Document:

Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-251

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

     

     

    

	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-252

TABLE OF CONTENTS

 

 

 

	 	Page
	 	 
	Article 1
	DEFINITIONS
	 	 
	Section 1.01.  Defined Terms	1
	Section 1.02.  General Interpretive Principles	3
	 	 
	Article 2
	REGISTRATION RIGHTS
	 	 
	Section 2.01.  Registration	4
	Section 2.02.  Piggyback Registrations	6
	Section 2.03.  Selection of Underwriter(s)	7
	Section 2.04.  Registration Procedures	7
	Section 2.05.  Holdback Agreements	11
	Section 2.06.  Underwriting Agreement in Underwritten Offerings	11
	Section 2.07.  Registration Expenses Paid By Company	11
	Section 2.08.  Indemnification	11
	Section 2.09.  Reporting Requirements; Rule 144	13
	 	 
	Article 3
	MISCELLANEOUS
	 	 
	Section 3.01.  Term	14
	Section 3.02.  Notices	14
	Section 3.03.  Successors, Assigns and Transferees	14
	Section 3.04.  GOVERNING LAW; NO JURY TRIAL	15
	Section 3.05.  Specific Performance	15
	Section 3.06.  Headings	15
	Section 3.07.  Severability	15
	Section 3.08.  Amendment; Waiver	15
	Section 3.09.  Further Assurances	15
	Section 3.10.  Counterparts	15

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-253

  

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated as
of __________, 2017 (this “Agreement”), is by and between Hudson Ltd., an exempted company limited by shares
incorporated in Bermuda (the “Company”), and Dufry International AG, a Swiss stock corporation (“Dufry”).

 

WITNESETH:

 

WHEREAS, the Company is currently contemplating
an underwritten initial public offering (“IPO”) of certain of its Class A Common Shares (as defined below);
and

 

WHEREAS, the Company desires to grant registration
rights to Dufry on the terms and conditions set out in this Agreement;

 

NOW, THEREFORE, in consideration of the covenants
and agreements contained herein, the parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.    Defined Terms. As used
in this Agreement, the following terms shall have the following meanings:

 

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

 

“Affiliate” of any Person
means a Person that controls, is controlled by, or is under common control with such Person; provided, however, that,
for purposes of this Agreement, the Company and its Subsidiaries shall not be considered to be “Affiliates”
of Dufry and its Subsidiaries (other than the Company and its Subsidiaries), and Dufry and its Subsidiaries (other than the Company
and its Subsidiaries) shall not be considered to be “Affiliates” of the Company or its Subsidiaries. As used
herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or
otherwise.

 

“Agreement” has the meaning
set forth in the preamble to this Agreement.

 

“Business Day” means any
day other than a Saturday, Sunday or a day on which banking institutions are authorized or obligated by law to be closed in New
York, New York or Zurich, Switzerland.

 

“Class A Common Shares”
means the Class A common shares, par value $       per share, of the Company and any shares into
which such Class A Common Shares may be converted.

 

“Company Notice” has the
meaning set forth in Section 2.01(a).

 

“Company Takedown Notice”
has the meaning set forth in Section 2.01(f).

 

“Demand Registration” has
the meaning set forth in Section 2.01(a).

 

“Dufry” has the meaning
set forth in the preamble to this Agreement and shall include its successors, by merger, acquisition, reorganization or otherwise.

 

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

 

     

     

    

	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-254

“Governmental Authority”
means any nation or government, any state, municipality or other political subdivision thereof, and any entity, body, agency, commission,
department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational,
exercising executive, legislative, judicial, regulatory, administrative or other similar functions of, or pertaining to, government
and any executive official thereof.

 

“Holder” shall mean Dufry
or any of its Affiliates, so long as such Person holds any Registrable Securities, and any Person owning Registrable Securities
who is a permitted transferee of rights under Section 3.03.

 

“Initiating Holder” has
the meaning set forth in Section 2.01(a).

 

“IPO” has the meaning set
forth in the recitals to this Agreement.

 

“Loss” or “Losses”
has the meaning set forth in Section 2.08(a).

 

“Person” means an individual,
a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability
entity, any other entity and any Governmental Authority,

 

“Piggyback Registration”
has the meaning set forth in Section 2.02(a).

 

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

 

“Registrable Securities”
means any Shares and any securities issued or issuable directly or indirectly with respect to, in exchange for, upon the conversion
of or in replacement of the Shares, whether by way of a dividend or distribution or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation, exchange or other reorganization; provided that any such Shares shall
cease to be Registrable Securities if (i) they have been registered and sold pursuant to an effective Registration Statement, (ii)
they have been transferred by a Holder in a transaction in which the Holder’s rights under this Agreement are not, or cannot
be, assigned, (iii) they may be sold pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner
of sale, or (iv) they have ceased to be outstanding.

 

“Registration” means a registration
with the SEC of the offer and sale to the public of Class A Common Shares under a Registration Statement. The terms “Register,”
“Registered” and “Registering” shall have a correlative meaning.

