Document:

Exhibit 10.21

 

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE WARRANT UNDER SUCH ACT AND APPLICABLE SECURITIES LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

Warrant to Purchase 11,799,685 Series F
 Preferred Shares (subject to adjustment)

 

Dated: November 13, 2020

 

WARRANT TO PURCHASE SERIES F PREFERRED SHARES

 

OF

 

CLOOPEN GROUP HOLDING LIMITED

 

This certifies that, subject to the terms and conditions hereunder, Novo Investment HK Limited (諾河投資香港有限公司), a limited company duly incorporated under the laws of Hong Kong whose registered office is at SUITE 603 6/F LAWS COMM PLAZA, 788 CHEUNG SHA WAN RD KL (the “Holder”), or its assigns permitted hereunder, for value received, is entitled to purchase from Cloopen Group Holding Limited (the “Company”), a company incorporated in the Cayman Islands, 11,799,685 fully paid, non-assessable, convertible and redeemable Series F Preferred Shares of the Company (subject to any conversion immediately prior to the initial public offering of the Company) to be issuable upon exercise of this Warrant (collectively referred to as the “Warrant Shares”).  The Holder shall have the right to exercise this Warrant, in whole no later than ten (10) Business Days after the date that the Holder Closing Conditions under Section 1(e) have been satisfied or waived by the Holder and the Company Closing Conditions under Section 1(f) have been satisfied or waived by the Company, provided that unless otherwise extended by the Founder SUN Changxun and mutually agreed by the Holder, this Warrant cannot be exercised after the end of six (6) months following the date hereof (the “Exercise Period”).  The Warrant Share Exercise Price (as defined below) and the number of Warrant Shares purchasable hereunder are subject to adjustment as provided in Section 3 of this Warrant.  The “Warrant Share Exercise Price” shall be the per share exercise price for the Warrant Shares, which shall be initially US$2.8814 and as adjusted from time to time pursuant to Section 3 hereof.  The “Consideration” shall be the aggregate purchase amount for all Warrant Shares, which shall be US$34,000,000. The “Exercise Date” shall mean the date on which the Holder or its assigns permitted hereunder exercises this Warrant in accordance with the terms and conditions set forth in this Warrant.  The term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein.  The term “Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are required or authorized by Law to be closed in the PRC and Hong Kong.  For purpose of this Warrant, all capitalized terms used and not otherwise defined herein shall have their respective meanings given to them in that certain Series F Preferred Share Purchase Agreement dated November 4, 2020 by and among the Company, the Holder and certain parties named therein (the “Purchase Agreement”).

 

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This Warrant is subject to the following terms and conditions:

 

1.     Exercise; Issuance of Certificates; Payment for Warrant Shares.

 

(a)  The purchase rights represented by this Warrant are, subject always to the terms and conditions hereunder, exercisable at the option of the Holder, at any time, or from time to time, during the term hereof as described in the first paragraph above, up to the date of expiration of the Exercise Period, for all of the Warrant Shares (but not for a fraction of a share), by the surrender of this Warrant to the Company accompanied with the Form of Subscription annexed hereto as Exhibit A duly completed and executed on behalf of the Holder, followed up with the payment of the Consideration in cash in lawful money of the United States within three (3) Business Days from the Exercise Date.

 

(b)       The Company agrees that the Warrant Shares purchased under this Warrant shall be and are deemed to be issued to the Holder hereof as the record owner of such shares immediately prior to the close of business on the date on which this Warrant shall have been surrendered, properly endorsed, with the completed, executed Form of Subscription delivered, and payment made for such shares, subject to the entry of such shares in the register of members of the Company, which the Company shall undertake to do immediately upon receipt of the Consideration.  A certificate or certificates for the number of Warrant Shares issuable upon exercise, together with any other securities or property to which the Holder hereof is entitled upon such exercise, shall be delivered to the Holder hereof by the Company at the Company’s expense as promptly as practicable on or after such date and in any event within ten (10) days thereafter.  Each share certificate so delivered shall be in such denominations of the Warrant Shares as may be requested by the Holder hereof and shall be registered in the name of such Holder.  In case of a purchase of less than all the Warrant Shares which may be purchased under this Warrant, the Company at its expense, within a reasonable time, shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor exercisable for the balance of the shares purchasable under the Warrant surrendered upon such purchase to the Holder hereof.

 

(c)       The Parties hereto agree and acknowledge that the purchase right of the Holder under this Warrant shall survive the closing of the Company’s initial public offering, provided however, in case that this Warrant is exercised before the closing of the Company’s Qualified IPO (as defined under the Memorandum and Articles), upon the exercise of this Warrant, the Warrant Shares purchased by the Holder shall be Series F Preferred Shares, and the Holder shall be entitled to all and any rights as a Series F Investor same as other existing Series F Investors under the Transaction Documents (as may be amended or restated from time to time), and in case that this Warrant is exercised after the closing of the Company’s Qualified IPO, the Warrant Shares issued to the Holder upon the exercise of this Warrant shall be Ordinary Shares or other class of shares that the Series F Preferred Shares will be converted into immediately prior to the initial public offering of the Company.

 

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(d)       The payment of the Consideration shall be paid by wire transfer of immediately available funds in U.S. dollars to an account designated by the Company.

 

(e)       Unless otherwise waived by the Holder, the obligations of the Holder to exercise this Warrant herein, are subject to the fulfillment of each of the following conditions (the “Holder Closing Conditions”):

 

(1)     Each of the representations and warranties of the Warrantors contained in Section 3 of the Purchase Agreement shall have been true, correct and not misleading when made and shall be true, correct and not misleading as of the Exercise Date with the same effect in all material respects as though such representations and warranties had been made as of the Exercise Date, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true, correct and not misleading as of such particular date.

 

(2)     Each Warrantor shall have performed and complied with all obligations and conditions contained in the Purchase Agreement in all material respects that are required to be performed or complied with by them on or before the Exercise Date.

 

(3)     All Consents of any competent Governmental Authority or of any other Person that are required to be obtained by any Group Company or other Warrantors in connection with the consummation of the transactions contemplated by the Transaction Documents (including but not limited to those related to the lawful issuance and sale of the Warrant Shares, and any waivers of notice requirements, rights of first refusal, preemptive rights, put or call rights, or similar rights directly or indirectly affecting any of the shares or securities of the Company), including necessary board and shareholder approvals of the Group Companies, shall have been duly obtained and effective as of the Exercise Date, and evidence thereof shall have been delivered to the Holder.

 

(4)     All corporate and other proceedings in connection with the transactions to be completed at the Exercise Date and all documents incident thereto with respect to the Purchase Agreement and the other Transaction Documents and the transactions contemplated thereby, shall have been completed in form and substance reasonably satisfactory to the Holder, and the Holder shall have received the copies of such documents as it may reasonably request.

 

(5)     There shall have been no Material Adverse Effect since the Statement Date.

 

(6)     The Warrantors shall have tendered delivery of the following items: (x) a scanned copy of the updated register of members of the Company, certified by the Company’s registered office provider or the administrator, reflecting the issuance of the applicable Warrant Shares to the Holder, (y) a scanned copy of the share certificate issued in the name of the Holder representing the applicable Warrant Shares being purchased by the Holder at the Exercise Date.

 

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(7)     The Holder shall have received (A) a legal opinion addressed to the Holder dated as of the Exercise Date from the PRC legal counsel of the Company and (B) a legal opinion addressed to Holder dated as of the Exercise Date from the Cayman counsel of the Company, in each case in form and substance reasonably satisfactory to the Holder.

 

(8)     The Company shall have executed and delivered to the Holder at the Exercise Date a scanned copy of the certificate dated as of the Exercise Date stating that the conditions specified in this Section 1(e)(1) to Section 1(e)(7) hereof have been fulfilled as of the Exercise Date.

