Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

DATED AS OF

 

JULY 10, 2019

 

BY AND AMONG

 

LIBERTY TAX, INC.

 

AND

 

THE INVESTORS LISTED ON SCHEDULE
1 HERETO

 

 

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	Article I   DEFINITIONS	2
	1.1   Certain Definitions	2
	1.2   Other Terms	4
	Article II   REGISTRATION RIGHTS	5
	2.1   Shelf Registration Statement	5
	2.2   Blackout Periods	6
	2.3   Demand Underwritten Offerings	7
	2.4   Piggyback Registration	8
	2.5   Registration Procedures	9
	2.6   Obligations of the Parties	14
	2.7   Expenses	15
	2.8   Indemnification; Contribution	15
	2.9   Indemnification Procedures	17
	2.10   Rule 144	18
	2.11   Preservation of Rights	18
	2.12   Transfer of Registration Rights	18
	Article III   MISCELLANEOUS	18
	3.1   Notices	18
	3.2   Waiver	19
	3.3   Counterparts	20
	3.4   Applicable Law	20
	3.5   WAIVER OF JURY TRIAL	20
	3.6   Severability	20
	3.7   Further Action	20
	3.8   Delivery by Electronic Transmission	20
	3.9   Entire Agreement	21
	3.10   Remedies	21
	3.11   Descriptive Headings; Interpretation	21
	3.12   Amendments	22

    

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated July 10, 2019, is made and entered into by and among Liberty Tax, Inc.,
a Delaware corporation (the “Company”), and the Persons listed on Schedule 1 hereto (collectively, the
“Investors”). Except as expressly provided herein, capitalized terms used but not defined herein shall have
the meanings ascribed to such terms in the A&R New Holdco LLC Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, the Company
is a party to that certain Agreement of Merger and Business Combination Agreement, dated as of July 10, 2019 (as amended, restated
or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, Buddy’s
Newco, LLC, a Delaware limited liability company (“Buddy’s”), Franchise Group New Holdco, LLC, a Delaware
limited liability company and a direct wholly-owned Subsidiary of the Company (“New Holdco”), Franchise Group
B Merger Sub, LLC, a Delaware limited liability company and indirect wholly-owned Subsidiary of the Company (“Merger Sub”),
and Vintage RTO, L.P., a Delaware limited partnership, solely in its capacity as the representative of the Buddy’s members;

 

WHEREAS, (i) on the
date hereof, Merger Sub was merged with and into Buddy’s (the “Merger”), with Buddy’s surviving
the Merger as an indirect wholly-owned Subsidiary of the Company and (ii) upon the consummation of the Merger (the “Closing”),
the units representing membership interests in Buddy’s were cancelled and converted into the right of the former holders
thereof to receive common units of New Holdco (“New Holdco Units”) and shares of voting non-economic preferred
stock of the Company, par value $0.01 per share (“Voting Non-Economic Preferred Stock”), in each case, in accordance
with the terms and conditions of the Business Combination Agreement;

 

WHEREAS, the holders
of New Holdco Units and shares of Voting Non-Economic Preferred Stock may elect to cause New Holdco and the Company to redeem such
New Holdco Units and shares of Voting Non-Economic Preferred Stock, respectively, in exchange for the issuance by the Company to
such holders of shares of common stock of the Company, par value $0.01 per share (“Common Stock”), in each case,
in accordance with the terms and conditions of the A&R New Holdco LLC Agreement and the Certificate of Designation;

 

WHEREAS, Tributum,
L.P., a Vintage Group Member, has entered into (i) a Subscription Agreement with the Company, dated as of July 10, 2019, pursuant
to which Tributum, L.P. purchased shares of Common Stock at the Closing, and (ii) a Subscription Agreement with the Company, dated
as of July 10, 2019, pursuant to which Tributum, L.P. has agreed to subscribe for and purchase shares of Common Stock in connection
with the consummation of the tender offer by the Company contemplated by the Business Combination Agreement (such Subscription
Agreements, collectively, the “Vintage Subscription Agreements”), in each case, in accordance with the terms
and conditions of the Vintage Subscription Agreements; and

 

WHEREAS, the Company
and the other parties hereto desire to enter into this Agreement in order to set forth certain registration rights applicable to
the Registrable Shares.

 

    - 1 -

     

    

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

 

Article
I

DEFINITIONS

 

1.1          
Certain Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this
Section 1.1:

 

“A&R New
Holdco LLC Agreement” means that certain First Amended and Restated Limited Liability Company Agreement of New Holdco,
dated as of the date hereof, by and among New Holdco and the members named therein.

 

“Action”
means any demand, action, claim, dispute, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any
federal, state, local, foreign or international Governmental Entity or any arbitration or mediation tribunal.

 

“Affiliate”
means, as to any Person, any other Person which, directly or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, such Person; provided, however, that no Vintage Group Member or any of its Affiliates
(other than the Company and its Subsidiaries) shall be deemed to be an Affiliate of the Company or any of its Subsidiaries for
purposes of this Agreement, and neither the Company nor any of its Subsidiaries shall be deemed to be an Affiliate of any Vintage
Group Member or any of its Subsidiaries (other than the Company and its Subsidiaries) for purposes of this Agreement. As used in
this definition, “control” (including with correlative meanings, “controlled by” and “under common
control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies
(whether through ownership of voting securities, by contract or otherwise).

 

“beneficially
own” means, with respect to Common Stock, having the power to vote or direct the vote of shares of Common Stock. The
terms “beneficial owner” and “beneficial ownership” shall have correlative meanings.

 

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

 

“Business
Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by applicable Law to close.

 

“Certificate
of Designation” means that certain Certificate of Designation providing for the designations, powers, preferences, rights,
qualifications, limitations and restrictions of the Voting Non-Economic Preferred Stock, which Certificate of Designation was approved
by the Board of Directors and the special committee of independent directors of the Board of Directors and filed by the Company
with the Secretary of State of the State of Delaware on or prior to the date hereof pursuant to the Business Combination Agreement.

 

“Debt Financing”
means the debt financing incurred or intended to be incurred pursuant to that certain Credit Agreement, dated as of the date hereof,
by and among Franchise Group Intermediate B, LLC, Buddy’s, Buddy’s Franchising and Licensing LLC, the lenders party
thereto from time to time, and Kayne Solutions Fund, L.P., as administrative agent for the lenders party thereto and as collateral
agent for the lenders party thereto, as amended, restated, supplemented or otherwise modified from time to time.

 

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

 

“Former Buddy’s
Members” means the former members of Buddy’s who received New Holdco Units and shares of Voting Non-Economic Preferred
Stock in the Merger. A list of the Former Buddy’s Members is set forth on Schedule 1(B).

 

“Governmental
Entity” means any United States federal, state or local, or foreign, international or supranational, government, court
or tribunal, or administrative, executive, governmental or regulatory or self-regulatory body, agency or authority thereof.

 

“Law”
means any federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule,
regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by
a Governmental Entity.

 

“Parties”
means the Company and each of the stockholders that are parties hereto, and each, a “Party”.

 

“Person”
means an individual, corporation, partnership, joint venture, association, trust, unincorporated organization, limited liability
company or governmental or other entity.

 

“Registrable
Shares” means, at any time, (i) the shares of Common Stock that were purchased by Tributum, L.P. pursuant to the Vintage
Subscription Agreements and that are beneficially owned by Tributum, L.P. (or another Vintage Group Member as a result of a Transfer
of such shares by Tributum, L.P. to such other Vintage Group Member), (ii) the shares of Common Stock issued or issuable by the
Company to any Former Buddy’s Member upon a redemption of New Holdco Units and shares of Voting Non-Economic Preferred Stock
held by such Former Buddy’s Member by New Holdco and the Company, respectively, pursuant to the A&R New Holdco LLC Agreement
and the Certificate of Designation, (iii) any shares of Common Stock that were purchased by the Investors with the proceeds from
the Debt Financing of any amounts distributed thereto by New Holdco in connection with the tender offer contemplated by the Business
Combination Agreement, and (iv) any shares of capital stock or other equity securities issued in exchange for or in substitution
of a dividend or distribution on any shares of Common Stock referred to in the immediately preceding clauses (i), (ii) and (iii),
but excluding any such shares of Common Stock (including shares of Common Stock issuable upon a redemption of New Holdco Units
and shares of Voting Non-Economic Preferred Stock)  that have, after the date hereof, been Transferred pursuant to (a) a registration
statement or valid registration exemption under, and in compliance with the requirements of, the Securities Act such that such
shares are freely tradeable or (b) Rule 144 under, and in compliance with the requirements of, the Securities Act.

 

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“Representatives”
means, with respect to any Person, such Person’s officers, directors, managers, employees, financing sources, consultants,
agents, financial advisors, attorneys, accountants, other advisors, Affiliates and other representatives.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

“Subsidiary”
means, with respect to any Person, another Person, an amount of the voting securities or other voting ownership interests of which
is sufficient, together with any contractual rights, to elect at least a majority of its board of directors or other governing
body (or, if there are no such voting interests, 50% or more of the equity interests of which) is owned directly or indirectly
by such first Person; provided, that neither the Company nor any of its Subsidiaries shall be deemed to be a Subsidiary
of any Vintage Group Member or any of its Subsidiaries for purposes of this Agreement. For the avoidance of doubt, immediately
following the Closing, Buddy’s and its Subsidiaries shall be Subsidiaries of the Company.

 

“Transfer”
means, directly or indirectly (whether by merger, operation of law or otherwise), to sell, transfer, assign or otherwise dispose
of or encumber (other than as security in connection with any bona fide loan or financing transaction) any direct or indirect economic,
voting or other rights in or to any Common Stock, including by means of (i) the Transfer of an interest in a Person that directly
or indirectly holds such Common Stock or (ii) a hedge, swap or other derivative.

 

“underwritten
offering” means an offering in which Securities of the Company are sold to one or more underwriters (as defined in Section
2(a)(11) of the Securities Act) for resale to the public.

