Document:

Exhibit

                    Exhibit 10.30
AMENDED AND RESTATED CHANGE IN
 CONTROL SEVERANCE AGREEMENT

THIS AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE AGREEMENT (this “Agreement”), dated as of May 1, 2018, is made by and between The J. M. Smucker Company, an Ohio corporation (the “Company”), and __________ (the “Executive”).
WHEREAS, the Board recognizes that, as is the case with many publicly held corporations, the possibility of a Change in Control exists and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its shareholders; and
WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in connection with a potential Change in Control;
WHEREAS, the Company has agreed to grant the Executive certain equity awards in respect of the Company’s fiscal year ending April 30, 2018 in exchange for the Executive’s execution of the amended form of this Agreement which clarifies that certain restrictive covenants herein will apply in connection with a termination of employment without regard to the occurrence of a Change in Control;
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as follows:
1.Defined Terms.  The definitions of capitalized terms used in this Agreement are provided in the last Section hereof.

2.Term of Agreement.  The Term of this Agreement will commence on May 1, 2018 (the “Commencement Date”) and continue until the second anniversary of the Commencement Date; provided, however, that commencing on the first anniversary of the Commencement Date and each subsequent anniversary thereafter, the Term will continue to automatically be extended for one additional year unless, not later than 60 days prior to such anniversary, the Company or the Executive has given notice not to extend the Term; and further provided, however, that if a Change in Control occurs during the Term, the Term will expire no earlier than 24 months beyond the month in which such Change in Control occurred.

3.Company’s Covenants Summarized.  In order to induce the Executive to remain in the employ of the Company and in consideration of the Executive’s covenants set forth in Sections 4 and 9 hereof, the Company agrees, under the conditions described herein, to (i) pay the Executive the Severance Payments and the other payments and benefits described herein and (ii) grant certain equity awards to the Executive in respect of the Company’s fiscal year ending April 30, 2018.  Except as provided in Section 10.1 hereof, no Severance Payments will be payable under this Agreement unless there has been (or, under the terms of the second sentence of Section 6.1 hereof, there is deemed to have been) a termination of the Executive’s employment with the Company following a Change in Control and during the Term.  This Agreement will not be construed as creating an express or implied contract of employment and, except as otherwise 

agreed in writing between the Executive and the Company, the Executive will not have any right to be retained in the employ of the Company.

4.Continued Employment.  In consideration of the Company entering into this Agreement, the Executive agrees that, subject to the terms and conditions of this Agreement, in the event of a Potential Change in Control during the Term, the Executive will remain in the employ of the Company until the earliest of (i) a date which is six months from the date of such Potential Change in Control, (ii) the date of a Change in Control, (iii) the date of termination by the Executive of the Executive’s employment for Good Reason or by reason of death or Disability, or (iv) the termination by the Company of the Executive’s employment for any reason.

5.Compensation Other Than Severance Payments.

5.1    Following a Change in Control and during the Term, during any period that the Executive fails to perform the Executive’s full-time duties with the Company as a result of incapacity due to physical or mental injury, infirmity or incapacity, the Company will pay the Annual Base Salary, together with all compensation and benefits payable to the Executive under the terms of any compensation or benefit plan, program or arrangement maintained by the Company during such period (other than any disability plan), until the Executive’s employment is terminated by the Company for Disability.

5.2    If the Executive’s employment has terminated for any reason following a Change in Control and during the Term, the Company will pay, subject to the nonduplication of benefits provisions set forth in Section 12 of this Agreement, the Annual Base Salary together with all compensation and benefits payable to the Executive through the Date of Termination under the terms of the Company’s compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason.  The Company will also pay to the Executive any earned but unpaid cash bonuses for the prior completed fiscal year, unless the Executive’s employment is terminated by the Company for Cause.

5.3    If the Executive’s employment is terminated for any reason following a Change in Control and during the Term, the Company will, subject to the nonduplication of benefits provisions set forth in Section 12 of this Agreement, pay to the Executive the Executive’s post-termination compensation and benefits as such payments become due.  Such post-termination compensation and benefits will be determined under, and paid in accordance with, the Company’s retirement, insurance and other compensation or benefit plans, programs and arrangements as in effect immediately prior to the Date of Termination or, if more favorable to the Executive, as in effect immediately prior to the occurrence of the first event or circumstance constituting Good Reason.

6.    Severance Payments

6.1    If the Executive incurs a “separation from service” (within the meaning of Section 409A) on or following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then, provided that the Executive executes a general release of claims in the form attached as Exhibit A hereto (the “Release”), and all applicable revocation periods relating to the release expire within 29 days following the Date of Termination, then the Company will pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 (collectively, the “Severance Payments”), in addition 

to any payments and benefits to which the Executive is entitled under Section 5 hereof.  For purposes of this Agreement (except for Section 6.1(B) below), the Executive will be deemed to have incurred a separation from service following a Change in Control by the Company without Cause or by the Executive with Good Reason if (i) the Executive’s employment is terminated by the Company without Cause prior to a Change in Control (whether or not a Change in Control occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) the Executive terminates the Executive’s employment for Good Reason prior to a Change in Control (whether or not a Change in Control occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person, or (iii) the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control occurs).  

(A)In lieu of any further salary payments to the Executive for periods subsequent to the Date of Termination and in lieu of any severance benefit otherwise payable to the Executive, the Company will pay to the Executive a lump sum severance payment, in cash, equal to two times the sum of the (i) Annual Base Salary, and (ii) the Target Annual Bonus.

(B) The Company will pay the Executive a lump sum payment of a prorated cash bonus for the bonus period during which the termination of employment occurs determined by multiplying (i) the Target Annual Bonus by (ii) a fraction, the numerator of which is the number of days Executive was employed with the Company during the applicable bonus period and the denominator of which is the total number of calendar days in such bonus period.

(C)The Company will pay the Executive a lump sum payment equal to the cost of COBRA coverage for 18 months for continued medical benefits for the Executive and the Executive’s dependents (including the Executive’s spouse) who were covered as of such termination event under the medical benefit plan as in effect for employees of the Company during the period immediately prior to the Change in Control, or an equivalent medical benefit plan.

(D)If requested by the Executive, the Company will provide the Executive with third-party outplacement services suitable to the Executive’s position for the period following the Executive’s Date of Termination and ending on December 31 of the second calendar year following such Date of Termination or, if earlier, until the first acceptance by the Executive of an offer of employment, provided, however, that in no case will the Company be required to pay in excess of $25,000 over such period in providing outplacement services and that all reimbursements hereunder will be paid to the Executive within 30 calendar days following the date on which the Executive submits the invoice but no later than the earlier of (1) the end of the taxable year following the year in which the expense was incurred and (2) December 31 of the third calendar year following the year of the Executive’s Date of Termination.

6.2    (A)    Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a Change in Control or the termination of the Executive’s employment, whether pursuant to the terms of this Agreement or any other plan, program, arrangement or agreement) (all such payments and benefits, collectively, the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the “Excise Tax”), then after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, program, arrangement or agreement, the Company will reduce the Total 

Payments to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero); provided, however, that the Total Payments will only be reduced if the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state, municipal and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state, municipal and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

(B)    In the case of a reduction in the Total Payments, the Total Payments will be reduced in the following order:  (i) payments that are payable in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and benefits due in respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), will next be reduced; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (iv) payments and benefits due in respect of any equity valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), will next be reduced; and (v) all other non-cash benefits not otherwise described in clauses (ii) or (iv) will next be reduced pro-rata.  Any reductions made pursuant to each of clauses (i)-(v) above will be made in the following manner: first, a pro-rata reduction of cash payment and payments and benefits due in respect of any equity not subject to Section 409A, and second, a pro-rata reduction of cash payments and payments and benefits due in respect of any equity subject to Section 409A as deferred compensation.

(C)    For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax: (i) no portion of the Total Payments the receipt or enjoyment of which the Executive has waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code will be taken into account; (ii) no portion of the Total Payments will be taken into account which, in the opinion of a nationally recognized tax counsel (“Tax Counsel”) selected by the Company and reasonably acceptable to the Executive and the accounting firm which was, immediately prior to the Change in Control, the Company’s independent auditor (the “Auditor”), does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code) that is allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments will be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

(D)    At the time that payments are made under this Agreement, the Company will provide the Executive with a written statement setting forth the manner in which such payments were calculated and the basis for such calculations, including any opinions or other advice the Company received from Tax Counsel, the Auditor, or other advisors or consultants (and any such opinions or advice which are in writing will be attached to the statement).  If the Executive objects to the Company’s 

calculations, the Company will pay to the Executive such portion of the Total Payments (up to 100% thereof) as the Executive determines is necessary to result in the proper application of this Section 6.2.  All determinations required by this Section 6.2 (or requested by either the Executive or the Company in connection with this Section 6.2) will be at the expense of the Company.  The fact that the Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 6.2 will not of itself limit or otherwise affect any other rights of the Executive under this Agreement.

