Document:

Exhibit

Exhibit 10.38

AMENDMENT TO STOCKHOLDERS’ AGREEMENT
This AMENDMENT TO STOCKHOLDERS’ AGREEMENT, dated as of February 24, 2020 (this “Amendment”), by and among the Depository, Hamilton Beach Brands Holding Company, a Delaware corporation (the “Corporation”), the new Participating Stockholder identified on the signature pages hereto (the “New Participating Stockholder”) and the Participating Stockholders under the Stockholders’ Agreement, dated as of September 29, 2017, as amended (the “Stockholders’ Agreement”), by and among the Depository, the Corporation and the Participating Stockholders.  Capitalized terms defined in the Stockholders’ Agreement are used herein as so defined.
This Amendment sets forth the terms and conditions on which the New Participating Stockholder will join in and become a party to the Stockholders’ Agreement.
Pursuant to Section 8 of the Stockholders’ Agreement, prior to the acquisition of Class B Common Stock by a Permitted Transferee, the Stockholders’ Agreement may be amended to add a Permitted Transferee as a Participating Stockholder by a writing signed by the Signatories, the Corporation and such Permitted Transferee.
In consideration of the mutual promises hereinafter set forth and other good and valuable consideration had and received, the parties hereto agree as follows:
Representations and Warranties.  The New Participating Stockholder represents and warrants to the other Participating Stockholders and the Corporation as follows:
The New Participating Stockholder is the beneficial owner of, or simultaneously with the execution hereof will acquire and be deemed to be the beneficial owner of, the shares of Class B Common Stock identified below such New Participating Stockholder’s name on the signature pages hereto (except as otherwise described thereon), and except as otherwise described thereon such New Participating Stockholder does not own of record or beneficially or have any interest in any other shares of Class B Common Stock or any options to purchase or rights to subscribe or otherwise acquire any other shares of Class B Common Stock other than pursuant to the Stockholders’ Agreement;
The New Participating Stockholder has the right, power and authority to execute and deliver this Amendment and to perform such New Participating Stockholder’s obligations hereunder and under the Stockholders’ Agreement; if this Amendment is being executed by a trustee on behalf of a trust, such trustee has full right, power and authority to enter into this Amendment on behalf of the trust and to bind the trust and its beneficiaries to the terms hereof; if this Amendment is being executed on behalf of a Participating Stockholder Organization, the person executing this Amendment is a duly authorized representative of such Participating Stockholder Organization with full right, power and authority to execute and deliver this Amendment on behalf of such Participating Stockholder Organization and to bind such Participating Stockholder Organization to the terms hereof; the execution, delivery and performance of this Amendment by such New Participating Stockholder will not constitute a violation of, conflict with or result in a default under (i) any contract, understanding or arrangement to which such New Participating Stockholder is a party or by which such New Participating Stockholder is bound or require the consent of any other person or any party pursuant thereto; (ii) any organizational, charter or other governance documents (including, without limitation, any partnership agreement, certificate of incorporation, or bylaws) of the New Participating Stockholder, (iii) any judgment, decree or order 

