Document:

Exhibit 10.7

 

 

Anthony P. Colucci

 

Release

 

For good and valuable consideration,
and in satisfaction of the Executive’s rights under the Employment Agreement dated as of May 17, 2018 (the “Employment
Agreement”), which rights are set forth in full on Schedule A hereto, which is incorporated by reference herein,
this agreement and release (the “Release”) is entered into by and among Antony P. Colucci (the “Executive”),
Hayward Industries, Inc. (the “Company”) and Hayward Holdings, Inc. (the “Parent”, and together
with the Company, the “Companies”).

 

		1.	The Executive, on behalf of himself and his dependents, heirs, administrators,
agents, personal representatives, executors, successors and assigns, does hereby irrevocably, completely and unconditionally release,
waive and forever discharge the Companies and their past, present and future parents, subsidiaries, affiliated corporations, partnerships,
joint ventures, employee benefit plans, insurers and their predecessors, successors and assigns (each a “Company Affiliate”
and collectively, “Company Affiliates”) and all of the Company Affiliates’ past, present and future shareholders,
directors, officers, employees, agents, trustees, and representatives, both individually and in their official capacities, and
their successors and assigns, from any and all actions, rights, claims, demands, obligations, liabilities, attorneys’ fees
and causes of action of any kind or description whatsoever, in law, equity or otherwise, whether known or unknown, whether past
or present, including those arising out of or in any way related to the Executive’s employment, or termination of employment,
with either or both of the Companies (including any events, acts, conduct or omissions related thereto) occurring at any time prior
to or at the date on which the Executive signs and returns this Release (the “Release Date”), including, but
not limited to, any action, claim, demand, obligation, liability or cause of action arising under: any Federal, state, or local
law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866, 1871, 1964 and 1991,
the Equal Pay Act, the Americans with Disabilities Act of 1990, the National Labor Relations Act, the Employee Retirement Income
Security Act of 1974 (other than any claim as excepted below), the Age Discrimination in Employment Act of 1967, all as amended,
and the wage and hour, wage payment and fair employment practices laws of the state or states in which the Executive has been employed),
tort, contract or any other legal obligation (collectively, the “Claims”); provided, however, the Executive
does not release any of the following Claims:

 

		a.	any Claim to vested but unpaid payments, benefits or other entitlements,
including, without limitation, under any compensation or benefit plan, program or other arrangement of the Company, the Parent
or any Company Affiliate including, without limitation, any incentive or deferred compensation plan including any cash or equity
award, any pension plan or benefits under any medical, dental, vision, life insurance or disability insurance plan, in each case
as set forth on Schedule A;

 

    	 	 	 

     

    

 

		b.	any Claim to workers’ compensation or unemployment insurance benefits;

 

		c.	any claim arising from a failure to pay or provide any of the payments or benefits described on Schedule A hereto;

 

		d.	any Claim for indemnification in accordance with applicable laws, the applicable
constituent documents (including bylaws and certificates of incorporation) of the Company, the Parent or any Company Affiliate,
and any applicable insurance policy with respect to any liability the Executive incurs or has incurred as a director, officer or
employee of the Company, the Parent or any Company Affiliate;

 

		e.	any Claim the Executive may have to obtain contribution as permitted by
law in the event of entry of judgment against the Executive as a result of any act or failure to act for which the Executive and
the Company, the Parent and/or any Company Affiliate are jointly liable in whole or in part;

 

		f.	any Claim that by law may not be released by private agreement without judicial
or governmental review and approval; or

 

		g.	any Claim that arises after the Release Date.

 

Nothing contained in this Release
shall be construed to prohibit the Executive from filing a charge with or participating in any investigation or proceeding conducted
by the federal Equal Employment Opportunity Commission or a comparable state or local agency, provided, however, that the Executive
hereby agrees to waive his right to recover monetary damages or other individual relief in any such charge, investigation or proceeding
or any related complaint or lawsuit filed by the Executive or by anyone else on his behalf.

 

		2.	The following shall apply in connection with the signing of this Release:

 

		a.	The Executive acknowledges and agrees that he has had at least twenty-one
(21) days in which to consider this Release and is hereby advised that this Release creates a legally binding obligation and that
he should therefore consult an attorney about this Release (though he may choose voluntarily not to do so).

 

		b.	The Executive represents that he has read this Release carefully; has had
the opportunity to consult with an attorney of the Executive’s own choosing about the Release; understands fully what this
Release means; and is entering into it knowingly, voluntarily and without coercion.

 

		c.	The Executive may not sign and return this Release to the Companies earlier
than April 16, 2020 (the “Date of Termination”) and must sign and return it no later than twenty-one (21) calendar
days following the date this Release was first provided to the Executive. The Executive will have an additional seven (7) calendar
days after the Release Date in which to revoke his acceptance by providing written notice of revocation to the Companies. The Release
will not be effective until the date upon which the revocation period has expired, which will be the eighth (8th)
calendar day after the Release Date, if not previously revoked.

 

    	 	 	 

     

    

 

		d.	By signing this Release, the Executive represents that (i) he is signing
it voluntarily and with a full understanding of its terms, (ii) he has had sufficient opportunity, before signing this Release,
to consider its terms and consult with an attorney (if he so wished to do so) and (iii) he has not relied on any promises or representations,
express or implied, that are not set forth expressly in this Release.

 

		3.	The Executive represents that as of the date he has executed this Release
he has not assigned to any other party, and agrees not to assign, any Claim released by the Executive herein.

 

		4.	The Executive acknowledges that he does not hold any equity or equity-related
interests in the Companies or any of their affiliates, except as set forth on Schedule A.

 

		5.	The Executive represents that he has returned to the Companies any and all
documents, materials and information (whether in hardcopy, on electronic media or otherwise) related to the business of the Companies
or their affiliates (whether present or otherwise), and all keys, access cards, credit cards, computer hardware and software, telephones
and telephone-related equipment and all other property of the Companies or their affiliates in the Executive’s possession
or control. Further, the Executive agrees that he has not retained any copy or derivation of any documents, materials or information
(whether in hardcopy, on electronic media or otherwise) of the Companies or any Company Affiliates.