(E)If the Executive receives reduced payments and benefits by reason of this Section 6.2 and it is established pursuant to a determination of a court of competent jurisdiction which is not subject to review or as to which the time to appeal has expired, or pursuant to an Internal Revenue Service proceeding, that the Executive could have received a greater amount without resulting in any Excise Tax, then the Company will thereafter pay the Executive the aggregate additional amount which could have been paid without resulting in any Excise Tax as soon as reasonably practicable.

6.3    Subject to Section 6.4, the payments provided in subsections (A), (B) and (C) of Section 6.1 hereof will be made on the 30th day following the Date of Termination.  Notwithstanding anything set forth herein to the contrary, to the extent that any severance payable under a plan or agreement covering the Executive as of the date of this Agreement constitutes deferred compensation under Section 409A, then to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, the portion of the benefits payable hereunder equal to such other amount will instead be provided in the form set forth in such other plan or agreement.  Further, to the extent, if any, that provisions of this Agreement affect the time or form of payment of any amount which constitutes deferred compensation under Section 409A, then to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, if the Change in Control does not constitute a change in control event under Section 409A, the time and form (but not the amount) of payment will be the time and form that would have been applicable in absence of a Change in Control.

6.4    (A)    Notwithstanding any provisions of this Agreement to the contrary, if the Executive is a “specified employee” (within the meaning of Section 409A and determined pursuant to procedures adopted by the Company) at the time of the Executive’s separation from service and if any portion of the payments or benefits to be received by the Executive upon separation from service would be considered deferred compensation under Section 409A, amounts that would otherwise be payable pursuant to this Agreement during the six-month period immediately following the Executive’s separation from service will instead be paid or made available on the earlier of (i) the first business day of the seventh month following the date of the Executive’s separation from service or (ii) the Executive’s death.  

(B)    With respect to any amount of expenses eligible for reimbursement under Section 6.1(D), such expenses will be reimbursed by the Company within 30 calendar days following the date on which the Company receives the applicable invoice from the Executive but in no event later than December 31 of the year following the year in which the Executive incurs the related expenses.  In no event will the reimbursements or in-kind benefits to be provided by the Company in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable year, nor will the Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.

(C)    For purposes of Section 409A, the Executive’s right to receive any “installment” payments pursuant to this Agreement will be treated as a right to receive a series of separate and distinct payments.

(D)    For purposes of Sections 5 and 6 of this Agreement, no payment that would otherwise be made and no benefit that would otherwise be provided upon a termination of employment will be made or provided unless and until such termination of employment is also a “separation from service,” as determined in accordance with Section 409A.

6.5    Other than with respect to any dispute involving the provisions of Section 9 of this Agreement prior to a Change in Control, the Company also will pay to the Executive all legal fees and expenses incurred by the Executive in disputing in good faith any non-frivolous issue hereunder relating to the termination of the Executive’s employment or in seeking in good faith to obtain or enforce any benefit or right provided by this Agreement.  Such payments will be made within five business days (but in any event no later than December 31 of the year following the year in which the Executive incurs the expenses) after delivery of the Executive’s written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require, provided that (i) the amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year will not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year, (ii) the Executive’s right to have the Company pay such legal fees and expenses may not be liquidated or exchanged for any other benefit, and (iii) the Executive will not be entitled to reimbursement unless he or she has submitted an invoice for such fees and expenses at least ten business days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred.  The Company will also pay all legal fees and expenses incurred by the Executive in connection with any tax audit or proceeding to the extent attributable to the application of section 4999 of the Code to any payment or benefit hereunder.  Payment pursuant to the preceding sentence will be made within 15 business days after delivery of the Executive’s written request for payment but in no event later than the end of the calendar year following the calendar year in which the taxes that are the subject of the audit or proceeding are remitted to the taxing authority, or where as a result of the audit or proceeding no taxes are remitted, the end of the calendar year in which the audit is completed or there is a final and nonappealable settlement or other resolution of the matter.

7.    Termination Procedures and Compensation During Dispute.

7.1    Notice of Termination.  After a Change in Control and during the Term, any purported termination of the Executive’s employment (other than by reason of death) will be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with Section 11 hereof.  For purposes of this Agreement, a “Notice of Termination” means a notice which will indicate the specific termination provision in this Agreement relied upon and will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

7.2    Date of Termination.  “Date of Termination,” with respect to any purported termination of the Executive’s employment after a Change in Control and during the Term, means (i) if the Executive incurs a separation from service due to Disability, 15 calendar days after Notice of Termination is given (provided that the Executive has not returned to the full-time performance of the Executive’s duties during such 15 calendar day period), and (ii) if the Executive incurs a separation from service for any other reason, the date specified in the Notice of Termination (which, in the case of a termination by the Company, will be the 15th calendar day after Notice of Termination is given and, in the case of a termination by the Executive, will not be less than 15 calendar days nor more than 60 calendar days, respectively, from the date such Notice of Termination is given; provided, however, that in the case of a termination of the Executive’s employment by the Executive for Good Reason, the notice and cure provisions provided in the definition of Good Reason will control); and provided, further, that in the case 

of a termination of the Executive’s employment by the Company for Cause, the date specified in the Notice of Termination will be the date on which the Notice of Termination is given.

8.    No Mitigation.  The Company agrees that, if the Executive’s employment with the Company terminates during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 6 hereof.

9.    Restrictive Covenants.

9.1    The Executive agrees that restrictions on his or her activities during and after the Executive’s employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Subsidiaries, and that the agreed restrictions set forth below will not deprive the Executive of the ability to earn a livelihood:

(A)    During the Executive’s employment with the Company and for 18 months following the date of the Executive’s termination of employment for any reason, whether before or after a Change in Control (the “Non-Competition Period”), the Executive will not, without the prior written consent of the Board, directly or indirectly, as employee, agent, consultant, stockholder, director, manager, co-partner or in any other individual or representative capacity, own, operate, manage, control, engage in, invest in or participate in any manner in, act as consultant or advisor to, render services for (alone or in association with any person, firm, corporation or entity), or otherwise assist any person or entity (other than the Company) that engages in or owns, invests in, operates, manages or controls any venture or enterprise that directly or indirectly engages or proposes to engage in any Competitive Business.  If the Executive engages in any of the foregoing, then the Company may seek any and all remedies available under law or equity, including, without limitation, the Company may cease making any further payments or providing any further benefits under Section 6.1 and the Company may seek recoupment of any prior amounts or benefits provided under this Agreement. Notwithstanding anything to the contrary in this Section 9.1(A), nothing in this Agreement will prohibit the Executive from engaging in general accounting or legal services (whether as part of a firm or otherwise) following the date of the Executive’s termination of employment, provided that the Executive does not represent or provide services to any Competitive Business and does not divulge or use any Confidential Information.

(B)    During the Non-Competition Period, the Executive will not directly or indirectly, either on the Executive’s own account or for any company, limited liability company, partnership, joint venture or other entity or person (including, without limitation, through any existing or future Affiliate), solicit any employee of the Company or any existing or future Affiliate to leave his or her employment or knowingly induce or knowingly attempt to induce any such employee to terminate or breach his or her employment agreement with the Company or any existing or future Affiliate, if any.  Notwithstanding the foregoing, the provisions of this Section 9.1(B) will not be violated by (i) general advertising or solicitation not specifically targeted at Company-related persons or entities; (ii) the Executive serving as a reference, upon request, for any employee of the Company or any of its Subsidiaries or Affiliates, or (iii) actions taken by any person or entity with which the Executive is associated if the Executive is not personally involved in any manner in the matter and has not identified such Company-related person or entity for soliciting or hiring.

(C)    From and after the Notice of Termination (which, for the avoidance of doubt, will include any such notice without regard to whether such notice is before or after a Change in Control), the Executive shall not publicly make any negative, disparaging, detrimental or derogatory remarks or 

statements (written, oral, telephonic, electronic, or by any other method) about the Company or its Subsidiaries or any of their respective owners, partners, managers, directors, officers, employees or agents, including, without limitation, any remarks or statements that could be reasonably expected to adversely affect in a material manner (i) the conduct of the Company’s or its Subsidiaries’ businesses or (ii) the business reputation or relationships of the Company or its Subsidiaries and/or any of their past or present officers, directors, agents, employees, attorneys, successors and assigns, in each case, except to the extent required by law or legal process.  Similarly, from and after the Notice of Termination, the Board shall not make any such statements about the Executive.

(D)    During and after the Executive’s employment, unless otherwise required by law or legal process, the Executive shall not disclose any Confidential Information. 
 
(E)    Nothing in this Agreement will preclude, prohibit or restrict the Executive from (i) communicating with any federal, state or local administrative or regulatory agency or authority, including but not limited to the Securities and Exchange Commission (the “SEC”); (ii) participating or cooperating in any investigation conducted by any governmental agency or authority; or (iii) filing a charge of discrimination with the United States Equal Employment Opportunity Commission or any other federal state or local administrative agency or regulatory authority.  

