the appointment of such replacement director shall be effected as promptly as reasonably practicable following the nomination of such replacement director by Investor. If the Investor Nominee is unable to act (within the meaning of clause 8.2.9 (b) of the Articles of Association), provided that Investor satisfies the Minimum Holding Requirement at such time, the Investor may request in writing that the Board replace such Investor Nominee by a temporary replacement nominated in writing by the Investor, which nomination is subject to the approval of the Board in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>Suspension.</u> For so long as Investor satisfies the Minimum Holding Requirement, the Company shall exercise its rights and powers such that the Investor Nominee shall only be suspended if so requested in writing by Investor unless the Board reasonably determines that not suspending the Investor Nominee would be in breach of the Board's fiduciary duties. If Investor requests the suspension of the Investor Nominee, the Company shall exercise its rights and powers to give full effect to such request; provided, that at the time of such request Investor satisfies the Minimum Holding Requirement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)<u>Dismissal.</u> For so long as Investor satisfies the Minimum Holding Requirement, the Company shall exercise its rights and powers such that the Investor Nominee shall only be dismissed if so requested in writing by Investor or in the case of fraud or willful misconduct in the performance of the Investor Nominee's office as non-executive director of the Company. If Investor requests the dismissal and/or replacement of the Investor Nominee, the Company shall exercise its rights and powers to give full effect to such request; provided, that at the time of such request Investor satisfies the Minimum Holding Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Lapse of Nomination Right and Cure Period.</u> The nomination right of Investor referred to in <u>Section 8(b)(i) (</u>*<u>Nomination of Investor Nominee</u>*<u>)</u> and <u>Section 8(b)(iii) (</u>*<u>Company Efforts</u>*<u>)</u>, the limitation on the ability to suspend the Investor Nominee set forth in <u>Section 8(b)(viii) (</u>*<u>Suspension</u>*<u>)</u>, and the limitation on the ability to dismiss the Investor Nominee set forth in <u>Section 8(b)(ix) (</u>*<u>Dismissal</u>*<u>)</u> shall lapse with immediate effect if Investor fails to satisfy the Minimum Holding Requirement and such failure continues for a period of twenty (20) Trading Days from the date on which Investor had, or could have had, knowledge of such failure; provided, that this cure period of twenty (20) Trading Days will be available to Investor only if the failure of the Minimum Holding Requirement was not caused in whole or in part by any direct or indirect sale or Transfer of Shares by Investor. Except for such limited ability to cure set forth in the proviso, the lapse of Investor's nomination rights provided for in the last sentence shall be definitive even if Investor were to satisfy the Minimum Holding Requirement as of any later date. Subject to the foregoing provisions, upon the lapse of the nomination rights set forth in this <u>Section 8(b)</u>, Investor will cause the Investor Nominee to tender his or her resignation from the Board as promptly as reasonably practicable. Any determination as to whether the Minimum Holding Requirement is met for any purpose under this Agreement shall be made by the Board in good faith.

&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)<u>Observer and Information Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to the Closing, subsequent to the annual General Meeting to be held in 2026, for so long as Investor satisfies the Minimum Holding Requirement, the Chairman of the Board may, in his discretion, invite an individual nominated in writing by Investor (the "<u>Observer</u>") to attend certain meetings of the Board in a non-voting observer capacity. The Chairman of the Board may, in his discretion, give such Observer the right to participate in the discussions of the Board in such meetings and to receive materials during or in advance of such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Subject to the Closing, from January 2026 up until the annual General Meeting to be held in 2026, Mr. Nagi Hamiyeh shall have a non-voting 'observer seat' on the Board allowing him to attend meetings of the

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Board, with the right to participate in the discussions in such meetings and to receive materials during or in advance of such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the Chairman of the Board requests any observer to leave the meeting of the Board (x) for a specific item to be discussed among the members of the Board themselves and which request is carried by a majority of the Board members or (y) in any case, in order to preserve attorney-client privilege, then any such observer shall leave the meeting without hesitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Following the Closing Date and through December 31, 2025, Mr. Nagi Hamiyeh, on behalf of the Investor, shall be granted access to the materials that will be discussed at meetings of the Board during such period, following Investor's written confirmation that it would like to receive such access, subject to any redactions as deemed appropriate by the Company, including in order to preserve attorney-client privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Section (b)(x) (</u>*<u>Lapse of Nomination Right and Cure Period</u>*<u>)</u> shall apply, *mutatis mutandis*, to the rights and obligations set forth under this <u>Section 8(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Standstill</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Investor agrees with the Company that, from the Closing Date until the date on which the Investor and its Affiliates cease to hold any Shares, it shall not, and shall cause each of its Affiliates not to, directly or indirectly, without the prior written consent of the Company, (i) acquire, agree to acquire, propose, seek or offer to acquire, or facilitate the acquisition or ownership of, any Company Securities or any assets of the Company or any of its Subsidiaries, provided that Investor may acquire additional Company Securities so long as (x) Investor's and its Affiliates' aggregate beneficial ownership (as such term is defined in Rule 13d-3 under the Exchange Act, after any increase to give effect to any hedging positions and arrangements having the effect of increasing such ownership) of Company Securities, as a result of such acquisition, does not exceed twelve percent (12%) of the issued and outstanding Shares; or (y) the Strategic Investors' aggregate beneficial ownership of Shares, as a result of such acquisition, does not exceed eighty three percent (83%) of the issued and outstanding Shares, as determined by the Company in good faith from time to time, (ii) subject to applicable law, make any public announcement with respect to, or offer, sell or tender their Shares, whether or not in the open market to any party or parties acting together that have made, have announced to make or are reasonably expected to make or partake in a tender offer for the Shares, or otherwise publicly offer, seek, propose, indicate an interest in (in each case, with or without conditions), any merger, consolidation, business combination, tender or exchange offer, recapitalization, reorganization or purchase of a material portion of the assets, properties or securities of the Company or any of its Subsidiaries, or any other extraordinary transaction involving the Company or any of its Subsidiaries or

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any of their respective securities that has not been recommended by the Board, or enter into any discussions, negotiations, arrangements, understandings or agreements (whether written or oral) with any other Person regarding any of the foregoing, (iii) make, or in any way participate or engage in, any solicitation of proxies (whether or not relating to the election or removal of directors) to vote, or written consents, or advise or influence any person with respect to the voting of, any voting securities of the Company, (iv) deposit any Company Securities in any voting trust or similar arrangement or subject any Company Securities to any agreement, arrangement or understanding with respect to the voting of any Company Security, including the grant of any proxy with respect to the voting of any Company Security, (v) demand a copy of the stock ledger list of shareholders or any other books and records of the Company, (vi) otherwise act, alone or in concert with others, to seek to control or influence, in any manner, the management, Board or policies of the Company or any of its Subsidiaries, (vii) form, join or in any way participate in a "group" (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any voting securities of the Company (other than with Investor or any of Investor's Affiliates or pursuant to this Agreement and the transactions contemplated hereby), (viii) publicly disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing; (ix) take any action that would, in effect, require the Company to make a public announcement regarding the possibility of a transaction or any of the events described in this <u>Section 8(d)(i)</u>, (x) advise, assist or encourage or enter into any negotiations, agreements or arrangements with any other Persons in connection with the foregoing, (xi) request the Company or any of its Representatives, directly or indirectly, to amend or waive any provision of this <u>Section 8(d)(i)</u> in a public communication or in a communication intended to or reasonably likely to require the Company to make a public disclosure, (xii) contest the validity of this <u>Section 8(d)(i)</u> or make, initiate, take or participate in any action or proceeding (legal or otherwise) or proposal to amend, waive or termination any provision of this <u>Section 8(d)(i)</u>, (xiii) enter into any agreement, arrangement or understanding with respect to any of the foregoing or (xiv) advise, assist, encourage, cause, direct or facilitate any Person to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Notwithstanding anything to the contrary in this Agreement, the prohibitions in <u>Section 8(d)(i)</u>: (i) shall not affect Investor's ability to hold or vote the Shares held by Investor or Investor's rights under this Agreement, and (ii) shall not affect the ability of the Investor Nominee to vote or otherwise exercise his or her fiduciary duties as a director on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Right of First Offer</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to <u>Section 8(a) (</u>*<u>Lock-Up</u>*<u>)</u>, from the Closing Date until the date on which Investor and its Affiliates (or their respective successors and permitted transferees) (collectively, the "<u>ROFO Parties</u>") cease to hold any Shares, if any ROFO Party intends to Transfer (other than in connection with a

