Document:

Exhibit 4.4

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT
(the “Agreement”) is entered into and effective as of June 29, 2017 by and among Capitol Acquisition Corp. III,
a Delaware corporation (“Capitol”), Capitol Acquisition Holding Company Ltd., an exempted company incorporated
in the Cayman Islands with limited liability (to be renamed “Cision, Ltd.” effective as the Closing (as defined below))
(“Holdings”), and Continental Stock Transfer & Trust Company, a New York corporation (“Continental”).

 

WHEREAS, Capitol and Continental
have previously entered into a warrant agreement, dated as of October 13, 2015 (the “Warrant Agreement”) governing
the terms of Capitol’s 24,500,000 outstanding warrants to purchase shares of common stock of Capitol (the “Warrants”);
and

 

WHEREAS, Capitol has entered into
an Agreement and Plan of Merger, dated as of March 19, 2017 and amended as of April 7, 2017 (the “Merger Agreement”),
by and among Capitol, Holdings, Capitol Acquisition Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Holdings
(“Merger Sub”), Canyon Holdings (Cayman) L.P. (“Cision Owner”) and Canyon Holdings S.a r.l.,
pursuant to which, among other things, upon the closing of the transactions contemplated by the Merger Agreement (“Closing”),
Merger Sub will merge with and into Capitol, with Capitol being the surviving corporation, which will result in Capitol becoming
a wholly owned subsidiary of Holdings (the “Merger”);

 

WHEREAS, effective upon the Merger,
holders of the Common Stock of Capitol will receive ordinary shares, par value $0.0001 per share (“Ordinary Shares”),
of Holdings in exchange for the Common Stock; and

 

WHEREAS, pursuant to Section 4.5
of the Warrant Agreement, upon Closing, the Warrants will represent the right of the holders thereof to purchase Ordinary Shares;
and

 

WHEREAS, pursuant to the Merger Agreement,
Holdings will issue an aggregate of 2,000,000 warrants (“New Warrants”) to Cision Owner in exchange for certain
property contributed by Cision Owner to Holdings, subject to adjustment pursuant to the terms of the Sponsor Agreement (as defined
in the Merger Agreement); and

 

WHEREAS, as a result of the foregoing,
the parties hereto wish (i) for Holdings to become a party to the Warrant Agreement so that the New Warrants are governed by the
Warrant Agreement and (ii) for Capitol to assign to Holdings all of Capitol’s rights and interests and obligations in and
under the Warrant Agreement and for Holdings to accept such assignment, and assume all of Capitol’s obligations thereunder,
in each case, effective upon the closing of the Merger;

 

NOW, THEREFORE, for good and
valuable consideration, receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

1.                 
Assignment and Assumption of Warrant Agreement. Capitol hereby assigns, and Holdings hereby agrees to accept and assume,
effective as of the Closing, all of Capitol’s rights, interests and obligations in, and under the Warrant Agreement and
Warrants. Unless the context otherwise requires, from and after the Closing, any references in the Warrant Agreement or the Warrants
to: (i) the “Company” shall mean Holdings; (ii) “Stock,” “Common Stock” or “Shares”
shall mean the Ordinary Shares; (iii) the “Founders’ Warrants” shall include the New Warrants; and (iv) the
“Board of Directors” or the “Board” or any committee thereof shall mean the board of directors of Holdings
or any committee thereof.

 

2.                 
Replacement Instruments. Following the Closing, upon request by any holder of a Warrant, Holdings shall issue a new
instrument for such Warrant reflecting the adjustment to the terms and conditions described herein and in Section 4.5 of the Warrant
Agreement.

 

3.                 
Amendment to Warrant Agreement. To the extent required by this Agreement, the Warrant Agreement is hereby deemed amended
pursuant to Section 9.8 thereof to reflect the subject matter contained herein, effective as of the Closing.

 

4.                 
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York,
as such laws are applied to contracts entered into and performed in such State without resort to that State’s conflict-of-laws
rules.

 

5.                 
Counterpart. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. Execution and delivery of this Agreement by email or exchange of
facsimile copies bearing the facsimile signature of a party hereto shall constitute a valid and binding execution and delivery
of this Agreement by such party.

 

6.                 
Successors and Assigns. All the covenants and provisions of this Agreement shall bind and inure to the benefit of each
party’s respective successors and assigns.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
signed this Agreement as of the date and year first written above.

 

 

	 	CAPITOL ACQUISITION CORP. III
	 	 	 	 
	 	 	 	 
	 	By:  	/s/ L. Dyson Dryden 
	 	 	Name: 	L. Dyson Dryden
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	CAPITOL ACQUISITION HOLDING COMPANY LTD.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark D. Ein
	 	 	Name:	Mark D. Ein
	 	 	Title:	President
	 	 	 	 
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Henry Farrell
	 	 	Name:	Henry Farrell
	 	 	Title:	Vice PresidentExhibit 10.5

 

CISION LTD.

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of June 29, 2017, among Cision Ltd., an exempted company incorporated
in the Cayman Islands with limited liability (the “Company”), Canyon Holdings (Cayman) L.P. (together with
its Affiliates, “Canyon”) and each Person listed on the Schedule of Other Holders attached hereto and
each other Person that acquires Ordinary Shares from the Company after the date hereof and becomes a party to this Agreement by
the execution and delivery of a Joinder (collectively, the “Other Holders”). Except as otherwise specified
herein, all capitalized terms used in this Agreement are defined in Section 1.

 

The Company and Canyon are
parties to that certain Agreement and Plan of Merger, dated as of March 19, 2017 (as amended or modified, the “Merger
Agreement”), pursuant to which Canyon received Ordinary Shares from the Company in exchange for all of its equity interests
in Canyon Holdings S.À R. L., a Luxembourg private limited liability company. In order to induce Canyon to enter into the
Merger Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery
of this Agreement is a condition to the consummation of the transactions under the Merger Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

Section 1.  Definitions.
Unless otherwise set forth below or elsewhere in this Agreement, other capitalized terms contained herein have the meanings set
forth in the Merger Agreement.

 

“Acquired Common”
has the meaning set forth in Section 9.

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person. As used in this definition,
“control” (including, with its correlative meanings, “controlling,” “controlled by” and “under
common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities, by contract or otherwise). For purposes of this definition, the Company
and its Subsidiaries shall not be deemed Affiliates of any party hereto.

 

“Agreement”
has the meaning set forth in the recitals.

 

“Automatic Shelf
Registration Statement” has the meaning set forth in Section 2(a).

 

“Canyon”
has the meaning set forth in the recitals.

 

     

     

    

 

“Canyon Registrable
Securities” means the Registrable Securities held by Canyon and any Person to whom it transfers or assigns its rights
hereunder in accordance with Section 13(e).

 

“Capital Stock”
means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such
corporation (whether voting or nonvoting and whether common or preferred) and (ii) with respect to any Person that is not a corporation,
individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of
such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of
assets of, the issuing Person, including in each case any and all warrants, rights (including conversion and exchange rights)
and options to purchase any of the foregoing.

 

“Closing”
has the meaning set forth in the Merger Agreement.

 

“Company”
has the meaning set forth in the preamble.