applicable to such New Participating Stockholder; or (iv) any law, rule or regulation of any governmental body;
This Amendment and the Stockholders’ Agreement constitute legal, valid and binding agreements on the part of such New Participating Stockholder; the shares of Class B Common Stock owned beneficially by such New Participating Stockholder are fully paid and non-assessable; and
The shares of Class B Common Stock owned beneficially by the New Participating Stockholder are now held by the New Participating Stockholder, free and clear of all adverse claims, liens, encumbrances and security interests (except as created by the Stockholders’ Agreement and any Amendments thereto, including this Amendment, and the Restated Certificate).
Address for Notices.  The address for all notices to each New Participating Stockholder provided pursuant to the Stockholders’ Agreement shall be the address set forth below such New Participating Stockholder’s name on the signature pages hereto, or to such other address as such New Participating Stockholder may specify to the Depository.
Agreement to be Bound by Stockholders’ Agreement.  The New Participating Stockholder agrees to be bound by all of the terms and provisions of the Stockholders’ Agreement applicable to Participating Stockholders.
Beneficiaries.  The New Participating Stockholder acknowledges that the Corporation and each Participating Stockholder is a beneficiary of this Amendment.
Amendment of Stockholders’ Agreement.  The Stockholders’ Agreement is hereby amended to add the New Participating Stockholder as a Participating Stockholder.
Signature of Amendment by Trusts, Minors and Incompetents.
In order for a trust exclusively (as defined in Section 1.11 of the Stockholders’ Agreement) for the benefit of a Family Member or Members to be considered a Participating Stockholder:
the trustee and all adult beneficiaries of such trusts having a current trust interest (as well as all Charitable Organization beneficiaries having a current trust interest) shall have previously signed the Stockholders’ Agreement or shall sign this Amendment as a Participating Stockholder;
the trustee and a parent or legal guardian, for trusts with minor beneficiaries having a current trust interest, shall sign this Amendment on behalf of any such minor beneficiaries; or 
the trustee and legal guardian, if any, for trusts with incompetent beneficiaries having a current trust interest, shall sign this Amendment on behalf of any such incompetent beneficiaries.
If, at any time, any trust shall have an adult beneficiary (and such beneficiary is not incompetent) having a current trust interest or an ascertainable Charitable Organization beneficiary having a current trust interest and if such beneficiary has not previously signed the Stockholders’ Agreement, then if such beneficiary shall fail or be unable to sign this Amendment for a period of 30 calendar days following notification to such beneficiary of the terms of this Amendment and the Stockholders’ Agreement by the Depository and following signature of this Amendment by the trustee, the trust shall thereupon cease to be a Participating Stockholder and Section 3.2 of the Stockholders’ Agreement shall then apply as if the shares of Class B Common Stock held by the trust were then to be converted.  The 

donor of a trust that is revocable by the donor alone, during the lifetime of such donor, shall be considered the only beneficiary thereof so long as such trust is so revocable.
In the case of Class B Common Stock held by a custodian under the Uniform Transfers to Minors Act (or the practical equivalent thereof) for the benefit of a minor Family Member, the custodian shall sign this Amendment on behalf of such minor if such minor is to be considered a Participating Stockholder.
In the case of Class B Common Stock held in the name of a minor Family Member, a parent or legal guardian of such minor shall sign this Amendment on behalf of such minor if such minor is to be considered a Participating Stockholder.
In the case of Class B Common Stock held in the name of an incompetent Family Member, the legal guardian of such incompetent shall sign this Amendment on behalf of such incompetent if such incompetent is to be considered a Participating Stockholder.
When a minor described in Section 6(c) or(d) reaches the age of majority, or an incompetent described in Section 6(e) is no longer impaired by such disability and has reached the age of majority, such Family Member shall execute and deliver an Amendment which has been executed and delivered by the Participating Stockholders (or their attorney-in-fact), the Corporation and the Depository.  If such Family Member shall fail or be unable to sign such Amendment for a period of 30 calendar days following notification to such Family Member of the terms of the Stockholders’ Agreement by the Depository, such Family Member shall thereupon cease to be a Participating Stockholder and Section 3.2 of the Stockholders’ Agreement shall then apply as if the shares of Class B Common Stock were then to be converted.
Power of Attorney.  The undersigned New Participating Stockholder hereby constitutes and appoints Alfred M. Rankin, Jr., Eric Orsic, Thomas J. Murphy, Dana B. Sykes, Andrew C. Thomas, Derek R. Redmond and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and resubstitution, for the undersigned and in the name, place and stead of the undersigned, in any and all capacities to: 
execute any and all statements under Section 13 or Section 16 of the Securities Exchange Act of 1934 of beneficial ownership of shares of Class B Common Stock subject to the Stockholders’ Agreement as amended by this Amendment, including all statements on Schedule 13D and all amendments thereto, all joint filing agreements pursuant to Rule 13d-l(k) under such Exchange Act in connection with such statements, all initial statements of beneficial ownership on Form 3 and any and all other documents to be filed with the Securities and Exchange Commission, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, and
execute and deliver any and all Amendments whereby a Family Member, Charitable Organization or Participating Stockholder Organization becomes a Participating Stockholder or any other amendment to the Stockholders’ Agreement in accordance with Section 8 of the Stockholders’ Agreement, other than those amendments that (i) extend the term of the Stockholders’ Agreement or (ii) amend Section 2, 3, 4 or 8 of the Stockholders’ Agreement, thereby granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and to perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them, or their substitutes or resubstitutes, may lawfully do or cause to be done by virtue of this 