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Transfer permitted by <u>Section 8(a)(iii) (</u>*<u>Permitted Transfers</u>*)), in a single transaction or as a result of a series of transactions carried out by any one or more ROFO Parties occurring in any period of thirty (30) days, Shares in an amount exceeding one percent (1%) of the issued and outstanding Shares (such Shares intended to be sold, the "<u>Subject Shares</u>", and such transfer, the "<u>Proposed Transfer</u>"), such ROFO Party shall promptly consult with the Company regarding such proposed sale and it shall be required to first offer the Subject Shares in accordance with this <u>Section 8(e)</u>; provided that this <u>Section 8(e)</u> shall not apply to Transfers of the ROFO Parties' Shares to permitted transferees which agree to be bound to the terms of this Agreement as though they were the Investor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Before any Proposed Transfer is consummated, the relevant ROFO Party shall first give the Company a written notice (a "<u>Proposed Transfer Notice</u>") indicating the number of Shares that such ROFO Party proposes to Transfer. Within five (5) Business Days after the Company's receipt of the Proposed Transfer Notice (the "<u>ROFO Exercise Period</u>"), the Company, or a Company's shareholder designated by the Company for purposes of this <u>Section 8(e)</u> and of which the Company shall notify the ROFO Party in writing within the ROFO Exercise Period (the "<u>Shareholder Designee</u>"), shall have the right (the "<u>Right Of First Offer</u>") to offer to such ROFO Party to purchase all or part of the Subject Shares, by sending a written notice (the "<u>Election Notice</u>") to such ROFO Party setting forth the Company's (or the Shareholder Designee's) election to exercise the Right Of First Offer, and the material terms and conditions at which the Company (or the Shareholder Designee) is offering to purchase all or part of the Subject Shares, including, for the avoidance of doubt, the number of Subject Shares in respect of which the Right Of First Offer is being exercised, the proposed price, and the proposed closing date of such purchase. If no Election Notice is sent to the relevant ROFO Party by the Company (or a Shareholder Designee) by the end of the ROFO Exercise Period, the Company shall be deemed to have elected not to exercise the Right Of First Offer. From the receipt of an Election Notice, the relevant ROFO Party shall, within two (2) Business Days, notify the Company (and the Shareholder Designee, if applicable) of whether it wants to accept or refuse the Company's (or the Shareholder Designee's) offer, it being understood that the foregoing shall be without prejudice to any negotiations between such parties with regard to the purchase of the Subject Shares and that, in any case, such parties shall use their respective best efforts to enter into a definitive agreement in connection with the Transfer as soon as possible and at least within ten (10) Business Days from the relevant ROFO Party's receipt of the Election Notice (the "<u>Cut-Off Date</u>"). The Company's Board shall authorize its Chairman to act on matters related to the Right of First Offer in order to ensure that the potential exercise of such Right of First Offer is executed in a prompt and orderly manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The ROFO Parties shall not Transfer, and shall not solicit offers from, or negotiate or enter into any agreement with any third party for the

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Transfer of any Shares from the beginning of the ROFO Exercise Period to the earliest of (A) receipt of a notice from the Company that the Company does not intend to exercise the Right Of First Offer nor to assign such right to a Shareholder Designee, (B) the expiration of the ROFO Exercise Period without receipt of any Election Notice, and (C) the expiration of the Cut-Off Date without the relevant ROFO Party and the Company (or the Shareholder Designee) having found an agreement on the definitive terms of the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The relevant ROFO Party shall be permitted to consummate a Proposed Transfer within thirty (30) days after the latest of (A) receipt of a notice from the Company that the Company does not intend to exercise the Right Of First Offer nor to assign such right to a Shareholder Designee, (B) the expiration of the ROFO Exercise Period without receipt of any Election Notice, and (C) the expiration of the Cut-Off Date without such ROFO Party and the Company (or the Shareholder Designee) having reached an agreement on the definitive terms of the Transfer; provided that the Shares sold in such Proposed Transfer shall not be sold at a price more than five percent (5%) lower than the price offered to the relevant ROFO Party by the Company (or the Shareholder Designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)In the event that the Proposed Transfer is not consummated before the expiry of the thirty (30)-day period set forth under <u>Section 8(e)(iv)</u> above, the ROFO Parties shall be required to give the Company a new Proposed Transfer Notice before proceeding with any Proposed Transfer, and the Company shall have a Right Of First Offer (which it may assign to a Shareholder Designee), on the same terms and conditions as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)If a Proposed Transfer is consummated in accordance with the terms of this <u>Section 8(e)</u>, any subsequent Proposed Transfer by a ROFO Party shall be subject to this <u>Section 8(e)</u> and the Company shall have a Right Of First Offer (which it may assign to a Shareholder Designee) in connection therewith, on the same terms and conditions as provided above.

<u>Section 9.</u><u>Termination</u>.

&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)<u>Pre-Closing Termination.</u> This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the Parties hereunder shall terminate without any further liability on the part of any Party in respect thereof, upon the earliest to occur of (i) the mutual written agreement of the Parties hereto to terminate this Agreement, (ii) either Party providing notice to the other Party following August 5, 2025 (the "<u>Outside Date</u>") if the Closing has not occurred by such date, and (iii) either Party providing notice to the other Party if any of the conditions to Closing set forth in <u>Section 3 (</u>*<u>Closing</u>*<u>)</u> of this Agreement are (A) not satisfied or waived prior to the Closing or (B) not capable of being satisfied on the Closing and, in each case of (A) and (B), as a result thereof, the transactions contemplated by this Agreement will not be and are not consummated at the Closing (the termination events described in clauses (i) – (iii) above, collectively, the "<u>Termination Events</u>"); provided that nothing herein will relieve any Party from liability for

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any willful breach hereof prior to the time of termination, and each Party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. Notwithstanding the foregoing, <u>Section 1 (</u>*<u>Definitions</u>*<u>)</u>, this <u>Section 9 (</u>*<u>Termination</u>*<u>)</u> and <u>Section 10 (</u>*<u>Miscellaneous</u>*<u>)</u> shall survive the termination of this Agreement under this <u>Section 9(a)</u>.

&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)<u>Post-Closing Termination</u>. If the Closing occurs, this Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the Parties thereunder shall terminate without any further liability on the part of any Party in respect thereof, upon the earlier to occur of (i) the mutual written agreement of the Parties to effect such termination and (ii) three (3) months following the date on which Investor (or its successors or permitted assigns) ceases to hold any Shares; provided that nothing herein will relieve any Party from liability for any willful breach hereof prior to the time of termination, and each Party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. Notwithstanding the foregoing, <u>Section 1 (</u>*<u>Definitions</u>*<u>)</u>, <u>Section 6(a) (</u>*<u>Confidentiality</u>*<u>)</u>, this <u>Section 9 (</u>*<u>Termination</u>*<u>)</u>, <u>Section 10 (</u>*<u>Miscellaneous</u>*<u>)</u>, and <u>Section 11 (</u>*<u>Non-Reliance and Exculpation</u>*<u>)</u> shall survive the termination of this Agreement under this <u>Section 9(b)</u>.