 

(9)     The Holder shall have obtained the ODI Approvals in connection with the exercise of this Warrant in compliance with applicable Laws and evidence thereof shall have been delivered to the Company.

 

(f)        Unless otherwise waived by the Company, the obligations of the Company to issue the Warrant Shares to the Holder are subject to the following conditions (the “Company Closing Conditions”):

 

(1)     The representations and warranties of the Holder contained in Section 4 of the Purchase Agreement shall have been true and complete when made and shall be true and complete as of the Exercise Date with the same effect as though such representations and warranties had been made of the Exercise Date, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and complete as of such particular date.

 

(2)     The Holder shall have performed and complied with all covenants, obligations and conditions contained in the Purchase Agreement that are required to be performed or complied with by the Holder on or before the Exercise Date.

 

(3)     The Holder shall have obtained the ODI Approvals in connection with the exercise of this Warrant in compliance with applicable Laws and evidence thereof shall have been delivered to the Company.

 

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2.     Shares to be Fully Paid; Reservation of Shares.

 

The Company covenants and agrees that the Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant and payment of the Consideration, all set forth herein, will, upon issuance, be duly authorized, validly issued, fully paid and non-assessable and free from all preemptive rights of any shareholder and free of all taxes, liens and charges with respect to the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein).  The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to executing and issue the necessary certificates for the Preferred Shares upon the exercise of this Warrant.  The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized and unissued Preferred Shares and Ordinary Shares, issuable upon conversion of such Preferred Shares, or other securities and property, when and as required to provide for the exercise of the rights represented by this Warrant.  The Company will take all steps necessary to amend its Articles (as defined below) to provide sufficient reserves of Preferred Shares issuable upon exercise of the Warrant (and Ordinary Shares for issuance on conversion of such Preferred Shares) and any other such action as may be necessary to assure that such Preferred Shares and Ordinary Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any domestic securities exchange upon which the Shares may be listed; provided, however, that the Company shall not be required to effect a registration under U.S. Federal or State securities laws or any applicable foreign securities laws with respect to such exercise.

 

3.     Adjustment of Warrant Share Exercise Price and Number of Warrant Shares.

 

The Warrant Share Exercise Price and the number of Warrant Shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3.  Upon each adjustment of the Warrant Share Exercise Price, the Holder of this Warrant shall thereafter be entitled to purchase, for a total amount of the Consideration, the number of shares obtained by dividing the Consideration by the Warrant Share Exercise Price resulting from such adjustment(s).

 

3.1        Split, Subdivision or Combination of Shares.  In case the Company shall at any time while this Warrant, or any portion hereof, remains outstanding and unexpired split or subdivide the outstanding Preferred Shares, which purchase rights under this Warrant exist, into a greater number of shares of the same class, the Warrant Share Exercise Price in effect immediately prior to such split or subdivision shall be proportionately reduced, and conversely, in case the outstanding Preferred Shares of the Company, which purchase rights under this Warrant exist, shall be combined into a smaller number of shares, the Warrant Share Exercise Price in effect immediately prior to such combination shall be proportionately increased.

 

3.2        Reclassification, etc.  If the Company, at any time while this Warrant, or any portion hereof, remains outstanding and unexpired by reclassification of the share capital of the Company or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, or other assets or property, then, as a condition of such reclassification, this Warrant shall thereafter represent the right to purchase and receive (in lieu of the Preferred Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such number and kind of shares, securities or other assets or property, as may be issued or payable as the result of such change with respect to or in exchange for the number of outstanding shares of such Preferred Shares equal to the number of shares purchasable and receivable under this Warrant immediately prior to such reclassification or other change and the Warrant Share Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 3.  In any reclassification described above, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Warrant Share Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, as nearly as may be, in relation to any shares, securities or assets thereafter deliverable upon the exercise hereof.  No adjustment shall be made pursuant to this Section 3.2, upon any conversion or redemption of the Preferred Shares which is the subject of Section 3.3.

 

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3.3        Conversion or Redemption of Preferred Shares. Should all or any class of the Company’s Preferred Shares be, or if outstanding would be, at any time prior to the expiration of this Warrant or any portion thereof, redeemed or converted into the Company’s Shares in accordance with applicable article of the Articles of the Company, then, in the sole discretion of the Holder, this Warrant shall become immediately exercisable prior to such event for that number of the Company’s Shares equal to the number of Ordinary Shares that would have been received if this Warrant had been exercised in full and the Warrant Shares received thereupon had been simultaneously converted immediately prior to such event, and the Warrant Share Exercise Price shall immediately be adjusted to equal the quotient obtained by dividing (x) the Consideration of the maximum number of Warrant Shares for which this Warrant was exercisable immediately prior to such conversion or redemption, by (y) the number of Ordinary Shares for which this Warrant is exercisable immediately after such conversion or redemption.  For purposes of the foregoing, the “Articles” shall mean the Articles of Association of the Company as amended and/or restated and effective immediately prior to the redemption or conversion of all of the Company’s Preferred Shares.

 

3.4        Merger, Sale of Assets, etc.  If at any time while this Warrant, or any portion hereof, is outstanding and unexpired there shall be (i) a reorganization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another corporation in which the Company is not the surviving entity, or a reverse triangular merger in which the Company is the surviving entity but the shares of the Company’s capital stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether in the form of securities, cash, or otherwise, or (iii) a sale or transfer of the Company’s properties and assets as, or substantially as, an entirety to any other person, then, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the holder of this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment of the Warrant Share Exercise Price then in effect, the number of shares of stock or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 3.  The foregoing provisions of this Section 3.4 shall similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of any other corporation that are at the time receivable upon the exercise of this Warrant.  If the per-share consideration payable to the holder hereof for shares in connection with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by the then Company’s Board of Directors on a fair and reasonable basis.  In all events, appropriate adjustment (as determined in good faith by the then Company’s Board of Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant.

 

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3.5        Dilutive Issuance.   In the event of an issuance of New Securities (as defined in the Memorandum and Articles), at any time after the Series F Issue Date (as defined in the Memorandum and Articles) and prior to the consummation of an IPO of the Company, for a consideration per share received by the Company (net of any selling concessions, discounts or commissions) (the “New Securities Price”) less than the Warrant Share Exercise Price with respect to any Warrant Shares in effect immediately prior to such issue, then and in such event, the Warrant Share Exercise Price with respect to such Warrant Shares shall be reduced, concurrently with such issue, to the New Securities Price.  In the event that the offer price of an IPO of the Company is less than the Warrant Share Exercise Price, the Warrant Share Exercise Price hereunder shall be reduced to the offer price of the IPO concurrently with the confirmation of the IPO offer price.  For the avoidance of doubt, this Section 3.5 shall automatically terminate upon the consummation of an IPO of the Company.

 

3.6        Certificate as to Adjustments.  Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder of this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.  The Company shall, upon the written request, at any time, of the Holder, furnish or cause to be furnished to the Holder a like certificate setting forth: (i) such adjustments and readjustments; (ii) the Warrant Share Exercise Price at the time in effect; and (iii) the number of shares and the amount, if any, of other property that at the time would be received upon the exercise of the Warrant.

 

3.7        Notice of Adjustment.  Upon any adjustment of the Warrant Share Exercise Price or any increase or decrease in the number of shares purchasable upon the exercise of this Warrant, pursuant to this Section 3, the Company shall give written notice thereof, in the form of an issued certificate, by first class mail, postage prepaid, addressed to the registered Holder of this Warrant at the address of the Holder as shown on the books of the Company.  The notice shall be signed by the Company’s Chief Executive Officer and shall set forth, in reasonable detail, the Warrant Share Exercise Price resulting from such adjustment, the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant after giving effect to such adjustment, the event requiring the adjustment, the amount of the adjustment, and the method of calculation of such adjustment and the facts upon which such calculation is based.