 

		6.	Each of the Executive, the Company and the Parent hereby waive any notice
(or pay in lieu thereof) that might otherwise be required from any other party.

 

		7.	Whenever possible, each provision of this Release shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Release is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Release shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

		8.	This Release may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together shall constitute one and the same instrument.

 

		9.	This Release shall be governed by and construed and interpreted in accordance
with the laws of the State of New Jersey without reference regard to principles of conflicts of law that would result in the application
of the laws of any other jurisdiction.

 

[remainder of page intentionally blank]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Executive, the Company and the Parent
have executed this

 

Release each as of the date indicated below.

 

AGREED AND EXECUTED:

 

ANTHONY P. COLUCCI

 

	Dated:	4/29/20	 	/s/ Anthony P. Colucci
	 	 	 	 
	HAYWARD INDUSTRIES, INC.	Name: Margaret B. Costello
	 	 	 	 
	 	 	 	Title: Vice President, Human Resources
	 	 	 	 
	Dated:	April 16, 2020	 	/s/ Margaret B. Costello
	 	 	 	 
	HAYWARD HOLDINGS, INC.	Name: Kevin Holleran
	 	 	 	 
	Dated:	April 16, 2020	 	Title: President & CEO
	 	 	 	 
	 	 	 	/s/ Kevin Holleran

 

    	 	 	 

     

    

 

 

Schedule
A to Release (A. Colucci)

Summary
of Severance Benefits 

 

All capitalized terms
not defined herein or in the Release to which this Schedule A is attached (the “Release”) shall have
the meanings given in the Employment Agreement.

 

Upon the termination
of Executive’s employment, the Company will pay Executive the following Accrued Benefits in a lump sum within thirty (30)
days following the Date of Termination:

 

		(i)	Pay, at Executive’s final base rate of pay, for all work performed for the Company through the Date of Termination, to
the extent not previously paid;

 

		(ii)	Pay, at Executive’s final base rate of pay, for any accrued, unused vacation days as of the Date of Termination; and

 

		(iii)	Reimbursement of outstanding business expenses reimbursable under Company policies as then in effect and properly incurred
by Executive, if all necessary supporting documentation is provided within 30 days of the Date of Termination.

 

In addition, upon Executive’s
termination without Cause, as defined in the Employment Agreement, and in consideration of Executive’s execution and non-revocation
of the Release and Executive’s continued compliance with Executive’s restrictive covenant obligations under the Employment
Agreement, including without limitation Section 6, 7, and 8 thereof, and the Agreement between Executive and Hayward Industries,
Inc. dated May 2018, the Company will provide Executive with the following severance benefits:

 

		(i)	An amount equal to the sum of Executive’s final Base Salary ($442,000) and Executive’s Target Bonus of 70%
($309,400), paid together in the form of salary continuation over a period of twelve (12) months, beginning on the next
regular pay date that is at least five (5) days following the later of the effective date of the Release or the date it is received
by the Company (the “Payment Date”). The first such payment will be retroactive to the day following the Date
of Termination.

 

		(ii)	A pro-rata portion of Executive’s Annual Bonus (if any) for the 2020 plan year determined at such time as annual bonuses
for the 2020 plan year are determined by the Board, paid at such time as annual bonuses for the 2020 plan year are paid generally;

 

		(iii)	Post Termination Benefits in the following amounts, payable on the Payment Date:

 

		a.	$67,626, representing the value of the Company’s contribution to the Company’s Non-Qualified Deferred Compensation
Plan at the rate of nine (9) percent of Executive’s final Base Salary and Target Bonus;

 

		b.	$22,542, representing the value of the Company’s contribution to the Company’s 401k plan at the rate of
three (3) percent of Executive’s final Base Salary and Target Bonus;

 

		c.	$8,550, representing the value of a 401k safe-harbor profit-sharing payment at the rate of three (3) percent of Executive’s
final Base Salary, subject to 2020 plan limits;

 

		d.	$9,000, representing the value of twelve (12) months of Company payments of Executive’s Company car lease (at
$750/month);

 

		e.	$13,128, representing the value of twelve (12) months of Company contributions to Executive’s UltimateHealth executive
medical supplementary health plan (at $1,094/month); and

 

		f.	$11,430, representing the value of twelve (12) months of the Company’s premium costs for Executive’s life
insurance and AD&D insurance coverage.

 

    	 	 	 

     

    

 

		(iv)	A one-time lump sum benefit allowance payment of $24.014.22, which is equal to the employer-side premium that the Company would
have provided towards the cost of Executive’s medical, dental, prescription and/or vision
coverage (based on Executive’s benefit elections for such coverages, and premium cost sharing, each as in effect immediately
prior to the Date of Termination), had Executive remained employed with the Company for an additional twelve (12) months following
Executive’s termination of employment and continued such coverage for such period (the “Benefit Allowance”).
The Benefit Allowance will be paid on the Payment Date, and will be made regardless of whether the Executive elects health continuation
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Executive’s current medical,
dental, prescription and/or vision coverage (if any) will end on the Date of Termination. At or about that time, if Executive is
eligible for COBRA, Executive will receive under separate cover, directly from Benefit Express, notice of his opportunity to elect
COBRA continuation coverage of his current plans on a self-pay basis. Should Executive wish to elect this continuation of coverage,
it is his obligation to enroll within the designated timeframe and satisfy all billing requirements directly with Benefit Express.
Executive’s COBRA eligibility and coverage will be governed by the applicable benefit plan and Executive will be responsible
for paying the full cost of any COBRA coverage he elects; and

 

		(v)	Outplacement counseling services for a period of 12 months by Terry Mulligan at Transition Partners Group at a cost not to
exceed $13,000.

 

Subject to the conditions described herein, the payments and
benefits set forth in this Schedule A will be subject to and reduced by all applicable federal, state and local income and
payroll withholding taxes, and will be paid in full and complete satisfaction of any and all payments or benefits due to Executive
from the Company, whether for services provided to the Company, due under the Employment Agreement, or otherwise.