Section 7.  The grant of this power of attorney shall not be affected by any disability of such undersigned New Participating Stockholder.  If applicable law requires additional or substituted language or formalities (including witnesses or acknowledgments) in order to validate the power of attorney intended to be granted by this Section 7, each New Participating Stockholder agrees to execute and deliver such additional instruments and to take such further acts as may be necessary to validate such power of attorney.
Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument, without production of the others. 
IN WITNESS WHEREOF, the New Participating Stockholder, the Participating Stockholders, the Corporation and the Depository have executed this Amendment or caused this Amendment to be executed in their respective names, all as of the date and year first above written.
Elisabeth Marshall Rankin Main Trust u/a/d 
December 30, 2015, as amended

By:  /s/ Roger F. Rankin        
Roger F. Rankin
(a new Participating Stockholder)

Address:    1449 Carpenter Road
Gates Mills, OH 44040
        
	
			
	Number of Shares of
Class B Common Stock
	 
	Certificate No.

IN WITNESS WHEREOF, the New Participating Stockholder, the Participating Stockholders, the Corporation and the Depository have executed this Amendment or caused this Amendment to be executed in their respective names, all as of the date and year first above written.
Paige J. Rankin

/s/ Claiborne R. Rankin, Jr.    
By:  Claiborne R. Rankin, Jr., as Custodian
            (a new Participating Stockholder)

Address:    103 Marion Avenue, 
Lake Forest, IL 60045
	
			
	Number of Shares of
Class B Common Stock
	 
	Certificate No.

IN WITNESS WHEREOF, the New Participating Stockholder, the Participating Stockholders, the Corporation and the Depository have executed this Amendment or caused this Amendment to be executed in their respective names, all as of the date and year first above written.
Trust FBO Paige J. Rankin U/T/A Vested Trusts for Children of Claiborne R. Rankin, Jr. dated August 26, 2016

/s/ Claiborne R. Rankin, Jr.    
By:  Claiborne R. Rankin, Jr., Trustee
             (a new Participating Stockholder)

Address:    103 Marion Avenue, 
Lake Forest, IL 60045
	
			
	Number of Shares of
Class B Common Stock
	 
	Certificate No.

HAMILTON BEACH BRANDS HOLDING COMPANY, as Depository

By: /s/ Dana B. Sykes    
Dana B. Sykes
Senior Vice President, General Counsel and Secretary

HAMILTON BEACH BRANDS HOLDING COMPANY

By: /s/ Dana B. Sykes    
Dana B. Sykes
Senior Vice President, General Counsel and Secretary

THE PARTICIPATING STOCKHOLDERS listed in Annex A attached hereto and incorporated herein by this reference

By: /s/ Derek R. Redmond    
Derek R. Redmond, attorney in fact for the 
Participating Stockholders

Annex A
PARTICIPATING STOCKHOLDERS
1.    Clara L. T. Rankin
2.    Alfred M. Rankin, Jr.
3.    Victoire G. Rankin
4.    Helen Rankin Butler (f/k/a Helen P. Rankin)
5.    Clara T. Rankin Williams (f/k/a Clara T. Rankin)
6.    Thomas T. Rankin
7.    Matthew M. Rankin
8.    James T. Rankin
9.    Claiborne R. Rankin
10.    Chloe O. Rankin
11.    Chloe R. Seelbach (f/k/a Chloe E. Rankin)
12.    Claiborne R. Rankin, Jr.
13.    Roger F. Rankin
14.    Bruce T. Rankin
15.    Martha S. Kelly
16.    Susan Sichel
17.    Jennifer T. Jerome
18.    Caroline T. Ruschell
19.    David F. Taplin
20.    Beatrice B. Taplin
21.    Theodore D. Taplin
22.    Britton T. Taplin
23.    Frank F. Taplin
24.    Rankin Management, Inc.