 

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3.8        No Impairment.  The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 3 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against impairment. For the avoidance of doubt, the Company acknowledges and agrees that the Holder shall be entitled to the benefit of all adjustments in the number of Warrant Shares of the Company issuable upon the Holder’s exercise of this Warrant that all the other Series F Investors might have on a pro rata basis prior to the Holder’s exercise of this Warrant.

 

4.     No Voting or Dividend Rights.

 

Subject to Section 3 of this Warrant, nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent to receive notice as a shareholder of the Company or any other matters or any rights whatsoever as a shareholder of the Company.  No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised.

 

5.              Transfer.

 

(a)   Warrant Register.  The Company will maintain a register (the “Warrant Register”) containing the names and addresses of the Holder.  The Holder of this Warrant or any portion thereof may change its address as shown on the Warrant Register by written notice to the Company requesting such change.  Any notice or written communication required or permitted to be given to the Holder may be delivered or given by mail to such Holder as shown on the Warrant Register and at the address shown on the Warrant Register.  Until this Warrant is transferred on the Warrant Register of the Company, the Company may treat such Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary.

 

(b)   Warrant Agent.  The Company may, by written notice to the Holder, appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 5(a) above, issuing the Series F Preferred Shares or other securities then issuable upon the exercise of this Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the foregoing.  Thereafter, any such registration, issuance, exchange, or replacement, as the case may be, shall be made at the office of such agent.

 

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(c)   Transfer or Assign.  Prior to the Exercise Date, (i) if any of the Deemed Liquidation Events or Redemption Events (as defined in the Memorandum and Articles) occurs, (ii) the Company initiates the procedures for launching its initial public offering, or (iii) the Holder fails to obtain the ODI Approvals within the Exercise Period, then the Parties hereby agree that the Holder is entitled to, and the Company undertakes to use its best efforts to cooperate with and assist, and undertake to procure that each of the then shareholders of the Company use their best efforts to cooperate with and assist Holder to, prior to the earliest date of the: (x) the closing of the Deemed Liquidation Events, Redemption Events (as defined in the Memorandum and Articles) or  at least thirty days prior to the public filing of the Company’s initial public offering; or (y) the expiration date of the Exercise Period, as the case may be, transfer or assign the Warrant to an affiliate or any third party designated by the Holder, which shall be capable to exercise the Warrant and pay the Company the Consideration without the need to obtain the ODI Approvals under the applicable Laws, to exercise such Warrant and be registered by the Company as the holder of the Warrant Shares, provided that (i) the transferee shall not be the competitors as listed in Schedule C attached to the Six Amended and Restated Right of First Refusal and Co-sale Agreement (which also includes any affiliate of such entities) or their affiliates; (ii) such transfer shall be effected in compliance with this Section 5(c); (iii) such transfer is effected in compliance with all applicable Laws; (iv) the transferee shall execute and deliver such documents and take such other actions as may be necessary for the transferee to join in and be bound by the Warrant as a “Holder”, as the case may be, upon and after such transfer; (v) such transfer shall not adversely affect any Group Company and/or the Group as a whole with respect to its listing plan in the PRC in any event according to the then effective PRC laws and regulations of relevant stock exchange administration authorities (including without limitation any applicable laws and regulations regarding competition in the same business (同业竞争), unfair related-party transactions (不公平的关联交易) or change of actual controlling person of the Company (实际控制人变更)).

 

(d)     Exchange of Warrant Upon a Transfer.  On surrender of this Warrant for exchange, properly endorsed on the Assignment Form (attached as Exhibit B hereto) and subject to the provisions of this Warrant with respect to compliance with the Act and with the limitations on assignments and transfers contained in this Section 5, the Company at its expense shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof.

 

6.    Notification of Certain Events.  Notwithstanding anything to the contrary set forth in this Warrant, if prior to the Exercise Date, (i) any of the Deemed Liquidation Events or Redemption Events (as defined in the Memorandum and Articles) occurs; or (ii) the Company initiates the procedures for launching its IPO, the Company shall send to the Holder at least thirty (30) days prior written notice of the expected effective date of such event; provided, however, that if the Company is not reasonably able to provide thirty (30) days prior written notice, the Company shall send to the Holder written notice of the expected or actual date of such event as soon as reasonably practicable.  The notice provisions set forth in this section may be shortened or waived prospectively or retrospectively by the consent of the Holder; and the Holder may, at its discretion, immediately exercise this Warrant in accordance with terms and conditions hereof. For the avoidance of doubt, this Section 6 shall automatically terminate upon the consummation of an IPO of the Company.

 

7.    Participation in Distribution. In the event that a liquidation, dissolution or winding up of the Company or a Deemed Liquidation Event (as defined under the Memorandum and Articles) occurs prior to the Holder’s exercise of the Warrant, if the Holder or its Affiliate hasn’t transferred the Warrant to any party other than its Affiliates, the Holder or its Affiliates shall have the right to participate in the distribution of the Company’s assets and funds and the proceeds resulting from the aforesaid  liquidation, dissolution or winding up of the Company or such Deemed Liquidation Event and receive its corresponding assets, funds and proceeds on a parity with other holders of the Series F Preferred Shares pursuant to this Section 7, provided that if the Holder or its Affiliates elects to participate, the Holder or its Affiliates shall pay to one or more Group Companies an amount equal to the Consideration. For the avoidance of doubt, this Section 7 shall automatically terminate upon the consummation of an IPO of the Company.

 

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8.              Use of Consideration.

 

The Company shall use the Consideration for purposes of business expansion, capital expenditures and general working capital needs the Group Companies. The Consideration shall not be used in the repayment of any debts or obligations of any Group Company or its Subsidiaries or any Principal or in the repurchase or cancellation of securities held by any shareholder of the Group Companies unless otherwise approved by the exercising Holder in writing.  “Group Company”, “Subsidiaries” and “Principal” shall have the meaning ascribed to it in the Purchase Agreement.

 

9.              Representations and Warranties of the Holder.

 

(a)    Purchase for Own Account. The Holder represents that it is acquiring the Warrant and the Preferred Shares issuable upon exercise of the Warrant (collectively, the “Securities”) for investment for such Holder’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof, and such Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.  If not an individual, such Holder also represents that such Holder has not been formed for the specific purpose of acquiring the Securities.

 

(b)    Information and Sophistication.  The Holder understands that the purchase of the Securities involves substantial risk.  Such Holder (a) has experience as an investor in securities of companies in the development stage and acknowledges that such Holder can bear the economic risk of such Holder’s investment in the Securities and has such knowledge and experience in financial or business matters that such Holder is capable of evaluating the merits and risks of this investment in the Securities and protecting its own interests in connection with this investment and/or (b) has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables such Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

(c)     Further Limitations on Disposition.  Without in any way limiting the representations set forth above and any restrictions that may be imposed under the Shareholders Agreement relating to the Company as valid by then, such Holder further agrees not to make any disposition of all or any portion of the Preferred Shares or the Ordinary Shares to be issued upon exercise hereof or conversion thereof except:

 

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(i)      pursuant to a registration statement under the Securities Act covering such disposition; or

 

(ii)     pursuant to an exemption from registration under the Securities Act, including, without limitation, Rule 144, Rule 144A or Regulation S thereunder.

 

(d)    Accredited Investor.  The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act or not a “U.S. person” as defined in Rule 902 of Regulation S of the Securities Act.

 

10.       Amendments and Waivers.

 

(a)   Any term of this Warrant may be amended (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder.