 

“Vintage Group”
means, collectively, Tributum, L.P., Vintage Tributum LP, Vintage Capital Management, LLC, Samjor Family LP, and Vintage RTO, L.P.,
and any of their respective Affiliates (excluding the Company, New Holdco and their respective Subsidiaries), successors and permitted
assigns who hold New Holdco Units, shares of Voting Non-Economic Preferred Stock or shares of Common Stock.

 

“Vintage Group
Member” means each member of the Vintage Group.

 

1.2          
Other Terms. For purposes of this Agreement, the following terms have the meanings set forth in the sections indicated.

 

	Agreement	Preamble
	Blackout Period	2.2
	Buddy’s	Recitals
	Business Combination Agreement	Recitals
	Claim Notice	2.9(a)
	Claims	2.8(a)

 

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	Closing	Recitals
	Common Stock	Recitals
	Company	Preamble
	Counsel	2.5(a)(i)
	Demand Underwritten Offering	2.3(a)
	Effective Period	2.5(a)(iii)
	Indemnifying Party	2.9(a)
	Initiating Vintage Goup Member	2.3(a)
	Investors	Preamble
	Merger	Recitals
	Merger Sub	Recitals
	New Holdco	Recitals
	New Holdco Units	Recitals
	Non-Vintage Investors	2.3(d)
	Participating Investors	2.3(a)
	Piggyback Registration	2.4(a)
	Required Investor Information	2.6(a)
	Shelf Registration Statement	2.1
	Vintage Subscription Agreements	Recitals
	Voting Non-Economic Preferred Stock	Recitals

Article
II

REGISTRATION RIGHTS

 

2.1          
Shelf Registration Statement. As promptly as practicable after the date hereof, but in any event no later than forty-five
(45) days following the approval of the Liberty Charter Amendments by the Company’s stockholders and the filing thereof with
the Secretary of State of the State of Delaware, the Company shall prepare and file with the SEC a “shelf” registration
statement on Form S-1 (or Form S-3 if the Company is eligible to use Form S-3 at such time) with respect to the offer and resale
of all Registrable Shares in accordance with Rule 415 (together with any additional registration statements filed to register any
Registrable Shares, the “Shelf Registration Statement”). Upon becoming eligible to use Form S-3, the Company
shall promptly file a Shelf Registration Statement on Form S-3, which may be in the form of a post-effective amendment to the Shelf
Registration Statement on Form S-1, covering all of the then Registrable Shares and will maintain the effectiveness of the Shelf
Registration Statement on Form S-3 (or such comparable or successor form) then in effect until such time as there are no Registrable
Shares. The Company will use its reasonable best efforts to (i) cause the Shelf Registration Statement, when filed, to comply in
all material respects with all legal requirements applicable thereto, (ii) respond as promptly as reasonably practicable to, and
resolve all comments received from, the SEC or its staff concerning the Shelf Registration Statement, (iii) have the Shelf Registration
Statement declared effective under the Securities Act as promptly as practicable after such filing and (iv) maintain the effectiveness
of (and availability for use of) the Shelf Registration Statement (including by filing any post-effective amendments thereto or
prospectus supplements in respect thereof) until such time as there are no Registrable Shares. Notwithstanding the foregoing provisions
of this Section 2.1, if the SEC prevents the Company from including on a registration statement any or all of the Registrable
Shares to be registered pursuant to this Section 2.1 due to limitations on the use of Rule 415 of the Securities Act for
the resale of Registrable Shares by the Investors, such registration statement shall register the resale of a number of Registrable
Shares which is equal to the maximum number of shares as is permitted by the SEC, and the Company shall use its reasonable best
efforts to register all such remaining Registrable Shares for resale as promptly as reasonably practicable in accordance with the
applicable rules, regulations and guidance of the SEC. In such event, the number of Registrable Shares to be registered for each
Investor in such registration statement shall be reduced pro rata among all Investors, in each case based on the proportion
that the number of Registrable Shares held by each Investor bears to the total number of Registrable Shares to be registered pursuant
to such registration statement.

 

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2.2          
Blackout Periods. Notwithstanding anything in Section 2.1 to the contrary, the Company shall be entitled to
postpone and delay the filing or effectiveness (but not the preparation) of any registration statement or the offer or sale of
any Registrable Shares thereunder (i) for reasonable periods of time in advance of the release of the Company’s quarterly
and annual financial results and (ii) for reasonable periods of time, not in excess of an aggregate of ninety (90) calendar days
in any twelve (12)-month period and in no event more than two times in any twelve (12)-month period (any such postponement and
delay permitted by this Section 2.2 being, a “Blackout Period”), if (A) the Board of Directors determines
in its good faith judgment that any such filing or effectiveness of a registration statement or the offering or sale of any Registrable
Shares thereunder would (1) materially impede, materially delay or otherwise materially interfere with any pending or proposed
material acquisition, disposition, corporate reorganization or other similar material transaction involving the Company as to which
the Company has taken substantial steps and is proceeding with reasonable diligence to effect, (2) materially adversely affect
any registered underwritten public offering of the Company’s securities for the Company’s account as to which the Company
has taken substantial steps (including, but not limited to, selecting a managing underwriter for such offering) and is proceeding
with reasonable diligence to effect such offering, or (3) require disclosure of material non-public information which, in the reasonable
discretion of the Board of Directors, acting in good faith, would have a material adverse effect on the business, operations or
management of the Company or any of its Affiliates if disclosed at such time or (B) the Board of Directors determines in its good
faith judgment that the Company is required by law, rule or regulation to amend or supplement the affected registration statement
or the related prospectus so that such registration statement or prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company shall give written notice to each Investor that holds Registrable Shares of its
determination to postpone or delay the filing of such registration statement or other imposition of a Blackout Period and a general
statement of the reason for such deferral and an approximation of the anticipated delay; provided, further, that
in the event that the Company proposes to register shares of Common Stock (other than in connection with a registered underwritten
public offering of the Company’s securities for the Company’s account) during a Blackout Period, the Company shall
not pursuant to this Section 2.2 be entitled to postpone or delay the filing or effectiveness of any registration statement
or the offer or sale of any Registrable Shares during such Blackout Period. Upon notice by the Company to the Investors of any
such determination, each Investor shall, except as required by applicable Law, keep the fact of any such notice strictly confidential,
and during any Blackout Period (or until such Blackout Period shall be earlier terminated in writing by the Company), promptly
halt any offer, sale, trading or transfer by it of any shares of Common Stock and promptly halt any use, publication, dissemination
or distribution of any prospectus or prospectus supplement covering such Registrable Shares and, if so directed by the Company,
shall deliver to the Company any copies then in its possession of any such prospectus or prospectus supplement. A deferral of the
filing or effectiveness of a registration statement or other imposition of a Blackout Period pursuant to this Section 2.2
shall be lifted as soon as practicable (and in no event later than the 90th calendar day in any 12-month period), and
the Company shall promptly (and in any event within five (5) Business Days) notify in writing each Investor of the termination
of the Blackout Period and the absence of the circumstances giving rise to such Blackout Period.

 

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2.3          
Demand Underwritten Offerings.

 

(a)           
In the period during which a Shelf Registration Statement covering the Registrable Shares is effective, if any Vintage Group
Member holding any Registrable Shares delivers notice to the Company (such notice to be delivered no less than twenty (20) Business
Days prior to the date the underwriting agreement for any underwriting pursuant to this Section 2.3(a) is expected to be
executed) stating that it and/or one or more other Investors that hold Registrable Shares (such Vintage Group Member, the “Initiating
Vintage Group Member” and the Initiating Vintage Group Member together with such other Investors, the “Participating
Investors”) intend(s) to effect an underwritten public offering of all or part of its or their Registrable Shares included
on the Shelf Registration Statement (a “Demand Underwritten Offering”), the Company shall use its reasonable
best efforts to amend or supplement the Shelf Registration Statement or related prospectus as may be necessary in order to enable
such Registrable Shares to be distributed pursuant to the Demand Underwritten Offering. The Investors shall only be entitled to
offer and sell their Registrable Shares pursuant to a Demand Underwritten Offering if the aggregate amount of Registrable Shares
to be offered and sold in such offering by the Participating Investors are reasonably expected to result in aggregate gross proceeds
(based on the current market price of the number of Registrable Shares to be sold) of not less than $25 million.

 

(b)          
Notwithstanding anything set forth herein to the contrary, (i) the Company may delay the commencement of any Demand Underwritten
Offering for the same reasons as the Company may institute a Blackout Period prior to the commencement of any marketing efforts
or “road shows” by the Company or the underwriters in connection with such Demand Underwritten Offering, (ii) the Company
shall not be obligated to effect any Demand Underwritten Offering within ninety (90) days after the effective date of (A) a previous
Demand Underwritten Offering or (B) a previous registration under which the Participating Investors exercising piggyback rights
pursuant to Section 2.4 were permitted to register, and sold, at least fifty percent (50%) of the Registrable Securities
requested to be included therein, and (iii) the Vintage Group Members holding Registrable Shares, collectively, shall have the
right to request no more than an aggregate of two (2) Demand Underwritten Offerings in any twelve (12)-month period. Any request
for a Demand Underwritten Offering under this Section 2.3 may be revoked or withdrawn upon written notice by the Initiating
Vintage Group Member to the Company; provided, that any such Demand Underwritten Offering withdrawn or not consummated for
any reason shall be counted toward the total of two (2) Demand Underwritten Offerings permitted to be requested in any twelve (12)-month
period; provided, however, that no revoked or withdrawn Demand Underwritten Offering shall be counted for determining
the number of Demand Underwritten Offerings requested in any twelve (12)-month period if (1) the Participating Investors reimburse
the Company for all of its out-of-pocket costs and expenses incurred in connection with any such revoked or withdrawn Demand Underwritten
Offering incurred through the date of such revocation or withdrawal and (2) such revocation or withdrawal shall have been made
prior to the commencement of any marketing efforts or “road shows” by the Company or the underwriters in connection
with such Demand Underwritten Offering; provided, further, that the Initiating Vintage Group Member shall be entitled,
at any time after receiving notice of the imposition of any Blackout Period by the Company, to withdraw a request for a Demand
Underwritten Offering and, if such request is withdrawn, such Demand Underwritten Offering shall not count toward the total of
two (2) Demand Underwritten Offerings permitted to be requested in any twelve (12)-month period.