 

Treatment of Equity

 

Executive is the owner of 250 Class A Shares (the “Class
A Shares”) of Hayward Holdings, Inc. (“Hayward Holdings”). The Class A Shares are not subject to vesting
and will remain outstanding following the date hereof, but will continue to be subject to the terms of the Stockholders’
Agreement, including Section 2.5 thereof.

 

Executive is also the owner of 2,000 Class A Restricted Shares
of Hayward Holdings (the “Class A Restricted Shares”). As of the Date of Termination, none of the Class A Restricted
Shares will have vested and, accordingly, all such Class A Restricted Shares will be automatically forfeited by the Executive for
no consideration.

 

Executive has been granted stock options with respect to 8,000
Class B Shares of Hayward Holdings (the “Class B Options”). 50% of the Class B Options are time-vesting options
(the “Time-Vesting Options”) and 50% of the Class B Options are performance-vesting shares (the “Performance-Vesting
Options”). As of the Date of Termination, 1,600 of the Time-Vesting Options and none of the Performance-Vesting Options
will have vested (the “Vested Class B Options”). All unvested Class B Options shall terminate without consideration
on the Date of Termination. The Vested Class B Options may be exercised by Executive for a period of 90 days from the Date of Termination
and, immediately following such date, any unexercised Vested Class B Options will expire.

 

The Class A Shares and the vested Class B Options will remain
subject to, as applicable, the terms of the Stockholders’ Agreement, the Amended and Restated Hayward Holdings Equity Incentive
Plan, the Subscription Agreement, dated as of May 29, 2018 by and between Hayward Holdings and the Executive, and the Executive’s
Non-Qualified Stock Option Agreement, granted May 29, 2018.Exhibit
10.8

 

Privileged
 & Confidential 

 

Hayward
Holdings, INC.

 

second
Amended and Restated 2017 Equity Incentive Plan

 

		SECTION
                                         1.	GENERAL
                                         PURPOSE OF THE PLAN; DEFINITIONS

 

The
name of the plan is the Second Amended and Restated Hayward Holdings, Inc. 2017 Equity Incentive Plan (the “Plan”).
The purpose of the Plan is to encourage and enable the officers, employees, directors, Consultants, and other key Persons (including
prospective employees, but conditioned on their employment) of Hayward Holdings, Inc., a Delaware corporation (including any successor
entity, the “Company”) and any Subsidiary, upon whose judgment, initiative and efforts the Company largely
depends for the successful conduct of its business, to acquire a proprietary interest in the Company. It is anticipated that providing
such Persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those
of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire
to remain with the Company.

 

The
following terms shall be defined as set forth below:

 

“Act”
means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Affiliate”
has the meaning set forth in the Stockholders’ Agreement.

 

“Award”
or “Awards,” except where referring to a particular category of grant under the Plan, shall include Non-Qualified
Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing.

 

“Award
Agreement” means a written or electronic agreement setting forth the terms and provisions applicable to an Award granted
under the Plan. Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided,
however, that except to the extent explicitly provided to the contrary, in the event of any conflict in the
terms of the Plan and the Award Agreement, the terms of the Plan shall govern.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
means, with respect to a Participant, “Cause” as defined in such Participant’s Employment Agreement; provided,
that if such Participant does not have an Employment Agreement, “Cause” shall mean (i) conduct by such Participant
constituting a material act of misconduct in connection with the performance of his or her duties, including, without limitation,
misappropriation of funds or property of the Company or any of its Subsidiaries or Affiliates other than the occasional, customary
and de minimis use of Company property for personal purposes; (ii) the Participant’s conviction of a felony or a misdemeanor
involving fraud or any misconduct by the Participant that results in material injury or reputational harm to the Company or any
of its Subsidiaries and Affiliates; (iii) continued non-performance by the Participant of his or her duties (other than by reason
of the Participant’s physical or mental illness, incapacity or disability) which has continued for more than thirty (30)
days following written notice from the Board clearly delineating such non-performance; (iv) a material breach by the Participant
of any restrictive covenant by the Participant contained in any agreement between the Participant and the Company (including Exhibit
B or Appendix B, as applicable, to any Award Agreement); (v) a material violation by the Participant of the Company’s written
employment policies in effect from time to time; or (vi) failure to cooperate with a bona fide internal investigation or an investigation
by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or
failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail
to cooperate or to produce documents or other materials in connection with such investigation.

 

     

     

    

 

“Change
of Control” means a Liquidity Event as defined herein.

 

“Chief
Executive Officer” means the Chief Executive Officer of the Company or, if there is no Chief Executive Officer, then
the President of the Company.

 

“Class
A Common Stock” means the Class A Stock, par value $0.001 per share of the Company subject to adjustments pursuant to
SECTION 3.

 

“Class
B Common Stock” means the Class B Stock, par value $0.001 per share of the Company, subject to adjustments pursuant
to SECTION 3.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute as from time to time in effect, and related
rules, regulations and interpretations.

 

“Committee”
means the Committee referred to in SECTION 2.

 

“Consultant”
means any natural Person that provides bona fide services to the Company (including a Subsidiary), and such services are not
in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote
or maintain a market for the Company’s securities.

 

“Covered
Transaction” means any transaction in which (i) one or more classes of securities issued by the Company are converted
into, or exchanged for, securities in another form issued by the Company, any of its direct or indirect subsidiaries, a newly
formed parent or affiliated Persons or (ii) the Company merges or otherwise combines with one or more Affiliates of the Company
with the Company surviving any such merger or combination.

 

“Deferral
Period” means, with respect to a Restricted Stock Unit, the period of time between the date of grant of such Restricted
Stock Unit and the date on which such Restricted Stock Unit is due to be settled in accordance with its terms.

 

“Effective
Date” means the date on which the Plan is approved by the Board as set forth on the final page of the Plan.