 

“Registration Expenses”
shall mean all expenses incident to the Company’s performance of or compliance with this Agreement, including all (i) registration,
qualification and filing fees; (ii) expenses incurred in connection with the preparation, printing and filing under the Securities
Act of the Registration Statement, any Prospectus and any issuer free writing prospectus and the distribution thereof; (iii) the
fees and expenses of the Company’s counsel and independent accountants; (iv) the fees and expenses incurred in connection
with the registration or qualification and determination of eligibility for investment of the Shares under the state or foreign
securities or blue sky laws and the preparation, printing and distribution of a World Sky Memorandum (including the related fees
and expenses of counsel); (v) the costs and charges of any transfer agent and any registrar; (vii) all expenses and application
fees incurred in connection with any filing with, and clearance of an offering by, Financial Industry Regulatory Authority, Inc.;
(vii) expenses incurred in connection with any “road show” presentation to potential investors; (viii) printing
expenses, messenger, telephone and delivery expenses; (ix) internal expenses of the Company (including all salaries and expenses
of employees of the Company performing legal or accounting duties); and (x) fees and expenses of listing any Registrable Securities
on any securities exchange on which Class A Common Shares are then listed; but excluding any Selling Expenses.

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-255

“Registration Period” has
the meaning set forth in Section 2.01(c).

 

“Registration Rights” shall
mean the rights of the Holders to cause the Company to Register Registrable Securities pursuant to this Agreement.

 

“Registration Statement”
means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and regulations promulgated
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.

 

“SEC” has the meaning set
forth in the recitals to this Agreement.

 

“Securities Act” means the
U.S. Securities Act of 1933, as amended.

 

“Selling Expenses” means
all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder.

 

“Shares” means all Class
A Common Shares that are beneficially owned by Dufry or any of its Affiliates or any permitted transferee of rights under Section
3.03 from time to time, whether or not held immediately following the IPO.

 

“Shelf Registration” means
a Registration Statement of the Company for an offering to be made on a delayed or continuous basis of Class A Common Shares pursuant
to Rule 415 under the Securities Act (or similar provisions then in effect).

 

“Subsidiary” means, when
used with respect to any Person, (a) a corporation in which such Person or one or more Subsidiaries of such Person, directly or
indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares
of all classes and series of capital stock of such corporation entitled generally to vote in such election; and (b) any other Person
(other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly, has (i) a majority
ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing body of such
first-named Person.

 

“Takedown Notice” has the
meaning set forth in Section 2.01(f).

 

“Underwritten Offering”
means a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for
reoffering to the public.

 

Section 1.02.    General Interpretive Principles.
Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires, any noun or pronoun
shall be deemed to include the plural as well as the singular and to cover all genders. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed
by the words “without limitation.” Unless otherwise specified, the terms “hereof,” “herein,”
“hereunder” and similar terms refer to this Agreement as a whole (including the exhibits hereto), and references
herein to Articles and Sections refer to Articles and Sections of this Agreement. Except as otherwise indicated, all periods of
time referred to herein shall include all Saturdays, Sundays and holidays; provided, however, that if the date to
perform the act or give any notice with respect to this Agreement shall fall on a day other than a Business Day, such act or notice
may be performed or given timely if performed or given on the next succeeding Business Day. References to a Person are also to
its permitted successors and assigns. The parties have participated jointly in the negotiation and drafting of this Agreement and,
in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted
by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-256

  

Article
2

REGISTRATION RIGHTS

 

Section 2.01.    Registration.

 

(a)       Request.
Any Holder(s) of Registrable Securities (collectively, the “Initiating Holder”) shall have the right to request
that the Company file a Registration Statement with the SEC on the appropriate registration form for all or part of the Registrable
Securities held by such Holder once such Holder is no longer subject to the lock-up applicable to it entered into in connection
with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Securities) by delivering
a written request to the Company specifying the kind and number of shares of Registrable Securities such Holder wishes to Register
and the intended method of distribution thereof (a “Demand Registration”). The Company shall (i) within 10 Business
Days of the receipt of such request, give written notice of such Demand Registration to all Holders of Registrable Securities (the
“Company Notice”), (ii) use its reasonable best efforts to file a Registration Statement in respect of such
Demand Registration within 45 days of receipt of the request, and (iii) use its reasonable best efforts to cause such Registration
Statement to become effective as soon as reasonably practicable thereafter. The Company shall include in such Registration all
Registrable Securities that the Holders request to be included within the 10 Business Days following their receipt of the Company
Notice.

 

(b)       Limitations
of Demand Registrations. There shall be no limitation on the number of Demand Registrations pursuant to Section 2.01(a); provided,
however, that the Holders may not require the Company to effect more than ten Demand Registrations in a 12-month period.
In the event that any Person shall have received rights to Demand Registrations pursuant to Section 3.03, and such Person shall
have made a Demand Registration request, such request shall be treated as having been made by the Holder(s). The Registrable Securities
requested to be Registered pursuant to Section 2.01(a) must represent (i) an aggregate offering price of Registrable Securities
that is reasonably be expected to equal at least $10,000,000 or (ii) all of the remaining Registrable Securities owned by the requesting
Holder and its Affiliates.

 

(c)       Effective
Registration. The Company shall be deemed to have effected a Registration for purposes of Section 2.01(b) if the Registration
Statement is declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until the earlier
of (i) the date when all Registrable Securities thereunder have been sold and (ii) 40 days from the effective date of the Registration
Statement (the “Registration Period”). No Registration shall be deemed to have been effective if the conditions
to closing specified in the underwriting agreement, if any, entered into in connection with such Registration are not satisfied
by reason of the Company. If, during the Registration Period, such Registration is interfered with by any stop order, injunction
or other order or requirement of the SEC or other Governmental Authority, the Registration Period shall be extended on a day-for-day
basis for any period the Holder is unable to complete an offering as a result of such stop order, injunction or other order or
requirement of the SEC or other Governmental Authority.