 

“Demand Registrations”
has the meaning set forth in Section 2(a).

 

“End of Suspension
Notice” has the meaning set forth in Section 2(f)(iii).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together
with all rules and regulations promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free Writing Prospectus”
means a free-writing prospectus, as defined in Rule 405.

 

“Holdback Period”
has the meaning set forth in Section 4(a).

 

“Holder”
means a holder of Registrable Securities.

 

“Indemnified Parties”
has the meaning set forth in Section 7(a).

 

“Joinder”
has the meaning set forth in Section 9.

 

“Lock-up Period”
has the meaning set forth in Section 12(c).

 

“Long-Form Registrations”
has the meaning set forth in Section 2(a).

 

“Merger Agreement”
has the meaning set forth in the recitals.

 

“Ordinary Shares”
means the Company’s ordinary shares, par value $0.0001 per share.

 

“Other Holders”
has the meaning set forth in the recitals.

 

    	 	-2-	 

     

    

 

“Permitted Sponsor
Sale Transaction” the meaning set forth in Section 12(c)(iii)(4).

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Piggyback Registrations”
has the meaning set forth in Section 3(a).

 

“Public Offering”
means any sale or distribution by the Company and/or holders of Registrable Securities to the public of Ordinary Shares pursuant
to an offering registered under the Securities Act.

 

“Registrable Securities”
means (i) any Ordinary Shares issued in connection with the transactions contemplated by the Merger Agreement, (ii) any Warrants
or any Ordinary Shares issued or issuable upon exercise thereof, (iii) any common Capital Stock of the Company or any Subsidiary
of the Company issued or issuable with respect to the securities referred to in clause (i) or (ii) above by way
of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization,
and (iv) any other Ordinary Shares held by Persons holding securities described in clauses (i)–(iii) above.
As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when they have been (a) sold
or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144 or (c) repurchased by the Company or a
Subsidiary of the Company. For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities,
and the Registrable Securities shall be deemed to be in existence, whenever such Person has the right to acquire, directly or
indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise,
but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually
been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder. Notwithstanding
the foregoing, any securities held by a Person that, together with its Affiliates, collectively beneficially owns less than 2%
of the outstanding Ordinary Shares shall cease to constitute Registrable Securities at such time as such securities may be sold
under Rule 144 without regard to volume and manner of sale restrictions.

 

“Registration Expenses”
has the meaning set forth in Section 6(a).

 

“Restricted Shares”
has the meaning set forth in Section 12(c).

 

“Rule 144”,
“Rule 158”, “Rule 405”, “Rule 415”, “Rule 430B” and
“Rule 462” mean, in each case, such rule promulgated under the Securities Act (or any successor provision)
by the Securities and Exchange Commission, as the same shall be amended from time to time, or any successor rule then in force.

 

    	 	-3-	 

     

    

 

“Sale of the Company”
means any transaction or series of related transactions pursuant to which any Person(s) or a group of related Persons (other than,
in each case, Canyon and its Affiliates) in the aggregate acquires (i) Capital Stock of the Company or the surviving entity entitled
to vote (other than voting rights accruing only in the event of a default, breach, event of noncompliance or other contingency)
to elect directors with a majority of the voting power of the Company’s or the surviving entity’s board of directors
(whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s Capital Stock) or (ii)
all or substantially all of the Company’s assets determined on a consolidated basis; provided that a Public Offering shall
not constitute a Sale of the Company.

 

“Sale Transaction”
has the meaning set forth in Section 4(a).

 

“Securities”
has the meaning set forth in Section 4(a).

 

“Securities Act”
means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all
rules and regulations promulgated thereunder.

 

“Shelf Offering”
has the meaning set forth in Section 2(d)(ii).

 

“Shelf Offering
Notice” has the meaning set forth in Section 2(d)(ii).

 

“Shelf Registration”
has the meaning set forth in Section 2(a).

 

“Shelf Registrable
Securities” has the meaning set forth in Section 2(d)(ii).

 

“Shelf Registration
Statement” has the meaning set forth in Section 2(d)(i).

 

“Short-Form Registrations”
has the meaning set forth in Section 2(a).

 

“Sponsor”
shall mean Capitol Acquisition Management 3 LLC.

 

“Sponsor Board
Trigger Event” means from and after the third anniversary of the Closing, Mark D. Ein is not re-nominated or re-elected
to (or otherwise is no longer a member of) the board of directors of the Company.

 

“Sponsor Demand
Trigger Event” means (i) any Sponsor Board Trigger Event or (ii) any of GTCR Fund X/A AIV LP, GTCR Fund X/C AIV LP,
or GTCR Co-Invest X AIV LP (the “GTCR Funds”) effectuates a distribution or other transfer pursuant to Section 5(d)
and following such distribution the amount of Sponsor Registrable Securities exceeds the amount of Canyon Registrable Securities
held directly or indirectly by the GTCR Funds.

 

“Sponsor Registrable
Securities” means the Registrable Securities held by the Sponsor, its Affiliates and any Person to whom it transfers
or assigns its rights hereunder in accordance with Section 13(e).

 

    	 	-4-	 

     

    

 

“Subsidiary”
means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity
of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority of the limited liability company, partnership
or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one
or more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have
a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person
or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains
or losses or shall be or control the managing director or general partner of such limited liability company, partnership, association
or other business entity.

 

“Suspension Event”
has the meaning set forth in Section 2(f)(iii).

 

“Suspension Notice”
has the meaning set forth in Section 2(f)(iii).

 

“Suspension Period”
has the meaning set forth in Section 2(f)(ii).

 

“Violation”
has the meaning set forth in Section 7(a).

 

“Warrants”
means the Company’s warrants, each exercisable for one Ordinary Share.

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

Section 2.  Demand
Registrations

 

(a)   Requests
for Registration. Subject to the terms and conditions of this Agreement, (i) at any time after the Closing under the Merger
Agreement, the holders of at least a majority of the Canyon Registrable Securities may request registration under the Securities
Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form
Registrations”), or on Form S-3 or any similar short-form registration (“Short-Form Registrations”)
if available and (ii) at any time after a Sponsor Demand Trigger Event, the holders of at least a majority of the Sponsor Registrable
Securities may request a registration under the Securities Act of all or any portion of their Registrable Securities on a Long-Form
Registration or on a Short-Form Registration, if available. All registrations requested pursuant to this Section 2(a) are
referred to herein as “Demand Registrations”. The holders of a majority of the Canyon Registrable Securities
or Sponsor Registrable Securities, as applicable, making a Demand Registration may request that the registration be made pursuant
to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the Company is a WKSI at the time any
request for a Demand Registration is submitted to the Company, that such Shelf Registration be an automatic shelf registration
statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”).
Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered
and the intended method of distribution. Within ten days after receipt of any such request, the Company shall give written notice
of the Demand Registration to all other holders of Registrable Securities and, subject to the terms of Section 2(e), shall
include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any
related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion
therein within ten days after the holders’ receipt of the Company’s notice. Each Holder agrees that such Holder shall
treat as confidential the receipt of the notice of Demand Registration and shall not disclose or use the information contained
in such notice of Demand Registration without the prior written consent of the Company until such time as the information contained
therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms
of this Agreement.