25.    Rankin Associates I, L.P. (f/k/a CTR Family Associates, L.P.)
		
	26.
	The Trust created under the Agreement, dated December 28, 1976, between National City Bank, as trustee, and Clara L.T. Rankin, for the benefit of grandchildren

		
	27.
	The Trust created under the Agreement, dated July 20, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Clara T. Rankin, for the benefit of Clara T. Rankin

		
	28.
	The Trust created under the Agreement, dated September 28, 2000, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Alfred M. Rankin, Jr., for the benefit of Alfred M. Rankin, Jr.

		
	29.
	The Trust created under the Agreement, dated September 28, 2000, as supplemented, amended and restated, between Victoire G. Rankin, as trustee, and Victoire G. Rankin, for the benefit of Victoire G. Rankin

		
	30.
	The Trust created under the Agreement, dated December 29, 1967, as supplemented, amended and restated, between Thomas T. Rankin, as trustee, and Thomas T. Rankin, creating a trust for the benefit of Thomas T. Rankin

		
	31.
	The Trust created under the Agreement, dated June 22, 1971, as supplemented, amended and restated, between Claiborne R. Rankin, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Claiborne R. Rankin

		
	32.
	The Trust created under the Agreement, dated September 11, 1973, as supplemented, amended and restated, between Roger F. Rankin, as trustee, and Roger F. Rankin, creating a trust for the benefit of Roger F. Rankin

		
	33.
	The Trust created under the Agreement, dated September 28, 2000, between Alfred M. Rankin, Jr., as trustee, and Bruce T. Rankin, for the benefit of Bruce T. Rankin

		
	34.
	The Trust created under the Agreement, dated October 15, 1975, between National City Bank, as trustee, and Theodore D. Taplin, for the benefit of Theodore D. Taplin

		
	35.
	The Trust created under the Agreement, dated December 30, 1977, as supplemented, amended and restated, between National City Bank, as trustee, and Britton T. Taplin for the benefit of Britton T. Taplin

		
	36.
	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Clara T. (Rankin) Williams for the benefit of Clara T. (Rankin) Williams

		
	37.
	The Trust created under the Agreement, dated December 29, 1989, as supplemented, amended and restated, between Alfred M. Rankin, Jr., as trustee, and Helen P. (Rankin) Butler for the benefit of Helen P. (Rankin) Butler

		
	38.
	Corbin Rankin

		
	39.
	Alison A. Rankin

		
	40.
	National City Bank as agent under the Agreement, dated July 16, 1969, with Margaret E. Taplin

		
	41.
	Alison A. Rankin, as trustee fbo A. Farnham Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor

		
	42.
	Alison A. Rankin, as trustee fbo Elisabeth M. Rankin under Irrevocable Trust No. 1, dated December 18, 1997, with Roger Rankin, Grantor

		
	43.
	Rankin Associates II, L.P.

		
	44.
	John C. Butler, Jr.

		
	45.
	Clara Rankin Butler

		
	46.
	The Trust created under the Agreement, dated July 24, 1998, as amended, between Frank F. Taplin, as trustee, and Frank F. Taplin, for the benefit of Frank F. Taplin

		
	47.
	David B. H. Williams

		
	48.
	Griffin B. Butler (by John C. Butler, Jr. as Custodian)

		
	49.
	The Claiborne R. Rankin, Jr. Revocable Trust dated August 25, 2000

		
	50.
	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of A. Farnham Rankin

		
	51.
	Alison A. Rankin as Trustee under Irrevocable Trust No. 2, dated September 11, 2000, for the benefit of Elisabeth M. Rankin

		
	52.
	Alison A. Rankin as Trustee of the Alison A. Rankin Revocable Trust, dated September 11, 2000

		
	53.
	The Trust created under the Agreement, dated December 20, 1993 for the benefit of Matthew M. Rankin

		
	54.
	Scott Seelbach

		
	55.
	Margo Jamison Victoire Williams (by Clara Rankin Williams as Custodian)

		
	56.
	Trust created under the Agreement, dated June 1, 1995, between Chloe O. Rankin, as Trustee, and Chloe O. Rankin, for the benefit of Chloe O. Rankin

		
	57.
	Trust created by the Agreement, dated June 17, 1999, between John C. Butler, Jr., as trustee, and John C. Butler, Jr., creating a trust for the benefit of John C. Butler, Jr.