 

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(c)           
In connection with any Demand Underwritten Offering, the managing underwriter or placement agent (if any) for such offering
shall be selected by the Initiating Vintage Group Member, subject to the prior approval of the Company (which approval shall not
be unreasonably withheld, conditioned or delayed).

 

(d)          
The Company may include Common Stock other than Registrable Shares in a Demand Underwritten Offering for any other Person
(including the Company) on the terms provided below. If the managing underwriter or underwriters of any proposed Demand Underwritten
Offering informs the Company and the Initiating Vintage Group Member that, in its or their opinion, the number of Registrable Shares,
together with any Common Stock, which such Participating Investors and any other Persons intend to include in such offering exceeds
the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or
distribution of the securities offered or the market for the Registrable Shares offered, then Registrable Shares proposed to be
registered by the Vintage Group Members shall be included therein and, if additional Registrable Shares or shares of Common Stock
can also be so registered, then the Registrable Shares or shares of Common Stock to be included in such underwritten offering,
up to the maximum number of additional Registrable Shares or shares of Common Stock that, in the opinion of such managing underwriter
or underwriters, can be sold without having such adverse effect, shall be (i) first, the number of Registrable Shares that the
Participating Investors other than the Vintage Group Members (such Investors, the “Non-Vintage Investors”) propose
to sell, with such number to be allocated pro rata among all Non-Vintage Investors, in each case based on the proportion
that the number of Registrable Shares proposed to be sold in such Demand Underwritten Offering by each Non-Vintage Investor bears
to the total number of Registrable Shares proposed to be sold by all Non-Vintage Investors in such Demand Underwritten Offering,
(ii) second, and only if all the Registrable Shares referred to in clause (i) of this Section 2.3(d) have been included,
the shares of Common Stock that the Company proposes to sell, and (iii) third, and only if all the shares of Common Stock referred
to in clause (ii) of this Section 2.3(d) have been included, the number of shares of Common Stock proposed to be included
therein by any other Persons allocated among such Persons in such manner as the Company may determine.

 

(e)           
Nothing in this Agreement shall affect, supersede or otherwise modify any of the restrictions on transfer set forth in the
A&R New Holdco LLC Agreement.

 

2.4          
Piggyback Registration.

 

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(a)           
Whenever the Company proposes to publicly sell or register for sale any of its securities in an underwritten offering pursuant
to a registration statement under the Securities Act (other than a registration statement on Form S-8 or on Form S-4 or any similar
successor forms thereto) (a “Piggyback Registration”), the Company shall give prompt written notice to the Investors
of its intention to effect such sale or registration and, subject to Section 2.4(b), shall include in such transaction all
Registrable Shares with respect to which the Company has received a written request from any Investor for inclusion therein within
ten (10) Business Days after the receipt of the Company’s notice. The managing underwriter or underwriters to administer
the underwritten offering pursuant to a Piggyback Registration shall be chosen by the Company in its sole discretion. The Company
may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion, without
prejudice to the rights of the Investors under Section 2.3 hereof.

 

(b)          
If the managing underwriter or underwriters of any proposed underwritten offering of Registrable Shares included in a Piggyback
Registration informs the Company and the Investors that have requested to participate in such offering that, in its or their opinion,
the number of Registrable Shares which such Investors intend to include in such offering exceeds the number which can be sold in
such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities
offered or the market for the securities offered, then the shares of Common Stock proposed to be registered by the Company shall
be included therein and, if additional Registrable Shares or shares of Common Stock can be so registered, then the Registrable
Shares or shares of Common Stock to be included in such underwritten offering, up to the maximum number of additional shares of
Registrable Shares and Common Stock that, in the opinion of such managing underwriter or underwriters, can be sold without having
such adverse effect, shall (i) first, be allocated to the Vintage Group Members until all of the Registrable Shares that the Vintage
Group Members propose to sell have been included therein, (ii) second, and only if all the shares referred to in clause (i) of
this Section 2.4(b) have been included, the number of Registrable Shares proposed to be sold by the Non-Vintage Investors,
with such number to be allocated pro rata among the Non-Vintage Investors that have requested to participate in such offering
based on the proportion that the number of Registrable Shares proposed to be sold in such offering by each Non-Vintage Investor
bears to the total number of Registrable Shares proposed to be sold by all Non-Vintage Investors in such offering (provided,
that any securities thereby allocated to a Non-Vintage Investor that exceed such Non-Vintage Investor’s request shall be
reallocated among the remaining requesting Non-Vintage Investors in like manner) and (iii) third, and only if all of the Registrable
Shares referred to in clause (ii) of this Section 2.4(b) have been included in such Piggyback Registration, any other securities
eligible for inclusion in such offering may be included therein.

 

(c)           
No registration of Registrable Shares effected pursuant to a request under this Section 2.4 shall be deemed to have
been effected pursuant to Section 2.3 or shall relieve the Company of its obligations under Section 2.1 through Section
2.3.

 

2.5          
Registration Procedures.

 

(a)           
Without limiting the foregoing provisions of this Agreement, in connection with each registration statement prepared pursuant
to this Article II pursuant to which Registrable Shares will be offered and sold, and in accordance with the intended method
or methods of distribution of the Registrable Shares as described in such registration statement, the Company shall use its reasonable
best efforts to, as expeditiously as reasonably practicable:

 

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(i)            
prepare and file with the SEC such registration statement on an appropriate registration form of the SEC and cause such
registration statement to become effective under the Securities Act as promptly as reasonably practicable after the filing thereof,
which registration statement shall comply as to form in all materials respects with the requirements of the applicable form and
include or incorporate by reference all financial statements required by such form to be filed therewith or incorporated by reference
therein; provided, that before filing a registration statement or prospectus or any amendments or supplements thereto, the
Company shall furnish to one counsel selected by the Vintage Group Members holding Registrable Shares (which such counsel shall
be confirmed to the Company in writing (the “Counsel”)) draft copies of all such documents proposed to be filed
(other than any portion of any thereof which contains information for which the Company has sought confidential treatment) as far
in advance as reasonably practicable prior to filing (and in any event at least five (5) Business Days prior to such filing or
such shorter time period as may be agreed by such Vintage Group Members and the Company), which documents will be subject to the
reasonable review and (except for exhibits) comment of such Vintage Group Members and the Counsel and the underwriters in connection
with any underwritten offering, and the Company shall reasonably consider all such comments, edits and objections and incorporate
any such comments and edits proposed reasonably and in good faith prior to filing any amendment or supplement to any registration
statement;

 

(ii)          
furnish without charge to each Investor and the underwriters, if any, at least one conformed copy of the registration statement
and each post-effective amendment or supplement thereto (including all schedules and exhibits but excluding all documents incorporated
or deemed incorporated therein by reference, unless requested in writing by any Investor or an underwriter, except to the extent
such exhibits and schedules are currently available via EDGAR and other than any portion of any thereof which contains information
for which the Company has sought confidential treatment) and such number of copies of the registration statement and each amendment
or supplement thereto (excluding exhibits and schedules) and the summary, preliminary, final, amended or supplemented prospectuses
included in such registration statement as each Investor or such underwriter may reasonably request in order to facilitate the
public sale or other disposition of the Registrable Shares being sold by such Investor (the Company hereby consents to the use
in accordance with the U.S. securities laws of such registration statement (or post-effective amendment thereto) and each such
prospectus (or preliminary prospectus or supplement thereto) by such Investor and the underwriters, if any, in connection with
the offering and sale of the Registrable Shares covered by such registration statement or prospectus);

 

(iii)        
keep such registration statement effective and updated (including the filing of a new registration statement upon the expiration
of a prior one) with respect to the disposition of all Registrable Shares subject thereto until the date on which there are no
Registrable Shares (the “Effective Period”), and prepare and file with the SEC such amendments, post-effective
amendments and supplements to the registration statement and the prospectus as may be necessary to maintain the effectiveness of
the registration for the Effective Period) and cause the prospectus (and any amendments or supplements thereto) to be filed with
the SEC;

 

     - 10 -

     

    

(iv)         
register or qualify the Registrable Shares covered by such registration statement under such other securities or “blue
sky” laws of such jurisdictions in the United States as the Vintage Group Members and any managing underwriter or underwriters
may reasonably request, keep such registrations or qualifications in effect for so long as the registration statement remains in
effect, and do any and all other acts and things which may be reasonably necessary to enable any Investor or any underwriter to
consummate the disposition of the Registrable Shares in such jurisdictions; provided, however, that in no event shall
the Company be required to (A) qualify to do business as a foreign corporation in any jurisdiction where it would not, but for
the requirements of this clause (iv), be required to be so qualified, or (B) take any action which would subject it to service
of process (other than in connection with the sale of the securities covered by the registration statement) or taxation in any
jurisdiction where it would not otherwise be obligated to do so, but for this clause (iv);

 

(v)          
without limiting the obligations of the Company under the Business Combination Agreement, cause all Registrable Shares covered
by such registration statement to be listed (after notice of issuance) on the New York Stock Exchange, the NASDAQ Global Select
Market or on the principal securities exchange, interdealer quotation system or over-the-counter market on which Common Stock is
then listed or quoted;

 

(vi)         
promptly notify the Investors participating in any underwritten offering and the managing underwriter or underwriters in
connection with such underwritten offering after becoming aware thereof, (A) when the registration statement or any related prospectus
or any amendment or supplement thereto has been filed, and, with respect to the registration statement or any post-effective amendment,
when the same has become effective, (B) of any request by the SEC or any U.S. state securities authority for amendments or supplements
to the registration statement or the related prospectus or for additional information, (C) of the issuance by the SEC of any stop
order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose, (D) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares for
sale in any jurisdiction or the initiation of any proceeding for such purpose, or (E) within the Effective Period of the happening
of any event or the existence of any fact which makes any statement in the registration statement or any post-effective amendment
thereto, prospectus or any amendment or supplement thereto, or any document incorporated therein by reference untrue in any material
respect or which requires the making of any changes in the registration statement or post-effective amendment thereto or any prospectus
or amendment or supplement thereto so that they will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading;