(F)Nothing in this Agreement, or any other agreement between the parties, prohibits or is intended in any manner to prohibit, the Executive from (i) reporting a possible violation of federal or other applicable law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, the U.S. Congress, and any governmental agency Inspector General, or (ii) making other disclosures that are protected under whistleblower provisions of federal law or regulation.  This Agreement does not limit the Executive’s right to receive an award (including, without limitation, a monetary reward) for information provided to the SEC.  The Executive does not need the prior authorization of anyone at the Company to make any such reports or disclosures, and the Executive is not required to notify the Company that the Executive has made such reports or disclosures.

(G)Nothing in this Agreement or any other agreement or policy of the Company is intended to interfere with or restrain the immunity provided under 18 U.S.C. §1833(b).  The Executive cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) (1) in confidence to federal, state or local government officials, directly or indirectly, or to an attorney, and (2) for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in a lawsuit or other proceeding, if filed under seal; or (iii) in connection with a lawsuit alleging retaliation for reporting a suspected violation of law, if filed under seal and does not disclose the trade secret, except pursuant to a court order.

(H)The foregoing provisions of Sections 9.1(E)-(G) regarding protected disclosures are intended to comply with all applicable laws.  If any laws are adopted, amended or repealed after the execution of this Agreement, this Agreement shall be deemed to be amended to reflect the same.

(I)The parties intend that the restrictions contained in this Agreement be enforceable to the fullest extent permitted by applicable law.  Therefore, to the extent any court of competent jurisdiction determines that any portion of the restrictions contained herein is excessive, such provision shall not be entirely void, but rather shall be limited or revised only to the extent necessary to make it enforceable.  Moreover, in the event that any court determines that any restriction in this Agreement constitutes an unreasonable restriction against the Executive, the Executive agrees that the provisions of 

this Agreement shall not be rendered void, but shall apply as to the time, territory or such other extent as the court may determine constitutes a reasonable restriction under the circumstances involved.
  
10.    Successors; Binding Agreement.

10.1    In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.

10.2    This Agreement will inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  If the Executive dies while any amount would still be payable to the Executive hereunder (other than amounts which, by their terms, terminate upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, will be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators of the Executive’s estate.

11.    Notices.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement will be in writing and will be deemed to have been duly given when delivered or mailed by United States registered mail, overnight delivery service, return receipt requested, postage prepaid, addressed, if to the Executive, to the address on file with the Company and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address will be effective only upon actual receipt:

To the Company:    c/o The J. M. Smucker Company
One Strawberry Lane
Orrville, Ohio  44667
Attn: General Counsel 

12.    Miscellaneous.  This Agreement may be terminated, amended, or modified by the Board at any time prior to a Change in Control, but not during a Potential Change in Control.  During a Potential Change in Control or at any time within two years following a Change in Control, no provision of this Agreement may be amended, modified, waived or discharged unless such amendment, waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board.  No waiver by either party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  This Agreement supersedes any other severance agreement or any agreement setting forth the terms and conditions of the Executive’s employment with the Company only in the event that the Executive’s employment with the Company is terminated during the Term and on or following a Change in Control (or deemed to have been so terminated), by the Company other than for Cause, death or Disability or by the Executive for Good Reason.  Further, to the extent this Agreement does not supersede any other agreement providing severance to the Executive or setting forth the terms and conditions of the Executive’s employment with the Company, it will not result in any duplication of benefits to the Executive.  The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the State of Ohio, without regard to its conflicts of law principles.  All references to sections of the Exchange Act or the Code will be deemed also to refer to any successor 

provisions to such sections.  Any payments provided for hereunder will be paid net of any applicable withholding required under federal, state or local law and any additional withholding to which the Executive has agreed.  The obligations of the Company and the Executive under this Agreement which by their nature may require either partial or total performance after the expiration of the Term (including, without limitation, those under Sections 6 and 7 hereof) will survive such expiration.  To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance with Section 409A.  This Agreement will be construed in a manner to give effect to such intention.

13.    Validity.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect.

14.    Counterparts.  This Agreement may be executed in several counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.

15.    Settlement of Disputes.  All claims by the Executive for benefits under this Agreement will be directed to and determined by the Board and will be in writing.  Any denial by the Board of a claim for benefits under this Agreement will be delivered to the Executive in writing and will set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon.  The Board will afford a reasonable opportunity to the Executive for a review of the decision denying a claim and will further allow the Executive to appeal to the Board a decision of the Board within 60 calendar days after notification by the Board that the Executive’s claim has been denied.  Notwithstanding the above, in the event of any dispute, any decision by the Board hereunder on or following a Change in Control will be subject to a de novo review by a court of competent jurisdiction.

Notwithstanding any provision of this Agreement to the contrary, the Executive will be entitled to seek specific performance of the Executive’s right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement.
16.    Definitions.  For purposes of this Agreement, the following terms will have the meanings indicated below:

(A)    “Annual Base Salary” " means the Executive's annual base salary as in effect immediately prior to the Date of Termination or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason.

(B)    “Affiliate” will have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

(C)    “Auditor” will have the meaning set forth in Section 6.2 hereof.

(D)    “Beneficial Owner” will have the meaning set forth in Rule 13d-3 under the Exchange Act.

(E)    “Board” means the Board of Directors of the Company.

(F)    “Cause” for termination by the Company of the Executive’s employment means (i) the Executive’s willful and continuous gross neglect of the Executive’s duties for which he or she is employed, (ii) personal dishonesty or willful misconduct resulting or intended to result, directly or 

indirectly, in the Executive’s gain or personal enrichment at the expense of the Company or a Subsidiary or (iii) conviction of, or guilty or no contest plea to, a felony.  No act will be considered “willful” unless it is done, or omitted to be done, in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Company.

(G)    “Change in Control” will have the meaning given to such term in The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan, as may be amended from time to time, or any successor of such plan, in each case as such definition is in effect on the date of this Agreement.

(H)    “Code” means the Internal Revenue Code of 1986, as amended from time to time.

(I)    “Company” means The J. M. Smucker Company and will include any successor to its business and/or assets.

(J)“Competitive Business” means any businesses in which the Company is engaged during the Executive’s employment with the Company, which includes, without limitation: (i) the retail coffee, consumer foods, food service, and natural foods businesses conducted worldwide and (ii) the dry and canned pet food and pet snacks businesses conducted worldwide.

(K)“Confidential Information” means the Company’s confidential and proprietary information, including, but not limited to, information or plans regarding the Company’s customer relationships; personnel; technology and intellectual property; sales, marketing and financial operations and methods; and other compilations of information, records and specifications, and may have  access  to  and  become  acquainted  with  the  confidential  and  proprietary information of Company or its respective Affiliates.  Confidential Information does not include any information that is or becomes generally known to the public or industry, other than due to the fault of Executive.

(L)“Date of Termination” will have the meaning set forth in Section 7.2 hereof.

(M)“Disability” means the failure of Executive to have performed the essential functions of Executive’s position hereunder due to a physical or mental injury, infirmity or incapacity for 6 consecutive months.

(N)“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

(O)“Excise Tax” means any excise tax imposed under section 4999 of the Code.

(P)“Executive” means the individual named in the first paragraph of this Agreement.

(Q)“Good Reason” means the occurrence of any of the following events without the Executive’s written consent: (i) a material adverse change in the Executive’s title, position, duties, authorities and responsibilities; (ii) a material reduction in the Executive’s annual base salary or bonus opportunity; (iii) a material reduction in the aggregate health and welfare benefits provided to the Executive pursuant to the health and welfare plans, programs and arrangements in which the Executive is eligible to participate (or, if greater, a material reduction in the aggregate health and welfare benefits provided to the Executive pursuant to the health and welfare plans, programs and arrangements in which the Executive was eligible to participate immediately prior to a Change in Control); or (iv) relocation of the Executive’s primary work location by more than 50 miles from its then current location.  A termination 

for Good Reason will not occur unless: (x) the Executive provides the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within 90 days after the first occurrence of such circumstances, (y) the Company fails to cure such Good Reason event(s) within 30 days following receipt of such notice to cure such circumstances in all material respects, and (z) following the Company’s failure to cure during the 30-day cure period, the Executive terminates employment no later than 90 days after the expiration of such period.

(R)“Notice of Termination” will have the meaning set forth in Section 7.1 hereof.

(S) “Person” will have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term will not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

(T)“Potential Change in Control” is deemed to have occurred if the event set forth in any one of the following paragraphs has occurred before the date of the first occurrence of a Change in Control:
(I)the Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control;

(II)the Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control;

(III)any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 15% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) and such Person becomes required to file a Schedule 13D under the Exchange Act; or

(IV)the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.

For the avoidance of doubt, a Potential Change in Control will be deemed terminated upon (i) the termination of an agreement under clause (I) or (ii) the Company or Person in clause (II) ceases taking actions or renounces an intention to take actions which, if consummated, would constitute a Change in Control.
(U)    “Release” will have the meaning set forth in Section 6.1 hereof.

(V)    “Section 409A” means section 409A of the Code and any proposed, temporary or final regulation, or any other guidance, promulgated with respect to section 409A by the U.S. Department of Treasury or the Internal Revenue Service.

(W)    “Severance Payments” will have the meaning set forth in Section 6.1 hereof.