 

    	 	-5-	 

     

    

 

(b)   Long-Form
Registrations. The holders of a majority of the Canyon Registrable Securities shall be entitled to unlimited Long-Form Registrations
in which the Company shall pay all Registration Expenses; provided that the aggregate offering value of the Registrable
Securities requested to be registered in any Long-Form Registration must equal at least $10,000,000. If a shelf registration is
not then effective with respect to the Sponsor Registrable Securities, the holders of a majority of the Sponsor Registrable Securities
shall be entitled to one (1) Long-Form Registration in which the Company shall pay all Registration Expenses; provided
that the aggregate offering value of the Sponsor Registrable Securities requested to be registered in such Long-Form Registration
must equal at least $10,000,000. All Long-Form Registrations shall be underwritten registrations unless otherwise approved by
the holders of a majority of the Canyon Registrable Securities or Sponsor Registrable Securities, as applicable, requesting registration.

 

(c)  Short-Form
Registrations. In addition to the Long-Form Registrations provided pursuant to Section 2(b), the holders of a majority
of the Canyon Registrable Securities shall be entitled to an unlimited number of Short-Form Registrations in which the Company
shall pay all Registration Expenses; provided that the aggregate offering value of the Registrable Securities requested
to be registered in any Short-Form Registration must equal at least $10,000,000. In place of the right to one Long-Form Registration
provided pursuant to Section 2(b), if a shelf registration is not then effective with respect to the Sponsor Registrable
Securities, the holders of a majority of the Sponsor Registrable Securities shall be entitled to one (1) Short-Form Registration
in which the Company shall pay all Registration Expenses; provided that the aggregate offering value of the Sponsor Registrable
Securities requested to be registered in such Short-Form Registration must equal at least $10,000,000. If a shelf registration
is effective with respect to the Sponsor Registrable Securities, following a Sponsor Demand Trigger Event, in lieu of a Demand
Registration, the holders of majority of the Sponsor Registrable Securities shall be entitled to request one underwritten shelf
takedown in lieu of the one (1) Demand Registration provided in Section 2(a) (such Demand Registration or underwritten shelf
offering referred to herein as the “Sponsor Demand”). Demand Registrations shall be Short-Form Registrations whenever
the Company is permitted to use any applicable short form and if the managing underwriters (if any) agree to the use of a Short-Form
Registration.

 

(d)  Shelf
Registrations.

 

(i)          The
Company shall use its reasonable best efforts to prepare a registration statement under the Securities Act for the Shelf Registration
(the “Shelf Registration Statement”) with respect to all of the Registrable Securities (or such other number
of Registrable Securities specified in writing by the Holder thereof) to enable such Shelf Registration Statement to be filed
with the SEC within six months following the Closing under the Merger Agreement. The Company will notify each holder of Registrable
Securities within five Business Days of the filing of such Shelf Registration Statement.

 

    	 	-6-	 

     

    

 

(ii)         In
the event that a Shelf Registration Statement is effective, the holders of a majority of the Canyon Registrable Securities (or,
in the case of the Sponsor Demand, the holders of a majority of the Sponsor Registrable Securities) covered by such Shelf Registration
Statement shall have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten
offering) Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”),
so long as the Shelf Registration Statement remains in effect, and the Company shall pay all Registration Expenses in connection
therewith; provided that, in the case of the Sponsor Demand no such underwritten offering shall be permitted unless the aggregate
offering price of the Sponsor Registrable Securities to be sold in such underwritten offering exceeds $10,000,000. The holders
of a majority of the Canyon Registrable Securities (or, in the case of the Sponsor Demand, a majority of the Sponsor Registrable
Securities) shall make such election by delivering to the Company a written notice (a “Shelf Offering Notice”)
with respect to such offering specifying the number of Shelf Registrable Securities that the holders desire to sell pursuant to
such offering (the “Shelf Offering”). As promptly as practicable, but no later than two Business Days after
receipt of a Shelf Offering Notice, the Company shall give written notice of such Shelf Offering Notice to all other holders of
Shelf Registrable Securities. The Company, subject to Sections 2(e) and 8 hereof, shall include in such Shelf Offering the Shelf
Registrable Securities of any other holder of Shelf Registrable Securities that shall have made a written request to the Company
for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities intended
to be disposed of by such holder) within five Business Days after the receipt of the Shelf Offering Notice. The Company shall,
as expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Offering Notice), but subject to Section
2(f) hereof, use its reasonable best efforts to facilitate such Shelf Offering. Each Holder agrees that such Holder shall treat
as confidential the receipt of the Shelf Offering Notice and shall not disclose or use the information contained in the Company’s
notice regarding the Shelf Offering Notice without the prior written consent of the Company and the Holders of Registrable Securities
delivering such Shelf Offering Notice until such time as the information contained therein is or becomes available to the public
generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement.

 

    	 	-7-	 

     

    

 

(iii)        If
the holders of a majority of the Canyon Registrable Securities (or, in the case of the Sponsor Demand, the holders of a majority
of the Sponsor Registrable Securities, subject to the restrictions set forth in clause (ii) above) wish to engage in an underwritten
block trade off of a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through
a take-down from an already existing Shelf Registration Statement), then notwithstanding the time periods set forth in Section
2(d)(ii), such holders shall notify the Company of the block trade Shelf Offering not less than two Business Days prior to
the day such offering is to commence. The Company shall promptly notify other holders of Registrable Securities of such block
trade Shelf Offering and such other holders of Registrable Securities must elect whether or not to participate by the next Business
Day (i.e. one Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the holders
of a majority of the Canyon Registrable Securities (or, in the case of the Sponsor Demand, a majority of the Sponsor Registrable
Securities, as applicable) wishing to engage in the underwritten block trade) and the Company shall as expeditiously as possible
use its reasonable best efforts to facilitate such offering (which may close as early as three Business Days after the date it
commences); provided that the holders of a majority of the Canyon Registrable Securities (or, in the case of the Sponsor
Demand, a majority of the Sponsor Registrable Securities) shall use commercially reasonable efforts to work with the Company and
the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and
other offering documentation related to the underwritten block trade.

 

(iv)        The
Company shall, at the request of the holders of a majority of the Canyon Registrable Securities (or in the case of the Sponsor
Demand, a majority of the Sponsor Registrable Securities, as applicable) covered by a Shelf Registration Statement, file any prospectus
supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language
deemed necessary or advisable by the holders of a majority of the Registrable Securities to effect such Shelf Offering.

 

(e)  Priority
on Demand Registrations and Shelf Offerings. The Company shall not include in any Demand Registration or Shelf Offering any
securities which are not Registrable Securities without the prior written consent of the holders of at least a majority of the
Registrable Securities initially requesting such registration. If a Demand Registration or a Shelf Offering is an underwritten
offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities
and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities
and other securities, if any, which can be sold therein without adversely affecting the marketability, proposed offering price,
timing or method of distribution of the offering, the Company shall include in such offering prior to the inclusion of any securities
which are not Registrable Securities the number of Registrable Securities requested to be included which, in the opinion of such
underwriters, can be sold, without any such adverse effect, pro rata among the respective holders thereof on the basis of the
amount of Registrable Securities owned by each such holder.