 

“Employment
Agreement” means any existing or future employment, services, severance or similar agreement entered into between the
Company and/or any of its parent companies or Subsidiaries, or any Affiliates thereof, and a Participant.

 

    2

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair
Market Value” has the meaning set forth in the Stockholders’ Agreement.

 

“Hayward”
means Hayward Industries, Inc.

 

“IPO”
has the meaning set forth in the Stockholders’ Agreement.

 

“Liquidity
Event” has the meaning set forth in the Stockholders’ Agreement. Notwithstanding anything to the contrary herein,
an IPO shall not be deemed a Liquidity Event.

 

“Non-Qualified
Stock Option” means any Stock Option that is not an “incentive stock option” as defined in Section 422 of
the Code.

 

“Participant”
means an eligible employee or service provider (as provided in SECTION 4) who is granted an Award under the Plan.

 

“Permitted
Transferee” has the meaning set forth in the Stockholders’ Agreement.

 

“Person”
has the meaning set forth in the Stockholders’ Agreement.

 

“Option”
or “Stock Option” means any option to purchase shares of Class B Common Stock granted pursuant to SECTION
5.

 

“Restricted
Stock Award” means an Award granted pursuant to SECTION 6 entitling the recipient to acquire, at such purchase
price (which may be zero) as determined by the Committee, shares of Stock subject to such restrictions and conditions as the Committee
may determine at the time of grant, which purchase price (if applicable) shall be payable in cash or other form of consideration
acceptable to the Committee.

 

“Restricted
Stock Unit” means an Award of phantom stock units to a Participant, which may be settled in cash or stock as determined
by the Committee, pursuant to SECTION 8.

 

“Section
409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Stock”
means the Class A Stock and/or the Class B Stock of the Company (as applicable).

 

“Stockholders’
Agreement” means the Hayward Holdings, Inc. Stockholders’ Agreement, dated as of the date hereof, as it may be
amended, modified or amended and restated from time to time.

 

“Subsidiary”
means any corporation or other entity (other than the Company) in which the Company has more than a 50 percent interest, either
directly or indirectly.

 

“Unrestricted
Stock” means shares of Stock, free of any vesting restrictions, granted pursuant to an Unrestricted Stock Award.

 

    3

     

    

 

“Unrestricted
Stock Award” means an Award of Unrestricted Stock, granted pursuant to SECTION 7.

 

		SECTION
                                         2.	ADMINISTRATION
                                         OF PLAN; COMMITTEE AUTHORITY TO SELECT PARTICIPANTS AND DETERMINE AWARDS

 

(a)              
Administration of Plan. The Plan shall be administered by the Board, or at the discretion of the Board, by a committee
of the Board which shall be comprised of not less than two Directors. All references herein to the “Committee” shall
be deemed to refer to the group then responsible for administration of the Plan at the relevant time (i.e., either the Board or
a committee or committees of the Board, as applicable).

 

(b)              
Powers of Committee. The Committee shall have the power and authority to grant Awards consistent with the terms of the
Plan, including the power and authority:

 

(i)                 
to select the individuals to whom Awards may from time to time be granted;

 

(ii)                
to determine the time or times of grant, and the amount, if any, of Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted
Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more Participants;

 

(iii)              
to determine the class and the number of shares of Stock to be covered by any Award and, subject to the provisions of SECTION
5(a)(i) below, the price, exercise price, conversion ratio or other price relating thereto;

 

(iv)              
to determine and, subject to SECTION 11, to modify from time to time the terms and conditions, including restrictions,
not inconsistent with the terms of the Plan, of any Award (the terms and conditions of which may differ among individual Awards
and Participants), and to approve the form of written instruments evidencing the Awards;

 

(v)               
to accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)              
to impose any limitations on Awards granted under the Plan, including limitations on transfers, repurchase provisions and the
like, and to exercise repurchase rights or obligations;

 

(vii)             
to extend at any time the period in which Stock Options may be exercised;

 

(viii)            
to negotiate, enter into, execute and deliver any Award Agreement (and any amendments or modifications thereto); and

 

(ix)               
at any time to determine, amend, modify, waive, adopt, alter and repeal such rules, guidelines and practices for administration
of the Plan and for its own acts and proceedings as it shall deem necessary or advisable; to interpret the terms and provisions
of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration
of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the
Plan.

 

    4

     

    

 

All
decisions and interpretations of the Committee are conclusive and shall bind all Persons (including, without limitation, Participants
and their respective beneficiaries, successors or Permitted Transferees). For the avoidance of doubt, any Awards granted after
the date hereof shall be made by the Committee in consultation with the Chief Executive Officer.

 

(c)              
Award Agreement. Each Award under the Plan shall be evidenced by an Award Agreement that sets forth the terms, conditions
and limitations for such Award and may include, without limitation, the term of such Award and the provisions applicable in the
event employment or service terminates. Each Award under the Plan shall also be subject to the terms and conditions of the Stockholders’
Agreement. By accepting an Award, the Participant agrees to the terms of the applicable Award Agreement, the Plan and the Stockholders’
Agreement.

 

(d)              
Indemnification. To the fullest extent permitted by law, the members and agents of the Committee (solely in their capacities
as such and not, for the avoidance of doubt, in their capacity as a Participant) shall not be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and
any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim,
loss, damage, expense, loss, action, suit, or proceeding (including, without limitation, reasonable attorneys’ fees) arising
or resulting therefrom to the fullest extent permitted by law and/or under the Company’s governing documents, including
its articles or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time
to time and/or any indemnification agreement between such individual and the Company. The foregoing right of indemnification shall
not be exclusive of any other rights of indemnification to which such persons may be entitled as a matter of law, or otherwise,
or any power that the Company may have to indemnify such persons or hold them harmless.

 

(e)              
Section 409A. Subject to SECTION 10, Awards under the Plan are intended to be exempt from, or comply with, the requirements
of Section 409A and shall be construed and administered accordingly. The Committee may establish rules and procedures, consistent
with Section 409A, setting forth the circumstances under which the distribution or the receipt of Stock and other amounts payable
with respect to an Award may be deferred either automatically or at the election of the Participant and whether and to what extent
the Company may pay or credit amounts constituting interest (at rates determined by the Committee) or dividends or deemed dividends
on such deferrals.