(X)    “Subsidiary” means any corporation or other business organization of which the securities having a majority of the normal voting power in electing the board of directors or similar governing body of such entity are, at the time of determination, owned by the Company directly or indirectly through one or more Subsidiaries.

(Y)    "Target Annual Bonus" means the Executive’s target annual cash bonus pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year in which occurs the Date of Termination or, if higher, immediately prior to the fiscal year in which occurs the first event or circumstance constituting Good Reason; provided, that if the Executive is not eligible to receive a specified target annual cash bonus following the Change in Control, then Target Annual Bonus will mean such target annual cash bonus in effect as of immediately prior to the date of the Change in Control.

(Z)    “Tax Counsel” will have the meaning set forth in Section 6.2 hereof.

(AA)    “Term” means the period of time described in Section 2 hereof (including any extension, continuation or termination described therein).

(BB)    “Total Payments” means those payments so described in Section 6.2 hereof.

[The remainder of this page has been intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
THE J. M. SMUCKER COMPANY
By:  ________________________________
Name:  
Title:      

EXECUTIVE
By:  _______________________________
Name:      

Exhibit A
WAIVER AND RELEASE OF CLAIMS AGREEMENT
___________________ (the “Executive”) hereby acknowledges that The J. M. Smucker Company, an Ohio corporation (the “Company”) is offering the Executive certain payments in connection with the Executive’s termination of employment pursuant to the Change in Control Severance Agreement entered into between the Company and the Executive (the “Severance Agreement”), in exchange for the Executive’s promises in this Waiver and Release of Claims Agreement (this “Agreement”).
Severance Payments
The Executive agrees that the Executive will be entitled to receive the applicable severance payments under the Severance Agreement (the “Severance Payments”) only if the Executive accepts and does not revoke this Agreement, which requires the Executive to release both known and unknown claims.
The Executive agrees that the Severance Payments constitute fair and adequate consideration for the execution of this Agreement.  The Executive further agrees that the Executive has been fully compensated for all wages and fringe benefits, including, but not limited to, paid and unpaid leave, due and owing, and that the Severance Payments are in addition to payments and benefits to which the Executive is otherwise entitled.
Claims That Are Being Released
The Executive agrees that this Agreement constitutes a full and final release by the Executive and the Executive’s descendants, dependents, heirs, executors, administrators, assigns, and successors, of any and all claims, charges, and complaints, whether known or unknown, that the Executive has or may have to date against the Company and any of its parents, subsidiaries, or affiliated entities and their respective officers, directors, shareholders, partners, joint venturers, employees, consultants, insurers, agents, predecessors, successors, and assigns, arising out of or related to the Executive’s employment or the termination thereof, or otherwise based upon acts or events that occurred on or before the date on which the Executive signs this Agreement.  To the fullest extent allowed by law, the Executive hereby waives and releases any and all such claims, charges, and complaints in return for the Severance Payments.  This release of claims is intended to be as broad as the law allows, and includes, but is not limited to, rights arising out of alleged violations of any contracts, express or implied, any covenant of good faith or fair dealing, express or implied, any tort or common law claims, any legal restrictions on the Company’s right to terminate employees, and any claims under any federal, state, municipal, local, or other governmental statute, regulation, or ordinance, including, without limitation:
(i) claims of discrimination, harassment, or retaliation under equal employment laws such as Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Rehabilitation Act of 1973, and any and all other federal, state, municipal, local, or foreign equal opportunity laws;
(ii) if applicable, claims of wrongful termination of employment; statutory, regulatory, and common law “whistleblower” claims, and claims for wrongful termination in violation of public policy;
(iii) claims arising under the Employee Retirement Income Security Act of 1974, except for any claims relating to vested benefits under the Company’s employee benefit plans;

(iv) claims of violation of wage and hour laws, including, but not limited to, claims for overtime pay, meal and rest period violations, and recordkeeping violations; and
(v) claims of violation of federal, state, municipal, local, or foreign laws concerning leaves of absence, such as the Family and Medical Leave Act.
Claims That Are Not Being Released
This release does not include any claims that may not be released as a matter of law, and this release does not waive claims or rights that arise after the Executive signs this Agreement.  Further, this release will not prevent the Executive from doing any of the following:
(i) obtaining unemployment compensation, state disability insurance, or workers’ compensation benefits from the appropriate agency of the state in which the Executive lives and works, provided the Executive satisfies the legal requirements for such benefits (nothing in this Agreement, however, guarantees or otherwise constitutes a representation of any kind that the Executive is entitled to such benefits);
(ii) asserting any right that is created or preserved by this Agreement, such as the Executive’s right to receive the Severance Payments; 
(iii) asserting the Executive’s rights of indemnification and directors’ and officers’ liability insurance coverage, if any, to which the Executive is entitled with regard to the Executive’s service as an officer and/or director of the Company or any of its parents, subsidiaries or affiliates;
(iv) filing a charge, giving testimony or participating in any investigation conducted by the Equal Employment Opportunity Commission (the “EEOC”) or any duly authorized agency of the United States or any state (however, the Executive is hereby waiving the right to any personal monetary recovery or other personal relief should the EEOC (or any similarly authorized agency) pursue any class or individual charges in part or entirely on the Executive’s behalf); or
(v) challenging or seeking determination in good faith of the validity of this waiver under the Age Discrimination in Employment Act (nor does this release impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law).  
Voluntary Agreement And Effective Date
The Executive understands and acknowledges that, by signing this Agreement, the Executive is agreeing to all of the provisions stated in this Agreement, and has read and understood each provision.
The parties understand and agree that:
(i) The Executive will have a period of 21 calendar days in which to decide whether or not to sign this Agreement, and an additional period of seven calendar days after signing in which to revoke this Agreement.  If the Executive signs this Agreement before the end of such 21-day period, the Executive certifies and agrees that the decision is knowing and voluntary and is not induced by the Company through (i) fraud, misrepresentation, or a threat to withdraw or alter the offer before the end of such 21-day period or (ii) an offer to provide different terms in exchange for signing this Agreement before the end of such 21-day period.

(ii) In order to exercise this revocation right, the Executive must deliver written notice of revocation to the Company’s General Counsel on or before the seventh calendar day after the Executive executes this Agreement.  The Executive understands that, upon delivery of such notice, this Agreement will terminate and become null and void.
(iii) The terms of this Agreement will not take effect or become binding, and the Executive will not become entitled to receive the Severance Payments, until that seven-day period has lapsed without revocation by the Executive.  If the Executive elects not to sign this Agreement or revokes it within seven calendar days of signing, the Executive will not receive the Severance Payments.  
(iv) All amounts payable hereunder will be paid in accordance with the applicable terms of the Severance Agreement.
Governing Law

This Agreement will be governed by the substantive laws of the State of Ohio, without regard to conflicts of law, and by federal law where applicable.
If any part of this Agreement is held to be invalid or unenforceable, the remaining provisions of this Agreement will not be affected in any way.
Consultation With Attorney
The Executive is hereby encouraged and advised to confer with an attorney regarding this Agreement.  By signing this Agreement, the Executive acknowledges that the Executive has consulted, or had an opportunity to consult with, an attorney or a representative of the Executive’s choosing, if any, and that the Executive is not relying on any advice from the Company or its agents or attorneys in executing this Agreement.
This Agreement was provided to the Executive for consideration on [INSERT DATE THIS AGREEMENT IS PROVIDED TO THE EXECUTIVE].

PLEASE READ THIS AGREEMENT CAREFULLY; IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

The Executive certifies that the Executive has read this Agreement and fully and completely understands and comprehends its meaning, purpose, and effect.  The Executive further states and confirms that the Executive has signed this Agreement knowingly and voluntarily and of the Executive’s own free will, and not as a result of any threat, intimidation or coercion on the part of the Company or its representatives or agents.
   EXECUTIVE
	
		
	Date:  __________________________
	________________________________________Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of _________________, 2018, by and among Goodbulk,
Ltd., an exempted company limited by shares organized under the laws of Bermuda (the “Company”), and
each of the stockholders listed on Schedule A hereto (each, a “Stockholder,” and collectively, the “Stockholders”).
Each of the Company and the Stockholders may be referred to in this Agreement as a “Party,” and, collectively,
as the “Parties.” Capitalized terms used but not otherwise defined herein have the meanings assigned
such terms in Section 9 of this Agreement.

 

A.           The
Parties desire to enter into this Agreement in order to grant to the Stockholders and certain of their permitted transferees certain
demand and piggyback registration rights covering the Common Shares of the Company held by the Stockholders or any of their Affiliates,
all in accordance with the terms and conditions set forth below.