 

(f)  Restrictions
on Demand Registration and Shelf Offerings

 

(i)         
The Company shall not be obligated to effect any Demand Registration or underwritten Shelf Offering within 90 days after the effective
date of a previous Demand Registration or a previous registration in which Registrable Securities were included pursuant to Section
3 and in which there was no reduction in the number of Registrable Securities requested to be included.

 

    	 	-8-	 

     

    

 

(ii)         The
Company may postpone, for up to 90 days from the date of the request (the “Suspension Period”), the filing
or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part
of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice
to the holders of Registrable Securities if (A) the Company’s board of directors determines in its reasonable good
faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect
on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than
in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other
transaction involving the Company, (B) the sale of Registrable Securities pursuant to the registration statement would require
disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) (x) the
Company has a bona fide business purpose for preserving the confidentiality of such transaction or (y) disclosure would have a
material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction
renders the Company unable to comply with requirements of the Securities and Exchange Commission, in each case under circumstances
that would make it impractical or inadvisable to cause the Shelf Registration Statement (or such filings) to become effective
or to promptly amend or supplement the Shelf Registration Statement on a post effective basis, as applicable; provided
that in such event, the holders of Registrable Securities initially requesting such Demand Registration shall be entitled
to withdraw such request, and if such request is withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations hereunder and the Company shall pay all Registration Expenses in connection with such registration.
The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Offering pursuant to this Section
2(f)(ii) only once in any twelve-month period; provided that, for the avoidance of doubt, the Company may in any event
delay or suspend the effectiveness of Demand Registration or Shelf Offering in the case of an event described under Section
5(a)(vi) to enable it to comply with its obligations set forth in Section 5(a)(vi). The Company may extend the
Suspension Period for an additional consecutive 60 days with the consent of the holders of a majority of the Registrable Securities
initially requesting such registration.

 

(iii)        In
the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(i)
above or pursuant to Section 5(a)(vi) (a “Suspension Event”), the Company shall give a notice to the holders
of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”)
to suspend sales of the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension
shall continue only for so long as the Suspension Event or its effect is continuing. A holder of Registrable Securities shall
not effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time
after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below).
Each holder of Registrable Securities agrees that it shall treat as confidential the receipt of the Suspension Notice and shall
not disclose or use the information contained in such Suspension Notice without the prior written consent of the Company until
such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure
by such holder of Registrable Securities in breach of the terms of this Agreement. A holder of Registrable Securities may recommence
effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further
written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice
shall be given by the Company to the holders and to the holders’ counsel, if any, promptly following the conclusion of any
Suspension Event.

 

    	 	-9-	 

     

    

 

(iv)        Notwithstanding
any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any Shelf Registration Statement
pursuant to this Section 2(f), the Company agrees that it shall extend the period of time during which such Shelf Registration
Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt
by the holders of the Suspension Notice to and including the date of receipt by the holders of the End of Suspension Notice and
provide copies of the supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided
that such period of time shall not be extended beyond the date that Ordinary Shares covered by such Shelf Registration Statement
are no longer Registrable Securities.

 

(g)  Selection
of Underwriters. The holders of a majority of the Registrable Securities included in any Demand Registration shall have the
right to select the investment banker(s) and manager(s) to administer the offering. If any Shelf Offering is an underwritten offering,
the holders of a majority of the Registrable Securities participating in such underwritten offering shall have the right to select
the investment banker(s) and manager(s) to administer the offering relating to such Shelf Offering. The Company represents and
warrants that no investment bankers are entitled to any rights that would conflict with the rights of the Holders under this section.

 

(h)  Other
Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to, any other agreement
granting registration rights to any other Person with respect to any securities of the Company. Except as provided in this Agreement,
the Company shall not grant to any Persons the right to request the Company or any Subsidiary to register any Capital Stock of
the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without
the prior written consent of the holders of a majority of the Registrable Securities; provided that the Company may grant
rights to other Persons to participate in Piggyback Registrations so long as such rights are subordinate to the rights of the
holders of Registrable Securities with respect to such Piggyback Registrations as set forth in Sections 3(c) and Section 3(d).

 

(i)  Revocation
of Demand Notice or Shelf Offering Notice.  At any time prior to the effective date of the Registration Statement relating
to a Demand Registration or the “pricing” of any offering relating to a Shelf Offering Notice, the holders of Registrable
Securities that provided such Demand Notice or Shelf Offering Notice may revoke such Demand Notice or Shelf Offering Notice on
behalf of all holders of Registrable Securities participating in such Demand Registration or Shelf Offering without liability
to such holders of Registrable Securities, in each case by providing written notice to the Company.

 

    	 	-10-	 

     

    

 

Section 3.  Piggyback
Registrations.

 

(a)  Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (other than (i) pursuant
to a Demand Registration in which the holders of Registrable Securities are offered the right to participate pro rata or (ii)
in connection with registrations on Form S-4 or S-8 promulgated by the Securities and Exchange Commission or any successor or
similar forms in which Canyon Registrable Securities are not included) and the registration form to be used may be used for the
registration of Registrable Securities (a “Piggyback Registration”), the Company shall give written notice
within three Business Days after the filing of the registration statement relating to the Piggyback Registration to all holders
of Registrable Securities of its intention to effect such Piggyback Registration and, subject to the terms of Section 3(c)
and Section 3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications
under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received
written requests for inclusion therein within 20 days after delivery of the Company’s notice.

 

(b)  Piggyback
Expenses. The Registration Expenses of the holders of Registrable Securities shall be paid by the Company in all Piggyback
Registrations, whether or not any such registration became effective.

 

(c)  Priority
on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and
the managing underwriters advise the Company in writing that in their sole opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed
offering price, timing or method of distribution of the offering, the Company shall include in such registration (i) first, the
securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration
which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the holders of such Registrable
Securities on the basis of the number of shares owned by each such holder, and (iii) third, other securities requested to be included
in such registration which, in the sole opinion of the underwriters, can be sold without any such adverse effect.

 

(d)  Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of
the Company’s securities, and the managing underwriters advise the Company in writing that in their reasonable opinion the
number of securities requested to be included in such registration exceeds the number which can be sold in such offering without
adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company
shall include in such registration (i) first, the securities requested to be included therein by the holders initially requesting
such registration and the Registrable Securities requested to be included in such registration which, in the opinion of the underwriters,
can be sold without any such adverse effect, pro rata among the holders of such securities on the basis of the number of Registrable
Securities owned by each such holder, and (ii) second, other securities requested to be included in such registration which, in
the opinion of the underwriters, can be sold without any such adverse effect.

 

(e)  Selection
of Underwriters. If any Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s)
for the offering must be approved by the holders of a majority of the Registrable Securities included in such Piggyback Registration.
Such approval shall not be unreasonably withheld, conditioned or delayed.

 

    	 	-11-	 

     

    

 

(f)  Right
to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it as a
primary offering under this Section 3 whether or not any holder of Registrable Securities has elected to include securities
in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with
Section 6.