 

(b)   No waivers of, or exceptions to, any term, condition or provision of this Warrant, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

11.       Notices.

 

(a)    Any notice, offer, request, payment, demand or other communication required or permitted to be given under this Agreement shall be in writing and shall be deemed sufficiently served if delivered in person or by next-day or second-day courier service, fax, electronic mail or similar means to the address of that Party is set out below or such other address as either may from time to time provide to the other.

 

	
 
    	
If notice to the Company:
    
	
 
    	
 
    	
 
    
	
 
    	
Address:
    	
16/F Tower A, Fairmont Tower, 33 Guangshun North Main Street,   Wang Jing, Chaoyang District, Beijing, 100102
    
	
 
    	
Tel:
    	
[REDACTED]
    
	
 
    	
Attention:
    	
[REDACTED]
    
	
 
    	
Email address:
    	
[REDACTED]
    
	
 
    	
 
    	
 
    
	
 
    	
If notice to the   Holder:
    
	
 
    	
 
    
	
 
    	
Address: Building B, 6th Floor, Enfei Science and Technology   Mansion, No.12, Fuxing Road, Haidian District, Beijing (100038)
    
	
 
    	
Tel: [REDACTED]
    
	
 
    	
Attention: [REDACTED]
    
	
 
    	
Email: [REDACTED]
    

 

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(b)    Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the letter containing the same is sent as aforesaid.  Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day.

 

(c)     A party thereto may change its address from time to time by written notice to the other party, which change of address shall be effective only upon receipt of such notice by the other party.

 

12.      Confidentiality.  The terms and conditions described in this Warrant (“Financial Terms”), including its existence shall be confidential information and shall not be disclosed to any third party except that (i) each party, as appropriate, may disclose any of the Financing Terms to its current or bona fide prospective investors, employees, investment bankers, lenders, accountants and attorneys, in each case only where such Persons are under appropriate nondisclosure obligations; (ii) the Holder may disclose any of the Financing Terms to its fund manager and the employees thereof so long as such Persons are under appropriate nondisclosure obligations; and (iii) if any party is requested or becomes legally compelled (including without limitation, pursuant to any Laws relating to securities or any applicable listing rules) to disclose the existence or content of any of the Financing Terms in contravention of the provisions of this Section, such party shall promptly provide the other Parties with written notice of that fact so that such other parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information.

 

13.      Successors and Assigns.  Except as otherwise provided herein, the terms and conditions of this Warrant shall inure to the benefit of and be binding upon the respective successors and assigns of the Holder hereto whose rights or obligations hereunder are affected by such terms and conditions.

 

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14.      Descriptive Headings and Governing Law.  The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant.  Unless a provision hereof expressly provides otherwise:  (i) the term “or” is not exclusive; (ii) words in the singular include the plural, and words in the plural include the singular; (iii) the terms “herein”, “hereof”, and other similar words refer to this Warrant as a whole and not to any particular section, subsection, paragraph, clause, or other subdivision; (iv) the term “including” will be deemed to be followed by, “but not limited to”, (v) the masculine, feminine, and neuter genders will each be deemed to include the others; (vi) the terms “shall”, “will”, and “agrees” are mandatory, and the term “may” is permissive; (vii) the term “day” means “calendar day”, and “month” means calendar month, (viii) all references in this Warrant to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this Warrant, (ix) all references in this Warrant to designated Schedules, Exhibits and Appendices are to the Schedules, Exhibits and Appendices attached to this Warrant, (x) the phrase “directly or indirectly” means directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the correlative meaning, (xi) references to Laws include any such Law modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted, or extended by the same or pursuant to which the same is made, (xii) each representation, warranty, agreement, and covenant contained herein will have independent significance, regardless of whether also addressed by a different or more specific representation, warranty, agreement, or covenant, (xiii) all accounting terms not otherwise defined herein have the meanings assigned under the Accounting Standards, (xiv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, and (xv) all references to dollars or to “USD” are to currency of the United States of America and all references to RMB are to currency of the PRC (and each shall be deemed to include reference to the equivalent amount in other currencies).  This Warrant shall in all respects be construed and enforced in accordance with and governed by the laws of Hong Kong, without regard to principles of conflict of laws thereunder.

 

15.      Jurisdiction.

 

(a)  Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either party to the dispute with notice (the “Arbitration Notice”) to the other.

 

(b)  The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be three (3) arbitrators. The claimant in the Dispute shall choose one (1) arbitrator, and the respondent shall choose one (1) arbitrator. The HKIAC Council shall select the third arbitrator, who shall be qualified to practice law in Hong Kong. If any of the members of the arbitral tribunal have not been appointed within thirty (30) days after the arbitration notice set forth in Section 14.4(i) above is given, the relevant appointment shall be made by the HKIAC Council.

 

(c)  The arbitral proceedings shall be conducted in English.  To the extent that the HKIAC Rules are in conflict with the provisions of this Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail.

 

13

 

(d)  Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party.

 

(e)  The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award.

 

(f)  The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive Laws of Hong Kong (without regard to principles of conflict of laws thereunder) and shall not apply any other substantive Law.

 

(g)  Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal.

 

(h)  During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication.

 

16.      Lost Warrants.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity agreement reasonably satisfactory in form and substance to the Company, or in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, shall execute and deliver a new Warrant, of like tenor and amount, in lieu of the lost, stolen, destroyed or mutilated Warrant.

 

17.      Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  The Company shall, in lieu of issuing any fractional share to which the Holder would otherwise be entitled, the Company shall pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Warrant Share Exercise Price.

 

18.      Effectiveness. The Warrant shall take effect on the date hereof, and shall be lapsed, nullified and cancelled upon the expiration of the Exercise Period if the Warrant is not exercised, provided that, the Exercise Period may be extended by the Founder SUN Changxun and mutually agreed by the Holder.

 

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19.      No Presumption.  The parties acknowledge that any applicable Law that would require interpretation of any claimed ambiguities in this Warrant against the party that drafted it has no application and is expressly waived.  If any claim is made by a party relating to any conflict, omission or ambiguity in the provisions of this Warrant, no presumption or burden of proof or persuasion will be implied because this Warrant was prepared by or at the request of any party or its counsel.

 

20.      Counterparts.  This Warrant may be executed in one or more counterparts, including counterparts transmitted by facsimile or e-mail, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.  Delivery of executed signature pages by facsimile or electronic transmission (via scanned PDF) by the parties will constitute effective and binding execution and delivery of this Warrant.

 

15

 

IN WITNESS WHEREOF, the Company and Holder have caused this Warrant to be duly executed by their respective authorized representative as of the date first above written.

 

	
 
    	
Cloopen Group Holding Limited
    
	
 
    	
 
    
	
 
    	
a Cayman Islands company
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ SUN   Changxun
    
	
 
    	
Name: SUN Changxun
    
	
 
    	
Title: Director
    

 

 

IN WITNESS WHEREOF, the Company and Holder have caused this Warrant to be duly executed by their respective authorized representative as of the date first above written.