 

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 Company and the Stockholders hereby agree as follows:

 

1.     
     Demand Registrations.

 

(a)          Long-Form
Registrations. From and after the date that is 180 days following the completion of the Company’s Initial Public Offering,
each Holder shall be entitled to request registration under the Securities Act of all or any portion of their Registrable Securities
pursuant to a Registration Statement on Form F-1 or any similar or successor form (each, a “Long-Form Registration”).
Each request for a Long-Form Registration shall specify the (i) then-current name and address of such Holder(s), (ii) aggregate
number of Registrable Securities requested to be registered, (iii) the total number of Registrable Securities then beneficially
owned by such Holder(s) and (iv) the intended means of distribution. Upon receipt of any such request, the Company shall promptly
deliver notice of such request to all other Holders who shall then have ten Business Days from the date such notice is given to
notify the Company in writing of their desire to be included in such registration. The Company shall promptly prepare and file
with (or confidentiality submit to) the Securities and Exchange Commission a Registration Statement on Form F-1 or any similar
or successor form thereto covering all of the Registrable Securities that the Holders thereof have timely requested to be included
in such Long-Form Registration.

 

(b)          Short-Form
Registrations. From and after the date that is 12-months following the completion of the Company’s Initial Public Offering,
and provided that the Company shall have qualified for the use of a Registration Statement on Form F-3 or any similar or successor
form (a “Short-Form Registration”), each Holder may request registration under the Securities Act of
all or any portion of its Registrable Securities on a Registration Statement on Form F-3 or any similar or successor form, which
may be a “shelf registration” pursuant to Rule 415 under the Securities Act (a “Shelf Registration Statement”).
Each request for a Short-Form Registration shall specify the (i) then-current name and address of such Holder(s), (ii) aggregate
number of Registrable Securities requested to be registered, (iii) the total number of Registrable Securities then beneficially
owned by such Holder(s) and (iv) the intended means of distribution. Upon receipt of any such request, the Company shall promptly
deliver notice of such request to all other Holders who shall then have ten Business Days from the date such notice is given to
notify the Company in writing of their desire to be included in such registration. The Company shall prepare and file with (or
confidentiality submit to) the Securities and Exchange Commission a Registration Statement on Form F-3 or any similar or successor
form thereto covering all of the Registrable Securities that the Holders thereof have timely requested to be included in such Short-Form
Registration.

 

     

     

    

 

(c)          Limitations
on Registration Requests. Notwithstanding anything herein to the contrary, the Company shall not be obligated to effect (i)
more than three Long-Form Registrations and three Short-Form Registrations, (ii) more than two Demand Registrations (including
any underwritten offering) during any 12-month period, (iii) any Demand Registration if a registration statement filed by the Company
shall have previously been initially declared effective by the Securities and Exchange Commission within the 180 days preceding
the date such request for a Demand Registration is made, (iv) any Demand Registration requested by a Holder within 90 days of such
Holder's failure to timely provide a written request for inclusion in a Piggyback Registration following such Holder's receipt
of the Company's notice thereof pursuant to Section 2(a), or (v) any Demand Registration unless the number of Registrable Securities
sought to be registered on such Registration Statement (x) equals at least 20% of all such Registrable Securities outstanding at
such time, or (y) has an anticipated gross offering price of at least $25,000,000; provided, however, that if such Registrable
Securities represent the last shares held by such Holder, the Company shall, upon request by the Holder(s), register such amount
of Registrable Securities on one Registration Statement.

 

(d)          Underwritten
Demand Registration. Holders shall have the right to request that a Demand Registration be effected as an underwritten offering
at any time, subject to this Section 1, by delivering to the Company a notice setting forth such request and the number
of Registrable Securities sought to be disposed of by such Holder in such underwritten offering. All Holders proposing to participate
in such underwriting shall (i) enter into an underwriting agreement in customary form with the underwriter(s) selected for such
underwriting by the Company and reasonably acceptable to a Majority-in-Interest of the Registrable Securities included in such
offering, provided that, with respect to such underwriting agreement or any other documents reasonably required under such agreement,
(A) no Holder shall be required to make any representation or warranty with respect to or on behalf of the Company or any other
stockholder of the Company and (B) the liability of any Holder shall be limited as provided in Section 7(b) hereof, and
(ii) complete and execute all questionnaires, powers-of-attorney, indemnities, opinions and other documents required under
the terms of such underwriting agreement.   If the managing underwriter(s) for an underwritten offering advise(s) the
Company and the Holders that the dollar amount or number of Registrable Securities which the Holders desire to sell, taken together
with all other Common Shares or other securities which the Company desires to sell and the Common Shares or other securities, if
any, as to which registration has been requested pursuant to written contractual piggyback registration rights held by other stockholders
of the Company, if any, who desire to sell or otherwise, exceeds the maximum dollar amount or maximum number of securities that
can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum
Threshold”), then the Company shall include in such registration:  (1) first, the Registrable Securities
(pro rata in accordance with the number of Registrable Securities then held by such Holder) that can be sold without exceeding
the Maximum Threshold; (2) second, to the extent that the Maximum Threshold has not been reached under the foregoing
clause (1), the Common Shares or other securities that the Company desires to sell that can be sold without exceeding the
Maximum Threshold; (3) third, to the extent that the Maximum Threshold has not been reached under the foregoing clauses
(1) and (2), the Common Shares or other securities for the account of other Persons that the Company is obligated to register
pursuant to written contractual arrangements, if any, with such Persons and that can be sold without exceeding the Maximum Threshold;
and (4) fourth, to the extent that the Maximum Threshold has not been reached under the foregoing clauses (1), (2) and
(3), the Common Shares that other stockholders desire to sell that can be sold without exceeding the Maximum Threshold to the extent
that the Company, in its sole discretion, wishes to permit such sales pursuant to this clause (4).

 

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(e)          Effectiveness.
The Company will use commercially reasonable efforts to keep a Registration Statement that has become effective as contemplated
by this Section 1 continuously effective, and not subject to any stop order, injunction or other similar order or requirement
of the Securities and Exchange Commission: (i) in the case of a Registration Statement other than a Shelf Registration Statement,
until all Registrable Securities registered thereunder have been sold pursuant to such Registration Statement, but in no event
later than 270 days from the effective date of such Registration Statement, and (ii) in the case of a Shelf Registration Statement,
until the earlier of (x) three years following the effective date of such Shelf Registration Statement and (y) the date that all
Registrable Securities covered by such Shelf Registration Statement shall cease to be Registrable Securities.

 

(f)          Revocation.
Holders of a majority of the Registrable Securities proposed to be sold in a Demand Registration may, at any time prior to the
effective date of the Registration Statement relating to such registration, revoke their request for the Company to effect the
registration of all or part of such Holder’s or Holders’ Registrable Securities by providing a written notice to the
Company. If, pursuant to preceding sentence, the entire request for a Demand Registration is revoked, then, at the option of the
Holder or Holders who revoke such request, either (i) at the direction of the Holders of a majority of the Registrable Securities
proposed to be sold in a Demand Registration, the Holder or Holders of the Registrable Securities proposed to be sold shall, on
a pro rata basis, reimburse the Company for all of its out-of-pocket expenses incurred in the preparation, filing and processing
of the Registration Statement, and if such expenses are paid then such requested registration shall not count as one of the permitted
Demand Registration requests hereunder or (ii) the requested registration that has been revoked will be deemed to have been effected
for purposes of Section 1(c).

 

(e)          SEC
Limitations.

 

(i)          If
the filings contemplated herein are not permitted under the rules and regulations promulgated by the Securities and Exchange Commission
or by any Commission Guidance, then within 45 days after a written request by one or more Holders to register for resale any additional
Registrable Securities owned by such Holders that have not been registered for resale on a "shelf" Registration Statement,
the Company shall file a Registration Statement similar to the Registration Statement then effective (each, a "Follow-On
Registration Statement"), to register for resale 100%, or such portion as permitted by Commission Guidance, of such
additional Registrable Securities. The Company shall give written notice of the filing of the Follow-On Registration Statement
at least twenty-five (25) days prior to filing the Follow-On Registration Statement to all Holders (the “Follow-On
Registration Notice”) and shall include in such Follow-On Registration Statement all such additional Registrable
Securities with respect to which the Company has received written requests for inclusion therein within 30 days after sending the
Follow-On Registration Notice. Notwithstanding the foregoing, the Company shall not be required to file a Follow-On Registration
Statement if (x) the Registrable Securities to be registered are less than at least 20% of all such Registrable Securities at such
time, or (y) such offering has an anticipated gross offering price of at less than $25,000,000. The Company shall use commercially
reasonable efforts to cause such Follow-On Registration Statement to be declared effective as promptly as practicable after filing
such Follow-On Registration Statement.

 

    - 3 -

     

    

 

(ii)         Notwithstanding
any other provision of this Agreement, if any Commission Guidance sets forth a limitation of the number of Registrable Securities
to be registered on a particular Registration Statement (notwithstanding the Company’s commercially reasonable efforts to
advocate with the Securities and Exchange Commission for the registration of all or a greater number of Registrable Securities),
then, unless otherwise directed in writing by a Holder as to its Registrable Securities, the amount of Registrable Securities to
be registered on such Registration Statement will be reduced pro rata among the Holders based on the total number of unregistered
Registrable Securities held by such Holders.