<u>Section 10.</u><u>Miscellaneous</u>

&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)<u>Successors and Assigns</u>. Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of the Parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Agreement shall not confer any rights or remedies on any Person other than as expressly provided herein. Except as expressly permitted under this Agreement, neither this Agreement nor any rights that may accrue to the Parties hereunder may be transferred or assigned without the prior written consent of the other Party hereto.

&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)<u>Pre-Closing Notifications</u>. Investor acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Agreement. Prior to the Closing, Investor agrees to promptly notify the Company in writing (including, for the avoidance of doubt, by email) if any of the acknowledgments, understandings, agreements, representations and warranties made by Investor as set forth herein are no longer accurate in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality, in which case Investor shall notify the Company if they are no longer accurate in any respect).

&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)<u>Publicity</u>. The Parties will consult with each other before issuing press releases or otherwise making any public statements with respect to this Agreement or the Transaction, and neither Party shall issue any such press release or public statement without the prior written consent of the other Party; provided that such consent shall not be required to the extent the public announcement is required by law, by any Governmental Entity or by

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the rules of any relevant securities exchange; provided, further, that such consent shall not be unreasonably withheld or delayed if a Party deems it necessary to respond to any media or press inquiries or statements to clarify or refute any inaccurate or misleading statement arising out of any disclosure and/or speculation by third party(ies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Amendment; Waiver</u>. This Agreement may not be modified, waived or terminated (other than pursuant to the terms of <u>Section 9</u> (*Termination*) above) except by an instrument in writing, signed, in the case of an amendment, by each Party, or in the case of a waiver, by the Party against whom the waiver is to be effective. No failure or delay of any Party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Entire Agreement</u>. This Agreement, the Confidentiality Agreement and the Registration Rights Agreement constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral, among the Parties, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable law, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable under applicable law, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Counterparts</u>. This Agreement may be executed and delivered in one (1) or more counterparts (including by electronic means, such as facsimile, in .pdf or electronic signature) and by different Parties in separate counterparts, with the same effect as if all Parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Expenses</u>. Each Party shall pay all of its own expenses in connection with this Agreement and the transactions contemplated hereby. The Investor shall pay all transfer, documentary, sales, use, stamp, recording, value added and other similar taxes levied in connection with purchase of the Acquired Shares pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Obligations of Investor and of the Company</u>. At any time, the Company may (i) extend the time for the performance of any obligation or other act of Investor, (ii) waive any inaccuracy in the representations and warranties of Investor contained herein or in any document delivered by Investor pursuant hereto and (iii) waive compliance

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with any agreement of Investor or any condition to its own obligations contained herein. At any time, Investor may (x) extend the time for the performance of any obligation or other act of the Company, (y) waive any inaccuracy in the representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto and (z) waive compliance with any agreement of the Company or any condition to its own obligations contained herein. Any such extension or waiver shall only be valid if set forth in an instrument in writing signed by the Party to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Notices</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given) by delivery in person, by e-mail (having obtained electronic delivery confirmation thereof (i.e., an electronic record of the sender that the e-mail was sent to the intended recipient thereof without an "error" or similar message that such e-mail was not received by such intended recipient)), or by registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to the other Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if to Investor, to:

---

| |
|:---|
| Venezio Investments Pte. Ltd. |
| 60B Orchard Road

#06-18 Tower 2<br>The Atrium@Orchard<br>Singapore 238891 |
| Attn: Poy Weng Chuen<br>c/o: Nagi Hamiyeh, Vincent Lee, Dylan Coll-Reed, Andria Varnavides |
| Email: [\*\*\*]; [\*\*\*]; [\*\*\*]; [\*\*\*]; [\*\*\*] |

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

Latham & Watkins LLP

99 Bishopsgate

London EC2M 3XF

United Kingdom

Attn: Robbie McLaren and Jennifer Gascoyne

Email: Robbie.McLaren@lw.com; Jennifer.Gascoyne@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if to the Company, to

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| |
|:---|
| Ermenegildo Zegna N.V. |
| Via Savona 56/a<br>Milan <br>Italy |
| Attn: Delphine Gieux, Group General Counsel |

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Gianluca Ambrogio Tagliabue, Chief Operating and Financial Officer <br> Email: [\*\*\*]; [\*\*\*]

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

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| |
|:---|
| Sullivan & Cromwell LLP |
| 125 Broad Street<br>New York, NY 10004<br>United States |
| Attn: Scott D. Miller |
| Email: MILLERSC@sullcrom.com |

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(k)or to such other address as the Party to whom notice is given may have furnished following the date of this Agreement and prior to such notice to the others in writing in the manner set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Governing Law and Venue; Waiver of Jury Trial</u>. This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof. Matters concerning the governance and share capital of the Company shall be governed by mandatory Dutch law.

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK (THE "CHOSEN COURTS") SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN

&nbsp;&nbsp;&nbsp;&nbsp;-37-

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THE MANNER PROVIDED IN <u>SECTION 10(j)</u> OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 10(k)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Specific Performance</u>. Investor agrees that any breach by it of any provision of this Agreement would irreparably injure the Company and that money damages would be an inadequate remedy therefor. Accordingly, Investor agrees that the Company shall be entitled to seek one or more injunctions enjoining any such breach and requiring specific performance of this Agreement and consents to the entry thereof, in addition to any other remedy to which the Company is entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>No Third-Party Beneficiaries</u>. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the parties to this Agreement any rights, remedies, claims, benefits, obligations or liabilities under or by reason of this Agreement, and no Person that is not a party to this Agreement shall have any standing as a third-party beneficiary with respect to this Agreement or the transactions contemplated hereby, except that the Parties agree that any Shareholder Designees designated by Zegna in accordance with <u>Section 8(e) (</u>*<u>Right of First Offer</u>*<u>)</u> are intended third-party beneficiaries of the provisions set forth in, <u>Section 8(e) (</u>*<u>Right of First Offer</u>*<u>)</u>.

<u>Section 11.</u><u>Non-Reliance and Exculpation</u>. Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation, other than the statements, representations and warranties of the Company expressly contained in this Agreement, in making its investment or decision to invest in the Company and Investor acknowledges and agrees that, except for the representations and warranties expressly set forth in this Agreement, the Company has not made any express or implied representation or warranty with respect to the Company or any of its Subsidiaries or its Affiliates (including any implied warranties that may otherwise be applicable because of the provisions of applicable law, including the warranties of

&nbsp;&nbsp;&nbsp;&nbsp;-38-

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merchantability and fitness for a particular purpose) or with respect to the accuracy or completeness of any other information provided, or made available, to Investor or any of its subsidiaries or their respective Affiliates in connection with the Transaction. Without limiting the generality of the foregoing, Investor acknowledges and agrees that it has not relied on any other information provided, or made available, to Investor or any of its subsidiaries or their respective Affiliates in connection with the Transaction, and that none of the Company, its Subsidiaries any of their respective Affiliates nor any other Person shall be subject to any liability to Investor or any other Person resulting from (i) any misrepresentation or omission by the Company, any of its Affiliates or any other Person with respect to any such information or (ii) Investor's use of, or the use by any of its Affiliates or any other Person of, any such information, including information, documents, projections, forecasts or other material made available to Investor, its Affiliates or their respective Representatives in any confidential information memorandum, management presentations or otherwise in connection with the Transaction and the other transactions contemplated by this Agreement, unless any such information is expressly and specifically included in a representation or warranty contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;-39-

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**IN WITNESS WHEREOF**, Investor has executed or caused this Agreement to be executed by its duly authorized representative.