		
	58.
	Clara Rankin Butler 2002 Trust, dated November 5, 2002

		
	59.
	Griffin Bedwell Butler 2002 Trust, dated November 5, 2002

		
	60.
	Elizabeth B. Rankin

		
	61.
	Margo Jamison Victoire Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Margo Jamison Victoire Williams

		
	62.
	Helen Charles Williams 2004 Trust created by the Agreement, dated December 10, 2004, between David B.H. Williams, as trustee, and Clara Rankin Williams, creating a trust for the benefit of Helen Charles Williams

		
	63.
	Helen Charles Williams (by David B.H. Williams as Custodian)

		
	64.
	Julia L. Rankin Kuipers

		
	65.
	Trust created by the Agreement, dated December 21, 2004 for the benefit of Julia L. Rankin

		
	66.
	Thomas Parker Rankin

		
	67.
	Taplin Elizabeth Seelbach (by Scott Seelbach as Custodian)

		
	68.
	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Taplin Elizabeth Seelbach

		
	69.
	Rankin Associates IV, L.P.

		
	70.
	Marital Trust created by the Agreement, dated January 21, 1966, as supplemented, amended and restated, between National City Bank and Beatrice Taplin, as Trustees, and Thomas E. Taplin, for the benefit of Beatrice B. Taplin

		
	71.
	Trust created by the Agreement, dated May 10, 2007, between Mathew M. Rankin, as Grantor, and Mathew M. Rankin and James T. Rankin, as co-trustees, for the benefit of Mary Marshall Rankin

		
	72.
	Trust created by Agreement, dated May 10, 2007, between Mathew M. Rankin, as trustee, and James T. Rankin, creating a trust for the benefit of William Alexander Rankin

		
	73.
	Trust created by the Agreement dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Isabelle Scott Seelbach

		
	74.
	Lynne Turman Rankin

		
	75.
	Jacob A. Kuipers

		
	76.
	2012 Chloe O. Rankin Trust

		
	77.
	2012 Corbin K. Rankin Trust

		
	78.
	2012 Alison A. Rankin Trust

		
	79.
	2012 Helen R. Butler Trust

		
	80.
	2012 Clara R. Williams Trust

		
	81.
	The David B.H. Williams Trust, David B.H. Trustee u/a/d October 14, 2009

		
	82.
	Mary Marshall Rankin (by Matthew M. Rankin, as Custodian)

		
	83.
	William Alexander Rankin (by Matthew M. Rankin, as Custodian)

		
	84.
	Margaret Pollard Rankin (by James T. Rankin, as Custodian)

		
	85.
	Trust created by the Agreement, dated April 10, 2009, between Chloe R. Seelbach, as trustee, creating a trust for the benefit of Chloe R. Seelbach

		
	86.
	Trust created by the Agreement, dated December 21, 2004, between Chloe R. Seelbach, as trustee, and Claiborne R. Rankin, creating a trust for the benefit of Thomas Wilson Seelbach

		
	87.
	Isabelle Seelbach (by Chloe R. Seelbach, as Custodian)

		
	88.
	Elisabeth M. Rankin

		
	89.
	A. Farnham Rankin

		
	90.
	Taplin Annuity Trust #1 of Beatrice B. Taplin dated June 18, 2011

		
	91.
	The Beatrice B. Taplin Trust/Custody dtd December 12, 2001, Beatrice B. Taplin, as Trustee, for the benefit of Beatrice B. Taplin

		
	92.
	Ngaio T. Lowry Trust, dated February 26, 1998, Caroline T. Ruschell, Trustee

		
	93.
	Caroline T. Ruschell Trust Agreement dated December 8, 2005, Caroline T. Ruschell as Trustee

		
	94.
	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 and as amended, Beatrice Taplin, Trustee

		
	95.
	Thomas E. Taplin Exempt Family Trust u/a dated January 21, 1966 amended, per IRC 1015(A) Dual Basis Sub-Account, Beatrice Taplin, Trustee