 

2.    
      Piggyback Registrations.

 

(a)          Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act with respect to the
offering of Common Shares (other than in connection with an Initial Public Offering or a registration statement on Form S-4, Form
F-4 or Form S-8 or any similar or successor form thereto or filed solely in connection with an exchange offer or any employee benefit
or distribution or dividend reinvestment plan) (each, a “Piggyback Registration”), the Company shall
give prompt written notice (in any event at least fifteen (15) Business Days prior to the anticipated filing date of the Registration
Statement relating to such registration) to each Holder of its intention to effect such a registration and shall use its commercially
reasonable efforts to include in such registration all Registrable Securities with respect to which the Company has received a
written request from each Holder for inclusion therein within ten (10) Business Days following such Holder’s receipt of the
Company’s notice. All Holders proposing to distribute their securities through a Piggyback Registration that involves an
underwriter(s) shall enter into an underwriting agreement in reasonable and customary form with the underwriter(s) selected
for such Piggyback Registration, provided that with respect to such underwriting agreement or any other documents reasonably required
under such agreement, (i) no Holder shall be required to make any representation or warranty with respect to or on behalf of the
Company or any other stockholder of the Company and (ii) the liability of any Holder shall be limited as provided in Section
7(b) hereof and (iii) each Holder shall complete and execute all questionnaires, powers-of-attorney, indemnities, opinions
and other documents reasonably required under the terms of such underwriting agreement.  No registration effected under this
Section 2 shall relieve the Company of its obligations to effect a Demand Registration required by Section 1.
If at any time after giving notice of its intention to register any Company securities pursuant to this Section 3(a) and prior
to the effective date of the registration statement filed in connection with such registration, the Company shall determine for
any reason not to register such securities, the Company shall give notice to all of the Holders participating in such Piggyback
Registration and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such
registration. Notwithstanding anything herein to the contrary, the Company shall have no obligation to effect a Piggyback Registration
unless the number of Registrable Securities sought to be registered on such Registration Statement has an anticipated gross offering
price of at least $25,000,000.

 

 

    - 4 -

     

    

 

(b)          Reduction
of Offering. If the managing underwriter(s) for a Piggyback Registration that is to be an underwritten offering advises
the Company and the Holders that in their opinion the dollar amount or number of Common Shares or other securities which the Company
desires to sell, taken together with Common Shares or other securities, if any, as to which registration has been demanded pursuant
to written contractual arrangements with third parties, if any, the Registrable Securities as to which registration has been requested
under this Section 2, and the Common Shares or other securities as to which registration has been requested pursuant
to the written contractual piggyback registration rights of other stockholders of the Company, may materially adversely affect
the success of the underwritten offering, then the Company shall include in any such registration:

 

(i)          if
the registration is undertaken for the Company’s account:  (A)  first, all of the securities offered by
the Company; and (B) second, up to the full amount of securities requested to be included by the Holders and allocated pro
rata among the Holders requesting that their Registrable Securities be included in such registration on the basis of the number
of Registrable Securities owned by each such Holder (subject to any Maximum Threshold) and (C) third, by all other holders
of securities (other than Registrable Securities) with registration rights entitling them to participate in such Piggyback Registration,
allocated pro rata among such holders on the basis of the amount of Registrable Securities then held by such holders (subject to
any Maximum Threshold); and

 

(ii)         if
the registration is a “demand” registration undertaken at the demand of one or more Persons other than the Company
and any Holder, (A)  first, the Common Shares or other securities for the account of such demanding Persons requested
to be included therein; (B)  second, up to the full amount of securities requested to be included in such Piggyback
Registration by the Holders entitled to participate therein, allocated pro rata among such holders on the basis of the amount of
Registrable Securities then held by such Holder; (C) third, up to the full amount of securities proposed to be included
in the registration by the Company; and (D) fourth, up to the full amount of securities requested to be included in such Piggyback
Registration by all other Persons entitled to participate therein, allocated pro rata among such other Persons on the basis of
the amount of securities requested to be included therein by each such other Person;

 

such that, in each case, the total amount
of securities to be included in such Piggyback Registration is the full amount that, in the view of the managing underwriter(s),
can be sold without materially adversely affecting the success of such Piggyback Registration.

 

    - 5 -

     

    

 

(c)          Selection
of Underwriters. If any Piggyback Registration is an underwritten primary offering initiated by the Company, the investment
banker(s) and manager(s) for the offering shall be selected by the Company in its sole discretion.

 

(d)          Revocation
of Piggyback Registration.  If at any time after giving notice of
a Piggyback Registration, and prior to the time sales of securities are confirmed pursuant to the Piggyback Registration, the Company
determines for any reason not to register or to delay the registration of the Piggyback Registration, the Company may, in its sole
discretion, give notice of its determination to all Holders, and in the case of such a determination, will be relieved of its obligation
to register any Registrable Securities in connection with the abandoned or delayed Piggyback Registration, without prejudice.

 

3. 
         Market Standoff Agreement. Each Holder of Registrable
Securities agrees that in connection with any Public Offering of the Company's equity securities, or any securities
convertible into or exchangeable or exercisable for such securities, and upon the request of the managing underwriter(s) in
such offering, such Holder shall not, without the prior written consent of such managing underwriter(s), during the period
commencing on the date that is 10 days prior to the consummation of such offering and continuing until 180 days, in the case
of an Initial Public Offering, and 90 days, in the case of all Public Offerings that are not an Initial Public
Offering, after the commencement of an underwritten offering, (i) offer to sell, pledge, sell, contract to sell, grant any
option or contract to purchase, purchase any option or contract to sell, hedge the beneficial ownership of or otherwise
dispose of, directly or indirectly, any shares of Common Shares or any securities convertible into, exercisable for or
exchangeable for shares of Common Shares (whether such shares or any such securities are then owned by the Holder or are
thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of Common Shares or such other securities, in cash or otherwise. The foregoing provisions of
this Section 3 shall not apply to sales of Registrable Securities to be included in such offering pursuant
to Sections 1 and 2, and shall be applicable to the holders of Registrable Securities only if all executive officers and
directors of the Company are subject to the same restrictions. Each holder of Registrable Securities agrees to execute and
deliver such other agreements as may be reasonably requested by the Company or the managing underwriter which are consistent
with the foregoing or which are necessary to give further effect thereto.

 

4. 
         Registration Procedures.

 

(a)          Whenever
the Holder has requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use commercially
reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the Holder’s
intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(i)          (A)
prepare and file (or submit confidentially) with the Securities and Exchange Commission a Registration Statement with respect to
such Registrable Securities as soon as reasonably practicable, and (B) use commercially reasonable efforts to cause such Registration
Statement (1) to become effective as soon as practicable (provided that before filing a Registration Statement or prospectus or
any amendments or supplements thereto, the Company shall furnish to one counsel selected by Holders of a Majority-in-Interest of
the Registrable Securities proposed to be included therein copies of all such documents proposed to be filed, which documents shall
be subject to the review and comment of such counsel) and (2) to remain effective and in compliance with the provisions of the
Securities Act until all Registrable Securities (and any other securities, if applicable) covered by such Registration Statement
have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement or such
securities have been withdrawn;

 

    - 6 -

     

    

 

(ii)         respond
to written comments received from the Securities and Exchange Commission upon a review of any Registration Statement in a timely
manner;

 

(iii)        notify
each Holder of the effectiveness of each Registration Statement filed hereunder; file with the Securities and Exchange Commission
in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such
Registration Statement; and prepare and file with the Securities and Exchange Commission such amendments and supplements to such
Registration Statement and the prospectus used in connection therewith, and otherwise take such actions, as may be necessary to
keep such Registration Statement effective as set forth in Section 1(e) herein;

 

(iv)        furnish
to each Holder such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus included
in such Registration Statement (including each preliminary prospectus) and such other documents as the Holders may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by each Holder;

 

(v)         if
applicable, use commercially reasonable efforts to register or qualify the shares covered by such Registration Statement under
such other securities or blue sky laws of such jurisdictions as each Holder shall reasonably request and do any and all other acts
and things which may be reasonably necessary or advisable to enable each Holder to consummate the disposition in such jurisdictions
of the Registrable Securities owned by such Holder (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) subject itself
to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction);

 

(vi)        notify
each Holder 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, as expeditiously as possible following the
happening of such event, 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;

 

    - 7 -

     

    

 

(vii)       use
its commercially reasonable 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, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange;

 

(viii)      provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement;

 

(ix)         enter
into such customary agreements (including underwriting agreements in customary form) and take all such other actions as the Holders
or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including effecting a stock split or a combination of shares);

 

(x)          make
available, upon reasonable notice and during normal business hours, for inspection by 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 documents and properties of the Company as shall be reasonably necessary to
enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees and independent
accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection
with such Registration Statement;

 

(xi)         otherwise
use commercially reasonable 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 (12) 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 thereunder, and which requirement will be deemed satisfied if the Company timely files complete and accurate information
on Form 20-F, Form 40-F or Form 6-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

(xii)        in
the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Common Shares included in such Registration
Statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts promptly to obtain the withdrawal
of such order;

 

(xiii)       use
commercially reasonable 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 Holders thereof to consummate
the disposition of such Registrable Securities; and

 

    - 8 -

     

    

 

(xiv)      cooperate
with each Holder and any broker or dealer through which any such Holder proposes to sell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as requested by such Holder.