 

     - 11 -

     

    

(vii)       
during the Effective Period, obtain the withdrawal of any order enjoining or suspending the use or effectiveness of the
registration statement or any post-effective amendment thereto or the lifting of any suspension of the qualification of any of
the Registrable Shares for sale in any jurisdiction;

 

(viii)     
deliver to the Investors participating in any underwritten offering and the managing underwriter or underwriters in connection
with such underwritten offering copies of all material correspondence between the SEC and the Company, its counsel or auditors
and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement (except to the extent
such correspondence is currently available via EDGAR or relates to information subject to a confidential treatment request); provided,
that any such investigation shall not interfere unreasonably with the Company’s business;

 

(ix)         
provide and cause to be maintained a transfer agent and registrar for all Registrable Shares covered by such registration
statement not later than the effective date of such registration statement;

 

(x)          
cooperate with the Investors participating in any underwritten offering and the managing underwriter or underwriters in
connection with such underwritten offering to facilitate the timely preparation and delivery of certificates representing the Registrable
Shares to be sold under the registration statement in a form eligible for deposit with the Depository Trust Corporation not bearing
any restrictive legends (other than as required by the Depository Trust Corporation) and not subject to any stop transfer order
with any transfer agent, and cause such Registrable Shares to be issued in such denominations and registered in such names as the
managing underwriters in connection with such underwritten offering may request in writing or, if not an underwritten offering,
in accordance with the instructions of the applicable Investors, in each case at least two (2) Business Days prior to the closing
of any sale of Registrable Shares;

 

(xi)         
in the case of a firm commitment underwritten offering, enter into, concurrently with the Investors participating in such
underwritten offering, an underwriting agreement customary in form and substance (taking into account the Company’s prior
underwriting agreements) and reasonably acceptable to the Company for a firm commitment underwritten secondary offering of the
nature contemplated by the applicable registration statement;

 

(xii)       
obtain an opinion from the Company’s counsel and a “cold comfort” letter from the Company’s independent
public accountants (and, if necessary, any other independent certified public accountants of any Subsidiary of the Company or of
any business acquired by the Company for which financial statements and financial data is, or is required to be, included in the
registration statement) in customary form and covering such matters as are customarily covered by such opinions and “cold
comfort” letters in connection with an offering of the nature contemplated by the applicable registration statement;

 

     - 12 -

     

    

(xiii)     
provide to the Counsel and to the managing underwriters in connection with any underwritten offering and no later than the
time of filing of any document which is to be incorporated by reference into the registration statement or prospectus (after the
initial filing of such registration statement), copies of any such document;

 

(xiv)      
cause its management to cooperate as reasonably requested by the managing underwriter or underwriters in the marketing of
the Registrable Shares covered by a Demand Underwritten Offering and make themselves reasonably available for assistance in the
selling effort covered by such transactions, including, but not limited to, the participation of such members of the Company’s
management in road show presentations; and

 

(xv)       
otherwise comply with all applicable rules and regulations of the SEC and any applicable national securities exchange.

 

(b)          
In the event that the Company would be required, pursuant to Section 2.5(a)(vi)(E) to notify the Investors participating
in such underwritten offering or the managing underwriter or underwriters in connection with such underwritten offering of the
occurrence of any event specified therein, the Company shall, subject to Section 2.5(c), as promptly as practicable, prepare
and furnish to such Investors and to each such underwriter a reasonable number of copies of a prospectus supplemented or amended
so that, as thereafter delivered to purchasers of Registrable Shares that have been registered pursuant to this Agreement, such
prospectus shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. Each
Investor agrees that, upon receipt of any notice from the Company pursuant to Section 2.5(a)(vi)(C), Section 2.5(a)(vi)(D)
or Section 2.5(a)(vi)(E) hereof, it shall, and shall use all reasonable best efforts to cause any sales or placement agent
or agents for the Registrable Shares and the underwriters, if any, to, forthwith discontinue disposition of the Registrable Shares
until such Person shall have received notice from the Company that such offers and sales of the Registrable Shares may be resumed
and, if applicable, such Person shall have received copies of such amended or supplemented prospectus and, if so directed by the
Company, to destroy all copies, other than permanent file copies, then in its possession of the prospectus (prior to such amendment
or supplement) covering such Registrable Shares as soon as practicable after the Investors’ receipt of such notice.

 

(c)           
In the case of any Demand Underwritten Offering or Piggyback Registration, all Registrable Shares to be included in such
offering or registration, as the case may be, shall be subject to the applicable underwriting agreement and no Investor may participate
in such offering or registration unless such Investor agrees to sell such Investor’s securities on the basis provided therein
and completes and executes all questionnaires, indemnities, underwriting agreements and other documents which must be executed
in connection therewith, and provides such other information to the Company or the underwriter as may be reasonably requested to
offer or register such Person’s Registrable Shares.

 

     - 13 -

     

    

2.6          
Obligations of the Parties.

 

(a)           
Investor Information. Each Investor shall furnish to the Company in writing such information (“Required
Investor Information”) regarding such Investor, the Registrable Shares held by it and its intended method of distribution
of the Registrable Shares as the Company may from time to time reasonably request in writing, and shall execute such documents
in connection with such registration as may reasonably be required to effect the registration, in order for the Company to comply
with its obligations under all applicable securities and other laws and to ensure that the prospectus relating to such Registrable
Shares, or any amendment or supplement to a registration statement or prospectus, conforms to the applicable requirements of the
Securities Act and the rules and regulations thereunder. If an Investor fails to provide the requested information or execute such
documents in connection with such registration as may reasonably be required to effect the registration within five (5) Business
Days of the receipt by such Investor of such request, the Company shall be entitled to refuse to register such Investor’s
Registrable Shares in the applicable registration statement. Each Investor shall notify the Company as promptly as practicable
of any inaccuracy or change in any Required Investor Information previously furnished by such Investor to the Company or of the
occurrence of any event, in either case as a result of which any prospectus relating to the Registrable Shares contains or would
contain an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading, in connection with any registration,
and promptly furnish to the Company any additional information required to correct and update such previously furnished Required
Investor Information or required so that such prospectus shall not contain an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

 

(b)          
Filing Cooperation. Each Investor agrees to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of any registration statement in which any Registrable Shares held by such Investor
are being included.

 

(c)           
Holdback.

 

(i)            
The Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into
or exchangeable or exercisable for such securities, during the ten (10) days prior to and during the 90-day period (or such shorter
period as the managing underwriter(s) may agree to in writing) beginning on the pricing date in connection with any Demand Underwritten
Offering, except as part of such Demand Underwritten Offering or pursuant to any registrations on Form S-4 or Form S-8 or any successor
form or unless the underwriters managing any such public offering otherwise agree.

 

(ii)          
If requested by the managing underwriter(s) for an underwritten offering (primary or secondary) of any equity securities
(or securities convertible into or exchangeable or exercisable for equity securities) of the Company, each Investor hereby agrees
not to effect any Transfer of any shares of Common Stock (or securities convertible into or exchangeable or exercisable for Common
Stock (including New Holdco Units and shares of Voting Non-Economic Preferred Stock)), including any sale pursuant to Rule 144
under the Securities Act, and not to effect any Transfer of any other equity security of the Company (in each case, other than
as part of such underwritten public offering) during the ten (10) days prior to, and during the 90-day period (or such shorter
period as the managing underwriter(s) may permit in writing) beginning on, the effective date of the related registration statement
(or date of the prospectus supplement if the offering is made pursuant to a “shelf” registration) pursuant to which
such underwritten offering shall be made, provided that all of the Company’s executive officers and directors and any other
holders of Common Stock who are selling shares of Common Stock in such underwritten offering enter into similar agreements for
the same time period and on no less restrictive terms.

     - 14 -

     

    

 

2.7          
Expenses. The Company shall bear all other fees and expenses in connection with any registration statement prepared,
filed or caused to become effective pursuant to this Article II, including all registration and filing fees, all printing
costs and all fees and expenses of counsel and accountants for the Company and its Subsidiaries.

 

2.8          
Indemnification; Contribution.

 

(a)           
In the event any Registrable Shares are included in a registration statement contemplated by this Agreement, the Company
shall, and it hereby agrees to, indemnify and hold harmless, or cause to be indemnified and held harmless, each Investor and its
respective officers, directors, managers, partners, employees, agents, representatives, trustees and controlling Persons, if any,
in any offering or sale of the Registrable Shares, against any losses, claims, damages or liabilities in respect thereof and expenses
(including reasonable fees and expenses of counsel) or Actions in respect thereof (collectively, “Claims”),
to which each such indemnified party may become subject, insofar as such Claims (including any amounts paid in settlement effected
with the consent of the Company as provided herein) arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in any registration statement, or any preliminary or final prospectus contained therein, or any amendment
or supplement thereto, or any document incorporated by reference therein, or arise out of or are based upon any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances in which they were made, not misleading, and the Company shall, and it hereby agrees to, reimburse, upon request,
each such Investor for any legal or other out-of-pocket fees and expenses reasonably incurred and documented by them in connection
with investigating or defending any such Claims; provided, that the Company shall not be liable to any Investor (or its
officers, directors, managers, partners, employees, agents, representatives, trustees and controlling Persons, if any) in any such
case to the extent that any such Claims arise out of or are based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in such registration statement, or preliminary or final prospectus, or amendment or supplement thereto,
in reliance upon and in conformity with the Required Investor Information furnished to the Company in writing by such Investor
or on behalf of such Investor by any Representative of such Investor, expressly for use therein, that is the subject of the untrue
statement or omission.