 

		SECTION
                                         3.	STOCK
                                         ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 

(a)              
Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 95,994.11
shares of Class B Common Stock and 2,949.49 shares of Class A Common Stock, which may be issued as Restricted Stock, subject to
adjustment as provided in SECTION 3(b). For purposes of this limitation, the shares of Stock underlying any Awards that
are forfeited, canceled, withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding,
reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise),
in each case shall be added back to the shares of Stock available for issuance under the Plan.

 

    5

     

    

 

(b)              
Changes in Stock. Subject to SECTION 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the
Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed
with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, or sale of all or
substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities
of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and equitable
or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the number and kind
of shares or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per share
subject to each outstanding Restricted Stock Award, and (iv) the exercise price for each share subject to any then outstanding
Stock Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number
of Stock Options) as to which such Stock Options remain exercisable. The adjustment by the Committee shall be final, binding and
conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Committee
in its discretion may make a cash payment in lieu of fractional shares.

 

(c)              
Liquidity Events.

 

(i)                
Subject to and effective immediately prior to the consummation of a Liquidity Event, except as the Committee may otherwise specify
with respect to particular Awards in the relevant Award Agreement, provision may be made in connection with the Liquidity Event
in the sole discretion of the parties to the Liquidity Event for the assumption or continuation by the successor entity of Awards
theretofore granted, or the substitution of such Awards with new awards on substantially equivalent terms of the successor entity
or parent thereof, with an equitable or proportionate adjustment as to the number and kind of shares and, if appropriate, the
per share exercise prices, as such parties shall agree (after taking into account any acceleration hereunder).

 

(ii)                
In the event of a Liquidity Event each Participant shall be permitted, within a specified period of time prior to the consummation
of such Liquidity Event as determined by the Committee, to exercise all outstanding Options held by such Participant, to the extent
such Options are vested, including those that will become vested and exercisable upon the consummation of such Liquidity Event;
provided, however, that the exercise of Options not exercisable prior to such Liquidity Event shall be subject to
the consummation of such Liquidity Event and shall be of no effect if the Liquidity Event is not consummated.

 

(iii)               
Notwithstanding anything to the contrary herein, the Company shall have the right, but not the obligation, in connection with
a Liquidity Event, to make or provide for a cash payment to Participants holding vested Options, in exchange for the cancellation
thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the consideration payable,
or otherwise to be received by stockholders, per share of Stock pursuant to such Liquidity Event multiplied by the number of shares
of Stock subject to outstanding Options (to the extent then exercisable, including by reason of vesting acceleration, at prices
not in excess of the applicable sale price for the Stock in such Liquidity Event) and (B) the aggregate exercise price of all
such outstanding Options (to the extent then exercisable, including by reason of vesting acceleration, at prices not in excess
of the per share sales price of such Liquidity Event), subject to the other terms and conditions of such Liquidity Event (such
as indemnification obligations and purchase price adjustments) to the extent provided by the parties; provided, that if
the value of (B) is greater than the value of (A) upon such Liquidity Event, such Options will be forfeited without consideration
by the Participant.

 

    6

     

    

 

(d)              
Substitute Awards. The Committee may grant Awards under the Plan in substitution for stock and similar stock-based awards
held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the
employing corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock
of the employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the
Committee considers appropriate in the circumstances. To the extent consistent with the requirements of applicable legal requirements
(including applicable stock exchange requirements), any substitute Awards granted under the Plan shall not count against the share
limitation set forth in SECTION 3(a), but notwithstanding anything in SECTION 3(a) to the contrary, if any substitute
award is settled in cash or expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company without
the issuance of Stock, the shares of Stock previously subject to such Award will not be available for future grants under the
Plan. The Committee will determine the extent to which the terms and conditions of the Plan apply to substitute awards, if at
all.

 

		SECTION
                                         4.	ELIGIBILITY

 

Participants
under the Plan will be such full or part-time officers and other employees, directors, Consultants, and key persons (including
prospective employees, but conditioned on their employment) of the Company and any Subsidiary who are selected from time to time
by the Committee in its sole discretion; provided, however, that eligibility for Stock Options is limited to individuals
described in the first sentence of this SECTION 4 who are providing direct services on the date of grant of the Stock Option
to the Company or to a Subsidiary that would be described in the first sentence of Treas. Regs. § 1.409A-1(b)(5)(iii)(E).

 

		SECTION
                                         5.	STOCK
                                         OPTIONS

 

Any
Stock Option granted under the Plan must be made pursuant to an Award Agreement in such form as the Committee may from time to
time approve. Award Agreements need not be identical.

 

Stock
Options granted under the Plan will be Non-Qualified Stock Options.

 

    7

     

    

 

All
Stock Options must be granted on Class B Common Stock, which Class B Common Stock qualifies as “service recipient stock”
under the Section 409A Treasury Regulations.

 

(a)              
Terms of Stock Options. The Committee in its discretion may grant Stock Options to eligible employees and key persons of
the Company or any Subsidiary. Stock Options granted pursuant to this SECTION 5(a) shall be subject to the following terms
and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee
shall deem desirable. If the Committee so determines, Stock Options may be granted in lieu of cash compensation, subject to such
terms and conditions as the Committee may establish.

 

(i)                
Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to SECTION 5(a)
shall be determined by the Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value
on the date of grant.

 

(ii)               
Option Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more
than ten years after the date the Stock Option is granted.

 

(iii)              
Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times, whether or not in
installments, as shall be determined by the Committee at or after the grant date. An optionee shall have the rights of a stockholder
only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. An optionee shall not
be deemed to have acquired any such shares unless and until a Stock Option shall have been exercised pursuant to the terms hereof,
the Company shall have issued and delivered a certificate representing the shares to the optionee, and the optionee’s name
shall have been entered on the books of the Company as a stockholder.