 

(d)       Underwritten
Offering. If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a), such offering of Registrable
Securities shall be in the form of an Underwritten Offering and the Company shall include such information in the Company Notice.
In the event that the Initiating Holder intends to distribute the Registrable Securities by means of an Underwritten Offering,
no Holder may include Registrable Securities in such Registration unless such Holder, subject to the limitations set forth in Section
2.06, (i) agrees to sell its Registrable Securities on the basis provided in the applicable underwriting arrangements; (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements and (iii) cooperates with the Company’s reasonable requests in connection
with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which failure
is caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement).

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-257

  

(e)       Priority
of Securities in an Underwritten Offering. If the managing underwriter or underwriters of a proposed Underwritten Offering,
including an Underwritten Offering from a Shelf Registration, pursuant to this Section 2.01 informs the Company and the Holders
with Registrable Securities in the proposed Underwritten Offering in writing that, in its or their opinion, the number of securities
requested to be included in such Underwritten Offering exceeds the number that can be sold in such Underwritten Offering without
being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the
following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for
the account of any selling securityholder other than the Holders; second, there shall be excluded from the Underwritten
Offering any securities to be sold for the account of the Company; third, there shall be excluded from the Underwritten
Offering any securities to be sold for the account of Holders other than Dufry and its Affiliates that have been requested to be
included therein pro rata based on the number of Registrable Securities owned by each such Holder; and finally, the
number of Registrable Securities of Dufry and its Affiliates shall be reduced, in each case to the extent necessary to reduce the
total number of securities to be included in such offering to the number recommended by the managing underwriter or underwriters.

 

(f)       Shelf
Registration. At any time after the date hereof when the Company is eligible to Register the applicable Registrable Securities
on Form F-3 (or a successor form) and the Holder may request Demand Registrations, the requesting Holders may request the Company
to effect a Demand Registration as a Shelf Registration. There shall be no limitations on the number of Underwritten Offerings
pursuant to a Shelf Registration; provided, however, that the Holders may not require the Company to effect more
than ten Underwritten Offerings in a 12-month period. Any Holder of Registrable Securities included on a Shelf Registration shall
have the right to request that the Company cooperate in a shelf takedown at any time, including an Underwritten Offering, by delivering
a written request thereof to the Company specifying the kind and number of shares of Registrable Securities such Holder wishes
to include in the shelf takedown (“Takedown Notice”). The Company shall (i) within 5 Business Days of the receipt
of a Takedown Notice for an Underwritten Offering, give written notice of such Takedown Notice to all Holders of Registrable Securities
included on such Shelf Registration (the “Company Takedown Notice”), and (ii) shall take all actions reasonably
requested by such Holder, including the filing of a Prospectus supplement and the other actions described in Section 2.04, in accordance
with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable. If the takedown is an
Underwritten Offering, the Company shall include in such Underwritten Offering all Registrable Securities that that the Holders
request to be included within the 5 days following their receipt of the Company Takedown Notice. If the takedown is an Underwritten
Offering, the Registrable Securities requested to be included in a shelf takedown must represent (i) an aggregate offering price
of Registrable Securities that is reasonably be expected to equal at least $10,000,000 or (ii) all of the remaining Registrable
Securities owned by the requesting Holder and its Affiliates.

 

(g)       SEC
Form. Except as set forth in the next sentence, the Company shall use its reasonable best efforts to cause Demand Registrations
to be Registered on Form F-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form
F-3, Demand Registrations shall be Registered on Form F-1 (or any successor form). The Company shall use its reasonable best efforts
to become eligible to use Form F-3 and, after becoming eligible to use Form F-3, shall use its reasonable best efforts to remain
so eligible. All Demand Registrations shall comply with applicable requirements of the Securities Act and, together with each Prospectus
included, filed or otherwise furnished by the Company in connection therewith, shall not contain any untrue statement of material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-258

  

Section 2.02.    Piggyback Registrations.

 

(a)       Participation.
If the Company proposes to file a Registration Statement under the Securities Act with respect to any offering of Class A Common
Shares for its own account and/or for the account of any other Persons (other than a Registration (i) under Section 2.01 hereof,
(ii) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees
or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement) or Form F-4 or similar form
that relates to a transaction subject to Rule 145 under the Securities Act, (iii) pursuant to any form that does not include substantially
the same information as would be required to be included in a Registration Statement covering the sale of Registrable Securities,
(iv) in connection with any dividend reinvestment or similar plan or (v) for the sole purpose of offering securities to another
entity or its security holders in connection with the acquisition of assets or securities of such entity or any similar transaction),
then, as soon as practicable (but in no event less than 15 days prior to the proposed date of filing such Registration Statement),
the Company shall give written notice of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity
to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing
(a “Piggyback Registration”). Subject to Section 2.02(a) and Section 2.02(c), the Company shall include in such
Registration Statement all such Registrable Securities that are requested to be included therein within 12 days after the receipt
of any such notice; provided, however, that if, at any time after giving written notice of its intention to Register
any securities pursuant to this Section 2.01(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 or to delay Registration of such securities,
the Company may, at its election, give written notice of such determination to each such Holder and, thereupon, (i) in the case
of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with
such Registration and shall have no liability to any Holder in connection with such termination, without prejudice, however, to
the rights of any Holder to request that such Registration be effected as a Demand Registration under Section 2.01, and (ii) in
the case of a  determination to delay Registration, shall be permitted to delay Registering any Registrable Securities
for the same period as the delay in Registering such other Class A Common Shares. No Registration effected under this Section 2.02
shall relieve the Company of its obligation to effect any Demand Registration under Section 2.01. If the offering pursuant to a
Registration Statement pursuant to this Section 2.02 is to be an Underwritten Offering, then each Holder making a request for a
Piggyback Registration pursuant to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate
arrangements with the underwriters so that each such Holder may, participate in such Underwritten Offering. If the offering pursuant
to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant
to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate arrangements so that each such Holder
may, participate in such offering on such basis. If the Company files a Shelf Registration for its own account and/or for the account
of any other Persons, the Company agrees that it shall use its reasonable best efforts to include in such Registration Statement
such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such
Shelf Registration at a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