 

     - 15 -

     

    

(b)          
In the event any Registrable Shares are included in a registration statement contemplated by this Agreement, each Investor
who includes Registrable Shares in such registration statement shall, and hereby agrees, on a several basis (and not jointly or
jointly and severally) to, indemnify and hold harmless the Company and its officers, directors, managers, employees, agents, representatives
and controlling Persons, if any, in any offering or sale of its Registrable Shares against any Claims to which each such indemnified
party may become subject, insofar as such Claims (including any amounts paid in settlement as provided herein), or Actions in respect
thereof, arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any registration
statement, or any preliminary or final prospectus contained therein, or any amendment or supplement thereto, or any document incorporated
by reference therein, or arise out of or are based upon any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, and each such Investor shall, and it hereby agrees
to, on a several basis (and not jointly or jointly and severally), reimburse the Company for any legal or other out-of-pocket fees
and expenses reasonably incurred and documented by the Company in connection with investigating or defending any such Claims, in
each case only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in
reliance upon and in conformity with the Required Investor Information furnished to the Company in writing by such Investor or
its Representative expressly for use therein that is the subject of the untrue statement or omission; provided, however,
that the liability of each such Investor hereunder shall be limited to an amount equal to the dollar amount of the net proceeds
actually received by such Investor from the sale of Registrable Shares sold by such Investor pursuant to such registration statement
or prospectus.

 

(c)           
The Investors and the Company agree that if, for any reason, the indemnification provisions contemplated by Section 2.8(a)
or Section 2.8(b) are unavailable to or are insufficient to hold harmless an indemnified party in respect of any Claims
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such Claims in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and the indemnified party, on the other hand, with respect to the applicable offering of securities. The relative fault of
such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. If, however, the allocation in the first sentence of this Section
2.8(c) is not permitted by applicable Law, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party in such proportion as is appropriate to reflect not only such relative faults, but also the relative benefits
of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The parties hereto
agree that it would not be just and equitable if contributions pursuant to this Section 2.8(c) were to be determined by
pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred
to in the preceding sentences of this Section 2.8(c). The amount paid or payable by an indemnified party as a result of
the Claims referred to above shall be deemed to include (subject to the limitations set forth in Section 2.9) any legal
or other out-of-pocket fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such Action. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding the foregoing,
no Investor shall be liable to contribute any amount in excess of the dollar amount equal to the sum of (i) the net proceeds received
by such Investor from the sale of Registrable Shares sold by such Investor pursuant to such registration statement or prospectus,
minus (ii) any amounts paid or payable by such Investor pursuant to Section 2.8(b) (except in the case of fraud or willful
misconduct by such Investor).

 

     - 16 -

     

    

2.9          
Indemnification Procedures.

 

(a)           
If an indemnified party shall desire to assert any claim for indemnification provided for under Section 2.8 in respect
of, arising out of or involving a Claim or Action against the indemnified party, such indemnified party shall notify the Company
or the applicable Investors, as the case may be (the “Indemnifying Party”), in writing of such Claim, the amount
or the estimated amount of damages sought thereunder to the extent then ascertainable (which estimate shall not be conclusive of
the final amount of such Claim), any other remedy sought thereunder, any relevant time constraints relating thereto and, to the
extent practicable, any other material details pertaining thereto (a “Claim Notice”) promptly after receipt
by such indemnified party of written notice of the Claim; provided, that failure to provide a Claim Notice shall not affect
the indemnification obligations provided hereunder except to the extent the Indemnifying Party shall have been materially prejudiced
as a result of such failure. The indemnified party shall deliver to the Indemnifying Party, promptly after the indemnified party’s
receipt thereof, copies of all notices and documents (including court papers) received by the indemnified party relating to the
Claim; provided, however, that failure to provide any such copies shall not affect the indemnification obligations
provided hereunder except to the extent the Indemnifying Party shall have been materially prejudiced as a result of such failure.

 

(b)          
The Indemnifying Party shall have the right to assume the defense of any Claim for which indemnification is being sought
and if the Indemnifying Party assumes such defense, the Indemnifying Party shall employ counsel for such defense that is reasonably
satisfactory to the indemnified party and shall pay all reasonable out-of-pocket fees and expenses incurred in connection with
such defense. Should the Indemnifying Party so elect to assume the defense of a Claim, the Indemnifying Party will not be liable
to the indemnified party for legal expenses subsequently incurred by the indemnified party in connection with the defense thereof,
unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; (ii) the Indemnifying Party shall have
failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such indemnified party; or
(iii) such indemnified party shall have been advised by counsel that an actual or potential conflict of interest exists if the
same counsel were to represent such indemnified party and the Indemnifying Party or any other indemnified party (in which case,
if such indemnified party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of
the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be
at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be liable for the fees and expenses
of more than one separate firm of attorneys (in addition to not more than one local counsel that may be required in the opinion
of such firm) at any time for all indemnified parties hereunder. If the Indemnifying Party assumes such defense, the indemnified
party shall have the right to participate in the defense thereof and to employ counsel, at its own expense (except as provided
in the immediately preceding sentence), separate from the counsel employed by the Indemnifying Party. If the Indemnifying Party
chooses to defend any Claim, the indemnified party shall reasonably cooperate in the defense or prosecution thereof. Such cooperation
shall include the retention and (upon the Indemnifying Party’s request) the provision to the Indemnifying Party of records
and information that are reasonably relevant to such Claim, and the indemnified party shall use reasonable best efforts to make
its employees and other representatives available on a mutually convenient basis during regular business hours to provide additional
information and explanation of any material provided hereunder. Whether or not the Indemnifying Party shall have assumed the defense
of a Claim, the indemnified party shall not admit any liability with respect to, or settle, compromise or discharge, such Claim
without the Indemnifying Party’s prior written consent (which consent shall not be unreasonably withheld, conditioned or
delayed). The Indemnifying Party may pay, settle or compromise a Claim without the written consent of the indemnified party, so
long as such settlement includes (A) an unconditional release of the indemnified party from all liabilities and obligations in
respect of such Claim, (B) does not subject the indemnified party to any injunctive relief or other equitable remedy, and (C) does
not include a statement or admission of fault, culpability or failure to act by or on behalf of any indemnified party.

 

     - 17 -

     

    

2.10       
Rule 144. The Company will file the reports required to be filed by it under the Securities Act and the Exchange
Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, will,
upon the request of any Vintage Group Member that holds Registrable Shares, make publicly available other information) and will
take such further action as any Vintage Group Member that holds Registrable Shares may reasonably request, all to the extent required
from time to time to enable each Investor to sell Common Stock without registration under the Securities Act within the limitation
of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be amended from time to time or (b) any similar
rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Vintage Group Member that holds Registrable
Shares, the Company will deliver to such Vintage Group Member a written statement as to whether the Company has filed the reports
required to be filed under the Exchange Act for a period of at least ninety (90) days prior to the date of such written statement.

 

2.11       
Preservation of Rights. Without the prior written consent of the Vintage Group Members, the Company will not (a)
grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder
or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or
subordinates the rights expressly granted to the Investors in this Agreement.

 

2.12       
Transfer of Registration Rights. The rights of each Investor under this Agreement may be assigned to any direct or
indirect transferee (including any Affiliate) of any such Investor permitted under this Agreement who agrees in writing to be subject
to and bound by all the terms and conditions of this Agreement. In furtherance of the foregoing and in lieu of an assignment of
rights pursuant to the foregoing sentence, if requested by any Investor in connection with any such Transfer by an Investor, the
Company will enter into one or standalone registration rights agreements for the benefit of such direct or indirect transferee
providing for registration rights that are substantially consistent with the rights of such Investor under this Agreement.

 

Article
III

MISCELLANEOUS

 

3.1          
Notices. Except for notices that are specifically required by the terms of this Agreement to be delivered orally,
all notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed given, delivered
and/or provided (a) when delivered personally or when sent by email of a .pdf attachment (provided, that no notice of non-delivery
is generated), or (b) on the next Business Day when dispatched for overnight delivery by Federal Express or a similar courier,
in either case, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

     - 18 -

     

    

if to the Company, to:

 

Liberty Tax, Inc.

1716 Corporate Landing Parkway

Virginia Beach, VA 23454

Attention: General Counsel or Legal
Department

Special Committee
of the Board of Directors

 

with a copy to:

 

Hunton Andrews Kurth LLP

951 E. Byrd Street

Richmond, VA 23219

Email: shaas@hunton.com

Attention: Steven M. Haas

 

if to a Vintage Group Member,
to:

 

Vintage RTO, L.P.

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 210

Orlando, FL 32819

Email: bkahn@vintcap.com

Attention: Brian R. Kahn

 

with a copy to:

 

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 100019

Email: rleaf@willkie.com

Attention: Russell L. Leaf

 

If to a Former Buddy’s
Member, to the address set forth next to the name of such Former Buddy’s Member set forth on Schedule 1(B).

 

3.2          
Waiver. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition
of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach
or any other covenant, duty, agreement or condition, regardless of how long such failure continues.

 

     - 19 -

     

    

3.3          
Counterparts. This Agreement may be executed in separate counterparts, each of which will be an original and all
of which together shall constitute one and the same agreement binding on all the Parties.

 

3.4          
Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any dispute relating
hereto shall be heard exclusively in the state or federal courts of the State of Delaware, and the parties irrevocably agree to
jurisdiction and venue therein.

 

3.5          
WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR THE PERFORMANCE OF SERVICES THEREUNDER OR RELATED THERETO. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A)
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT
SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A CLAIM, (B) SUCH PARTY HAS CONSIDERED AND UNDERSTANDS THE IMPLICATIONS OF
THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.5.

 

3.6          
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable Law, but if any provision of this Agreement 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 will not affect any other
provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

3.7          
Further Action. The Parties shall execute and deliver all documents, provide all information and take or refrain
from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement.

 

3.8          
Delivery by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection
with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of
an electronic transmission, including by a facsimile machine, .PDF or via email, shall be treated in all manner and respects as
an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such
agreement or instrument shall raise the use of electronic transmission by a facsimile machine, .PDF or via email to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission
as a defense to the formation of a contract and each such party forever waives any such defense.

 

     - 20 -

     

    

3.9          
Entire Agreement. This Agreement, the Business Combination Agreement, the A&R New Holdco LLC Agreement, the Certificate
of Designation, the Vintage Subscription Agreements and the other Ancillary Agreements embody the entire agreement and understanding
among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.