 

Section 4.  Holdback
Agreements.

 

(a)  Holders
of Registrable Securities. Each and every holder of Registrable Securities shall enter into lock-up agreements with the managing
underwriter(s) of an underwritten Public Offering providing that, unless the underwriters managing such underwritten Public Offering
otherwise agree in writing, subject to customary exceptions such holder shall not (A) offer, sell, contract to sell, pledge or
otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any Capital Stock of the Company (including
Capital Stock of the Company that may be deemed to be owned beneficially by such holder in accordance with the rules and regulations
of the Securities and Exchange Commission) (collectively, “Securities”), (B) enter into a transaction which
would have the same effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers,
in whole or in part, any of the economic consequences or ownership of any Securities, whether such transaction is to be settled
by delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”),
or (D) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of the date on which the
Company gives notice to the holders of Registrable Securities that a preliminary prospectus has been circulated for such Public
Offering or the “pricing” of such offering and continuing to the date that is 90 days following the date of the final
prospectus for such Public Offering (the “Holdback Period”).

 

(b)  The Company.
The Company (i) shall not file any registration statement for a Public Offering or cause any such registration statement
to become effective, or effect any public sale or distribution of its equity securities, or any securities, options or rights
convertible into or exchangeable or exercisable for such securities during any Holdback Period and (ii) shall use its reasonable
best efforts to cause (A) each holder of at least 2% (on a fully-diluted basis) of its Ordinary Shares, or any securities convertible
into or exchangeable or exercisable for Ordinary Shares, and (B) each of its directors and executive officers to agree not to
effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration, if otherwise permitted,
unless the underwriters managing the Public Offering otherwise agree in writing.

 

Section 5.   Registration
Procedures.

 

(a)  Whenever
the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement
or have initiated a Shelf Offering, the Company shall use its reasonable best efforts to effect the registration and the sale
of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as expeditiously as possible:

 

    	 	-12-	 

     

    

 

(i)          in
accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file with the
Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses,
with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become
effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company
shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such
counsel);

 

(ii)         notify
each holder of Registrable Securities of (A) the issuance by the Securities and Exchange Commission of any stop order suspending
the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the
Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each
registration statement filed hereunder;

 

(iii)        prepare
and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of
the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution
by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period
required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer period
as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable
Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of
all securities covered by such registration statement during such period in accordance with the intended methods of disposition
by the sellers thereof set forth in such registration statement;

 

(iv)        furnish
to each seller of Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement
thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus
and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such seller;

 

(v)         use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary
or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such seller (provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general service of process in any
such jurisdiction or (C) subject itself to taxation in any jurisdiction where it would not otherwise be subject to taxation);

 

    	 	-13-	 

     

    

 

(vi)        notify
each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such
registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus
relating to a registration statement has been filed and when any registration or qualification has become effective under a state
securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request
by the Securities and Exchange Commission for the amendment or supplementing of such registration statement or prospectus or for
additional information, and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section
2(f), at the request of any such seller, the Company shall use its reasonable best efforts to prepare a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading;

 

(vii)       use
reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities
issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality
of the foregoing, to arrange for at least two market makers to register as such with respect to such Registrable Securities with
FINRA;

 

(viii)      use
reasonable best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective
date of such registration statement;

 

(ix)         enter
into and perform such customary agreements (including underwriting agreements in customary form) and take all such other actions
as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a stock split,
combination of shares, recapitalization or reorganization);

 

(x)          make
available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to
such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial
and other records, pertinent corporate and business documents and properties of the Company as shall be necessary to enable them
to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives
and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with such registration statement;

 

    	 	-14-	 

     

    

 

(xi)         take
all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or Piggyback
Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act
to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(xii)        otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission,
and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of
the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule
158;

 

(xiii)       permit
any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter or
a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow
such holder to provide language for insertion therein, in form and substance reasonably satisfactory to the Company, which in
the reasonable judgment of such holder and its counsel should be included;

 

(xiv)      in
the event of the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order
suspending or preventing the use of any related prospectus or suspending the qualification of any Ordinary Shares included in
such registration statement for sale in any jurisdiction use reasonable best efforts promptly to obtain the withdrawal of such
order;

 

(xv)       use
its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate
the disposition of such Registrable Securities;

 

(xvi)      cooperate
with the holders of Registrable Securities covered by the registration statement and the managing underwriter or agent, if any,
to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities
to be sold under the registration statement and enable such securities to be in such denominations and registered in such names
as the managing underwriter, or agent, if any, or such holders may request;

 

(xvii)     cooperate
with each holder of Registrable Securities covered by the registration statement and each underwriter or agent participating in
the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made
with FINRA;

 

    	 	-15-	 

     

    

 

(xviii)    use
its reasonable best efforts to make available the executive officers of the Company to participate with the holders of Registrable
Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the
holders in connection with the methods of distribution for the Registrable Securities;

 

(xix)       in
the case of any underwritten offering, use its reasonable best efforts to obtain one or more comfort letters from the Company’s
independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters;

 

(xx)        in
the case of an underwritten offering, use its reasonable best efforts to provide a legal opinion of the Company’s outside
counsel, dated the effective date of such registration statement (and, if such registration includes an underwritten Public Offering,
dated the date of the closing under the underwriting agreement), the registration statement, each amendment and supplement thereto,
the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary
form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed
to the underwriters;

 

(xxi)       if
the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts
to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during
which such Automatic Shelf Registration Statement is required to remain effective;

 

(xxii)      if
the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement
is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and

 

(xxiii)     if
the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile
a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required
to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its reasonable best efforts to refile the Shelf
Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective
during the period during which such registration statement is required to be kept effective.

 

(b)  If
the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than
the holders of Registrable Securities, and the holders of Registrable Securities do not request that their Registrable Securities
be included in such Shelf Registration Statement, the Company agrees that, once it is eligible to rely on Rule 430B, at the request
of the holders of a majority of the Registrable Securities, it shall include in such Automatic Shelf Registration Statement such
disclosures as may be required by Rule 430B in order to ensure that the holders of Registrable Securities 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.

 

    	 	-16-	 

     

    

 

(c)  The
Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company
such information required by law to be included in such registration regarding such seller and the distribution of such securities
as the Company may from time to time reasonably request in writing.

 

(d)  If
Canyon or any of its Affiliates seek to effectuate an in-kind distribution of all or part of their respective Registrable Securities
to their respective direct or indirect equityholders, the Company shall, subject to any applicable lock-ups, work with the foregoing
persons to facilitate such in-kind distribution in the manner reasonably requested.

 

Section 6.  Registration
Expenses.