 

(iv)              
Method of Exercise; Payment. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving
written notice of exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may
be made by one or more of the following methods (or any combination thereof) to the extent provided in the Award Agreement:

 

(A)            
in cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to the Committee;

 

(B)             
by the optionee delivering to the Company a promissory note, if the Board has expressly authorized the loan of funds to the optionee
for the purpose of enabling or assisting the optionee to effect the exercise of such optionee’s Stock Options; provided,
that at least so much of the exercise price as represents the par value of the Stock shall be paid other than with a promissory
note if required by state law;

 

(C)             
if the IPO has occurred, through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by
the optionee on the open market or that are beneficially owned by the optionee and are not then subject to restrictions under
any Company plan; provided, that, to the extent required to avoid variable accounting treatment under ASC 718 or any successor
accounting standard or other applicable accounting rules, such surrendered shares if originally purchased from the Company shall
have been owned by the optionee for at least six months and one day; provided, further, that such surrendered shares
shall be valued at Fair Market Value on the exercise date;

 

    8

     

    

 

(D)            
if permitted by the Committee with respect to Stock Options, by a “net exercise” arrangement pursuant to which the
Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value that does not exceed the aggregate exercise price; and

 

(E)             
if permitted by the Committee, by the optionee delivering to the Company a properly executed exercise notice together with irrevocable
instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase
price; provided, that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the
broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Committee shall
prescribe as a condition of such payment procedure.

 

Payment
instruments will be received subject to collection. No certificates for shares of Stock so purchased will be issued to the optionee
until the Company has completed all steps required by law to be taken in connection with the issuance and sale of the shares,
including without limitation (i) receipt of a representation from the optionee at the time of exercise of the Option that such
optionee is purchasing the shares for the optionee’s own account and not with a view to any sale or distribution thereof,
(ii) the legending of any certificate representing the shares to evidence the foregoing restrictions, and (iii) obtaining from
the optionee payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of certificates
representing the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from
the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company
of the full purchase price for such shares and the fulfillment of any other requirements contained in the Award Agreement or applicable
provisions of laws. In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the
attestation method, the number of shares of Stock transferred to such optionee upon the exercise of the Stock Option shall be
net of the number of shares attested to.

 

(b)              
Non-Transferability of Stock Options. No Stock Option shall be transferable by the optionee otherwise than by will or by
the laws of descent and distribution and all Stock Options shall be exercisable, during the optionee’s lifetime, only by
the optionee, or by the optionee’s legal representative or guardian in the event of the optionee’s incapacity. Notwithstanding
the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement regarding a given Option that the optionee
may transfer, without consideration for the transfer, his or her Stock Options to members of his or her immediate family, to trusts
for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the
transferee agrees in writing with the Company to be bound by all of the terms and conditions of the Plan and the applicable Option.

 

    9

     

    

 

		SECTION
                                         6.	RESTRICTED
                                         STOCK AWARDS

 

(a)              
 Nature of Restricted Stock Awards. The Committee shall determine the restrictions and conditions applicable to each Restricted
Stock Award at the time of grant. Conditions may be based on continuing employment (or other service relationship), achievement
of pre-established performance goals and objectives and/or such other criteria as the Committee may determine. The grant of a
Restricted Stock Award is contingent on the Participant executing an Award Agreement. The terms and conditions of each such Award
Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and Participants,
all of whom must be eligible Persons under SECTION 4 hereof.

 

(b)              
Rights as a Stockholder. Upon execution of an Award Agreement and payment of any applicable purchase price, a Participant
of Restricted Stock shall be considered the record owner of the shares of Restricted Stock, and shall be entitled to vote such
shares of Restricted Stock unless otherwise specified in the Company’s certificate of incorporation or the applicable Award
Agreement. Except as otherwise provided for in any Award Agreement or waiver letter, the Participant shall be entitled to receive
all dividends and any other distributions declared on the shares of Restricted Stock; provided, however, that the
Company shall not be obligated to declare any such dividends or to make any such distribution. The Award Agreement may require
or permit the immediate payment, waiver, deferral or investment of dividends paid on the Restricted Stock. Unless the Committee
shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such
Restricted Stock is vested as provided in SECTION 6(d), and the Participant shall be required, as a condition of the grant,
to deliver to the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe.

 

(c)             
Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except
as specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the
Award Agreement or, subject to SECTION 13 below, in writing after the Award Agreement is issued, if any, if a Participant’s
employment (or other service relationship) with the Company and any Subsidiary terminates, the Company or its assigns shall have
the right, as may be specified in the relevant instrument, to repurchase some or all of the Shares subject to the Restricted Stock
Award at such purchase price as is set forth in the Award Agreement.

 

(d)             
Vesting of Restricted Stock. The Committee at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which Restricted Stock shall become vested, subject to such
further rights of the Company or its assigns as may be specified in the Award Agreement.

 

(e)              
Section 83(b) Election. Except if provided otherwise in the Award Agreement, as a condition subsequent to the issuance
or transfer to the Participant of Restricted Stock, the Participant will be required within thirty (30) days following the grant
of a Restricted Stock Award to execute and deliver to the Internal Revenue Service, with a copy thereof to the Company, an
election under Section 83(b) of the Code (to the extent such Restricted Stock is subject to a substantial risk of forfeiture as
of the date of the Restricted Stock Award).

 

    10

     

    

 

		SECTION
                                         7.	UNRESTRICTED
                                         STOCK AWARDS

 

(a)             
 Grant or Sale of Unrestricted Stock. The Committee may, in its sole discretion, grant (or sell at par value or such higher
purchase price determined by the Committee) to a Participant under SECTION 4 hereof an Unrestricted Stock Award under the
Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation
due to such Participant.

 

(b)             
Requests to Receive Unrestricted Stock In Lieu of Compensation. Upon the request of an eligible Person under SECTION
4 hereof and with the consent of the Committee, to be approved in its sole discretion, each such Participant may, pursuant
to an advance written election delivered to the Company no later than the date specified by the Committee, receive a portion of
any cash compensation otherwise due to such Participant in the form of shares of Unrestricted Stock either currently or on a deferred
basis; provided, that any such request and election, if approved by the Committee, be structured to comply with or be exempt
from Section 409A of the Code.