 

3.10       
Remedies. To the fullest extent permitted by applicable Law, any Person having any rights under any provision of
this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by Law.

 

3.11       
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include
the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than
by limitation. Reference to any agreement, document, or instrument means such agreement, document or instrument as amended or otherwise
modified from time to time in accordance with the terms thereof, and if applicable hereof, and references to all attachments thereto
and instruments incorporated therein. Without limiting the generality of the immediately preceding sentence, no amendment or other
modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement
or any other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification.
Any Law defined or referred to herein or in any agreement or instrument that is referred to herein means such Law as from time
to time amended, modified or supplemented, including by succession of comparable successor Laws. All references to any period of
days shall be deemed to be to the relevant number of calendar days unless otherwise specified. When calculating the period of time
before which, within which or following which, any act is to be done or step taken under this Agreement, the date that is the reference
date in calculating such period will be included, and if the last day of a period measured in Business Days is a non-Business Day,
the period in question will end on the next succeeding Business Day. The use of the words “or,” “either”
and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement,
this Agreement shall control but solely to the extent of such conflict. References in this Agreement to “Vintage Group Member
holding Registrable Shares” or words of similar import shall be deemed to refer to any Vintage Group Member that holds New
Holdco Units and shares of Voting Non-Economic Preferred Stock or Registrable Shares that are shares of Common Stock.

 

     - 21 -

     

    

3.12       
Amendments. This Agreement may be amended or modified in writing by the Company and the Vintage Group Members; provided,
that any such amendment or modification of this Agreement that materially and adversely alters or changes any rights hereunder
of the Investors other than the Vintage Group Members in a manner that is disproportionate relative to the rights hereunder of
the Vintage Group Members, shall be made with the approval of the Non-Vintage Investors holding a majority of the New Holdco Units
and shares of Voting Non-Economic Preferred Stock then held by all Non-Vintage Investors.

 

[Signature Pages
Follow.]

 

 

 

 

 

     - 22 -

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed on the date first written above by their respective duly authorized officers.

 

 

 

COMPANY:

 

LIBERTY TAX, INC.

 

 

By:_/s/ Michael S. Piper                                        

Name: Michael S. Piper

Title: Chief Financial Officer

 

 

 

 

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

 

VINTAGE GROUP:

 

TRIBUTUM, L.P.

 

By: Vintage Vista GP, LLC, its
general partner

 

 

 

By: /s/ Brian R. Kahn                                        

Name: Brian R. Kahn

Title: Managing Member

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

FORMER BUDDY’S MEMBERS:

 

BRIAN DEGUSTINO REVOCABLE TRUST

 

 

 

By: /s/ Brian DeGustino                                        

Name: Brian
DeGustino

Title: Trustee

 

 

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

 

AMY DEGUSTINO IRREVOCABLE TRUST

 

 

 

By: /s/ Brian DeGustino                                        

Name: Brian
DeGustino

Title: Trustee

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

 

SAMJOR FAMILY LP

 

By: Samjor Inc., its general partner

 

 

 

By: /s/ Brian R. Kahn                                        

Name: Brian R. Kahn

Title: President

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

VINTAGE RTO, L.P.

 

By: Vintage RTO GP LLC, its General
Partner

 

 

 

By: /s/ Brian R. Kahn                                        

Name:Brian R. Kahn

Title: Manager

 

     

     

    

MARTIN MEYER 

 

 

 

/s/ Martin Meyer                                        

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

 

FENGFENG REN

 

 

 

/s/ Fengfeng Ren                                        

 

 

Signature Page to Registration Rights
Agreement

     

     

    

JEFFREY D. MILLER

 

 

 

/s/ Jeffrey D. Miller                                        

 

 

 

Signature Page to Registration Rights
Agreement

     

     

    

DAVID O’NEIL

 

 

 

/s/ David O’Neil                                        

 

 

 

 

Signature Page to Registration Rights
Agreement

 

     

     

    

Schedule
1

 

		INVESTORS	

 

A. Vintage Group

 

	Name and Address	 	
        Shares of 

        Common Stock
	 
	
        Tributum, L.P.

        c/o Vintage Capital Management, LLC

        4705 S. Apopka Vineland Road

        Suite 206

        Orlando, FL 32819

        Attention: Brian R. Kahn

        Email: bkahn@vintcap.com

         
	 	2,083,333.33	 

 

 

B. Former Buddy’s Members

 

	Name and Address	New Holdco Units	Shares of Voting Non-Economic Preferred Stock	Shares of Common Stock into which New Holdco Units and Shares of Voting Non-Economic Preferred Stock are Convertible
	
        Brian DeGustino Revocable Trust c/o Brian DeGustino

        32 Wedgewood Drive Hawthorn Woods, IL 60047

        degustinob@gmail.com

         
	
         

        785,863.62

         
	
         

        157,172.72

         
	
         

        785,863.62

         

	
        Amy DeGustino Irrevocable Trust c/o Brian DeGustino

        32 Wedgewood Drive Hawthorn Woods, IL 60047

        degustinob@gmail.com

         
	
         

        336,798.69

         
	
         

        67,359.74

         
	
         

        336,798.69

         

	
        Samjor Family LP c/o Brian Kahn

        9935 Lake Louise Drive Windermere, FL 34786

        bkahn@vintcap.com

         
	
         

        2,912,628.03

         
	
         

        582,525.61

         
	
         

        2,912,628.03

         

 

     

     

    

	
        Vintage RTO, L.P.

        c/o Vintage Capital Management 4705 S. Apopka Vineland
        Road Suite 210

        Orlando, FL 32819 Attn: Brian R. Kahn Fax: (208)
        728-8007

        bkahn@vintcap.com

         
	
         

         

        1,914,982.53

         
	
         

        382,996.51

         
	
         

         

        1,914,982.53

         

	
        Martin Meyer and Fengfeng Ren 1801 N. Mohawk St.
        #B Chicago, IL 60614

        MartinMeyer@yahoo.com

         
	
         

        336,798.69

         
	
         

        67,359.74
	
         

         

        336,798.69

         

	
        David O’Neil

        350 N. Orleans St., Suite 2N Chicago, IL 60654-1600

        FengfengRN@gmail.com

         
	
         

        898,130.31

         
	
         

        179,626.06

         
	
         

        898,130.31

         

	
        Jeffrey D. Miller 240 Maplewood Rd.

        Riverside, IL 60546

        jdmiller10@protonmail.com

         

        
	
         

        898,130.31

         
	
         

        179,626.06

         
	
         

        898,130.31Exhibit 10.3

 

 

Execution Version

 

VOTING AGREEMENT

 

THIS VOTING AGREEMENT (this “Agreement”),
dated as of July 10, 2019, is entered into by and among Liberty Tax, Inc., a Delaware corporation (“Liberty”),
and certain stockholders of Liberty, each listed on Schedule A hereto (each, a “Stockholder” and, collectively,
the “Stockholders”). Except as otherwise expressly provided herein, capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Business Combination Agreement.

 

RECITALS

 

WHEREAS, concurrently with the execution of
this Agreement, Liberty, Buddy’s Newco, LLC, a Delaware limited liability company (“Buddy’s”), Franchise
Group New Holdco, LLC, a Delaware limited liability company and a direct wholly-owned Subsidiary of Liberty (“New Holdco”),
Franchise Group B Merger Sub, LLC, a Delaware limited liability company and indirect wholly-owned Subsidiary of Liberty (“Merger
Sub”), and Vintage RTO, L.P., a Delaware limited partnership, solely in its capacity as the representative of the Buddy’s
members, have entered into that certain Agreement of Merger and Business Combination Agreement, dated as of the date hereof (as
amended, restated or otherwise modified from time to time, the “Business Combination Agreement);

 

WHEREAS, (i) on the date hereof, Merger Sub
was merged with and into Buddy’s (the “Merger”), with Buddy’s surviving the Merger as an indirect
wholly-owned Subsidiary of Liberty and (ii) upon the consummation of the Merger (the “Closing”), the units representing
limited liability company interests in Buddy’s were cancelled and converted into the right of the former holders thereof
to receive common units representing limited liability interests in New Holdco (“New Holdco Units”) and shares
of voting non-economic preferred stock of Liberty, par value $0.01 per share (“Voting Non-Economic Preferred Stock”),
in each case, in accordance with the terms and conditions of the Business Combination Agreement;

 

WHEREAS, pursuant to the Business Combination
Agreement, Liberty has agreed to call, give notice of and hold a meeting of its stockholders (the “Liberty Stockholder
Meeting”) for the purposes of adopting the Liberty Charter Amendments or, in lieu of holding the Liberty Stockholder
Meeting, obtain the approval of the Liberty Charter Amendments by the written consent of Liberty’s stockholders;

 

WHEREAS, each Stockholder as of the Closing
will be the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act, which meaning will apply for all purposes
of this Agreement whenever the terms “beneficial owner,” “beneficial ownership” or “own beneficially”
are used) of shares of common stock of Liberty, par value $0.01 per share (“Common Stock” and, together with
the Voting Non-Economic Preferred Stock, “Liberty Shares”), and/or shares of Voting Non-Economic Preferred Stock
as set forth on Schedule A hereto (such Liberty Shares with respect to each Stockholder, the “Owned Shares”;
the Owned Shares and any additional Liberty Shares or other voting securities of Liberty of which such Stockholder acquires record
or beneficial ownership after the date hereof, including, without limitation, by purchase, by grant, as a result of a stock dividend,
stock split, recapitalization, combination, reclassification, exchange or change of such shares, or upon exercise or conversion
of any securities, such Stockholder’s “Covered Shares”);

 

    1

     

    

 

WHEREAS, as a condition and inducement to Liberty’s
willingness to enter into the Business Combination Agreement and to proceed with the transactions contemplated thereby, Liberty
and the Stockholders are entering into this Agreement; and

 

WHEREAS, the Stockholders acknowledge that Liberty
is entering into the Business Combination Agreement in reliance on the representations, warranties, covenants and other agreements
of the Stockholders set forth in this Agreement and would not enter into the Business Combination Agreement if any Stockholder
did not enter into this Agreement.