(b)       Right
to Withdraw. Each Holder shall have the right to withdraw such Holder’s request for inclusion of its Registrable Securities
in any Underwritten Offering pursuant to this Section 2.02 at any time prior to the execution of an underwriting agreement with
respect thereto by giving written notice to the Company of such Holder’s request to withdraw and, subject to the preceding
clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration
at any time prior to the effective date thereof.

 

(c)       Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of
Registrable Securities included in a Piggyback Registration informs the Company and the Holders in writing that, in its or their
opinion, the number of securities of such class which such Holder and any other Persons intend to include in such Underwritten
Offering exceeds the number which can be sold in such Underwritten Offering without being likely to have a significant adverse
effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities
to be included in such Underwritten Offering shall be reduced in the following order of priority: first, there shall be
excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the
Holders; second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the
Company; third, there shall be excluded from the Underwritten Offering any securities to be sold for the account of Holders
other than Dufry and its Affiliates that have been requested to be included therein pro rata based on the number of Registrable
Securities owned by each such Holder; and finally, the number of Registrable Securities of Dufry and its Affiliates shall
be reduced, in each case to the extent necessary to reduce the total number of securities to be included in such offering to the
number recommended by the managing underwriter or underwriters.

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-259

  

Section 2.03.    Selection of Underwriter(s).
In any Underwritten Offering pursuant to Section 2.01 or Section 2.02 in which a Holder is participating, Dufry, in the event Dufry
is participating, or the Holders of a majority of the outstanding Registrable Securities being included in the Underwritten Offering
(the “Majority Holders”), in the event Dufry is not participating, shall select the underwriter(s). Dufry or
the Majority Holders shall consult with the Company in the selection of such underwriters by Dufry or such Majority Holders, provided
that Dufry or such Majority Holders, as applicable, shall be under no obligation to the Company as a result of or in connection
with such consultation.

 

Section 2.04.    Registration Procedures.

 

(a)   In
connection with the Registration and/or sale of Registrable Securities pursuant to this Agreement, through an Underwritten Offering
or otherwise, the Company shall use reasonable best efforts to effect or cause the Registration and the sale of such Registrable
Securities in accordance with the intended methods of disposition thereof and:

 

(i)       prepare
and file the required Registration Statement, including all exhibits and financial statements required under the Securities Act
to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements
thereto, (A) furnish to the underwriters, if any, and to the Holders participating in such Registration, copies of all documents
prepared to be filed, which documents will be subject to the review of such underwriters and such participating Holders and their
respective counsel, and (B) consider in good faith any comments of the underwriters and Holders and their respective counsel on
such documents;

 

(ii)       prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith
as may be necessary to keep such Registration Statement effective in accordance with the terms of this Agreement and to comply
with the provisions of the Securities Act with respect to the disposition of all of the Shares Registered thereon;

 

(iii)       in
the case of a Shelf Registration, prepare and file with the SEC such amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply
with the provisions of the Securities Act with respect to the disposition of all Shares subject thereto for a period ending on
the 3rd anniversary after the effective date of such Registration Statement;

 

(iv)       notify
the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing
and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company
(A) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, or when the applicable
Prospectus or any amendment or supplement to such Prospectus has been filed, (B) of any written comments by the SEC or any request
by the SEC or any other Governmental Authority for amendments or supplements to such Registration Statement or such Prospectus
or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or any order preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening
of any proceedings for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable
underwriting agreement cease to be true and correct in all material respects, and (E) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;

 

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	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-260

  

(v)       promptly
notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the occurrence
of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement
(as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made)
not misleading or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration
Statement or Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter,
prepare and file with the SEC, and furnish without charge to the selling Holder and the managing underwriter or underwriters, if
any, an amendment or supplement to such Registration Statement or Prospectus which will correct such statement or omission or effect
such compliance;

 

(vi)       use
its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any preliminary
or final Prospectus;

 

(vii)       promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and the
Holders may reasonably request to be included therein in order to permit the intended method of distribution of the Registrable
Securities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable
after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

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

 

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

 

(x)       on
or prior to the date on which the applicable Registration Statement is declared effective or becomes effective, use its reasonable
best efforts to register or qualify, and cooperate with each selling Holder, the managing underwriter or underwriters, if any,
and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and
sale under the securities or “World Sky” laws of each state and other jurisdiction of the United States as any selling
Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and
all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as
such Registration Statement remains in effect and so as to permit the continuance of sales and dealings in such jurisdictions of
the United States for so long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration
Statement; provided that the Company will not be required to qualify generally to do business in any jurisdiction where
it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such
jurisdiction where it is not then so subject;