 

(a)  The Company’s
Obligation. All expenses incident to the Company’s performance of or compliance with this Agreement (including, without
limitation, all registration, qualification and filing fees, including FINRA filing fees, fees and expenses of compliance with
securities or blue sky laws, printing expenses, transfer agent fees and expenses, travel expenses, messenger and delivery expenses,
fees and disbursements of custodians, and fees and disbursements of counsel for the Company and all independent certified public
accountants, underwriters including, if necessary, a “qualified independent underwriter” (as such term is defined
by FINRA) (excluding underwriting discounts and commissions) and other Persons retained by the Company) (all such expenses being
herein called “Registration Expenses”), shall be borne by the Company, and the Company shall, in any event,
pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal
or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses
and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company
are then listed. Each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration
hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities sold for such Person’s
account (provided that such underwriting discounts and commissions applicable to Registrable Securities of the Other Holders will
be the same per share as those applicable to Canyon Registrable Securities).

 

(b)  Counsel
Fees and Disbursements. In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering that
is an underwritten offering, the Company shall reimburse the holders of Registrable Securities included in such registration (i)
for the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included
in such registration or participating in such Shelf Offering and (ii) for the reasonable fees and disbursements of each additional
counsel retained by any holder for the purpose of rendering a legal opinion on behalf of any such holder in connection with any
underwritten Demand Registration, Piggyback Registration or Shelf Offering.

 

(c)  Security
Holders. To the extent any expenses are not required to be paid by the Company, each holder of securities included in any
registration hereunder shall pay those expenses allocable to the registration of such holder’s securities so included in
proportion to the aggregate selling price of the securities to be so registered.

 

    	 	-17-	 

     

    

 

Section 7.  Indemnification
and Contribution.

 

(a)  By the
Company. The Company shall indemnify and hold harmless, to the extent permitted by law, each holder of Registrable Securities,
such holder’s officers, directors employees, agents and representatives, and each Person who controls such holder (within
the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions, damages,
liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable
attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following statements,
omissions or violations (each a “Violation”) by the Company: (i) any untrue or alleged untrue statement
of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or
any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 7,
collectively called an “application”) executed by or on behalf of the Company or based upon written information
furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration
under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of
the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable
to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification
or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred
by them in connection with investigating or defending any such losses. Notwithstanding the foregoing, the Company shall not be
liable in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue statement
or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary
prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in
conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for
use therein or by such Indemnified Party’s failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of
the same. In connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors,
and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the Indemnified Parties.

 

(b)  By Each
Security Holder. In connection with any registration statement in which a holder of Registrable Securities is participating,
each such holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for
use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the
Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged
untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such holder expressly for use in such registration statement; provided
that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net
amount of proceeds received by such holder from the sale of Registrable Securities pursuant to such registration statement.

 

    	 	-18-	 

     

    

 

(c)  Claim
Procedure. 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 the failure to give prompt notice shall impair
any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld,
conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not
be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified
parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities included
in the registration if such holders are indemnified parties, at the expense of the indemnifying party.

 

(d)  Contribution.
If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to,
or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any loss, claim, damage,
liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid or payable by such indemnified
party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements
or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations;
provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller
of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable
Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the 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 the contribution pursuant to this Section 7(d) were to be determined
by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The
amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to
herein shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending against any action or claim which is the subject hereof. 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 is not
guilty of such fraudulent misrepresentation.

 

    	 	-19-	 

     

    

 

(e)  Release.
No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or enter into
any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.

 

(f)  Non-exclusive
Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition to any other
rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and shall remain in
full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or
controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the termination or expiration
of this Agreement.

 

Section 8.  Underwritten
Offerings. No Person may participate in any registration hereunder which is underwritten unless such Person: (i) agrees to
sell the same class and type of securities on the basis provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or “green
shoe” option requested by the underwriters; provided that no holder of Registrable Securities shall be required to
sell more than the number of Registrable Securities such holder has requested to include); (ii) completes and executes all questionnaires,
indemnities, underwriting agreements and other documents reasonably required of all holders of securities being included in such
registration under the terms of such underwriting arrangements; and (iii) completes and executes all powers of attorney and custody
agreements as reasonably requested by the managing underwriters; provided that no holder of Registrable Securities included
in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters
(other than representations and warranties regarding such holder and such holder’s intended method of distribution) or to
undertake any indemnification obligations to the Company or the underwriters with respect thereto that are materially more burdensome
than those provided in Section 7 or those provided by the other holders of Registrable Securities participating in such
underwritten registration. For the avoidance of doubt, each holder of Registrable Securities shall execute such customary powers
of attorney or custody agreements as are requested by the managing underwriters, appointing as power of attorney or custodian
such persons as reasonably requested by the Holders of the majority of the Registrable Securities. Each holder of Registrable
Securities shall execute and deliver such other agreements as may be reasonably requested by the Company and the lead managing
underwriter(s) that are consistent with such holder’s obligations under Section 4, Section 5 and this Section
8 or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to,
and consistent with, Section 4 and this Section 8, the respective rights and obligations created under such agreement
shall supersede the respective rights and obligations of the holders, the Company and the underwriters created pursuant to this
Section 8. In the case of any registration hereunder that is underwritten which is requested by the holders of Registrable
Securities, the price, underwriting discount and other financial terms of the related underwriting agreement for such securities
shall be determined by the holders of a majority of the Registrable Securities included in such underwritten offering, provided
that such price, underwriting discount and other financial terms shall be applicable pari passu among all Registrable Securities
included in such registration, on a pro rata basis.

 

    	 	-20-	 

     

    

 

Section 9.  Additional
Parties; Joinder. Subject to the prior written consent of the holders of a majority of the Registrable Securities, the Company
may permit any Person who acquires Ordinary Shares or rights to acquire Ordinary Shares from the Company after the date
hereof to become a party to this Agreement and to succeed to all of the rights and obligations of a “holder of Registrable
Securities” under this Agreement by obtaining an executed joinder to this Agreement from such Person in the form of Exhibit A
attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Person, the Ordinary
Shares acquired by such Person (the “Acquired Common”) shall be Registrable Securities hereunder, such Person
shall be a “holder of Registrable Securities” under this Agreement with respect to the Acquired Common, and the Company
shall add such Person’s name and address to the appropriate schedule hereto and circulate such information to the parties
to this Agreement.

 

Section 10.   Current
Public Information. The Company shall file all reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as any holder or holders of Registrable Securities may reasonably request, all to the extent
required to enable such holders to sell Registrable Securities pursuant to Rule 144. Upon request, the Company shall deliver to
any holder of Restricted Securities a written statement as to whether it has complied with such requirements.

 

Section 11.  Subsidiary
Public Offering. If, after an initial Public Offering of the Capital Stock of one of its Subsidiaries, the Company distributes
securities of such Subsidiary to its equity holders, then the rights and obligations of the Company pursuant to this Agreement
shall apply, mutatis mutandis, to such Subsidiary, and the Company shall cause such Subsidiary to comply with such Subsidiary’s
obligations under this Agreement.

 

Section 12.  Transfer
of Registrable Securities; Transfer Restrictions.

 

(a)  Restrictions
on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to the Company,
(ii) a Public Offering (including any Shelf Offering or pursuant to a Demand Registration), (iii) a sale pursuant to Rule 144
or (iv) a transfer in connection with a Sale of the Company or any Permitted Sponsor Sale Transaction, prior to transferring any
Registrable Securities to any Person (including, without limitation, by operation of law) who following such transfer would otherwise
be a holder of Registrable Securities, the transferring holder shall cause the prospective transferee to execute and deliver to
the Company a Joinder agreeing to be bound by the terms of this Agreement. Any transfer or attempted transfer of any Registrable
Securities in violation of any provision of this Agreement shall be void, and the Company shall not record such transfer on its
books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose.