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| |
|:---|
| Venezio Investments Pte. Ltd. |
| /s/ Poy Weng Chuen |
| Name: Poy Weng Chuen |
| Title: Director |

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&nbsp;&nbsp;&nbsp;&nbsp;-40-

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**IN WITNESS WHEREOF**, the Company has executed or caused this Agreement to be executed by its duly authorized representative.

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| |
|:---|
| ERMENEGILDO ZEGNA N.V. |
| /s/ Ermenegildo Zegna di Monte Rubello  |
| Name: Ermenegildo Zegna di Monte Rubello |
| Title: Executive Chairman and Chief Executive Officer |

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&nbsp;&nbsp;&nbsp;&nbsp;-41-

## Exhibit 99.3

**Exhibit 99.3**

**REGISTRATION RIGHTS AGREEMENT**

This **REGISTRATION RIGHTS AGREEMENT** (this "<u>Agreement</u>"), dated as of July 28, 2025, is made and entered into by and between Venezio Investments Pte. Ltd., a limited liability company with its registered address at 60B Orchard Road, #06-18 Tower 2, The Atrium@Orchard, Singapore 238891 ("<u>Investor</u>") and Ermenegildo Zegna N.V., a Dutch public limited liability company (*naamloze vennootschap*) (the "<u>Company</u>", and each of the Company and Investor, a "<u>Party</u>" and collectively, the "<u>Parties</u>").

**WHEREAS**, concurrently with this Agreement, Investor and the Company are entering into that certain Share Purchase and Investor Rights Agreement, dated as of the date hereof (the "<u>SPIRA</u>"), relating to the sale by the Company to Investor of certain Shares (as defined below) and setting forth certain provisions governing the relationship between the Company and Investor as a shareholder of the Company;

**WHEREAS**, as of the date hereof, Investor and/or its Affiliates beneficially own 12,699,981 Shares (the "<u>Prior Shares</u>"), and, on the terms and subject to the conditions of the SPIRA, at the Closing, Investor will acquire 14,121,062 Shares from the Company (the "<u>Acquired Shares</u>", and together with the Prior Shares, the "<u>Investor Shares</u>");

**WHEREAS**, pursuant to the SPIRA, Investor shall be subject to certain restrictions on transfers of the Investor Shares (or any economic entitlement therein) for a certain period of time after the Closing (the "<u>Lock-Up</u>"); and

**WHEREAS**, in connection with the Transaction, the Parties wish to enter into this Agreement in order to agree to certain registration rights and obligations relating to the Investor Shares, all in accordance with applicable laws and regulations.

**NOW, THEREFORE**, in consideration of the foregoing premises and the mutual representations, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE 1**

**DEFINITIONS**

Section 1.1. <u>Definitions</u>. The terms defined in this <u>Article 1</u> 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 Board, Chief Executive Officer of the Company or the principal financial officer of the Company, after consultation with counsel to the Company, (a) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any Misstatement, (b) would not be required to be made at such time if the Registration Statement or Prospectus were not being filed, declared effective or used, as the case may be, and (c) the Company has a bona fide business purpose for not making such information public.

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"<u>Affiliate</u>" shall mean, in respect of the Investor, Temasek Holdings (Private) Limited ("<u>THPL</u>") and THPL's direct or indirect wholly owned subsidiaries whose boards of directors or equivalent governing bodies comprise employees or nominees of (i) THPL, (ii) Temasek Pte Ltd ("<u>TPL</u>"); and/or (iii) wholly owned subsidiaries of TPL.

"<u>Agreement</u>" shall have the meaning given to such term in the preamble to this Agreement.

"<u>Applicable Law</u>" shall mean all applicable provisions of constitutions, treaties, statutes, laws (including the common law), rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority.

"<u>Acquired Shares</u>" shall have the meaning given to such term in the Recitals.

"<u>Automatic Shelf</u>" shall mean an "automatic shelf registration statement" within the meaning of Rule 405 under the Securities Act.

"<u>Blackout Period</u>" shall have the meaning assigned to such term in <u>Section 3.4.2</u>.

"<u>Block Trade</u>" shall mean an offering and/or sale of Equity Securities (in the case of Investor, of Registrable Securities) on a block trade or underwritten basis (whether firm commitment or otherwise) not involving a "roadshow" or other marketing efforts involving the Company prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction, but excluding a variable price reoffer.

"<u>Board</u>" shall mean the board of directors of the Company.

"<u>Business Day</u>" shall mean a day other than a Saturday, Sunday or other day on which commercial banks in either New York, New York, USA or Milan, Italy are authorized or required by law to close.

"<u>Confidentiality Agreement</u>" shall mean the Confidentiality Agreement dated July 3, 2025 by and between the Company and Temasek Capital Management Pte. Ltd.

"<u>Closing</u>" shall have the meaning given to such term in the SPIRA.

"<u>Commission</u>" shall mean the U.S. Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange Act.

"<u>Company</u>" shall have the meaning given to such term in the preamble to this Agreement.

"<u>EDGAR</u>" shall have the meaning given to such term in Section 3.1.3.

"<u>Equity Securities</u>" shall mean any share, share capital, capital stock, partnership, membership, joint venture or similar interest in any Person (including any stock appreciation, phantom stock, profit participation or similar rights), and any option, warrant, right or security (including debt securities) convertible, exchangeable or exercisable therefor.

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"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time.

"<u>Existing Registration Rights Agreement</u>" shall mean the Registration Rights Agreement, dated as of December 17, 2021, by and among the Company, the IIAC Sponsor, the Zegna Holders and the IIAC Holders (each such term as defined therein).

"<u>Governmental Authority</u>" shall mean any government, court, regulatory or administrative agency, commission or authority or other governmental instrumentality, federal, state or local, domestic, foreign or multinational, and any contractor acting on behalf of such agency, commission, authority or governmental instrumentality.

"<u>Investor</u>" shall have the meaning given to such term in the preamble to this Agreement.

"<u>Investor Shares</u>" shall have the meaning given to such term in the Recitals.

"<u>Joinder Agreement</u>" shall mean the joinder agreement in substantially the form and substance of Exhibit A attached hereto.

"<u>Lock-Up</u>" shall have the meaning given to such term in the Recitals.

"<u>Lock-Up Period</u>" shall have the meaning given to such term in the SPIRA.

"<u>Maximum Number of Securities</u>" shall have the meaning given to such term in <u>Section 2.1.5</u>.

"<u>Minimum Threshold</u>" shall have the meaning given to such term in <u>Section 2.1.4</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 light of the circumstances under which they were made) not misleading.

"<u>Other Coordinated Offering</u>" shall mean an "at the market" or similar registered offering through a broker, sales agent or distribution agent, whether as agent or principal.

"<u>own</u>" or "<u>ownership</u>" (and derivatives of such terms) shall mean (a)(a) ownership of record and (b)(b) "beneficial ownership" as defined in Rule 13d-3 or Rule 16a-1(a)(2) promulgated by the Commission under the Exchange Act (but without regard to any requirement for a security or other interest to be registered under Section 12 of the Securities Act of 1933, as amended).

"<u>Party</u>" shall have the meaning given to such term in the preamble to this Agreement.

"<u>Person</u>" shall mean an individual, corporation, limited liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

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"<u>Piggyback Registration</u>" shall have the meaning given to such term in <u>Section 2.2.1</u>.

"<u>Prior Shares</u>" shall have the meaning given to such term in the Recitals.