 

(xi)       in
connection with any sale of Registrable Securities that will result in such securities no longer being Registrable Securities,
cooperate with each selling Holder and the managing underwriter or underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive Securities Act legends;
and to register such Registrable Securities in such denominations and such names as such selling Holder or the underwriter(s),
if any, may request at least two Business Days prior to such sale of Registrable Securities; provided that the Company may
satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s
Direct Registration System;

 

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(xii)       cooperate
and assist in any filings required to be made with the Financial Industry Regulatory Authority and each securities exchange, if
any, on which any of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which
any of the Company’s securities are then quoted, and in the performance of any due diligence investigation by any underwriter
(including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of each such exchange, and use its reasonable best efforts to cause the Registrable Securities covered by the applicable
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary
to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities;

 

(xiii)       not
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and
provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for
deposit with The Depository Trust Company; provided that the Company may satisfy its obligations hereunder without issuing
physical stock certificates through the use of The Depository Trust Company’s Direct Registration System;

 

(xiv)       in
the case of an Underwritten Offering, obtain for delivery to and addressed to Dufry, if Dufry is participating, and the underwriter
or underwriters, an opinion from the Company’s outside counsel in customary form and content for the type of Underwritten
Offering, dated the date of the closing under the underwriting agreement;

 

(xv)       in
the case of an Underwritten Offering, obtain for delivery to and addressed to the underwriter or underwriters and, to the extent
agreed by the Company’s independent certified public accountants, each selling Holder, a comfort letter from the Company’s
independent certified public accountants (and the independent certified public accountants with respect to any acquired company
financial statements) in customary form and content for the type of Underwritten Offering, including with comfort letters customarily
delivered in connection with quarterly period financial statements if applicable, dated the date of execution of the underwriting
agreement and brought down to the closing under the underwriting agreement;

 

(xvi)       use
its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make generally available to its
security holders, as soon as reasonably practicable, but no later than 90 days after the end of the 12-month period beginning with
the first day of the Company’s first quarter commencing after the effective date of the applicable Registration Statement,
an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated
thereunder and covering the period of at least 12 months, but not more than 18 months, beginning with the first month after the
effective date of the Registration Statement;

 

(xvii)       provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration
Statement from and after a date not later than the effective date of such Registration Statement;

 

(xviii)       cause
all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any
of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s
securities are then quoted;

 

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(xix)       provide
(A) each Holder participating in the Registration, (B) the underwriters (which term, for purposes of this Agreement, shall include
a Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities
to be Registered, (C) the sale or placement agent therefor, if any, (D) counsel for such underwriters or agent, and (E) any attorney,
accountant or other agent or representative retained by such Holder or any such underwriter, as selected by such Holder, the opportunity
to participate in the preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each
amendment or supplement thereto, and to require the insertion therein of material, furnished to the Company in writing, which in
the reasonable judgment of such Holder(s) and their counsel should be included; and for a reasonable period prior to the filing
of such Registration Statement, make available upon reasonable notice at reasonable times and for reasonable periods for inspection
by the parties referred to in (A) through (E) above, all pertinent financial and other records, pertinent corporate documents and
properties of the Company that are available to the Company, and cause all of the Company’s officers, directors and employees
and the independent public accountants who have certified its financial statements to make themselves available at reasonable times
and for reasonable periods, to discuss the business of the Company and to supply all information available to the Company reasonably
requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their
due diligence responsibility, subject to the foregoing, provided that any such Person gaining access to information or personnel
pursuant to this Section 2.04(a)(xix) shall agree to use reasonable efforts to protect the confidentiality of any information regarding
the Company which the Company determines in good faith to be confidential, and of which determination such Person is notified,
unless (F) the release of such information is required by law or regulation or is requested or required by deposition, interrogatory,
requests for information or documents by a governmental entity, subpoena or similar process, (G) such information is or becomes
publicly known without a breach of this Agreement, (H) such information is or becomes available to such Person on a non-confidential
basis from a source other than the Company or (I) such information is independently developed by such Person;

 

(xx)       to
cause the executive officers of the Company to participate in the customary “road show” presentations that may be reasonably
requested by the managing underwriter or underwriters in any Underwritten Offering and otherwise to facilitate, cooperate with,
and participate in each proposed offering contemplated herein and customary selling efforts related thereto; and

 

(xxi)       take
all other customary steps reasonably necessary to effect the Registration, offering and sale of the Registrable Securities.

 

(b)       As
a condition precedent to any Registration hereunder, the Company may require each Holder as to which any Registration is being
effected to furnish to the Company such information regarding the distribution of such securities and such other information relating
to such Holder, its ownership of Registrable Securities and other matters as the Company may from time to time reasonably request
in writing. Each such Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably
necessary to enable the Company to comply with the provisions of this Agreement.

 

(c)       Dufry
agrees, and any other Holder agrees by acquisition of such Registrable Securities, that, upon receipt of any written notice from
the Company of the occurrence of any event of the kind described in Section 2.04(a)(v), such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 2.04(a)(v), or until such Holder is advised in writing by the Company
that the use of the Prospectus may be resumed, and if so directed by the Company, such Holder will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such
notice, the period during which the applicable Registration Statement for a Demand Registration is required to be maintained effective
shall be extended by the number of days during the period from and including the date of the giving of such notice to and including
the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented
or amended Prospectus contemplated by Section 2.04(a)(v) or is advised in writing by the Company that the use of the Prospectus
may be resumed.