 

(b)  Legend.
Each certificate evidencing any Registrable Securities and each certificate issued in exchange for or upon the transfer of any
Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) shall
be stamped or otherwise imprinted with a legend in substantially the following form:

 

    	 	-21-	 

     

    

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE

ARE SUBJECT TO RESTRICTIONS ON TRANSFER
AND

OTHER PROVISIONS SET FORTH IN A
REGISTRATION RIGHTS

AGREEMENT DATED AS OF JUNE 29, 2017
AMONG

THE ISSUER OF SUCH SECURITIES (THE
“COMPANY”)

AND CERTAIN OF THE COMPANY’S
SHAREHOLDERS, AS

AMENDED. A COPY OF SUCH REGISTRATION
RIGHTS

AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE

BY THE COMPANY TO THE HOLDER HEREOF
UPON

WRITTEN REQUEST.”

 

The Company shall imprint such legend on certificates
evidencing Registrable Securities outstanding prior to the date hereof. The legend set forth above shall be removed from the certificates
evidencing any securities that have ceased to be Registrable Securities.

 

(c)  Lock-Up
Period.

 

(i)          For
purposes of this Agreement, the “Lock-Up Period” is the period commencing on the date hereof and continuing
until 60 days after the effectiveness of a registration statement registering the resale of the Registrable Securities held by
the Other Holders; provided, that in no event shall the Lock-Up Period extend beyond one year from the date hereof.

 

(ii)         During
the Lock-Up Period, other than in connection with an underwritten Demand Offering, underwritten Piggyback Registration or underwritten
Shelf Offering under Section 2 or 3 hereof or as permitted by clause (c)(iii) below, no Other Holders shall enter
into any Sales Transaction (including, except as provided above, registered dispositions pursuant to Section 2 or 3
hereof) with respect to any Ordinary Shares or Warrants or any options or warrants to purchase any Ordinary Shares or any
securities convertible into, exercisable for, exchangeable for or that represent the right to receive Ordinary Shares, whether
now owned or hereinafter acquired, owned directly by such Other Holder (including securities held as a custodian) or with respect
to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively,
the “Restricted Shares”). The foregoing restriction is expressly agreed to preclude each Other Holder from
engaging in any hedging or other transaction which is designed to or which reasonably would be expected to lead to or result in
a sale or disposition of the Restricted Shares even if such Restricted Shares would be disposed of by someone other than such
Other Holder. Such prohibited hedging or other transactions include any short sale or any purchase, sale or grant of any right
(including any put or call option) with respect to any of the Restricted Shares of the applicable Other Holder or with respect
to any security that includes, relates to, or derives any significant part of its value from such Restricted Shares.

 

(iii)        Notwithstanding
anything to the contrary set forth herein, an Other Holder may engage in a Sale Transaction with respect to Restricted Shares
during the Lock-Up Period:

 

    	 	-22-	 

     

    

 

		(1)	as a bona fide gift or gifts (subject to the provisions
of the last sentence of this Section 12(c));

 

		(2)	to any trust or entity wholly owned by one or more trusts
for the direct or indirect benefit of (A) the Other Holder and/or its stockholders, partners, members or beneficiaries and/or
(B) any individual related to such Other Holder or to the stockholders, partners, members or beneficiaries of such Other Holder,
by blood, marriage or adoption and not more remote than first cousin (subject to the provisions of the last sentence of this Section
12(c));

 

		(3)	if an Other Holder is a corporation, limited liability
company, partnership or trust, such Other Holder may Transfer Restricted Shares to any wholly-owned subsidiary thereof, or to
the stockholders, partners, members or beneficiaries of such Other Holder (subject to the provisions of the last sentence of this
Section 12(c));

 

		(4)	to any Person following, or contemporaneously with, any
Sale Transaction for value entered into by any holder of Canyon Registrable Securities (excluding (i) any Sale Transaction of
the type contemplated by clauses (1)-(3) above or (ii) any distribution effected pursuant to Section 5(d)); provided that the
number of Registrable Securities sold by any holder of Other Registrable Securities shall be proportional (as a percentage of
total Registrable Securities beneficially owned by the Other Holder) to the number of Registrable Securities sold in such Sale
Transaction by the holder of Canyon Registrable Securities (any Sale Transaction by an Other Holder permitted by this Section
12(c)(iii)(4), a “Permitted Sponsor Sale Transaction”); or

 

		(5)	in connection with a Sale of the Company.

 

It shall be a condition to any Transfer
of Restricted Shares pursuant to clauses (1), (2) or (3), that the transferee execute and deliver a Joinder to this Agreement.
For the avoidance of doubt, any such transferee so executing and delivering a Joinder shall thereupon be deemed an Other Holder
and shall have all the benefits and obligations of an Other Holder under this Agreement, including the registration rights provided
in Sections 2 and 3.

 

(iv)        Each
Other Holder hereby represents and warrants that it now has, and for the duration of the Lock-Up Period will have, good and marketable
title to its Restricted Shares, free and clear of all liens, encumbrances, and claims that could impact the ability of such Stockholder
to comply with the foregoing restrictions.

 

    	 	-23-	 

     

    

 

(v)         For
the avoidance of doubt, the transfer restrictions set forth in this Section 2 are separate and independent from those applicable
to any Other Holders pursuant to (A) the Sponsor Support Agreement, dated March 19, 2017 by and among Canyon, Capital Acquisition
Corp III. and the Other Holders; and (B) the Stock Escrow Agreement, dated as of October 13, 2015, between by and among CAC, such
Other Holder and the other parties thereto.

 

Section 13.  General
Provisions.

 

(a)  Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only
with the prior written consent of the Company and the holders of a majority of the Canyon Registrable Securities (so long as any
Canyon Registrable Securities remain) and the holders of a majority of the Registrable Securities; provided that
no such amendment, modification or waiver that would materially and adversely affect a holder or group of holders of Registrable
Securities in a manner different than any other holder or group of holders of Registrable Securities (other than amendments and
modifications required to implement the Joinder provisions of Section 9), shall be effective against such holder or group
of holders of Registrable Securities without the consent of the holders of a majority of the Registrable Securities that are held
by the group of holders that is materially and adversely affected thereby; and for the avoidance of doubt, any amendment or waiver
expanding the obligation of the Other Holders under Section 12 will require the written consent of the holders of a majority of
the Registrable Securities held by Other Holders, and any amendment or waiver reducing, impairing or limiting the rights of the
Holders of Sponsor Registrable Securities under Section 2(a)(ii) will require the written consent of the holders of a majority
of the Sponsor Registrable Securities. The failure or delay of any Person to enforce any of the provisions of this Agreement shall
in no way be construed as a waiver of such provisions and shall not affect the right of such Person thereafter to enforce each
and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any
Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to be a consent
or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that
Person under this Agreement.