 

(c)              
Restrictions on Transfers. The right to receive shares of Unrestricted Stock on a deferred basis may not be sold, assigned,
transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution.

 

		SECTION
                                         8.	RESTRICTED
                                         STOCK UNITS

 

(a)              
Nature of Restricted Stock Units. The Committee shall determine the restrictions and conditions applicable to each Restricted
Stock Unit at the time of grant. Conditions may be based on continuing employment (or other service relationship), achievement
of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. The grant of Restricted
Stock Unit(s) is contingent on the Participant executing an Award Agreement. The terms and conditions of each such Award Agreement
shall be determined by the Committee, shall be consistent with Section 409A, and such terms and conditions may differ among individual
Awards and Participants. At the end of the Deferral Period applicable to any Restricted Stock Unit, such Restricted Stock Unit,
to the extent vested, shall be settled in the form of cash or shares of Stock, as specified in the Award Agreement.

 

(b)             
Election to Receive Restricted Stock Units in Lieu of Compensation. The Committee may, in its sole discretion, permit a
Participant to elect to receive a portion of any future cash compensation otherwise due to such Participant in the form of a Restricted
Stock Unit. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified
by the Committee and in accordance with Section 409A and such other rules and procedures established by the Committee. Upon any
such election, any such future cash compensation shall be converted to a fixed number of Restricted Stock Unit(s) based on the
Fair Market Value of Stock on the date the compensation would otherwise have been paid to the Participant if such payment had
not been deferred through conversion into the Restricted Stock Unit(s). The Committee shall have the sole right to determine whether
and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as
the Committee deems appropriate.

 

(c)             
Rights as a Stockholder. A Participant shall have the rights of a stockholder only as to shares of Stock, if any, acquired
upon settlement of a Restricted Stock Unit. A Participant shall not be deemed to have acquired any such shares unless and until
a Restricted Stock Unit shall have been settled in Stock pursuant to the terms hereof, the Company shall have issued and delivered
a certificate representing the shares of Stock to the Participant, and the Participant’s name shall have been entered in
the books of the Company as a stockholder.

 

    11

     

    

 

(d)             
Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the
Award Agreement is issued, a Participant’s right in all Restricted Stock Units that have not vested shall automatically
terminate upon the Participant’s termination of employment (or cessation of service relationship) with the Company and any
Subsidiary for any reason.

 

		SECTION
                                         9.	TAX
                                         WITHHOLDING

 

(a)              
Payment by Participant. Each Participant shall, no later than the date as of which the value of an Award or of any Stock
or other amounts received thereunder first becomes includable in the gross income of the Participant for Federal income tax purposes,
pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes
of any kind required by law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to
the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.
The Company’s obligation to deliver stock certificates to any Participant is subject to and conditioned on any such tax
withholding obligations being satisfied by the Participant.

 

(b)              
Payment in Stock. Subject to approval by the Committee, a Participant may elect to have the Company’s minimum required
tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued
pursuant to any Award a number of shares of Stock with an aggregate Fair Market Value (as of the date the withholding is effected)
that would satisfy the minimum withholding amount due.

 

		SECTION
                                         10.	CODE
                                         SECTION 409A.

 

To
the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section
409A (a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by
the Committee from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable
upon a “separation from service” (within the meaning of Section 409A) to a Participant who is considered a “specified
employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier
of (i) six months and one day after the Participant’s date of separation from service, or (ii) the Participant’s death,
but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional
tax imposed pursuant to Section 409A.

 

		SECTION
                                         11.	Covered
                                         Transaction

 

(a)              
In the event of a Covered Transaction (including a Covered Transaction undertaken in connection with an IPO), outstanding Awards
shall be subject to the agreement or arrangement governing the terms of the Covered Transaction, which may provide, without limitation,
for (A) the assumption or substitution of Awards with awards on substantially equivalent terms by an acquiring or surviving entity
(which may include requiring Participants holding unvested Options, Restricted Stock Awards and/or Restricted Stock Units to exchange
or convert such unvested Award(s) for equity securities or other assets or rights that may include, but are not limited to, awards
to acquire the same consideration paid to or received by the stockholders or the Company, as the case may be, pursuant to the
Covered Transaction) or (B) a cash-out of Awards, based on the value ascribed to the Company’s equity securities in the
Covered Transaction (including for no payment if the Fair Market Value of an Award is zero at the time of the Covered Transaction).

 

    12

     

    

 

(b)              
The Committee may provide that Awards held by different Participants, or different portions of an Award or Awards held by a Participant,
shall be treated differently in connection with a Covered Transaction.

 

(c)              
Nothing in this SECTION 11 shall limit the rights of the Company or any of its Permitted Transferees under the Stockholders’
Agreement.

 

		SECTION
                                         12.	TRANSFER,
                                         LEAVE OF ABSENCE, ETC.

 

For
purposes of the Plan, the following events shall not be deemed a termination of employment:

 

(a)              
a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another;
or

 

(b)              
an approved leave of absence for military service, sickness or disability, or for any other purpose approved by the Company, if
the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Committee otherwise so provides in writing.

 

		SECTION
                                         13.	AMENDMENTS
                                         AND TERMINATION

 

The
Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award
(or provide substitute Awards at the same or a reduced exercise or purchase price or with no exercise or purchase price in a manner
not inconsistent with the terms of the Plan; provided, that such price, if any, must satisfy the requirements which would
apply to the substitute or amended Award if it were then initially granted under the Plan for the purpose of satisfying changes
in law or for any other lawful purpose), but no such action shall adversely affect rights under any outstanding Award without
the consent of the holder of the Award. The Committee may exercise its discretion to reduce the exercise price of outstanding
Stock Options or effect repricing through cancellation of outstanding Awards and by granting such holders new Awards in replacement
of the cancelled Awards. To the extent determined by the Committee to be required by applicable law, Plan amendments shall be
subject to approval by the Company stockholders entitled to vote at a meeting of stockholders.