 

(b)          Each
Holder that requested that any Registrable Securities be registered pursuant to this Agreement shall deliver to the Company such
information with respect to itself and its Registrable Securities as the Company may reasonably require for inclusion in the Registration
Statement (and the prospectus included therein) to the extent necessary to comply with all applicable rules and regulations of
the Securities and Exchange Commission, including, but not limited to, a Selling Stockholder Questionnaire, if any, and that it
will promptly notify the Company of any material changes in the information set forth in the Registration Statement furnished by
or regarding the Holder or its plan of distribution. Each Holder further agrees that it shall not be entitled to be named as a
selling securityholder in the Registration Statement or use the prospectus for offers and resales of Registrable Securities at
any time, unless such Holder has provided to the Company all information reasonably requested by the Company, including, but not
limited to, a completed and signed Selling Stockholder Questionnaire. Each Holder acknowledges and agrees that the information
provided to the Company by the Holder, including, but not limited to, in the Selling Stockholder Questionnaire, may be used by
the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the Registration
Statement.

 

(c)          The
Holders shall not effect sales of the shares covered by the Registration Statement (i) prior to the withdrawal of any stop
order suspending the effectiveness of the Registration Statement, or of any order suspending or preventing the use of any related
prospectus or suspending the registration or qualification of any Registrable Securities included in the Registration Statement
for sale in any jurisdiction where such shares had previously been registered or qualified or (ii) after receipt of an electronic
transmission or other written notice from the Company instructing such Holders to suspend sales to permit the Company to correct
or update the Registration Statement or prospectus until such Holder receives copies of a supplemented or amended prospectus that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any required post-effective amendment has
become effective.

 

(d)          At
any time during the term of this Agreement, the Company may determine, in the good faith judgment of its Board of Directors, after
consultation with the Company's legal counsel, that offers and sales under the Registration Statement shall be suspended if it
is in the best interests of the Company not to disclose the existence of material facts surrounding any proposed or pending acquisition,
disposition, strategic alliance, financing transaction, or any other material transaction involving the Company, the existence
of which the Company has a bona fide business purpose for keeping confidential and the nondisclosure
of which in the Registration Statement would reasonably be expected to cause the Registration Statement to fail to comply with
applicable disclosure requirements.  Immediately upon making such a determination, the Company shall give notice of such
determination to the Holders of such Registrable Securities, upon receipt of which each such Holder agrees that it will immediately
discontinue offers and sales of Registrable Securities under the Registration Statement until such Holder receives copies of a
supplemented or amended prospectus that corrects the misstatement(s) or omission(s) referred to above and receives notice that
any post-effective amendment has become effective; provided, that the Company may delay, suspend or withdraw the Registration Statement
for such reason for no more than three times during any twelve (12)  consecutive month period and the duration of any such
delay, suspension or withdrawal shall not exceed ninety (90) days in the aggregate in any twelve (12) consecutive month period.

 

    - 9 -

     

    

 

5.     
     Registration Expenses. All expenses (other than Selling Expenses) incident to the
Company’s performance of or compliance with this Agreement, including without limitation all registration and filing
fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses,
fees and disbursements of custodians, and fees and disbursements of counsel for the Company and independent certified public
accountants, underwriters (excluding Selling Expenses) and other persons retained by the Company, and reasonable fees and
expenses (not to exceed $50,000 per Demand Registration or Piggyback Registration) of one counsel for the Holders in
connection with any Demand Registration or Piggyback Registration (all such expenses being herein called
“Registration Expenses”), shall be borne by the Company. The Company shall not be liable for
any Selling Expenses. As used herein, the term "Selling Expenses" shall mean, collectively, any selling
commissions, discounts or brokerage fees. Selling Expenses shall be borne by the respective seller thereof, in proportion to
the respective number of shares of Registrable Securities sold by each of them.

 

6.    
      Holder's Obligations. Each Holder covenants and agrees that, in the event
the Company informs such Holder in writing that it does not satisfy the conditions specified in Rule 172 and, as a result
thereof, such seller is required to deliver a prospectus in connection with any disposition of Registrable Securities, it
will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption
therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration Statement, and shall
sell the Registrable Securities only in accordance with a method of distribution described in the Registration Statement.

 

7.     
     Indemnification.

 

(a)          The
Company shall indemnify, to the extent permitted by applicable law, each Holder, its officers, directors, partners, managers, members,
investment managers, employees, affiliates, agents and representatives, and each Person who controls each Holder (within the meaning
of Section 15 the Securities Act and Section 20 of the Exchange Act) against any and all losses, claims, damages, liabilities and
expenses (including reasonable legal expenses) arising out of or based upon (i) any untrue or alleged untrue statement of material
fact contained in (or incorporated by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary
prospectus, filing under any state securities (or blue sky) law 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,
or (ii) any violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or
regulation promulgated thereunder relating to the offer and sale of Registrable Securities pursuant to the Registration Statement;
provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent that (x) such
claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in (or incorporated
by reference therein) any Registration Statement, free writing prospectus, prospectus or preliminary prospectus, filing under any
state securities (or blue sky) law or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such indemnified
party regarding such party expressly for use therein, or (y) such claim is related to the use by a Holder or underwriter, if any,
of an outdated or defective prospectus after such Holder has received written notice from the Company that such prospectus is outdated
or defective. 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 holders of Registrable Securities.

 

    - 10 -

     

    

 

(b)          Each
Holder shall, severally and not jointly, to the extent permitted by applicable law, indemnify the Company, its directors and officers
and each Person who controls the Company (within the meaning of Section 15 the Securities Act and Section 20 of the Exchange Act),
against any and all losses, claims, damages, liabilities and expenses (including reasonable legal expenses) arising out of or based
upon any untrue or alleged untrue statement of material fact contained in (or incorporated by reference therein) the Registration
Statement, free writing prospectus, 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 so furnished in writing to the Company
by such Holder or its representatives by or on behalf of such Holder expressly for use therein; provided that each such Holder
shall be liable under this Section 7(b) of this Agreement (and otherwise) for only up to the amount of net amount of proceeds
actually received by each such Holder as a result of the sale of its Registrable Securities pursuant to the Registration Statement
giving rise to such indemnification obligation.

 

(c)          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 not impair any Person’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless, in the Company’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.
After written notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim,
the indemnifying party shall not be subject to any liability for any settlement subsequently 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 the Company,
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such
claim, in which case the indemnifying party shall be liable for the fees and expenses of one additional firm of attorneys with
respect to the indemnified parties. The indemnifying party shall keep the indemnified party reasonably apprised at all times as
to the status of the defense or any settlement negotiations with respect to such claim. No indemnifying party shall, without the
prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
full release from all liability with respect to such claim.

 

    - 11 -

     

    

 

(d)          If
the indemnification provided for in this Section 7 of this Agreement is unavailable to or is insufficient to hold harmless
an indemnified party under the provisions above in respect to any losses, claims, damages, liabilities or expenses referred to
therein, then the indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, liabilities or expenses to the fullest extent permitted by law; provided, however, that: (i) no Person
involved in the sale of Registrable Securities that is guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) in connection with such sale shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation, and (ii) contribution by each Holder shall be limited in amount to the net amount of proceeds actually
received by such Holder from the sale of such Registrable Securities pursuant to the applicable Registration Statement, less the
amount of any damages that such Holder has otherwise been required to pay in connection with such sale (including under Section
7(b)).

 

8.     
     Reports under the Exchange Act. With a view to making available to the each
Holder the benefits of Rule 144 under the Securities Act or any other similar rule or regulation of the Securities and
Exchange Commission that may at any time permit a Holder to sell securities of the Company to the public without registration
(“Rule 144”), at all times during which there are Registrable Securities outstanding that have not
been previously been (i) sold to or through a broker or dealer or underwriter in a public distribution or (ii) sold in a
transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1)
thereof, in the case of either clause (i) or clause (ii) in such a manner that, upon the consummation of such sale, all
transfer restrictions and restrictive legends with respect to such shares are removed upon the consummation of such sale, the
Company agrees to use its commercially reasonable efforts to:

 

(a)          make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)          file
with the Securities and Exchange Commission in a timely manner all reports and other documents required of the Company under the
Exchange Act, so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144; and

 

(c)          furnish
to each Holder so long as such Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company,
if true, that it has complied with the reporting requirements of Rule 144 and the Exchange Act, (ii) a copy of the most recent
annual report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as
may be reasonably requested to permit each Holder to sell such securities pursuant to Rule 144 without registration.

 

    - 12 -

     

    

 

9.    
      Definitions.

 

“Affiliate”
means (i) any Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common
control with such other Person, (ii) any executive officer or general partner of such other Person and (iii) any legal entity for
which such Person acts as executive officer or general partner, and “control” for these purposes means
the direct or indirect power to direct or cause the direction of the management and policies of another Person, whether by operation
of law or regulation, through ownership of securities, as trustee or executor or in any other manner.

 

“Business
Day” means any day on which the principal offices of the Securities and Exchange Commission in Washington, DC are
open to accept filings.