 

AGREEMENTS

 

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

 

Section 1.              
Agreement to Vote. Prior to the Termination Date, each Stockholder irrevocably and unconditionally agrees that
at any meeting of the stockholders of Liberty (whether annual or special and whether or not an adjourned or postponed meeting),
however called, or in connection with any written consent of the stockholders of Liberty, such Stockholder shall, and shall cause
its Affiliates that beneficially own any such Covered Shares to, (a) when a meeting is held, appear at such meeting or otherwise
cause the Covered Shares to be counted as present thereat for the purpose of establishing a quorum, and respond to each request
by Liberty for written consent, if any and (b) vote (or consent), or cause to be voted at such meeting (or validly execute and
return and cause such consent to be granted with respect to), all Covered Shares (i) in favor of the Liberty Charter Amendments
and any other matters necessary for the authorization, approval or effectiveness of the Liberty Charter Amendments and (ii) against
any matter that would reasonably be expected to impede, interfere with, delay, postpone or adversely affect the authorization,
approval or effectiveness of the Liberty Charter Amendments (collectively, the “Covered Proposals”). Except
as expressly set forth in this Section 1 with respect to Covered Proposals, the Stockholders shall not be restricted from
voting in favor of, against or abstaining with respect to any other matter presented to the stockholders of Liberty.

 

Section 2.              
Grant of Irrevocable Proxy; Appointment of Proxy.

 

(a)              
If any Stockholder fails to take any of the actions set forth in Section 1
PROMPTLY OR AT ANY MEETING OF THE STOCKHOLDERS OF LIBERTY OR IN RESPONSE TO A REQUEST FROM LIBERTY FOR ACTION BY WRITTEN CONSENT
WITH RESPECT TO ANY COVERED PROPOSALS, then eACH STOCKHOLDER HEREBY GRANTS TO, AND APPOINTS, THE MEMBERS OF THE SPECIAL COMMITTEE
AND ANY DESIGNEE THEREOF, EACH OF THEM INDIVIDUALLY, UNTIL THE TERMINATION DATE, SUCH STOCKHOLDER’S IRREVOCABLE PROXY
AND ATTORNEY IN FACT (WITH FULL POWER OF SUBSTITUTION AND RE-SUBSTITUTION) TO VOTE THE COVERED SHARES AS INDICATED IN SECTION
1 SOLELY WITH RESPECT TO THE COVERED PROPOSALS. EACH STOCKHOLDER INTENDS THIS PROXY TO BE IRREVOCABLE AND COUPLED WITH AN INTEREST
UNTIL THE TERMINATION DATE. EACH STOCKHOLDER WILL, UNTIL THE TERMINATION DATE, TAKE SUCH FURTHER ACTION OR EXECUTE SUCH OTHER INSTRUMENTS
AS MAY BE NECESSARY TO EFFECTUATE THE INTENT OF THIS PROXY AND HEREBY REVOKES ANY PROXY PREVIOUSLY GRANTED BY SUCH STOCKHOLDER
WITH RESPECT TO VOTING THE COVERED SHARES AS INDICATED IN SECTION 1 SOLELY WITH RESPECT TO THE COVERED PROPOSALS.

 

    2

     

    

 

(b)              
Notwithstanding the foregoing, the proxy and power of attorney granted in this Section 2 shall expire automatically
upon the termination of this Agreement.

 

Section 3.              
No Inconsistent Agreements. Each Stockholder hereby represents, covenants and agrees that, except as contemplated
by this Agreement and except for the A&R New Holdco LLC Agreement and the Certificate of Designation, such Stockholder (a)
has not entered into, and shall not enter into at any time prior to the Termination Date, any voting agreement or voting trust
with respect to any Covered Shares and (b) has not granted, and shall not grant at any time prior to the Termination Date, a proxy
or power of attorney with respect to any Covered Shares, in either case, which is inconsistent with such Stockholder’s obligations
under this Agreement.

 

Section 4.              
Termination. This Agreement shall automatically terminate without any action by any party hereto and shall be
of no further force and effect upon the earliest to occur of (a) the approval by the Liberty stockholders of the Liberty Charter
Amendments and (b) the date that is twelve (12) months after the date hereof (such earliest date being referred to herein as the
“Termination Date”); provided, that Sections 7, 8 and 11 to 24 shall survive
the termination of this Agreement, and Section 6(c) shall survive until the completion of the Tender Offer. Notwithstanding
anything to the contrary contained herein, any liability incurred by any party hereto as a result of a breach of a term or condition
of this Agreement prior to any such termination shall survive the termination of this Agreement.

 

Section 5.              
Representations and Warranties of the Stockholders. Each Stockholder, as to itself (severally and not jointly),
hereby represents and warrants to Liberty as of the date hereof as follows:

 

(a)              
Such Stockholder is the beneficial owner of, and has good and valid title to, the Owned Shares, free and clear of all Liens
other than as created by this Agreement and pursuant to applicable securities Laws. Such Stockholder has sole voting power, sole
power of disposition, sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement,
in each case with respect to all of such Owned Shares, with no limitations, qualifications or restrictions on such rights, subject
to applicable securities laws and the terms of this Agreement. As of the date hereof, other than the Owned Shares (and any equity
awards relating thereto), such Stockholder does not own beneficially or of record any (i) shares of capital stock (including shares
of Common Stock) or voting securities of Liberty, (ii) securities of Liberty convertible into or exchangeable for shares of capital
stock (including shares of Common Stock) or voting securities of Liberty or (iii) options or other rights to acquire from Liberty
any capital stock (including shares of Common Stock), voting securities or securities convertible into or exchangeable for capital
stock (including shares of Common Stock) or voting securities of Liberty.

 

    3

     

    

 

(b)              
Each Stockholder has all requisite power (including, in the case of a Stockholder that is an entity, corporate or other
entity power) and authority to execute and deliver this Agreement and to perform such Stockholder’s obligations hereunder.
This Agreement has been duly and validly executed and delivered by such Stockholder and, assuming due authorization, execution
and delivery by Liberty, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder
in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered
in a proceeding in equity or at law).

 

(c)              
Except for the applicable requirements of the Exchange Act or the requirements of any applicable state securities Laws,
(i) no filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary on the part of
such Stockholder for the execution, delivery and performance of this Agreement by such Stockholder or the consummation by such
Stockholder of the transactions contemplated hereby and (ii) neither the execution, delivery or performance of this Agreement by
such Stockholder nor the consummation by such Stockholder of the transactions contemplated hereby nor compliance by such Stockholder
with any of the provisions hereof shall (A) result in any breach or violation of, or constitute a default (or an event which, with
notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, or result in the creation of a Lien on such property or asset of such Stockholder pursuant to, any Contract
to which such Stockholder is a party or by which such Stockholder or any property or asset of such Stockholder is bound or affected
or (B) violate any order, writ, injunction, decree, statute, rule or regulation applicable to such Stockholder or any of such Stockholder’s
properties or assets, in each case other than as would not restrict, prohibit or impair the exercise by Liberty of its rights under
this Agreement or have an adverse effect on such Stockholder’s ability to perform its obligations hereunder.

 

(d)              
There is no action, suit, investigation, complaint or other proceeding pending against any such Stockholder, or, to the
knowledge of such Stockholder, threatened against such Stockholder that restricts or prohibits (or, if successful, would restrict
or prohibit) the exercise by Liberty of its rights under this Agreement or the performance by any such Stockholder of such Stockholder’s
obligations under this Agreement.

 

(e)              
Such Stockholder understands and acknowledges that Liberty is entering into the Business Combination Agreement in reliance
upon such Stockholder’s execution and delivery of this Agreement and the representations and warranties of such Stockholder
contained herein.

 

    4

     

    

 

Section 6.              
Certain Covenants of the Stockholders. Each Stockholder, for itself (severally and not jointly), hereby covenants
and agrees as follows:

 

(a)              
Prohibited Transfers. Prior to the Termination Date, and except as contemplated hereby, such Stockholder shall not
(i) (x) tender into any tender or exchange offer, (y) sell (constructively or otherwise), transfer, pledge, hypothecate, grant,
encumber, assign or otherwise dispose of (collectively “Transfer”), or enter into any Contract, option, agreement
or other arrangement or understanding with respect to the Transfer of any of the Covered Shares or beneficial ownership or voting
power thereof or therein (including by operation of law), (z) grant any proxies or powers of attorney, deposit any Covered Shares
into a voting trust or enter into a voting agreement with respect to any Covered Shares or (ii) knowingly take any action that
would make any representation or warranty of such Stockholder contained herein untrue or incorrect that would have the effect of
preventing or delaying such Stockholder from performing such Stockholder’s obligations under this Agreement; provided,
however, that the foregoing shall not prohibit any Transfer of Covered Shares by a Stockholder (1) to an Affiliate of such
Stockholder, (2) with the prior written approval of the Special Committee, (3) in response to a tender or exchange offer (other
than the Tender Offer) that has been publicly announced and approved or recommended by the Special Committee or the Liberty Board,
(4) if such Stockholder is an individual, (A) to such Stockholder’s spouse, (B) to such Stockholder’s lineal ancestors,
lineal descendants, siblings, cousins or the spouses thereof, (C) to trusts for the benefit of such Stockholder or such persons
described in the immediately preceding sub-clause (B), (D) to foundations established by such Stockholder or such persons described
in the preceding sub-clause (B) or Affiliates thereof or (E) by way of bequest or inheritance upon death, (5) if such Stockholder
is an entity, to such Stockholder’s stockholders, partners or other equity holders, or (6) subject to Section 6(b),
that is a redemption of Voting Non-Economic Preferred Stock and common units of New Holdco in exchange for Common Stock in accordance
with the Certificate of Designation and the A&R New Holdco LLC Agreement, but only, in the case of clauses (1), (2), (4) and
(5) if the permitted transferee executes a joinder to this Agreement pursuant to which such transferee agrees to become a party
hereto and be subject to the restrictions applicable to such Stockholder hereunder. Any Transfer in violation of this Section
6(a) shall be null and void ab initio. To the extent a Transfer is permitted under this Agreement, such Transfer shall
comply with all applicable laws.