		
	96.
	Alfred M. Rankin Jr.-Roth IRA- Brokerage Account #*****

		
	97.
	John C. Butler, Jr.-Roth IRA- Brokerage Account #*****

		
	98.
	DiAhn Taplin

		
	99.
	BTR 2012 GST for Helen R. Butler

		
	100.
	BTR 2012 GST for Clara R. Williams

		
	101.
	BTR 2012 GST for James T. Rankin

		
	102.
	BTR 2012 GST for Matthew M. Rankin

		
	103.
	BTR 2012 GST for Thomas P. Rankin

		
	104.
	BTR 2012 GST for Chloe R. Seelbach

		
	105.
	BTR 2012 GST for Claiborne R. Rankin, Jr.

		
	106.
	BTR 2012 GST for Julia R. Kuipers

		
	107.
	BTR 2012 GST for Anne F. Rankin

		
	108.
	BTR 2012 GST for Elisabeth M. Rankin

		
	109.
	The Anne F. Rankin Trust dated August 15, 2012

		
	110.
	Trust created by the Agreement, dated August 20, 2009 between James T. Rankin, as Trustee, and James T. Rankin, creating a trust for the benefit of James T. Rankin

		
	111.
	Thomas P.K. Rankin, Trustee of the trust created by agreement, dated February 2, 2011, as supplemented, amended and restated, between Thomas P.K. Rankin, as trustee, and Thomas P.K. Rankin, creating a trust for the benefit of Thomas P.K. Rankin

		
	112.
	Claiborne R. Rankin Trust for children of Julia R. Kuipers dated December 27, 2013 under Custody Agreement dated December 27, 2013 fbo Evelyn R. Kuipers

		
	113.
	2016 Anne F. Rankin Trust

		
	114.
	2016 Elisabeth M. Rankin Trust

		
	115.
	AMR Associates, LP

		
	116.
	Claiborne R. Rankin Trust for Children of Claiborne R. Rankin, Jr. dtd 08/26/2016 FBO Claiborne Read Rankin III

		
	117.
	Claiborne R. Rankin Trust for Children of Julia R. Kuipers dtd 12/27/2013 FBO Matilda Alan Kuipers

		
	118.
	Claiborne Read Rankin III (by Claiborne R. Rankin, Jr., as Custodian)

		
	119.
	Matilda Alan Kuipers (by Julia R. Kuipers, as Custodian)

		
	120.
	Vested Trust for James T. Rankin, Jr. U/A/D December 4, 2015

		
	121.
	Vested Trust for Margaret Pollard Rankin U/A/D December 4, 2015

122.    Evelyn R. Kuipers (by Julia R. Kuipers, as Custodian)
123.    James T. Rankin, Jr. (by James T. Rankin, as Custodian)
124.    Thomas Wilson Seelbach (by Chloe R. Seelbach, as Custodian)
		
	125.
	The Trust created under the Agreement, dated January 11, 1965, as supplemented, amended, and restated, between PNC Bank, as Co-Trustee, and Alfred M. Rankin, Jr., as Co-Trustee, for the benefit of the grandchildren.

		
	126.
	Rankin Associates V, L.P.

		
	127. 
	Rankin Associates VI, L.P.Exhibit 10.5

   

  THIS
      PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
      OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
      THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

   

  PROMISSORY
        NOTE

   

  	Principal Amount: up to $300,000	Dated as of July 10, 2020

  

  (as
      set forth on the Schedule of Borrowings attached hereto)

   

  Dragoneer
      Growth Opportunities Corp., a Cayman Islands exempted company and blank check company (the “Maker”), promises
      to pay to the order of Dragoneer Growth Opportunities Holdings, a Cayman Islands limited liability company, or its registered
      assigns or successors in interest (the “Payee”), or order, the principal sum of up to three hundred thousand
      U.S. dollars ($300,000) (as set forth on the Schedule of Borrowings attached hereto) in lawful money of the United States of America,
      on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately
      available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written
      notice in accordance with the provisions of this Note.