 

    13

     

    

 

		SECTION
                                         14.	STATUS
                                         OF PLAN

 

With
respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received
by a Participant, a Participant shall have no rights greater than those of a general creditor of the Company unless the Committee
shall otherwise expressly so determine in connection with any Award or Awards. In its sole discretion, the Committee may authorize
the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect
to Awards hereunder; provided, that the existence of such trusts or other arrangements is consistent with the foregoing
sentence.

 

		SECTION
                                         15.	GENERAL
                                         PROVISIONS

 

(a)             
No Distribution; Compliance with Legal Requirements. The Committee may require each Person acquiring Stock pursuant to
an Award to represent to and agree with the Company in writing that such Person is acquiring the shares of Stock without a view
to distribution thereof. No shares of Stock shall be issued pursuant to an Award until all applicable securities law and other
legal and stock exchange or similar requirements have been satisfied. The Committee may require the placing of such stop-orders
and restrictive legends on certificates for Stock and Awards as it deems appropriate.

 

(b)             
Delivery of Stock Certificates. Stock certificates to Participants under the Plan shall be deemed delivered for all purposes
when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed
to the Participant, at the Participant’s last known address on file with the Company.

 

(c)              
Other Compensation Arrangements; No Employment Rights. Nothing contained in the Plan shall prevent the Board from adopting
other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable
only in specific cases. The adoption of the Plan and the grant of Awards do not confer upon any Person any right to continued
employment or service relationship with the Company or any Subsidiary. No holder of an Award shall have any rights as a stockholder
except as to shares of Stock actually issued under the Plan.

 

(d)             
Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider
trading policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies
set by the Committee, from time to time.

 

(e)              
Loans to Award Recipients. The Company shall have the authority, to the extent permitted by law, to make loans to recipients
of Awards hereunder (including to facilitate the purchase of shares) and shall further have the authority to issue shares for
promissory notes hereunder.

 

(f)              
Designation of Beneficiary. Each Participant to whom an Award has been made under the Plan may designate a beneficiary
or beneficiaries to exercise any Award on or after the Participant’s death or receive any payment under any Award payable
on or after the Participant’s death. Any such designation shall be on a form provided for that purpose by the Committee
and shall not be effective until received by the Committee. If no beneficiary has been designated by a deceased Participant, or
if the designated beneficiaries have predeceased the Participant, the beneficiary shall be the Participant’s estate.

 

    14

     

    

 

(g)             
Waiver of Jury Trial. By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any
action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent,
instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees
that any such action, proceedings or counterclaim shall be tried before a court and not before a jury. By accepting an Award under
the Plan, each Participant certifies that no officer, representative, or attorney of the Company or any of its Affiliates has
represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek
to enforce the foregoing waivers.

 

(h)             
Limitation of Liability. Notwithstanding anything to the contrary in the Plan or any Award Agreement, none of the Company
or any of its Affiliates, or any Person acting on behalf of the Company or any of its Affiliates, shall be liable to any Participant,
to the estate, or any beneficiary or Permitted Transferee of any Participant or to any other Person by reason of any acceleration
of income, any additional tax, or any other tax or liability asserted by reason of the failure of an Award to satisfy the requirements
of Section 409A, by reason of Section 4999 of the Code, except if such failure is attributable to the gross negligence of the
Company, any of its Affiliates or any Person acting on behalf of the Company or any of its Affiliates.

 

(i)               
Coordination with Other Plans. Awards under the Plan may be granted in tandem with, or in satisfaction of or substitution
for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or its Subsidiaries.
For example, but without limiting the generality of the foregoing, awards under other compensatory plans or programs of the Company
or its Subsidiaries may be settled in Stock if the Committee so determines, in which case the shares of Stock delivered will be
treated as awarded under the Plan (and will reduce the number of shares of Stock thereafter available under the Plan in accordance
with the rules set forth in SECTION 3).

 

(j)               
Legend. Any certificate(s) representing shares of Stock shall carry substantially the following legend:

 

The
transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions
(including repurchase and restrictions against transfers) contained in the Hayward Holdings, Inc. 2017 Equity Incentive Plan and
any agreement entered into thereunder by and between the company and the holder of this certificate (a copy of which is available
at the offices of the company for examination).

 

		SECTION
                                         16.	EFFECTIVE
                                         DATE OF PLAN

 

The
Plan shall become effective upon approval of the Board in accordance with applicable state law and the Company’s bylaws
and certificate of incorporation. Stock Options and other Awards may only be granted hereunder on and after adoption of the Plan
by the Board. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the Effective Date.

 

    15

     

    

 

		SECTION
                                         17.	Establishment
                                         of Sub-Plans

 

The
Committee may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky,
securities, tax or other laws of any jurisdiction. The Committee will establish such sub-plans by adopting supplements to the
Plan setting forth (a) such limitations on the Committee’s discretion under the Plan as it deems necessary or desirable
and (b) such additional terms and conditions as it deems in good faith to be necessary or appropriate, which may supersede contrary
terms in the Stockholders’ Agreement, the Plan or an applicable Award Agreement. All supplements so established will be
deemed to be part of the Plan, but each supplement will apply only to Participants within the applicable jurisdiction (as determined
by the Committee).

 

		SECTION
                                         18.	Entire
                                         Agreement

 

The
Plan, any applicable Award Agreements and the Stockholders’ Agreement constitute the entire agreement with respect to the
subject matter hereof and thereof. In the event of any inconsistency between the Plan and an Award Agreement, the terms and conditions
of the Plan shall control.

 

		SECTION
                                         19.	GOVERNING
                                         LAW

 

This
Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed
in accordance with the General Corporation Law of the State of Delaware, without regard to conflict of law principles that would
result in the application of any law other than the law of the State of Delaware.

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:            August 4, 2017

 

DATE
AMENDED AND RESTATED BY THE BOARD OF DIRECTORS: November 22, 2019

 

    16

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