 

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    statement pursuant to Securities and Exchange Commission Rule 83	HUD-263

  

Section 2.05.    Holdback Agreements.
Each of the Company and the Holders agrees, upon notice from the managing underwriter or underwriters in connection with any Registration
for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement on Form F-4 or
any similar or successor form or pursuant to a registration solely relating to an offering and sale to employees or directors of
the Company pursuant to any employee stock plan or other employee benefit plan arrangement), not to effect (other than pursuant
to such Registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant
to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any Registrable Securities,
any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities
of the Company without the prior written consent of the managing underwriters during such period as reasonably requested by the
managing underwriters (but in no event longer than the seven days before and the 90 days after the pricing of such Underwritten
Offering); provided, that such restrictions shall not apply in any circumstance to (i) Registrable Securities acquired by
a Holder in the public market subsequent to the IPO, (ii) distributions-in-kind to a Holder’s limited or other partners,
members, shareholders or other equity holders, (iii) Registrable Securities with regard to which Dufry has beneficial ownership
pursuant to an investment advisory arrangement under which Dufry provides investment advisory services to a non-related third party
in connection with such Registrable Securities and does not derive a benefit from such Registrable Securities other than customary
advisory or similar fees. Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.05 shall
be required of Holders unless each of the Company’s directors and executive officers agrees to be bound by a substantially
identical holdback agreement for at least the same period of time.

 

Section 2.06.    Underwriting Agreement
in Underwritten Offerings. If requested by the managing underwriters for any Underwritten Offering, the Company and the participating
Holders shall enter into an underwriting agreement in customary form with such underwriters for such offering; provided,
however, that no Holder shall be required to make any representations or warranties to the Company or the underwriters (other
than representations and warranties regarding (i) such Holder’s ownership of Registrable Securities to be transferred free
and clear of all liens, claims and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect
such transfer, (iii) such matters pertaining to such Holder’s compliance with securities laws as reasonably may be requested
and (iv) such Holder’s intended method of distribution) or to undertake any indemnification obligations to the Company with
respect thereto, except as otherwise provided in Section 2.08 hereof.

 

Section 2.07.    Registration Expenses Paid
By Company. In the case of any Registration of Registrable Securities required pursuant to this Agreement (including any Registration
that is delayed or withdrawn) or proposed Underwritten Offering pursuant to this Agreement, the Company shall pay all Registration
Expenses regardless of whether the Registration Statement becomes effective or the Underwritten Offering is completed. The Company
shall have no obligation to pay any Selling Expenses.

 

Section 2.08.    Indemnification.

 

(a)       Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder and such
Holder’s officers, directors, employees, advisors, Affiliates and agents and each Person who controls (within the meaning
of the Securities Act or the Exchange Act) such Holder from and against any and all losses, claims, damages, liabilities (or actions
in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable
costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such
statement made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that the Company has filed or is
required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus
or free writing prospectus, in light of the circumstances under which they were made) not misleading; provided, however,
that the Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration
Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly
for use in the preparation thereof. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party
and shall survive the transfer of such securities by such Holder.

 

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(b)       Indemnification
by the Selling Holder. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the full extent
permitted by law, the Company and the Company’s directors, officers, employees, advisors, Affiliates and agents and each
Person who controls the Company (within the meaning of the Securities Act and the Exchange Act) from and against any Losses arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such
statement made in any free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the
Securities Act, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the
circumstances under which they were made) not misleading to the extent, but, in each case (i) or (ii), only to the extent, that
such untrue statement or omission is contained in any information furnished in writing by such selling Holder to the Company expressly
for inclusion in such Registration Statement, Prospectus, preliminary Prospectus or free writing prospectus. In no event shall
the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such
Holder under the sale of the Registrable Securities giving rise to such indemnification obligation. This indemnity shall be in
addition to any liability the selling Holder may otherwise have. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Company or any indemnified party.

 

(c)       Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to
so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder to the extent that it is materially
prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification
hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees
and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to
pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim within a reasonable
time after receipt of notice of such claim from the Person entitled to indemnification hereunder or fails to employ counsel reasonably
satisfactory to such Person or to pursue the defense of such claim in a reasonably vigorous manner, (c) the named parties to any
proceeding include both such indemnified and the indemnifying party and the indemnified party has reasonably concluded (based on
written advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, or (d) in the reasonable judgment of any such Person, based upon written
advice of its counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf
of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent, but such consent may not be unreasonably withheld, conditioned or delayed. If the
indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent
of the indemnified party, which consent may not be unreasonably withheld, conditioned or delayed. No indemnifying party shall consent
to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation.
It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in
the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more
than one separate firm (in addition to any appropriate local counsel) at any one time from all such indemnified party or parties
unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an
indemnified party has reasonably concluded (based on written advice of counsel) that there may be legal defenses available to it
that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict
exists or in the reasonable judgment of such Person may exist (based on advice of counsel to an indemnified party) between such
indemnified party or parties and the other indemnified parties, in each of which cases the indemnifying party shall be obligated
to pay the reasonable fees and expenses of such additional counsel.