   

  1.      Principal. The principal balance of this Note shall be payable by the Maker
      on the earlier of: (i) December 31, 2020
      or (ii) the date on which Maker consummates an initial public offering of its securities (the “IPO”).
      The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any
      officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker
      hereunder.

   

  2.      Interest. No interest shall accrue on the unpaid principal balance of this
      Note.

   

  3.      Drawdown Requests. Maker and Payee agree that Maker may request up to Three
      Hundred Thousand Dollars ($300,000) for
      costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down
      from time to time prior to the earlier of: (i) December 31, 2020 or (ii) the date on which Maker consummates an initial
      public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each
      Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars ($1,000) unless
      agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than one (1) business day after receipt of
      a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand
      Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown
      Request by Maker.

   

  4.      Application of Payments. All payments shall be applied first to payment in
      full of any costs incurred in the collection
      of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
      any late charges and finally to the reduction of the unpaid principal balance of this Note.

   

  
    
      

  

   

  5.      Events of Default. The following shall constitute an event of default (“Event
        of Default”):

   

  (a)      Failure to Make Required Payments. Failure by Maker to pay the
      principal amount due pursuant to this Note within five (5) business
      days of the date specified above.

   

  (b)      Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary
      case under any applicable bankruptcy, insolvency, reorganization,
      rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
      assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
      the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
      become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

   

  (c)      Involuntary Bankruptcy, Etc. The entry of a decree or order for
      relief by a court having jurisdiction in the premises in
      respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
      liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
      or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
      for a period of 60 consecutive days.

   

  6.      Remedies.

   

  (a)      Upon the occurrence of an Event of Default specified in Section 5(a)
      hereof, Payee may, by written notice to Maker, declare
      this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
      thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of
      which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

   

  (b)      Upon the occurrence of an Event of Default specified in Sections 5(b) and
      5(c), the unpaid principal balance of this Note, and
      all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
      any action on the part of Payee.

   

  7.      Waivers. Maker and all endorsers and guarantors of, and sureties for, this
      Note waive presentment for payment, demand,
      notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
      instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
      laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
      levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
      and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
      execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

   

  
    
      

  

   

  8.      Unconditional Liability. Maker hereby waives all notices in connection with
      the delivery, acceptance, performance, default,
      or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability
      of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
      granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may
      be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
      guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

   

  9.      Notices. All notices, statements or other documents which are required or
      contemplated by this Agreement shall be: (i) in
      writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or
      electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
      party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to
      the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in
      writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
      if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
      one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

   

  10.    Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
      LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
      OF LAW PROVISIONS THEREOF.

   

  11.    Severability. Any provision contained in this Note which is prohibited or
      unenforceable in any jurisdiction shall, as to
      such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
      hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
      in any other jurisdiction.

   

  12.    Trust Waiver. Notwithstanding anything herein to the contrary, the Payee
      hereby waives any and all right, title, interest
      or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in
      which the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and certain
      of the proceeds of the sale of the warrants issued in a private placement to occur in connection with the consummation of the
      IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities
      and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
      for any Claim against the trust account for any reason whatsoever.

   

  
    
      

  

   

  13.    Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may
      be made with, and only with, the written
      consent of the Maker and the Payee.

   

  14.    Assignment. No assignment or transfer of this Note or any rights or
      obligations hereunder may be made by any party hereto
      (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without
      the required consent shall be void.

   

  [Signature
        page follows]

   

  
    
      

  

   

  IN
        WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned
      as of the day and year first above written.

   

  

  	 	DRAGONEER GROWTH
	 	OPPORTUNITIES CORP.
	 	A Cayman Islands exempted company
	 	 	 
	 	By:	/s/ Pat Robertson
	 	 	Name:  Pat Robertson
	 	 	Title:    Director

   

  [Signature
        Page to Promissory Note] 

   

  
    
      

  

  

    

  SCHEDULE
      OF BORROWINGS

   

  The
      following increases or decreases in this Promissory Note have been made:

   

  	Date of 

            Increase or 

            Decrease	Amount of decrease in 

            Principal Amount of this 

            Promissory Note	Amount of increase in 

            Principal Amount of this 

            Promissory Note	Principal Amount of this 

            Promissory Note following such 

            decrease or increase

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