"<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>Registrable Security</u>" shall mean any of the Investor Shares (including any Shares issued to the Investor with respect to the Investor Shares by way of a share dividend, subdivision, reclassification, reorganization, recapitalization, split, combination, exchange of shares, merger or any similar event); <u>provided</u>, <u>however</u>, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such securities shall have been otherwise transferred, new certificates or book-entry positions for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such securities shall have ceased to be outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such securities could be sold without registration pursuant to Rule 144 (but with no volume or other restrictions or limitations); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

"<u>Registration</u>" shall mean a registration, including any related Shelf Offering, effected by preparing and filing a registration statement 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 out-of-pocket expenses of a Registration, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Shares are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) printing, messenger, telephone, delivery and road show or other marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reasonable fees and disbursements of counsel for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reasonable fees and disbursements of the independent registered public accounting firm of the Company incurred specifically in connection with such Registration (including the expenses of any "comfort letters" required by or incident to such performance).

"<u>Registration Statement</u>" shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

"<u>Rule 144</u>" shall mean Rule 144 promulgated under the Securities Act, or any successor rule promulgated thereafter by the Commission.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time.

"<u>Shares</u>" shall mean the ordinary shares of the Company, with a nominal value of €0.02 each.

"<u>Shelf Offering</u>" shall mean a Shelf Underwritten Offering or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.

"<u>SPIRA</u>" shall have the meaning given to such term in the Recitals.

"<u>Shelf Underwritten Offering</u>" shall have the meaning given to such term in <u>Section 2.1.4</u>.

"<u>Subsequent Registration Statement</u>" shall have the meaning given to such term in <u>Section 2.1.3</u>.

"<u>Suspension Period</u>" shall have the meaning given to such term in <u>Section 3.4.1</u>.

"<u>THPL</u>" shall have the meaning given to such term in the definition of "Affiliate".

"<u>TPL</u>" shall have the meaning given to such term in the definition of "Affiliate".

"<u>Transaction</u>" shall have the meaning given to such term in the SPIRA.

"<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 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>Withdrawal Notice</u>" shall have the meaning given to such term in <u>Section 2.1.6</u>.

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"<u>WKSI</u>" means a "well-known seasoned issuer" within the meaning of Rule 405 under the Securities Act.

"<u>WKSI Registration Statement</u>" shall have the meaning given to such term in <u>Section 2.1.1</u>.

Section 1.2 <u>Interpretation</u>. The headings set forth in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. No Party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly for or against either Party. Unless otherwise indicated to the contrary herein by the context or use thereof: (a) the words, "herein", "hereto", "hereof" and words of similar import refer to this Agreement as a whole, and not to any particular section, subsection, paragraph, subparagraph or clause set forth in this Agreement; (b) words importing the singular shall also include the plural, and vice versa; (c) the words "include", "includes" or "including" shall be deemed to be followed by the words "without limitation"; (d) the word "day" means calendar day unless Business Day is expressly specified; (e) the word "extent" in the phrase "to the extent" means the degree to which a subject or other thing extends, and such phrase shall not mean simply "if"; (f) all references to Articles or Sections are to Articles and Sections of this Agreement unless otherwise specified; (g) all references to any law will be to such law as amended, supplemented, consolidated or otherwise modified or re-enacted or replaced as of the applicable date or during the applicable period of time; and (h) all references to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. If any action under this Agreement is required to be done or taken on a day that is not a Business Day, then such action shall be required to be done or taken not on such day but on the first succeeding Business Day thereafter.

**ARTICLE 2**

**REGISTRATION RIGHTS**

Section 2.1 <u>Shelf Registration</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 <u>Filing.</u> The Company shall use commercially reasonable efforts to, at least fifteen (15) calendar days prior to the expiry of the Lock-Up Period, file with the Commission a Registration Statement to permit the public resale of all Registrable Securities (determined as of two (2) Business Days prior to such filing) on a delayed or continuous basis and shall use commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after the filing thereof, but in any event no later than the earlier of (a)(a) thirty (30) calendar days after the date on which the Registration Statement is filed (or ninety (90) calendar days if the Commission notifies the Company that it will "review" the Registration Statement) and (b)(b) the tenth (10th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be "reviewed" or will not be subject to further review. Each such Registration Statement shall be on Form F-3 and may be an Automatic Shelf if the Company shall then be a WKSI (any such Registration Statement, a "<u>WKSI Registration Statement</u>"); <u>provided</u> that, and subject to <u>Section 2.1.2 (</u>*<u>Ineligibility for Form F-3</u>*<u>)</u>, if the Company is not then eligible to register for resale the Registrable Securities on Form F-3, such

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registration shall be on Form F-1. The Company shall use commercially reasonable efforts to cause a Registration Statement to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. The Company's obligation under this <u>Section 2.1.1 (</u>*<u>Filing</u>*<u>)</u>, shall, for the avoidance of doubt, be subject to <u>Section 3.4 (</u>*<u>Suspension of Sales; Adverse Disclosure</u>*<u>)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <u>Ineligibility for Form F-3</u>. In the event that Form F-3 (or such other form type applicable to an existing Registration Statement) is not available for the registration of the resale of Registrable Securities hereunder, the Company shall: (i) register the resale of the Registrable Securities on Form F-1 and (ii) undertake to register the Registrable Securities on Form F-3 reasonably promptly after such form becomes available (and, to the extent the Company qualifies as a WKSI as of the initial filing date for such Registration Statement, such Registration Statement may be an Automatic Shelf); <u>provided</u> that the Company shall use commercially reasonable efforts to maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form F-3 covering the Registrable Securities has been declared effective by the Commission or otherwise becomes effective automatically in accordance with the rules and regulations of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 <u>Subsequent Shelf Registration</u>. If any Registration Statement 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 3.4 (</u>*<u>Suspension of Sales; Adverse Disclosure</u>*<u>)</u>) use commercially reasonable efforts to as promptly as is reasonably practicable cause such Registration Statement to again become effective and to comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Registration Statement), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Registration Statement or file an additional registration statement (a "<u>Subsequent Registration Statement</u>") registering the resale of all Registrable Securities (determined as of two (2) Business Days prior to such filing). If a Subsequent Registration Statement is filed, the Company shall use its commercially reasonable efforts to: (i) cause such Subsequent Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Registration Statement continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. The Company's obligation under this <u>Section 2.1.3</u>, shall, for the avoidance of doubt, be subject to <u>Section 3.4 (</u>*<u>Suspension of Sales; Adverse Disclosure</u>*<u>)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 <u>Requests for Shelf Underwritten Offerings</u>. Subject to <u>Section 3.4 (</u>*<u>Suspension of Sales; Adverse Disclosure</u>*<u>)</u>, at any time and from time to time after the expiration of the Lock-Up (or any other lock-up to which the Investor Shares are subject), Investor may request to sell all or a portion of its Registrable Securities in an Underwritten Offering that is registered pursuant to the Registration Statement (a "<u>Shelf Underwritten Offering</u>"), <u>provided</u> that the Company shall only be obligated to effect a Shelf Underwritten Offering if such offering shall include Registrable Securities proposed to be sold by Investor