 

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(d)       Contribution.
If for any reason the indemnification provided for in Section 2.08(a) or Section 2.08(b) is unavailable to an indemnified party
or insufficient to hold it harmless as contemplated by Section 2.08(a) or Section 2.08(b), then the indemnifying party shall, in
lieu of indemnifying such indemnified party thereunder, contribute to the amount paid or payable by the indemnified party as a
result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well
as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in this Section
2.08(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 2.08(d) to contribute
any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities
in the offering to which the Losses of the indemnified parties relate (before deducting expenses, if any) exceeds the amount of
any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.08(d) were determined by
pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in this Section 2.08(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid
or payable by an indemnified party hereunder shall be deemed to include, for purposes of this Section 2.08(d), any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against
or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense,
liability, action, investigation or proceeding. If indemnification is available under this Section 2.08, the indemnifying parties
shall indemnify each indemnified party to the full extent provided in Section 2.08(a) and Section 2.08(b) hereof without regard
to the relative fault of said indemnifying parties or indemnified party.

 

Section 2.09.    Reporting Requirements;
Rule 144. The Company shall use its reasonable best efforts to be and remain in compliance with the periodic filing requirements
imposed under the SEC’s rules and regulations, including the Exchange Act, and thereafter shall timely file such information,
documents and reports as the SEC may require or prescribe under Section 13 or 15(d) (whichever is applicable) of the Exchange Act.
If the Company is not required to file such reports during such period, it will, upon the request of any Holder, make publicly
available such necessary information for so long as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities
Act, and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to
enable such Holder to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions
provided by (a) Rule 144 or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (b) any rule
or regulation hereafter adopted by the SEC. From and after the date hereof through the date upon which no Holder owns any Registrable
Securities, the Company shall forthwith upon request furnish any Holder (i) a written statement by the Company as to whether it
has complied with such requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report
of the Company, and (iii) such other reports and documents filed by the Company with the SEC as such Holder may reasonably request
in availing itself of an exemption for the sale of Registrable Securities without registration under the Securities Act.

 

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    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-266

  

Article
3

MISCELLANEOUS

 

Section 3.01.    Term. This Agreement
shall terminate at such time as there are no Registrable Securities, except for the provisions of Section 2.07 and Section 2.08
and all of this Article 3, which shall survive any such termination.

 

Section 3.02.    Notices. All notices
or other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in person
or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows:

 

If to Dufry, to:

 

Dufry AG

Brunngässlein 12, CH – 4010

Basel, Switzerland

Attention: Group General Counsel

 

If to the Company to:

 

Hudson Ltd.

4 New Square

Bedfont Lakes

Feltham, Middlesex TW14 8HA

United Kingdom

Attention: Chief Financial Officer

 

with a copy to:

 

The Hudson Group

One Meadowlands Plaza

East Rutherford, NJ 07073

Attention: Richard J. Green, Senior Counsel

 

Any party may, by notice to the other party, change the address
to which such notices are to be given.

 

Section 3.03.    Successors, Assigns and
Transferees. This Agreement and all provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. The Company may assign this Agreement at any time in connection with a sale
or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s assets,
or similar transaction, without the consent of the Holders; provided that the successor or acquiring Person agrees in writing
to assume all of the Company’s rights and obligations under this Agreement. A Holder may assign its rights and obligations
under this Agreement to any transferee that acquires at least 5% of the outstanding Class A Common Shares and executes an agreement
to be bound hereby in the form attached hereto as Exhibit A, an executed counterpart of which shall be furnished to the
Company. Notwithstanding the foregoing, if such transfer is subject to covenants, agreements or other undertakings restricting
transferability thereof, the Registration Rights shall not be transferred in connection with such transfer unless such transferee
complies with all such covenants, agreements and other undertakings.

 

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    statement pursuant to Securities and Exchange Commission Rule 83	HUD-267

  

Section 3.04.    GOVERNING LAW; NO JURY
TRIAL.

 

(a)       This
Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard
to the conflict of laws principles thereof that would result in the application of any law other than the laws of the State of
New York. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE.

 

(b)       With
respect to any Action relating to or arising out of this Agreement, each party to this Agreement irrevocably (i) consents and submits
to the exclusive jurisdiction of the courts of the State of New York and any court of the United States located in the Borough
of Manhattan in New York City; (ii) waives any objection which such party may have at any time to the laying of venue of any
Action brought in any such court, waives any claim that such Action has been brought in an inconvenient forum and further waives
the right to object, with respect to such Action, that such court does not have jurisdiction over such party; and (iii) consents
to the service of process at the address set forth for notices in Section 3.02 herein; provided, however, that such
manner of service of process shall not preclude the service of process in any other manner permitted under applicable law.

 

Section 3.05.    Specific Performance.
In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement,
the party or parties who are or are to be thereby aggrieved shall have the right to seek specific performance and injunctive or
other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity,
and all such rights and remedies shall be cumulative.

 

Section 3.06.    Headings. The article,
section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

Section 3.07.    Severability. If any
provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction
to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons or circumstances
or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect
and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall negotiate in
good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the parties.

 

Section 3.08.    Amendment; Waiver.

 

(a)       This
Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except
by an instrument or instruments in writing making specific reference to this Agreement and signed by the Company and Dufry or,
if neither Dufry or any of its Affiliates is a Holder, the Holders of a majority of the Registrable Securities.

 

(b)       Waiver
by any party of any default by the other party of any provision of this Agreement shall not be deemed a waiver by the waiving party
of any subsequent or other default, nor shall it prejudice the rights of the other party.