 

(b)              
Additional Shares. Prior to the Termination Date, in the event that such Stockholder acquires record or beneficial
ownership of, or the power to vote or direct the voting of, any additional Liberty Shares or other voting interests with respect
to Liberty (including, without limitation, shares of Common Stock acquired (i) in connection with a redemption of Voting Non-Economic
Preferred Stock and common units of New Holdco in exchange for Common Stock in accordance with the Certificate of Designation and
the A&R New Holdco LLC Agreement and (ii) as a result of the TO Redemption (as defined in the A&R New Holdco LLC Agreement)),
such Liberty Shares or such other voting interests shall, without further action of the parties, be deemed Covered Shares and subject
to the provisions of this Agreement, and the number of Liberty Shares held by such Stockholder set forth on Schedule A hereto
will be deemed amended accordingly and such Liberty Shares or such other voting interests shall automatically become subject to
the terms of this Agreement. Each Stockholder shall promptly notify Liberty in writing of any such event.

 

Section 7.              
Stockholder Capacity. This Agreement is being entered into by each Stockholder solely in such Stockholder’s
capacity as a stockholder of Liberty, and nothing in this Agreement shall restrict or limit the ability of any Stockholder or any
of its Representatives to take any action in its capacity as a director or officer of Liberty or any of its Subsidiaries or own
or receive any grants of equity interests in Liberty or any of its Subsidiaries in such capacity. Any references to Representatives
of a Stockholder in this Agreement shall be deemed not to include Liberty, its Subsidiaries or Affiliates, or their respective
Representatives.

 

    5

     

    

 

Section 8.              
Disclosure. Each Stockholder hereby authorizes Liberty to publish and disclose in any announcement or disclosure
required by the SEC and in the Proxy Statement or Schedule TO such Stockholder’s identity and ownership of the Covered Shares
as of the date of such announcement or disclosure and the nature of such Stockholder’s obligations under this Agreement.

 

Section 9.              
Further Assurances. From time to time, at the request of Liberty and without further consideration, each Stockholder
shall take such further action as may reasonably be deemed by Liberty to be necessary to consummate and make effective the transactions
contemplated by this Agreement.

 

Section 10.          
Non-Survival of Representations and Warranties. The representations and warranties of the Stockholders contained
herein shall not survive the Termination Date.

 

Section 11.          
Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether
by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on
behalf of each party and otherwise as expressly set forth herein.

 

Section 12.          
Waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies
which they would otherwise have hereunder. Any agreement on the part of a party to any such waiver shall be valid only if set forth
in a written instrument executed and delivered by such party.

 

Section 13.          
Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a)
on the date of delivery if delivered personally, or if delivered by facsimile or e-mail (provided, that no notice of non-delivery
is generated), (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized
next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered
by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses
set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

if to Liberty, to:

 

Liberty Tax, Inc.

1716 Corporate Landing Parkway

Virginia Beach, VA 23454

 

    6

     

    

 

Attention: General Counsel or Legal Department

Special Committee of the Board of Directors

 

with a copy to:

 

Hunton Andrews Kurth LLP

951 E. Byrd Street

Richmond, VA 23219

Attention: Steven M. Haas

Email:shaas@hunton.com

 

if to a Stockholder, as set forth on Schedule A:

 

with a copy to:

 

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Email: rleaf@willkie.com

Attention: Russell L. Leaf

 

Section 14.          
Entire Agreement; Interpretation. This Agreement (together with the other agreements expressly referenced herein)
constitutes the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and
all prior and contemporaneous oral agreements, arrangements, communications and understandings, between the parties with respect
to the subject matter hereof and thereof. Pronouns in masculine, feminine or neuter genders will be construed to state and include
any other gender, and words, terms and titles (including terms defined herein) in the singular form will be construed to include
the plural and vice versa, unless the context otherwise requires.

 

Section 15.          
No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon
any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or
remedy of any nature under or by reason of this Agreement.

 

    7

     

    

 

Section 16.          
Governing Law; Exclusive Jurisdiction. This Agreement shall be governed by, and construed in accordance with,
the Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts
of Laws thereof. Each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of the
Court of Chancery of the State of Delaware (or in the event, but only in the event, that such court does not have subject matter
jurisdiction over such action or proceeding, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject
matter jurisdiction over the action or proceeding is vested exclusively in the federal courts of the United States of America,
the United States District Court for the District of Delaware) (such courts, the “Chosen Courts”). In addition,
each of the parties irrevocably (a) submits itself to the exclusive jurisdiction of the Chosen Courts for the purpose of any Claim
directly or indirectly based upon, relating to or arising out of this Agreement or any of the transactions contemplated herein,
or any related agreement, certificate or other document delivered in connection therewith or the negotiation, execution, interpretation,
enforcement or performance hereof or thereof, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from the Chosen Courts and (c) agrees that it will not bring any action relating to this Agreement
or the transactions contemplated herein in any court other than the Chosen Courts. Each of the parties hereby irrevocably waives,
and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any claim with respect to this Agreement
or any of the transactions contemplated herein, or any related agreement, certificate or other document delivered in connection
therewith or the negotiation, execution, interpretation, enforcement or performance hereof or thereof, (x) any claim that it is
not personally subject to the jurisdiction of the Chosen Courts for any reason other than the failure to serve in accordance with
this Section 16, (y) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any
legal process commenced in the Chosen Courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise) and (z) to the fullest extent permitted by the applicable Law, any
claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action
or proceeding is improper or (iii) this Agreement, or the subject matter of this Agreement, may not be enforced in or by such courts.
To the fullest extent permitted by law, each of the parties hereby irrevocably consents to service being made through the notice
procedures set forth in Section 13 and agrees that service of any process, summons, notice or document by email or mail
to the respective addresses set forth in Section 13 shall be effective service of process for any Claim in connection with
this Agreement or the Transactions. Nothing in this Section 16 shall affect the right of any party to serve legal process
in any other manner permitted by Law.

 

Section 17.          
Assignment; Successors. Except as otherwise expressly contemplated by Section 6(a), neither this Agreement
nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation
of law or otherwise, by any party without the prior written consent of the other parties, and any such assignment without such
prior written consent shall be null and void ab initio. Subject to the immediately preceding sentence, this Agreement will
be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.

 

Section 18.          
Enforcement. The parties hereto agree that irreparable damage would occur and that they would not have any adequate
remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement without proof of actual
damages and without the posting of any bond or other security, this being in addition to any other remedy to which they are entitled
at law or in equity.

 

Section 19.          
Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement
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 portion of any provision in such jurisdiction, and this
Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
or portion of any provision had never been contained herein.

 

    8

     

    

 

Section 20.          
Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 21.          
Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one
and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other parties; provided, however, that if any of the Stockholders fail for any reason to execute this Agreement,
then this Agreement shall become effective as to the other Stockholders who execute this Agreement.

 

Section 22.          
Facsimile, .pdf or Other Electronic Signature. This Agreement may be executed by facsimile, .pdf or other electronic
signature and a facsimile, .pdf or other electronic signature shall constitute an original for all purposes.

 

Section 23.          
No Presumption Against Drafting Party. Each of the parties to this Agreement acknowledges that it has been represented
by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law
or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party
has no application and is expressly waived.

 

Section 24.          
Several Liability. Notwithstanding anything contained in this Agreement to the contrary, (a) the obligations
and liabilities of each Stockholder hereunder are several and not joint, and (b) no Stockholder shall have any obligation or liability
in respect of any actions taken or not taken or any claims made against any other Stockholder.

 

[Signature Pages Follow]

 

 

 

 

    9

     

    

 

IN WITNESS WHEREOF, Liberty and the Stockholders
have caused to be executed or executed this Agreement as of the date first written above.

 

Liberty:

 

LIBERTY TAX, INC.

 

By:/s/ Michael S. Piper

Name: Michael S. Piper

Title:Chief Financial Officer

 

 

 

    
[Signature Page to Voting Agreement]

     

    

 

Stockholders:

 

Brian Degustino Revocable Trust

 

By:/s/ Brian Degustino

Name: Brian Degustino

Title:Trustee

 

 

Amy Degustino Irrevocable Trust

 

By:/s/ Brian Degustino

Name: Brian Degustino

Title:Trustee

 

 

Martin Meyer

 

/s/ Martin Meyer

 

 

Feng Feng Ren

 

/s/ Fendfeng Ren

 

 

David O’Neil

 

/s/ David O’Neil

 

 

 

Jeffrey D. Miller

 

/s/ Jeffrey D. Miller

 

 

    
[Signature Page to Voting Agreement]

     

    

 

Schedule A

 

	Stockholder Name and Notice Information	Number of Owned Shares
	Shares of Common Stock (assuming the redemption and exchange of all New Holdco Units pursuant to the A&R New Holdco LLC Agreement and the Certificate of Designation by each Stockholder)	 	Shares of Voting Non-Economic Preferred Stock
	
        Brian Degustino Revocable Trust

        c/o Brian DeGustino

        32 Wedgewood Drive

        Hawthorn Woods, IL 60047

        degustinob@gmail.com

         
	785,863.62	 	157,172.72
	
        Amy Degustino Irrevocable Trust

        c/o Brian DeGustino

        32 Wedgewood Drive

        Hawthorn Woods, IL 60047

        degustinob@gmail.com

         
	336,798.69	 	67,359.74
	
        Martin Meyer and Fengfeng Ren

        1801 N. Mohawk St. #B

        Chicago, IL 60614

        MartinMeyer@yahoo.com

        FengfengRN@gmail.com

         
	336,798.69	 	67,359.74
	
        David O’Neil

        350 N. Orleans St., Suite 2N

        Chicago, IL 60654-1600

         
	898,130.31	 	179,626.06
	
        Jeffrey D. Miller

        240 Maplewood Rd.

        Riverside, IL 60546

        jdmiller10@protonmail.com

         
	898,130.31	 	179,626.06

 

 

 

A-1

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