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with a total offering price reasonably expected to exceed, in the aggregate, $50 million (the "<u>Minimum Threshold</u>"). All requests for Shelf Underwritten Offerings 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 Shelf Underwritten Offering. The Company shall have the right to select the managing Underwriter or Underwriters for such Shelf Underwritten Offering, subject to Investor's approval (which shall not be unreasonably withheld, conditioned or delayed). Under no circumstances shall the Company be obligated to effect more than three (3) Shelf Underwritten Offerings in the aggregate in respect of all Registrable Securities. Notwithstanding anything to the contrary in this Agreement, the Company may effect any Shelf Underwritten Offering pursuant to any then effective Registration Statement 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 <u>Reduction of Underwritten Offering</u>. Following a request by Investor pursuant to <u>Section 2.1.4 (</u>*<u>Requests for Shelf Underwritten Offerings</u>*<u>)</u> above, if the managing Underwriter or Underwriters in a Shelf Underwritten Offering advises the Company and Investor that the dollar amount or number of Registrable Securities that Investor desires to sell, taken together with all other Shares or other Equity Securities of the Company that the Company desires to sell and the Shares or other Equity Securities of the Company, if any, that have been requested to be sold in such Shelf Underwritten Offering pursuant to separate written contractual piggy-back registration rights held by any other shareholders, exceeds the maximum dollar amount or maximum number of Equity Securities of the Company that can be sold in such 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 Shelf Underwritten Offering, before including any Shares or other Equity Securities of the Company proposed to be sold by the Company or by any of the beneficiaries of registration rights under the Existing Registration Rights Agreement, the Registrable Securities that can be sold without exceeding the Maximum Number of Securities; <u>provided</u>, <u>however</u>, that if the Board determines that an offering by the Company is in the best interests of the Company, then any Shares or other Equity Securities of the Company proposed to be sold by the Company will be included in such Shelf Underwritten Offering in priority to any Registrable Securities proposed to be sold by Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 <u>Withdrawal</u>. Prior to the filing of the applicable "red herring" prospectus or prospectus supplement used for marketing such Shelf Underwritten Offering, Investor shall have the right to withdraw from such Shelf Underwritten Offering for any or no reason whatsoever upon written notification (a "<u>Withdrawal Notice</u>") to the Company and the Underwriters of its intention to withdraw from such Shelf Underwritten Offering. If withdrawn, a demand for a Shelf Underwritten Offering shall constitute a demand for a Shelf Underwritten Offering by Investor for purposes of <u>Section 2.1.4 (</u>*<u>Requests for Shelf Underwritten Offerings</u>*<u>)</u>, unless Investor reimburses the Company for all Registration Expenses with respect to such Shelf Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Offering prior to Investor's withdrawal under this <u>Section 2.1.6</u>, other than if Investor elects to pay such Registration Expenses pursuant to this <u>Section 2.1.6</u>.

Section 2.2 <u>Piggyback Registration</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Piggyback Rights</u>. If at any time after the expiration of the Lock-Up (or any other lock-up to which the Investor Shares are subject), (x) the Company proposes to conduct a registered offering of, or the Company proposes to file a registration statement with respect to the registration of, Equity Securities of the Company, for its own account or for the account of one or more shareholders of the Company (or by the Company and one or more shareholders of the Company), other than a registration statement (or any registered offering with respect thereto) (i) filed in connection with any employee share option or other benefit plan, (ii) for an offering in connection with a merger, consolidation or other acquisition, an exchange offer or offering of securities solely to the Company's existing shareholders, (iii) for an offering of debt that is convertible into or exchangeable for Equity Securities of the Company, (iv) for a dividend reinvestment plan, (v) for a rights offering (including any rights offering with a backstop or standby commitment), (vi) for a Block Trade or (vii) for an Other Coordinated Offering, and (y) Investor still owns any Registrable Securities, then the Company shall give written notice of such proposed offering to Investor as soon as practicable but not less than ten (10) days before the anticipated effective date of such registration statement or, in the case of an Underwritten Offering, 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 Investor the opportunity to include in such registered offering such number of Registrable Securities as Investor may request in writing within five (5) days after receipt of such written notice (such Registration, a "<u>Piggyback Registration</u>"). Subject to <u>Section 2.2.2 (</u>*<u>Reduction of Piggyback Registration</u>*<u>)</u>, the Company shall cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities requested by Investor pursuant to this <u>Section 2.2.1</u> to be included therein on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The inclusion of any Registrable Securities in a Piggyback Registration shall be subject to Investor'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Reduction of Piggyback Registration</u>. Subject to <u>Section 2.2.3 (</u>*<u>Piggyback Registration Withdrawal</u>*<u>),</u> and <u>provided</u> that Investor has elected to participate in such Piggyback Registration pursuant to <u>Section 2.2.1 (</u>*<u>Piggyback Rights</u>*<u>)</u> above, if the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration advises in writing the Company and Investor that the dollar amount or number of Shares or other Equity Securities of the Company that the Company desires to sell, taken together with (i) the Shares or other Equity Securities of the Company, if any, as to which Registration or a registered offering has been demanded pursuant to separate written contractual arrangements with Persons other than Investor, (ii) the Registrable Securities as to which registration has been requested pursuant to <u>Section 2.2 (</u>*<u>Piggyback Registration</u>*<u>)</u> hereof, and (iii) the Shares or other Equity Securities of the Company, if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: (A) first, the Shares or other Equity Securities of the Company that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Shares or other Equity Securities of the Company as to which registration has been requested pursuant to the Existing Registration Rights Agreement; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Registrable Securities of Investor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Investor, then the Company shall include in any such Registration or registered offering: (A) first, the Shares or other Equity Securities of the Company, if any, of such requesting Persons, other than Investor, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Shares or other Equity Securities of the Company as to which registration has been requested pursuant to the Existing Registration Rights Agreement; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Registrable Securities of Investor which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Shares or other Equity Securities of the Company that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities (<u>provided</u>, that if the Board determines that an offering by the Company is in the best interests of the Company, then any Shares or other Equity Securities of the Company proposed to be sold by the Company will be included in such Registration or registered offering in priority to any Registrable Securities proposed to be sold by Investor (if any)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Piggyback Registration Withdrawal</u>. Investor 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 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 an Underwritten Offering, 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 2.1.6 (</u>*<u>Withdrawal</u>*), the Company shall be responsible for the Registration

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Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this <u>Section 2.2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.2.4 Unlimited Piggyback Registration Rights</u>. For the avoidance of doubt, any Piggyback Registration effected pursuant to this <u>Section 2.2 (</u>*<u>Piggyback Registration</u>*<u>)</u> shall not be counted as a Registration pursuant to a Shelf Underwritten Offering effected under <u>Section 2.1.4 (</u>*<u>Requests for Shelf Underwritten Offerings</u>*<u>)</u>.

Section 2.3 <u>Block Trades; Other Coordinated Offerings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 Notwithstanding any other provision of this <u>Article 2</u>, but subject to <u>Section 3.4 (</u>*<u>Suspension of Sales; Adverse Disclosure</u>*<u>)</u>, at any time and from time to time when an effective Registration Statement is on file with the Commission, if Investor wishes to engage in (a) a Block Trade or (b) Other Coordinated Offering, in each case with a total offering price reasonably expected to exceed the Minimum Threshold and notifies the Company at least five (5) Business Days prior to the day such offering is to commence, then the Company shall use commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; <u>provided</u>, that Investor shall use commercially reasonable efforts to work with the Company and any underwriters, brokers, sales agents or placement agents prior to making any such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 In connection with a Block Trade or Other Coordinated Offering as set forth under <u>Section 2.3.1 (</u>*<u>Block Trades; Other Coordinated Offerings</u>*<u>)</u> above, Investor shall have the right to select the Underwriters and any brokers, sale agents or placement agents (if any) for such Block Trade or Other Coordinated Offering, subject to the reasonable approval by the Company (in each case, which shall consist of one or more reputable nationally recognized investment banks). The Company shall not be required to include any Registrable Securities in a Block Trade or Other Coordinated Offering unless Investor accepts the terms of the underwriting as agreed upon between the Company and the Underwriters and complete and execute all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 Under no circumstances shall the Company be obligated to effect more than two (2) Block Trades or Other Coordinated Offerings in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this <u>Section 2.3</u> shall not be counted as a demand for a Shelf Underwritten Offering pursuant to <u>Section 2.1.4 (</u>*<u>Requests for Shelf Underwritten Offerings</u>*<u>)</u>.