 

	
 
    	
Novo Investment HK Limited
    
	
 
    	
(諾河投資香港有限公司)
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Zhang, Ying
    
	
 
    	
Name: Zhang, Ying
    
	
 
    	
Title: Director
    

 

 

Exhibit A

 

FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

2

 

Exhibit B

 

ASSIGNMENT FORM

 

3EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 PETCO
HEALTH AND WELLNESS COMPANY, INC. 
 AND 

SCOOBY AGGREGATOR, LP 

DATED AS OF JANUARY 19, 2021 
  

 
  

  
 1 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, the “Agreement”), dated as of January 19, 2021, is made by and among: 
 i. Petco Health and
Wellness Company, Inc., a Delaware corporation (together with any predecessor entities, the “Company”); and 
 ii. Scooby
Aggregator, LP, a Delaware limited partnership (together with its Permitted Transferees, the “Principal Stockholder”), and, as of the date hereof, a wholly owned subsidiary of Scooby LP, a Delaware limited partnership
(“Scooby”). 
 RECITALS 

WHEREAS, the Company has effected the initial public offering (the “IPO”) of the Company’s Class A common stock,
par value $0.001 per share (the “Class A Common Stock”), and the transactions contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-251107); 
 WHEREAS, prior to the completion of the IPO, the Company was controlled by
Scooby, an entity owned by certain funds advised and/or managed CVC (as defined herein), Canada Pension Plan Investment Board, a Canadian company (together with its affiliates, “CPPIB”), and certain
co-investors (“Scooby Equity Holders”); 
 WHEREAS, in connection with the IPO, the
Company, Scooby, and the Scooby Equity Holders effected a series of transactions prior to the IPO through which certain direct equity interests in the Company were transferred to the Principal Stockholder (the
“Pre-IPO Transactions”); 
 WHEREAS, after giving effect to the Pre-IPO Transactions and upon completion of the IPO, the Principal Stockholder will directly hold shares of the Company’s Class A Common Stock and shares of the Company’s Class B-1 common stock, par value $0.001 per share (the “Class B-1 Common Stock”), which, along with a corresponding number of
shares of the Company’s Class B-2 common stock, par value $0.000001 per share (the “Class B-2 Common Stock”), are
convertible into an equal number of shares of the Company’s Class A Common Stock; and 
 WHEREAS, the Principal Stockholder has
requested, and the Company has agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

  
 2 

 ARTICLE I 

EFFECTIVENESS 
 1.1
Effectiveness. This Agreement shall become effective upon the Closing. 
 ARTICLE II 

DEFINITIONS 
 2.1
Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “Adverse
Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Board of Directors: (i) would be required to be made in any Registration Statement
filed with the SEC by the Company so that such Registration Statement, from and after its effective date, does 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 not misleading when the Company has a bona fide business purpose for preserving such information as confidential; (ii) would reasonably be expected to adversely affect or interfere with any material financing or other
material transaction under consideration by the Company; or (iii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement when the Company has a bona fide business purpose
for preserving such information as confidential. 
 “Affiliate” means, with respect to any specified Person, (a) any
Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. For purposes hereof, (a) the Company and its subsidiaries will not be deemed to be an
Affiliate of the Principal Stockholder or any of its parent entities and (b) in no event shall any Affiliate of the Principal Stockholder, CPPIB or CVC include any of their respective portfolio companies (as such term is commonly understood).
As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by
contract or otherwise. 
 “Agreement” shall have the meaning set forth in the preamble. 

“Beneficial Ownership” has the same meaning given to it in Section 13(d) under the Exchange Act and
the rules thereunder, except that, for purposes of this Agreement, (i) Beneficial Ownership shall not be attributed to any Person as a result of any “group” deemed to form as a result of the Stockholder’s Agreement (as defined
herein) and (ii) no Person shall be deemed to Beneficially Own any Common Stock to be issued upon the exercise of options, warrants, restricted stock units or similar rights granted pursuant to the Company’s equity compensation plans,
unless and until such shares are actually issued. The terms “Beneficially Own” and “Beneficial Owner” shall have correlative meanings. 

  
 3 

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

“Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or required to close. 
 “Class A Common Stock” shall have the meaning set forth in
the recitals. 
 “Class B-1 Common Stock” shall have the meaning
set forth in the recitals. 
 “Class B-2 Common Stock” shall
have the meaning set forth in the recitals. 
 “Closing” means the closing of the IPO. 

“Closing Registrable Securities” means the total number of Registrable Securities as of the Closing, as adjusted for stock
splits, recapitalizations and similar transactions. 
 “Common Stock” means, collectively, all shares of Class A
Common Stock, Class B-1 Common Stock and Class B-2 Common Stock. 

“Conversion” means the conversion of shares of Class B-1 Common, together with
an equal number of shares of Class B-2 Common Stock, into an equal number of shares of Class A Common Stock pursuant to the Company’s Second Amended and Restated Certificate of Incorporation, as
it may be further amended from time to time. 
 “CPPIB” shall have the meaning set forth in the recitals. 

“CVC” means CVC as defined in the Stockholder’s Agreement. 

“Demand Notice” shall have the meaning set forth in Section 3.1(c). 

“Demand Registration” shall have the meaning set forth in Section 3.1(a)(i). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1(a)(i). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“FINRA” means the Financial Industry Regulatory Authority. 

“IPO” shall have the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of the Registrable Securities. 
 “Loss” shall have the meaning set forth in
Section 3.9(a). 
 “Permitted Transferee” means Permitted Transferee as defined in the
Stockholder’s Agreement. 

  
 4 

 “Person” means and includes an individual, a corporation, a partnership, a
limited liability company, a trust, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3(a). 

“Piggyback Registration” shall have the meaning set forth in Section 3.3(a). 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Registrable Securities” means shall mean any Class A Common Stock currently owned or hereafter acquired by a party
hereto, including any Class A Common Stock that may be issued in connection with a Conversion. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (x) a Registration Statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (y) such securities shall have been transferred pursuant
to Rule 144, or (z) such securities shall have ceased to be outstanding. 
 “Registration” means registration under
the Securities Act of the offer and sale of shares of Class A Common Stock under a Registration Statement. The terms “register,” “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners, advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

“SEC” means the United States Securities and Exchange Commission. 

  
 5 

 “Securities Act” means the Securities Act of 1933, as amended, and any
successor thereto, and any rules or regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Selling Stockholder Information” shall have the meaning set forth in Section 3.9(a). 

“Shelf Registration” means any Registration pursuant to Rule 415 under the Securities Act. 

“Shelf Registration Request” shall have the meaning set forth in Section 3.1(a)(ii). 

“Shelf Registration Statement” means a Registration Statement filed with the SEC pursuant to Rule 415 under the Securities
Act. 
 “Shelf Takedown Request” shall have the meaning set forth in Section 3.2(a). 

“Stockholder’s Agreement” means the Stockholder’s Agreement, dated the date hereof, by and among (i) the
Company and (ii) the Principal Stockholder. 
 “Suspension” shall have the meaning set forth in
Section 3.1(f). 
 “Trading Day” means a day on which the principal U.S. securities exchange on
which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day) or, if the Class A Common Stock is not listed or admitted to trading
on such an exchange, Trading Day shall mean a Business Day. 
 “Transfer” means, with respect to any Registrable Security,
any interest therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option
or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwritten Offering” means an underwritten offering, including any bought deal or block sale to a financial institution
conducted as an Underwritten Offering. 
 “Underwritten Shelf Takedown” means an Underwritten Offering pursuant to an
effective Shelf Registration Statement. 
 “WKSI” means any Securities Act registrant that is a well-known seasoned issuer
as defined in Rule 405 under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

2.2 Other Interpretive Provisions. 

(i) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

  
 6 

 (ii) The words “hereof,” “herein,” “hereunder”
and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified. 

(iii) The term “including” is not limiting and means “including without limitation.” 

(iv) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation
of this Agreement. 
 (v) Whenever the context requires, any pronouns used herein shall include the corresponding masculine,
feminine or neuter forms. 
 ARTICLE III 

REGISTRATION RIGHTS 
 The Company
will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to them. The Principal Stockholder will perform and comply with such of the following provisions as are
applicable thereto. 
 3.1 Demand Registration. 

(a) Request for Demand Registration. 