 

(b)  Remedies.
The parties to this Agreement and their successors and assigns shall be entitled to enforce their rights under this Agreement
specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of
this Agreement and to exercise all other rights existing in their favor. The parties hereto and their successors and assigns agree
and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy
for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be entitled to
specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting
any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

 

    	 	-24-	 

     

    

 

(c)  Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any
applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability shall not affect
the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction,
but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable
provision had never been contained herein.

 

(d)  Entire
Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the
parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations
by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

 

(e)  Successors
and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit and be enforceable by
the Company and its successors and assigns and the holders of Registrable Securities and/or Canyon Registrable Securities and
their respective successors and permitted assigns (whether so expressed or not). In addition, whether or not any express assignment
has been made, except as otherwise determined by the transferor in its sole discretion, the provisions of this Agreement which
are for the benefit of purchasers or holders of Registrable Securities and/or Canyon Registrable Securities are also for the benefit
of, and enforceable by, any subsequent holder of Registrable Securities and/or Canyon Registrable Securities.

 

(f)  Notices.
Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing
and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic
mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next Business Day (provided
that any such notice under this clause (ii) shall not be effective unless within one Business Day after the notice is sent,
a copy of such notice is sent to the recipient by first-class mail, return receipt requested, or reputable overnight courier service
(charges prepaid)), (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges
prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such
notices, demands and other communications shall be sent to the Company or to Canyon at the addresses specified below and to any
Other Holder of Registrable Securities at such address as indicated on Schedule of Other Holders hereto, or at such address
or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any
party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending
party as provided herein.

 

The Company’s address
is:

 

Cision US, Inc.

130 East Randolph St. 7th Floor

Chicago, Illinois 60601

Attention: Jack Pearlstein

Facsimile: (301) 459-2827

E-mail: jack.pearlstein@cision.com

 

    	 	-25-	 

     

    

 

Canyon’s Address is:

 

Canyon Holdings (Cayman) LP

c/o GTCR LLC

300 North LaSalle, Suite 5600

Chicago, Illinois 60654

Attention: Mark M. Anderson and Stephen P. Master

Facsimile: (312) 382-3673

E-mail: mark.anderson@gtcr.com; stephen.master@gtcr.com

 

With a copy to:

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, Illinois 60654

Attention: Stephen L. Ritchie, P.C. and Mark A. Fennell,
P.C.

Facsimile: (312) 862-2200

E-mail: sritchie@kirkland.com; mfennell@kirkland.com

 

or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party.

 

(g)  Business
Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time
period shall automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

 

(h)  Governing
Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of the
Company and its stockholders. All issues and questions concerning the construction, validity, interpretation and enforcement of
this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
In furtherance of the foregoing, the internal law of the State of Delaware shall control the interpretation and construction of
this Agreement (and all schedules and exhibits hereto), even though under that jurisdiction’s choice of law or conflict
of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

    	 	-26-	 

     

    

 

(i)  MUTUAL
WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT
(AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT
OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(j)  CONSENT
TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES, AND EACH OF THEIR SUCCESSORS AND ASSIGNS, IRREVOCABLY SUBMITS
TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR ANY DELAWARE STATE COURT,
FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO, AND EACH OF THEIR SUCCESSORS AND ASSIGNS, FURTHER AGREES THAT SERVICE
OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL
BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION
IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO, AND EACH OF THEIR SUCCESSOR AND ASSIGNS, IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY
AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION,
SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(k)  No Recourse.
Notwithstanding anything to the contrary in this Agreement, the Company and each holder of Registrable Securities agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had
against any current or future director, officer, employee, general or limited partner or member of any holder of Registrable Securities
or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding,
or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any
holder of Registrable Securities or any current or future member of any holder of Registrable Securities or any current or future
director, officer, employee, partner or member of any holder of Registrable Securities or of any Affiliate or assignee thereof,
as such for any obligation of any holder of Registrable Securities under this Agreement or any documents or instruments delivered
in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

(l)  Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than
by limitation.

 

(m)  No Strict
Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express
their mutual intent, and no rule of strict construction shall be applied against any party.

 

    	 	-27-	 

     

    

 

(n)  Counterparts.
This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party,
but all such counterparts taken together shall constitute one and the same agreement.

 

(o)  Electronic
Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection
herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered
by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or
electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to
have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto or to
any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact
that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic
mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

 

(p)  Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, upon the written request by the Company,
each holder of Registrable Securities shall execute and deliver any additional documents and instruments and perform any additional
acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated
hereby.

 

(q)   No
Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement.

 

(r)  Dilution.
If, from time to time, there is any change in the capital structure of the Company by way of a stock split, stock dividend, combination
or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby shall continue.

 

*     *     *     *     *

 

    	 	-28-	 

     

    

 

IN WITNESS WHEREOF, the
parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	CISION LTD.
	 	 
	 	 /s/ Mark D. Ein
	 	By:	Mark D. Ein
	 	Its:	Authorized Signatory

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

	 	CANYON HOLDINGS (CAYMAN) L.P.
	 	 	 
	 	By:	Canyon Partners, Ltd.
	 	Its:	General Partner
	 	 	 
	 	By:	 /s/ Christian B. McGrath
	 	Name:	Christian B. McGrath
	 	Title:	Appointed Officer

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

	 	OTHER HOLDERS:
	 	 
	 	CAPITOL ACQUISITION MANAGEMENT 3 LLC
	 	 	 
	 	By:	 /s/ Mark D. Ein
	 	Name:	Mark D. Ein
	 	Title:	President
	 	 	 
	 	CAPITOL ACQUISITION FOUNDER 3 LLC
	 	 	 
	 	By:	 /s/ L. Dyson Dryden
	 	Name:	L. Dyson Dryden
	 	Title:	President

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

[SCHEDULE OF OTHER
HOLDERS]

 

Capitol Acquisition Management 3 LLC

c/o Mark D. Ein

Capitol Acquisition Corp. III

509 7th Street, N.W.

Washington, D.C. 20004

 

Capitol Acquisition Founder 3 LLC

c/o L. Dyson Dryden

305 West Pennsylvania Avenue

Towson, MD 21204

 

     

     

    

 

EXHIBIT A

 

REGISTRATION RIGHTS AGREEMENT

 

Joinder

 

The undersigned is executing
and delivering this Joinder pursuant to the Registration Rights Agreement dated as of June 29, 2017 (as the same may hereafter
be amended, the “Registration Rights Agreement”), among Cision Ltd., an exempted company incorporated in the
Cayman Islands with limited liability (the “Company”), and the other persons named as parties therein.

 

By executing and delivering
this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions
of the Registration Rights Agreement as a holder of Registrable Securities in the same manner as if the undersigned were an original
signatory to the Registration Rights Agreement, and the undersigned’s ________________ number of Ordinary Shares shall be
included as Registrable Securities under the Registration Rights Agreement

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the ___ day of ____________, ____.

 

	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder

 

	 	Address:	 
	 	 	 
	 	 	 

 

	Agreed and Accepted as of	 
	 	 
	 	 

 

	CISION LTD.	 
	 	 	 
	By:	 	 
	 	 	 
	Its:	 	 

 

    	 	A-1

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