Section 2.4 <u>Restriction of Offerings</u>. For the avoidance of doubt, except for the Company's obligations under *<u>Section 2.1.1 (Filings)</u>*, notwithstanding anything to the contrary contained in this Agreement, Investor shall not be entitled to request, and the Company shall not be obligated to effect, or to take any action to effect, any Registration pursuant to this <u>Article 2</u> with respect to any Registrable Securities during the Lock-Up Period, in accordance with the Lock-Up, or during any other lock-up period to which the Investor Shares may be subject.

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**ARTICLE 3**

**COMPANY PROCEDURES** 

Section 3.1 <u>General Procedures</u>. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to <u>Article 2</u>, the Company shall use 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 pursuant thereto the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 prepare and file with the Commission, within the time frame required by <u>Section 2.1.1 (</u>*<u>Filings</u>*<u>)</u> (to the extent applicable), a Registration Statement with respect to such Registrable Securities and use commercially reasonable efforts to cause such Registration Statement to become effective and remain 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 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 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 or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and Investor and Investor's 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 Investor or Investor's legal counsel may reasonably request in order to facilitate the disposition of the Registrable Securities owned by Investor; <u>provided</u>, that the Company shall have no obligation to furnish any documents publicly filed or furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System ("<u>EDGAR</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 prior to any public offering of Registrable Securities, use 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 Investor (in light of its intended plan of distribution) may request 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 Investor to consummate the disposition of such Registrable Securities in such jurisdictions; <u>provided</u>, <u>however</u>, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 cause all such Registrable Securities to be listed on each national securities exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 provide a transfer agent or warrant agent, as applicable, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 at least three (3) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus (or such shorter period of time 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 3.4 (</u>*<u>Suspension of Sales; Adverse Disclosure</u>*<u>)</u>), furnish a copy thereof to each seller of such Registrable Securities or its counsel (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 notify Investor 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 Section 3.4 *<u>(Suspension of Sales; Adverse Disclosure)</u>* hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent pursuant to such Registration, in each case that involves Investor, in each of the following cases to the extent customary for a transaction of its type, permit a representative of Investor, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated Offering or other sale pursuant to such Registration, if any, and any attorney, consultant or accountant retained by Investor or such Underwriter 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 representatives, 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 permit a representative of Investor, the Underwriters, if any, and any attorney or accountant retained by Investor or such Underwriters to participate, at each such Person's own expense, in the preparation of the Registration Statement; provided, however, that the Company may not include the name of Investor or any Underwriter or any information regarding Investor or any Underwriter in any Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment letter, without the prior written consent of Investor or such Underwriter and providing each of Investor or such Underwriter a reasonable amount of time to review and comment on such applicable document, which comments the Company shall include unless contrary to Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 obtain a "cold comfort" letter from the Company's independent registered public accountants in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration (subject to such broker, placement agent or sales agent providing such certification or representation reasonably requested by the Company's independent registered public accountants and the Company's counsel) in customary form and covering such matters of the type customarily covered by "cold comfort" letters for a transaction of its type as the managing Underwriter may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration, in each case that involves Investor, on the date the Registrable Securities are delivered for sale pursuant to such Registration, to the extent customary for a transaction of its type, obtain an opinion, dated such date, of one (1) counsel representing the Company for the purposes of such Registration, addressed to Investor, the broker, 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 Investor, broker, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 in the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent, or sales agent pursuant to such Registration, in each case that involves Investor, enter into and perform its obligations under an underwriting agreement or other purchase or sales agreement, in usual and customary form, with the managing Underwriter or Underwriters or the broker, placement agent or sales 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 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 then in effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 with respect to an Underwritten Offering pursuant to Section 2.1.4 <u>(Requests for Shelf Underwritten Offerings)</u>, use commercially reasonable efforts to make

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available senior executives of the Company to participate in customary "road show" presentations that may be reasonably requested by the Underwriters 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.17 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by Investor 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, broker, sales agent or placement agent if such Underwriter, broker, 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, broker, sales agent or placement agent, as applicable.

Section 3.2 <u>Registration Expenses.</u> The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by Investor that it shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters' 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 Investor; provided, however, that if, at the time of a withdrawal pursuant to <u>Section 2.1.6</u>, Investor shall have learned of a material adverse change in the condition, business, or prospects of the Company not known (and not reasonably available upon request from the Company or otherwise) to Investor at the time of its request pursuant to <u>Section 2.1.4</u> and have withdrawn the request with reasonable promptness after learning of such information, then Investor shall not be required to pay any of such expenses.

Section 3.3 <u>Requirements for Participation in Registration Statements in Offerings.</u> Investor shall provide such information as may reasonably be requested by the Company, the Underwriters, or broker, 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>Article 2</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 Investor does not provide such information, the Company may exclude the Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that such information is necessary or advisable to effect the Registration. No Person may participate in any Underwritten Offering or other offering for Equity Securities of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (a)(a) agrees to sell such Person's securities on the basis provided in any underwriting, sales, distribution or placement arrangements approved by the Company and (b)(b) 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 underwriting, sales, distribution or placement arrangements.

Section 3.4 <u>Suspension of Sales; Adverse Disclosure</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 Upon receipt of written notice from the Company that a Registration Statement or Prospectus may contain a Misstatement, Investor shall forthwith discontinue offers and sales of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company covenants to prepare and file such supplement or amendment as soon as practicable after the time of such

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notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed (any such period, a "<u>Suspension Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 (i) At any time the Company is required to file a post-effective amendment to a Registration Statement and the Commission has not declared such amendment effective, or (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 information (e.g. compensation data, financial statements etc.) that is unavailable to the Company for reasons beyond the Company's control, or (c) in the good faith judgment of the majority of the Board, be seriously detrimental to the Company and the majority of the Board concludes as a result that it is in the Company's best interest to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written notice of such action to Investor (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, but in no event more than sixty (60) consecutive calendar days; <u>provided</u>, <u>however</u>, that the Company may not invoke this right more than one hundred twenty (120) calendar days in the aggregate in any twelve (12) month period (any such period, a "<u>Blackout Period</u>"). In the event the Company exercises its rights under this <u>Section 3.4.2</u>, Investor agrees to suspend, immediately upon their receipt of the notice referred to above, its use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities until Investor 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. The Company shall immediately notify Investor of the expiration of any period during which it exercised its rights under this <u>Section 3.4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 During the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated Registration and provided that the Company continues to actively employ, in good faith, commercially reasonable efforts to maintain the effectiveness of the applicable Registration Statement, or if Investor has requested a Shelf Underwritten Offering pursuant to <u>Section 2.1.4 (</u>*<u>Requests for Shelf Underwritten Offerings</u>*<u>)</u> and the Company and Investor are unable to obtain the commitment of underwriters to firmly underwrite such offering, the Company may, upon giving prompt written notice of such action to Investor, delay any other registered offering pursuant to <u>Section 2.1.4 (</u>*<u>Requests for Shelf Underwritten Offerings</u>*<u>)</u> or <u>Section 2.3 (</u>*<u>Block Trades; Other Coordinated Offerings</u>*<u>)</u>. In such event, the Company shall have the right to defer such filing for a period of not more than ninety (90) days; <u>provided</u>, <u>however</u>, that the Company shall not defer its obligation in this manner more than once in any twelve (12) month period.

Section 3.5 <u>Reporting Obligations</u>. As long as Investor shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, will 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 and to promptly furnish Investor with true and complete copies of all such filings; provided, that any documents publicly filed or furnished with the Commission pursuant to EDGAR shall be deemed to have been furnished or delivered to Investor pursuant to this <u>Section 3.5</u>.