(i) Following the occurrence of the IPO, subject to Section 3.4, the Principal Stockholder shall have
the right to make a written request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by the Principal Stockholder (a “Demand
Registration”). 
 (ii) Each Demand Registration Request shall specify (w) the aggregate amount of Registrable
Securities proposed to be registered, (x) the intended method or methods of disposition thereof and (y) whether the Demand Registration Request is for an Underwritten Offering or a Shelf Registration (a “Shelf Registration
Request”). 
 (iii) If a Demand Registration Request is for a Shelf Registration, and the Company is eligible to
file a Registration Statement on Form S-3, the Company shall promptly file with the SEC a shelf Registration Statement on Form S-3 pursuant to Rule 415 under the
Securities Act relating to the offer and sale of Registrable Securities from time to time in accordance with the intended methods of distribution, subject to all applicable provisions of this Agreement. 

(iv) If the Demand Registration Request is for a Shelf Registration and the Company is not eligible to file a Registration
Statement on Form S-3, the Company shall promptly file with the SEC a Shelf Registration Statement on Form S-1 or any other form that the Company is then permitted to
use pursuant to Rule 415 under the Securities Act (or such other Registration Statement as the Board of Directors may determine to be appropriate) relating to the offer and sale of Registrable Securities from time to time in accordance with the
intended methods of distribution. 

  
 7 

 (v) If on the date of the Shelf Registration Request the Company is a WKSI,
then any Shelf Registration Statement may (if the Board of Directors determines it to be appropriate to do so) include an unspecified amount of Registrable Securities to be sold by unspecified beneficial holders; if on the date of the Shelf
Registration Request the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. 

(b) Limitation on Registrations. The Company shall not be obligated to take any action to effect any Demand Registration if (i) a
Demand Registration or Piggyback Registration was declared effective or an Underwritten Offering was consummated by either the Company or the Principal Stockholder within the preceding 90 days; (ii) the Company has filed another Registration
Statement (other than on Form S-8 or Form S-4 or any successor thereto) that has not yet become effective; (iii) the value of the Registrable Securities proposed to
be sold is not reasonably expected (in the good faith judgment of the Board of Directors) to yield net proceeds of at least $25 million, in the case of a Shelf Registration on Form S-3, or in the case of
an Underwritten Offering, of at least $50 million; provided, that, for the purposes of clauses (i) and (ii), any Registration Statement withdrawn pursuant to Section 3.1(c) shall not affect the Company’s
obligation to effect any Demand Registration. 
 (c) Demand Withdrawal. The Principal Stockholder may withdraw all or any portion of
the Registrable Securities from any registration requested pursuant to Section 3.1(a) at any time prior to the effectiveness of the applicable Registration Statement by delivering written notice to the Company. Upon receipt
of a notice or notices withdrawing (i) all of the Registrable Securities included in that Registration Statement or (ii) a number of such Registrable Securities so as to cause the expected net proceeds to fall below the applicable
threshold set forth in Section 3.1(b), the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. 

(d) Effectiveness. 

(i) The Company shall use reasonable best efforts to cause any Registration Statement filed by it pursuant to this Agreement to
become effective as promptly as practicable, subject to all applicable provisions of this Agreement. 
 (ii) The Company
shall use reasonable best efforts to keep any Shelf Registration Statement filed on Form S-3 continuously effective under the Securities Act to permit the Prospectus forming a part of it to be usable by the
Principal Stockholder until the earlier of: (A) the date as of which all Registrable Securities have been sold pursuant to that Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior
to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); (B) any date reasonably determined by the Board of Directors of the Company to be appropriate, excluding any date that is fewer than 180
days after the effectiveness of the Registration Statement; and (C) the third anniversary of the effectiveness of the Registration Statement. 

  
 8 

 (iii) If the Registration Statement filed is a Shelf Registration Statement
on any form other than Form S-3 and such Registration Statement was not filed in connection with an Underwritten Offering, the Company shall use reasonable best efforts to keep the Registration Statement
continuously effective under the Securities Act until such time as the Company is eligible to file a Shelf Registration Statement filed on Form S-3 covering the Registrable Securities thereon or such shorter
period during which all Registrable Securities included in the Registration Statement have actually been sold. 
 (iv) If the
Registration Statement filed is a Shelf Registration Statement on any form other than Form S-3 and such Registration Statement was filed in connection with an Underwritten Offering, the Company shall use
reasonable best efforts to keep the Registration Statement continuously effective under the Securities Act, for a period of at least 180 days after the effective date thereof or such other period as the underwriters for any Underwritten Offering may
determine to be appropriate, or such shorter period during which all Registrable Securities included in the Registration Statement have actually been sold; provided that such period shall be extended for a period of time equal to the period the
Principal Stockholder may be required to refrain from selling any securities included in the Registration Statement at either the request of the Company or an underwriter of the Company pursuant to the provisions of this Agreement. 

(e) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Registration Statement at
any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Principal Stockholder, delay the filing or initial effectiveness of, or suspend use of, the Registration
Statement (a “Suspension”); provided, however, that the Company shall use its reasonable best efforts to avoid exercising a Suspension (i) for a period exceeding 60 days on any one occasion or (ii) for an
aggregate of more than 120 days in any 12-month period. In the case of a Suspension, the Principal Stockholder agrees to suspend use of the applicable Prospectus in connection with any sale or purchase, or
offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Principal Stockholder in writing upon the termination of any Suspension. The Company shall, if necessary, amend
or supplement the Prospectus so it does not contain any untrue statement or omission and furnish to the Principal Stockholder such numbers of copies of the Prospectus as so amended or supplemented as the Principal Stockholder may reasonably request.
The Company shall, if necessary, supplement or amend the Registration Statement, if required by the registration form used by the Company for the Registration Statement or by the instructions applicable to such registration form or by the Securities
Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Principal Stockholder. 
 (f) Priority of
Securities in Underwritten Offerings. If the managing underwriter or underwriters of any proposed Underwritten Offering advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the
proposed offering exceeds the number that can be sold in that offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of Registrable
Securities to be included shall be reduced to number of other securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect. 

  
 9 

 (g) Participation in Underwritten Offerings. No Person may participate in any
Underwritten Offering hereunder unless that Person agrees to sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in customary form and completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents required under the terms of the underwriting arrangements; provided that no Person shall be required to make representations and
warranties other than those related to title and ownership of their shares and as to the accuracy and completeness of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and conformity with
written information furnished to the Company or the managing underwriter by such Person. 
 3.2 Shelf Takedowns. At any time the
Company has an effective Shelf Registration Statement with respect to Registrable Securities, the Principal Stockholder, by notice to the Company specifying the intended method or methods of disposition thereof, may make a written request (a
“Shelf Takedown Request”) that the Company effect an Underwritten Shelf Takedown of all or a portion of the Registrable Securities that are registered on such Shelf Registration Statement, and as soon as practicable thereafter, the
Company shall amend or supplement the Shelf Registration Statement as necessary for such purpose, subject to all applicable provisions of this Agreement. 