 

“Commission
Guidance” means (i) any publicly available written guidance or rule of general applicability of the Securities and
Exchange Commission staff or (ii) written comments, requirements or requests of the Securities and Exchange Commission staff to
the Company in connection with the review of a Registration Statement.

 

“Common
Shares” means the common shares, par value $1.00 per share, of the Company, and includes all securities of the Company
issued or issuable with respect to such securities by way of a stock split, stock dividend, or in exchange for or upon conversion
of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation,
or other corporate reorganization.

 

“Demand
Registration” means a Short-Form Registration or a Long-Form Registration.

 

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

 

“Founders’ Agreement”
means the Amended and Restated Founders’ Agreement dated as of October 25, 2017, by and among the Company, Brentwood Shipping
& Trading Ltd., and each of the investors listed on Schedule A thereto.

 

“FINRA”
means the Financial Industry Regulatory Authority, and any agency or authority succeeding to the functions thereof..

 

“Holder”
means (i) the Stockholder in its capacity as a holder of record of Registrable Securities, (ii) any Affiliate of the Stockholder
that is a direct or indirect transferee of Registrable Securities from the Stockholder or any subsequent Holder and (iii) any direct
or indirect transferee of transfer of not less than twenty percent (20%) of the initial number of Registrable Securities issued
to the Stockholder at the closing of the Purchase Agreement from the Stockholder or any subsequent Holder.

 

“Initial Public Offering”
means the Company’s first underwritten public offering of its Common Shares registered under the Securities Act.

 

“Majority-in-Interest”
means Holders of more than fifty percent (50%) of the then-Registrable Securities.

 

    - 13 -

     

    

 

“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 or a governmental entity (or any department, agency or political subdivision thereof).

 

“Public
Offering” means the sale of Common Shares to the public pursuant to an effective Registration Statement (other than
Form S-4, Form F-4 or Form S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory
scheme of any foreign jurisdiction.

 

“Registrable
Securities” means (i) any Common Shares held by each Holder or its Affiliates, whether on the date of this Agreement
or thereafter, and (ii) any other Common Shares issued or issuable with respect to the securities referred to in clause (i) by
way of a stock dividend or stock split or in connection with an exchange or combination of shares, recapitalization, merger, consolidation
or other reorganization; provided, however, that in the case of a Permitted Assignee, "Registrable Securities" shall
not include any securities of the Company held by such Permitted Assignee that were not transferred to such Permitted Assignee
in a Permitted Assignment. For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever
such Person has the right to acquire 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. As to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when (A) a Registration Statement covering such securities has been declared effective by the Securities and Exchange
Commission and such securities have been disposed of pursuant to such effective Registration Statement, (B) such securities are
sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under
the Securities Act are met, (C) (x) such Holder owning such Registrable Securities holds Registrable Securities that constitute,
in the aggregate, less than 3% of the Company’s outstanding Common Shares (on a fully diluted basis) and (y) such securities
are eligible for sale without registration pursuant to Rule 144 (or any similar provisions then in force) under the Securities
Act without limitation thereunder on volume or manner of sale, (D) such securities are otherwise transferred and such securities
may be resold without subsequent registration under the Securities Act, or (E) such securities shall have ceased to be outstanding.

 

“Registration
Statement” means any registration statement of the Company under the Securities Act which covers any of the Registrable
Securities pursuant to the provisions of this Agreement, including the prospectus, amendments, and supplements to such Registration
Statement, including post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

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

 

“Securities
and Exchange Commission” means the United States Securities and Exchange Commission, and any governmental body or
agency succeeding to the functions thereof.

 

    - 14 -

     

    

 

10.   
      Miscellaneous.

 

(a)          Remedies.
Each Party shall be entitled to enforce its rights under any provision of this Agreement specifically to recover damages caused
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by applicable law. The Parties
agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that
any Party may, in its sole discretion, apply to any court of law or equity of competent jurisdiction (without posting any bond
or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions
of this Agreement.

 

(b)          Termination.
All rights and obligations of the Company hereunder other than pursuant to Sections 5, 7 and 10 hereof shall terminate on the date
on which no Registrable Securities are outstanding.

 

(c)          Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only
upon the prior written consent of the Company, a Majority-in-Interest and any Holder that would be materially and disproportionately
affected by such an amendment or waiver. The failure of any party 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 party thereafter to enforce each and every
provision of this Agreement in accordance with its terms.

 

(d)          Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the initial Holders hereunder
may be freely assigned or delegated by such Holder in conjunction with and to the extent of any transfer of Registrable Securities
by the Stockholders to any Person as was permitted under the Founders’ Agreement (a "Permitted Assignment",
and such Person, a "Permitted Assignee") (subject to any contractual obligation of such Holders to the
contrary); provided that any rights transferred pursuant to this Section 10(d) shall apply only in respect to the Registrable
Securities transferred by such Holder and not in respect of any other securities that the Permitted Assignee may hold or acquire.
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the Parties and their
respective permitted successors and assigns; provided, however, that no such transfer or assignment shall be binding upon or obligate
the Company to any such assignee, and no such assignee shall be deemed a Holder hereunder, unless and until the Company shall have
received written notice of such transfer or assignment as herein provided and a written agreement of the assignee to be bound by
the provisions of this Agreement. This Agreement is not intended to confer any rights or benefits on any Persons that are not party
hereto other than as expressly set forth in Section 7 and this Section 10(d). Notwithstanding anything herein to
the contrary, in the case of an assignment of any rights hereunder by an initial Holder, each such assignment shall identify how
many unused Long-Form Registrations rights and Short-Form Registration Rights are being assigned (if any). For the avoidance of
doubt, in no event shall the Company be required to effect any registrations in excess of the limitations set forth in Section
1(c) herein.

 

    - 15 -

     

    

 

(e)          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 by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

(f)          Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each Party to this Agreement and delivered to the other Party,
it being understood that all Parties need not sign the same counterpart. Signatures delivered by electronic methods shall have
the same effect as signatures delivered in person.

 

(g)          Descriptive
Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

 

(h)          Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the internal laws of New York
applicable to parties residing in New York, without regard applicable principles of conflicts of law. Each of the Parties to this
agreement consents and agrees that any action to enforce this Agreement or any dispute, whether such dispute arises in law or equity,
arising out of or relating to this Agreement shall be brought exclusively in the United States District Court for the Southern
District of New York and the Parties hereto consent and agree to submit to the exclusive jurisdiction of such court. Each of the
Parties to this Agreement waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law,
any claim that (i) such Party and such Party’s property is immune from any legal process issued by such court or (ii) any
litigation or other proceeding commenced in such court is brought in an inconvenient forum. The Parties agree that process may
be served upon it in any manner authorized by law. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH
MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, IT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12(h).

 

(i)          Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly delivered: (i) upon receipt if delivered
personally; (ii) three (3) Business Days after being mailed by registered or certified mail, postage prepaid, return receipt requested;
(iii) one (1) Business Day after it is sent by commercial overnight courier service; or (iv) upon transmission if sent via facsimile
or electronic mail to the Parties to this Agreement at, in the case of the Stockholders, the addresses set forth in Schedule A
attached hereto, or, in the case of the Company, at 7 Rue du Gabian, Gildo Pastor Center, Monaco 98000, facsimile:__________, electronic
mail:___________ (or at such other address for a Party as shall be specified upon like notice).

 

    - 16 -

     

    

 

(j)          Rules
of Construction. The Parties agree that they have each been represented by counsel during the negotiation, preparation and
execution of this Agreement (or, if executed following the date hereof by counterpart, have been provided with an opportunity to
review the Agreement with counsel) and, therefore, waive the application of any law, regulation, holding or rule of construction
providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document.

 

(k)          Interpretation.
This Agreement shall be construed in accordance with the following rules: (i) the terms defined in this Agreement include the plural
as well as the singular; (ii) all references in the Agreement to designated “Sections” and other subdivisions are to
the designated sections and other subdivisions of the body of this Agreement; (iii) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms; (iv) the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and
(v) the words “includes” and “including” are not limiting.

 

[Remainder of page intentionally left
blank. Signature Pages Follow.]

 

    - 17 -

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Registration Rights Agreement on the date first above written.

 

	 	COMPANY:
	 	 
	 	Goodbulk, Ltd.
	 	 	 
	 	By:	               
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	STOCKHOLDERS:
	 	 
	 	Brentwood Shipping & Trading Inc.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	LCP GBA, LLC
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	CVI Ocean Transportation, Inc.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	CVI Ocean Transportation II, Inc.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	CVI AV Lux Securities Sarl
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

Registration Rights Agreement

 

     

     

    

 

	 	CarVal GCF Lux Securities Sarl
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

Registration Rights Agreement

 

     

     

    

 

Schedule A

 

Brentwood Shipping & Trading Inc.

 

LCP GBA, LLC

 

CVI Ocean Transportation, Inc.

 

CVI Ocean
Transportation II, Inc.

 

CVI AV Lux
Securities Sarl

 

CarVal GCF Lux Securities Sarl

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