**ARTICLE 4** 

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**INDEMNIFICATION AND CONTRIBUTION**

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Section 4.1 <u>Indemnification and Contribution.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 <u>Indemnification by the Company</u>. The Company agrees to indemnify, to the extent permitted by law, Investor, its officers and directors and each Person who controls Investor (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without limitation, reasonable and documented 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, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Company by Investor expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 <u>Indemnification by Investor</u>. In connection with a Registration Statement, Investor shall furnish 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 and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without limitation, reasonable and documented outside attorneys' fees) resulting from any 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 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 or omission is contained in (or not contained in, in the case of an omission) any information or affidavit so furnished in writing by or on behalf of Investor expressly for use therein. Investor shall indemnify the Underwriters, their officers, 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 indemnification of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 <u>Conduct of Indemnification Proceedings</u>. Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> 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 (ii) unless in such indemnified party's reasonable judgment (acting in good faith) 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 (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party (acting in good faith) 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

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 <u>Contribution</u>. If the indemnification provided under <u>Section 4.1 (</u>*<u>Indemnification and Contribution</u>*<u>)</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; <u>provided</u>, <u>however</u>, that the liability of Investor under this <u>Section 4.1.4</u> shall be limited to the amount of the net proceeds received by Investor 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 4.1.1 (</u>*<u>Indemnification by the Company</u>*<u>)</u>, <u>4.1.2 (</u>*<u>Indemnification by Investor</u>*<u>)</u> and <u>4.1.3 (</u>*<u>Conduct of Indemnification Proceedings</u>*<u>)</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 agree that it would not be just and equitable if contribution pursuant to this <u>Section 4.1.4</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 4.1.4</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 4.1.4</u> from any Person who was not guilty of such fraudulent misrepresentation.

**ARTICLE 5** 

**MISCELLANEOUS**

Section 5.1 <u>Assignment; No Third Party Beneficiaries</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of the Parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Agreement shall not confer any rights or remedies on any Person other than as expressly provided herein. Except as expressly permitted under this Agreement, neither this Agreement nor any rights that may accrue to the Parties hereunder may be transferred or assigned without the prior written consent of the other Party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Notwithstanding any consent in writing by the Company in accordance with <u>Section 5.1.1</u> above, no assignment by Investor of its rights, duties and obligations

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hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in <u>Section 5.4 (</u>*<u>Notices</u>*<u>)</u> hereof and (ii) the written agreement of the assignee in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement, including the joinder in the form of Exhibit A attached hereto). Any transfer or assignment of this Agreement or any rights, duties or obligations hereunder in violation this Section 5.1 shall be null and void.

Section 5.2 <u>Amendments; Waivers</u>. This Agreement may not be modified, waived or terminated (other than pursuant to the terms of <u>Section 5.3</u>*<u>(Effectiveness; Term)</u>* below) except by an instrument in writing, signed, in the case of an amendment, by each Party, or in the case of a waiver, by the Party against whom the waiver is to be effective. No failure or delay of any Party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

Section 5.3 <u>Effectiveness; Term</u>. This Agreement shall be effective as of, and conditioned upon the occurrence of, the Closing, and shall terminate upon the earliest of (i) the date as of which no Registrable Securities remain outstanding; (ii) the dissolution, liquidation, or winding up of the Company; and (iii) the mutual written agreement of the Parties to effect such termination. The provisions of <u>Article 4</u> shall survive any termination of this Agreement.

Section 5.4 <u>Notices</u>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given) by delivery in person, by e-mail (having obtained electronic delivery confirmation thereof (*i.e.*, an electronic record of the sender that the e-mail was sent to the intended recipient thereof without an "error" or similar message that such e-mail was not received by such intended recipient)), or by registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to the other Parties as follows:

if to the Company, to:

Ermenegildo Zegna N.V.

Via Savona 56/a

Milan

Italy

Attention: Delphine Gieux, Group General Counsel

Gianluca Ambrogio Tagliabue, Chief Operating and Financial Officer

Email: [\*\*\*]; [\*\*\*]

with copy to (which shall not constitute notice):

Sullivan & Cromwell LLP

125 Broad StreetNew York, NY 10004

Attention: Scott D. Miller

Email: millersc@sullcrom.com

and, if to Investor, to:

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Venezio Investments Pte. Ltd.60B

Orchard Road

#06-18 Tower 2

The Atrium@Orchard

Singapore 238891

Attn: Poy Weng Chuen

c/o: Nagi Hamiyeh, Vincent Lee, Dylan Coll-Reed, Andria Varnavides

Email: [\*\*\*]; [\*\*\*]; [\*\*\*]; [\*\*\*]; [\*\*\*]

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

Latham & Watkins LLP

99 Bishopsgate

London EC2M 3XF

United Kingdom

Attn: Robbie McLaren and Jennifer Gascoyne

Email: Robbie.McLaren@lw.com; Jennifer.Gascoyne@lw.com

Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto as provided in this <u>Section 5.4</u>.

Section 5.5 <u>Governing Law and Venue; Waiver of Jury Trial</u>. This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof.

THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK (THE "CHOSEN COURTS") SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN <u>SECTION 5.4</u> OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

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EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 5.5</u>.

Section 5.6 <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable law, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable under applicable law, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

Section 5.7 <u>Equitable Remedies</u>. Each Party acknowledges that the other Party would be irreparably damaged in the event of a breach or threatened breach by such Party of any of its obligations under this Agreement and hereby agrees that in the event of a breach or a threatened breach by such Party of any such obligations, the other Party shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to an injunction from a court of competent jurisdiction (without any requirement to post bond) granting specific performance by such Party of its obligations under this Agreement.

Section 5.8 <u>Entire Agreement</u>. This Agreement, the SPIRA and the Confidentiality Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

Section 5.9 <u>Further Assurances</u>. Each party shall cooperate and take such action as may be reasonably requested by another party in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby.

Section 5.10 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail, or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF**, the undersigned have caused this Agreement to be executed as of the date first written above.

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| |
|:---|
| **COMPANY:** |
| **ERMENEGILDO ZEGNA N.V.** |

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| | |
|:---|:---|
| By: | /s/ Ermenegildo Zegna di Monte Rubello |

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| | |
|:---|:---|
| Name: | Ermenegildo Zegna di Monte Rubello |
| Title: | Executive Chairman and Chief Executive Officer |

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| |
|:---|
| **INVESTOR:** |
| <br>**Venezio Investments Pte. Ltd.** |

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| | |
|:---|:---|
| By: | /s/ Poy Weng Chuen |

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| | |
|:---|:---|
| Name: | Poy Weng Chuen |
| Title: | Director |

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**EXHIBIT A** 

**JOINDER AGREEMENT**

This Joinder Agreement (this "<u>Joinder Agreement</u>") is made as of the date written below by the undersigned (the "<u>Joining Party</u>") in accordance with the Registration Rights Agreement dated as of July 28, 2025 (as the same may be amended from time to time, the "<u>Registration Rights Agreement</u>") between Ermenegildo Zegna N.V. and Venezio Investments Pte. Ltd.

Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration Rights Agreement.

The Joining Party hereby acknowledges and agrees that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party under the Registration Rights Agreement as of the date hereof and shall have all of the rights and obligations of Investor (to the extent it has acquired the Shares from Investor in accordance with the Registration Rights Agreement) as if it had executed the Registration Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement.

**IN WITNESS WHEREOF**, the undersigned has executed this Joinder Agreement as of the date written below.

Date: , 20[ ]

[**NAME OF JOINING PARTY**]

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|:---|:---|
| By: | ________________________ |

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| |
|:---|
| Name: |
| Title: |

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Address: _____________________

_____________________________

<br>