3.3 Piggyback Registration. 

(a) Participation. If the Company at any time proposes to file a Registration Statement under the Securities Act or to conduct a Public
Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a Registration on Form S-4 or Form S-8 or any successor form to such forms, (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company
or its subsidiaries pursuant to any employee stock plan, employee stock purchase plan, or other employee benefit plan arrangement, (iv) a Registration solely for the registration of securities issuable upon the conversion, exchange or exercise
of any then outstanding security of the Company or (v) a Registration relating to a dividend reinvestment plan), then as soon as practicable (but in no event less than 10 Business Days prior to the proposed date of filing of such Registration
Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to
the Principal Stockholder, and such Piggyback Notice shall offer the Principal Stockholder the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities the Principal
Stockholder may request in writing (a “Piggyback Registration”). Subject to Section (b), the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that
are requested to be included therein within five Business Days after the receipt by the Principal Stockholder of any such notice; provided, however, that if at any time after giving written notice of its intention to register or sell
any securities and prior to the effective date of the 

  
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Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason
not to register or sell or to delay Registration or the sale of such securities, the Company shall give written notice of such determination to the Principal Stockholder and, thereupon, (i) in the case of a determination not to register or
sell, shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without
prejudice, however, to the rights of the Principal Stockholder under Section 3.1 or an Underwritten Shelf Takedown, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the
absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall also be permitted to delay registering or selling any Registrable Securities. The Principal Stockholder shall have the right to withdraw all
or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw prior to such Registration the securities being registered in such Piggyback
Registration. 
 (b) Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed offering of
Registrable Securities included in a Piggyback Registration informs the Company and the Principal Stockholder in writing that, in its or their opinion, the number of securities that the Principal Stockholder and any other Persons intend to include
in such offering exceeds the number that 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
securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell, and (ii) second, and only if all the securities referred to in clause (i) have been
included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated to the Principal Stockholder and (iii) third, and
only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration. 

(c) No Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a request under this
Section 3.3 shall be deemed to have been effected pursuant to Section 3.1 or shall relieve the Company of its obligations under Section 3.1. 

3.4 Lock-Up Agreements. In connection with each Registration or sale of Registrable Securities
pursuant to Section 3.1 or 3.3 conducted as an Underwritten Offering, to the extent required by the applicable managing underwriter, the Principal Stockholder agrees hereby not to, and agrees to execute and deliver a
lock-up agreement with the underwriter(s) of such Public Offering restricting its right to, (a) transfer, directly or indirectly, any equity securities of the Company, or (b) enter into any swap or
other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final Prospectus relating to such Public Offering and ending on the date specified by the
underwriters (such period not to exceed 90 days), in each case, excluding transfers pursuant to any carve-outs in the applicable lock-up agreement. The terms of such
lock-up agreements shall be negotiated among the Principal Stockholder, the Company and the underwriters and shall include customary carve-outs from the restrictions on Transfer set forth therein (it being

  
 11 

 
understood and agreed that the parties shall use commercially reasonable efforts to negotiate carve-outs that would permit any conversion of Class A Common Stock into Class B-1 Common Stock and Class B-2 Common Stock in accordance with the Company’s Second Amended and Restated Certificate of Incorporation, as it may be
further amended from time to time, including any related issuance of the converted Class B-2 Common Stock to any Principal Holder (as defined under such certificate of incorporation)). 

3.5 Registration Procedures. 

(a) Requirements. In connection with the Company’s obligations under Sections 3.1 and 3.3, the Company shall use its
reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection
therewith the Company shall use its reasonable best efforts to: 
 (i) as promptly as practicable, prepare the required
Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto,
(x) furnish to the underwriters, if any, and to the Principal Stockholder, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and the Principal Stockholder and their respective
counsel, (y) make such changes in such documents concerning the Principal Stockholder prior to the filing thereof as it, or its counsel, may reasonably request and (z) except in the case of a Registration under
Section 3.3, not file any Registration Statement or Prospectus or amendments or supplements thereto to which the Principal Stockholder, or the underwriters, if any, shall reasonably object; 

(ii) prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements
to the Prospectus as may be (x) reasonably requested by the Principal Stockholder with Registrable Securities covered by such Registration Statement or (y) necessary to keep such Registration Statement effective for the period of time
required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method
or methods of disposition by the sellers thereof set forth in such Registration Statement; 
 (iii) notify the Principal
Stockholder and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company
(a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC,
or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration
Statement) or any other correspondence with the SEC relating to, or which 

  
 12 

 
may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory
authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable
underwriting agreement cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose; 
 (iv) promptly notify the Principal
Stockholder and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as
then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they
were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to
amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the Principal Stockholder
and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 

(v) to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company
files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner
by identifying the initial offering of the securities to the Principal Stockholder) in order to ensure that the Principal Stockholder may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement
rather than a post-effective amendment; 
 (vi) prevent, or obtain the withdrawal of, any stop order or other order or notice
preventing or suspending the use of any preliminary or final Prospectus; 
 (vii) promptly incorporate in a Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing underwriter or underwriters and the Principal Stockholder agree should be included therein relating to the plan of distribution with respect to
such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such
Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 

  
 13 

 (viii) furnish to the Principal Stockholder and each underwriter, if any,
without charge, as many conformed copies as the Principal Stockholder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements
and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

(ix) deliver to the Principal Stockholder and each underwriter, if any, without charge, as many copies of the applicable
Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as the Principal Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable
Securities by the Principal Stockholder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by the Principal Stockholder and the underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

(x) on or prior to the date on which the applicable Registration Statement becomes effective, use its commercially reasonable
efforts to register or qualify, and cooperate with the Principal Stockholder, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for
offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as the Principal Stockholder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any
and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1, as applicable, provided that the Company shall not be required
to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(xi) cooperate with the Principal Stockholder and the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters may request prior to any sale of Registrable Securities to the underwriters; 
 (xii) cause the Registrable
Securities covered by the applicable Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if
any, to consummate the disposition of such Registrable Securities; 
 (xiii) make such representations and warranties to the
Principal Stockholder, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

  
 14 

 (xiv) enter into such customary agreements (including underwriting and
indemnification agreements) and take all such other actions as the Principal Stockholder or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable
Securities; 
 (xv) in the case of an Underwritten Offering, obtain for delivery to the underwriter or underwriters, if any,
an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such underwriters and their counsel; 

(xvi) in the case of an Underwritten Offering, obtain for delivery to the Company and the managing underwriter or underwriters,
with copies to the Principal Stockholder included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public
accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and
covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting
agreement; 
 (xvii) cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii) comply with all applicable securities laws and, if a Registration Statement was filed, make available to its security
holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xix) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement; 
 (xx) to cause all Registrable Securities covered by the applicable Registration
Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted. 

(xxi) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any underwriter
participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by any such underwriter, all pertinent financial and other records and pertinent corporate documents and
properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company
and to supply all information reasonably requested by any such Person in connection with such Registration Statement; 

  
 15 

 (xxii) in the case of an Underwritten Offering, cause the senior executive
officers of the Company to participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and
participate in each proposed offering contemplated herein and customary selling efforts related thereto; 
 (xxiii) take no
direct or indirect action prohibited by Regulation M under the Exchange Act; and 
 (xxiv) take all such other commercially
reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

(b) Company Information Requests. The Company may require the Principal Stockholder to furnish to the Company such information regarding
the distribution of such securities and such other information relating to the Principal Stockholder as the Company may from time to time reasonably request in writing and the Company may delay the applicable Registration until such time as such
information is furnished by the Principal Stockholder. The Principal Stockholder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this
Agreement. 
 (c) Discontinuing Registration. The Principal Stockholder agrees that, upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 3.5(a)(iv), it will discontinue disposition of Registrable Securities pursuant to such Registration Statement until receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 3.5(a)(iv), or until it is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that
are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, the Principal Stockholder shall deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies then in its possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration
Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such
Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5(a)(iv) or is advised in writing by the Company that the use of the Prospectus may be resumed. 

  
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 3.6 Underwritten Offerings. 

(a) Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Offering, pursuant to a Registration or sale
under Section 3.1, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the Principal Stockholder and the
underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in
Section 3.9. The Principal Stockholder shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof,
and such parties shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. The Principal Stockholder shall not be
required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding itself, its title to the Registrable Securities, the intended method of
distribution and any other representations as are generally prevailing in agreements of that type, and the aggregate amount of the liability of the Principal Stockholder under such agreement shall not exceed the aggregate amount of proceeds received
by such parties from the sale of Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

(b) Piggyback Registrations. If the Company proposes to register or sell any of its securities under the Securities Act as contemplated
by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by the Principal Stockholder pursuant to Section 3.3, and subject to the
provisions of Section 3.3(b), use its commercially reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the
Registrable Securities to be offered and sold by the Principal Stockholder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Principal Stockholder shall be party to the underwriting
agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements.
The Principal Stockholder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding itself, its title to the Registrable
Securities, the intended method of distribution and any other representations as are generally prevailing in agreements of that type, and the aggregate amount of the liability of the Principal Stockholder under such agreement shall not exceed the
aggregate amount of proceeds received by such parties from the sale of Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

(c) Selection of Underwriters. In the case of an Underwritten Offering under Section 3.1 or
Section 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Principal Stockholder; provided that such underwriter or underwriters shall be reasonably acceptable to the Company
and the Board of Directors. 

  
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 3.7 No Inconsistent Agreements. Neither the Company nor any of its subsidiaries shall
hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Principal Stockholder by this Agreement. 

3.8 Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by
the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or
“Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone,
facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses), (iv) all fees and disbursements of counsel
for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such
performance), (v) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vi) all fees and expenses
of any special experts or other Persons retained by the Company in connection with any Registration or sale, (vii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal
or accounting duties) and (viii) all expenses related to the “road show” for any Underwritten Offering (including the reasonable out-of-pocket expenses of
the Principal Stockholder and underwriters, if so requested). All such expenses are referred to herein as “Registration Expenses.” The Company shall not be required to pay any fees and disbursements to underwriters not customarily
paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

3.9 Indemnification. 
 (a)
Indemnification by the Company. The Company shall indemnify and hold harmless, to the full extent permitted by law, the Principal Stockholder, each shareholder, member, limited or general partner of the Principal Stockholder, each
shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of any of the foregoing entities’ respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and
each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities
and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or
supplement thereto or any documents incorporated by reference therein), or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading; provided, that the Principal Stockholder shall not be entitled to indemnification pursuant to this
Section 3.9(a) in respect of any untrue statement or omission 

  
 18 

 
contained in any information relating to such party furnished in writing by such party to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity
therewith (such information, “Selling Stockholder Information”). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such party or any indemnified party and shall survive the Transfer of such securities by such party and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Principal
Stockholder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons
(within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties. 

(b) Indemnification by the Principal Stockholder. The Principal Stockholder agrees to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material
fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or
any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of
the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in the Selling Stockholder Information. In no event shall the liability of the
Principal Stockholder hereunder be greater in amount than the dollar amount of the proceeds from the sale of Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but
before expenses, less any amounts paid by the Principal Stockholder pursuant to Section 3.9(d) and any amounts paid by the Principal Stockholder as a result of liabilities incurred under the underwriting agreement, if any,
related to such sale. 
 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its
obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees
and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim
within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based upon
advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to 

  
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those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and
the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not
have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, then no indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its
prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9(c), in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of
more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different
from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified
parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

(d) Contribution. If for any reason the indemnification provided for in Sections 3.9(a) and (b) is unavailable to an
indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Sections 3.9(a) and (b)), then the indemnifying party shall contribute
to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in
connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the
indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this Section 3.9(d). 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 

  
 20 

 
guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9(a) and (b) shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 3.9(d), in connection with any Registration Statement filed by the Company, the Principal Stockholder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of
its Registrable Securities in the offering giving rise to such contribution obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by the Principal Stockholder pursuant to
Section 3.9(b) and any amounts paid by the Principal Stockholder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this
Section 3.9, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 3.9(a) and (b) hereof without regard to the provisions of this
Section 3.9(d). The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in
equity. 
 3.10 Section 4(a)(7) and Rule 144. The Company shall 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, it will, upon the request of the Principal Stockholder, make publicly available such
necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Section 4(a)(7) of the Securities Act or Rule 144 promulgated under the Securities Act, as such rules may be amended
from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as the Principal Stockholder may reasonably request, all to the extent required from time to time to enable the Principal
Stockholder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Section 4(a)(7) of the
Securities Act or Rule 144 promulgated under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of the Principal Stockholder, the Company
will deliver to a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 3.11
Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration
Statement become effective by a specified date by designating, by notice to the Principal Stockholder, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration
Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement may be, and is, amended or, subject to applicable securities
laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify the Principal Stockholder as selling stockholders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To
the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become
effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated
Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence. 

  
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 3.12 Company Stockholder Information. Upon the request of the Principal Stockholder,
the Company shall furnish to the Principal Stockholder a list of beneficial owners of the Company’s Common Stock and their jurisdictions of residence with sufficient detail to determine the percentage of the Company’s Common Stock
beneficially owned by residents of Canada (based on inquiries consistent with Rule 14a-13 under the Exchange Act). In addition, the Company hereby agrees to use its commercially reasonable efforts to provide
any required documentation to the Canadian securities regulatory authorities as may be required by the Principal Stockholder in order to facilitate the resale of any securities of the Company beneficially owned by CPPIB pursuant to applicable
Canadian securities laws. 
 3.13 Repurchases by the Company. The Company shall not repurchase, redeem or otherwise acquire any of its
securities from the Principal Stockholder (or make any offer to do so) unless such repurchase, redemption, acquisition or offer is structured and conducted in compliance with any applicable Canadian securities laws (including Canadian issuer bid
requirements applicable to the Company). 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on
behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the
parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 

4.2 Notices. Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in
writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in each case, addressed as follows: 

If to the Company to: 

Petco Health and Wellness Company, Inc. 

10850 Via Frontera 

San Diego, California 92127 

Telephone: (858) 453-7845 

Attention: Chief Legal Officer 

  
 22 

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

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 

New York, NY 10166 

Telephone: (212) 351-4000 

Facsimile: (212) 351-4035 

Attention: Andrew Fabens 

If to the Principal Stockholder, to the address on file in the Company’s records. 

Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes
hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received,
if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two
Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

4.3 Termination and Effect of Termination. This Agreement shall terminate upon the date on which the Principal Stockholder no longer
holds any Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred
prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with respect to any matter that
(i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 
 4.4 Permitted Transferees.
The rights of the Principal Stockholder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee. Without prejudice to any other or similar
conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, has
delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom
rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4. 

4.5 Remedies. The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any breach
or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be entitled to
specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. No delay of or omission in the exercise of
any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach
or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

  
 23 

 4.6 Amendments. This Agreement may not be orally amended, modified, extended or
terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Principal
Stockholder. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

4.7 Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof
shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws
of any other jurisdiction. 
 4.8 Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware and the County of New Castle for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any
action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named
courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other
than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an
action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of
process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice. 

  
 24 

 4.9 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT
BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT,
TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS
AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

4.10 Merger; Binding Effect, Etc. This Agreement constitutes the entire agreement of the parties with respect to its subject matter,
supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives,
successors and permitted assigns. Except as otherwise expressly provided herein, no party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the
other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 
 4.11
Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 
 4.12
Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum
extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise
affect any other provision hereof. 
 [Signature pages follow.] 

 

  
 25 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the
date first above written. 
  

					
	 Petco Health and Wellness Company, Inc.

 

		
	 By:
	 	/s/ Michael Nuzzo
		 	 Name:
	 	 Michael Nuzzo

		 	 Title:
	 	Executive Vice President, Chief Financial and Operating Officer

 Signature Page to Registration Rights Agreement 

 
			
	 Scooby Aggregator, LP

 
 By: Scooby Aggregator GP, LLC, its General Partner

		
	 By:
	 	/s/ Cameron Breitner
		 	 Name: Cameron Breitner

		 	 Title: President

 Signature Page to Registration Rights Agreement

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