 

Section 3.09.    Further Assurances.
Each of the parties hereto shall execute and deliver all additional documents, agreements and instruments and shall do any and
all acts and things reasonably requested by the other party hereto in connection with the performance of its obligations undertaken
in this Agreement.

 

Section 3.10.    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 of the parties and delivered to the other party. Execution of
this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic copy of a signature shall be
deemed to be, and shall have the same effect as, executed by an original signature.

 

[The remainder of page intentionally left
blank. Signature page follows.]

 

    	 	15	 

     

    

	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-268

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first written above.

 

	 	HUDSON LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	DUFRY INTERNATIONAL AG
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-269

 

EXHIBIT A

 

THIS INSTRUMENT forms part of the Registration
Rights Agreement (the “Agreement”), dated as of ________, 2017, by and among Hudson Ltd., an exempted company
limited by shares incorporated in Bermuda, and Dufry International AG, a Swiss stock corporation (“Dufry”).
The undersigned hereby acknowledges having received a copy of the Agreement and having read the Agreement in its entirety, and
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound,
hereby agrees that the terms and conditions of the Agreement binding upon and inuring to the benefit of Dufry shall be binding
upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the
Agreement.

 

IN WITNESS WHEREOF, the undersigned has executed
this instrument on this day of ___________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-270

 

Exhibit 10.3

 

 

LOAN AGREEMENT (the "Agreement")

of 13/02/2013; effective as of 30/10/2012

between

 

DUFRY FINANCES SNC a company with offices at 17, rue des Jardiniers,
L - 1835 Luxembourg, duly represented by its directors, Mr . Andreas Schneiter and Mr. Christophe Gaul,

("Lender")

 

and

 

HUDSON GROUP INC., a company with offices at
One Meadowlands Plaza, Suite 902 East Rutherford NJ 07073, duly represented by its directors, Mr. Julian Diaz and Mr. Andreas Schneiter,

("Borrower")

 

	 	 	 	 

 

WHEREAS, Lender and Borrower are both direct
or indirect subsidiaries of Dufry AG;

 

WHEREAS, in 2008, Dufry International AG borrowed
from external lenders and lent funds to the Borrower;

 

WHEREAS, Dufry International AG sought to refinance
the external debt with a newly issued bond and refinancing Dufry International AG's external debt required that Borrower refinance
its intercompany debt to Dufry International AG with new debt to Lender on substantially the same terms as the bond;

 

WHEREAS, the bond was issued on October 26,
2012 and consistent with this plan, Lender and Borrower have entered into a verbal agreement on 29/l0/2012 that as of 30/l0/2012
the Lender lends to Borrower, and the Borrower borrows from Lender USD 123'204'207.74, which is a portion of the proceeds of Lender's
USD 500,000,000 5.500% notes due 2020 (the "2020 Notes"), on the terms and conditions specified in the Agreement;

 

WHEREAS, the agreement is supported by journal
entries at Dufry International AG and by the invoicing and payment of interest under new debt by Borrower to Lender.

 

WHEREAS, this agreement reflects the plan involving
the bond issuance and the refinancing of external and internal debt, and the verbal agreement referred to above, the parties enter
into this Agreement, which shall be deemed to be effective as of 30/10/2012.

 

THE PARTIES AGREE AS FOLLOWS:

 

1.          Lender
agrees to lend to Borrower and Borrower accepts as a loan from Lender an amount of US$123'204'207.74 (the "Loan").

 

2.          The
Loan is contracted for general corporate purposes and/or to provide working capital to the Borrower and its subsidiaries.

 

3.          The
proceeds of the Loa n shall only be used as provided above in clause 2.

 

4.          This
loan will mature on October 15, 2022 . The Loan must be fully repaid in cash with interest (calculated and paid in the manner described
in sections 5 and 6 be low) by the Borrower by such date.

 

     

     

    

	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-271

 

5.          Interest
will accrue from the date of each disbursement at the annual rate of 5.9589%, calculated on the basis of a 360-day year and actual
days elapsed until the Loan and al l interest accrued thereon has been repaid in full, and compounded annually.

 

Interest due under this Agreement shall be
paid in full without any set-off, counter claim or deduction whatsoever. Borrower shall make all payments to be made by virtue
of this Agreement without any tax deduction unless required by law. If
a tax deduction is required by law to be made on a payment due by Borrower, the amount of the corresponding payment due by Borrower
shall be increased to an amount which (after making the tax deduction) leaves the payment in an amount equal to the payment which
would have been due if no tax deduction had been required.

 

6.          Interest
is payable semi-annually in arrears, each 15th April and 15th October, commencing April 15, 2013.

 

7.          The Loan will be repaid in whole, including interest accrued thereon, by the Borrower at any
time that the Lender requests the Borrower make such repayment because the 2020 Notes are being redeemed. With the written consent
of the Lender (which consent shall not be unreasonably withheld) the Borrower may (a) assign the Loan to another creditworthy directly
or indirectly wholly-owned subsidiary of Dufry AG, provided the Borrower reasonably believes the assignee will have cash flows
sufficient to service the Loan or (b) repay the Loan in whole or in part, but only where the Lender is able to immediately lend
the proceeds from such repayment on substantially the same terms as this Loan, to another directly or indirectly wholly-owned subsidiary
of Dufry AG that the Lender reasonably believes will have operating cash flows sufficient to service the loan in accordance with
its terms.

 

8.          The
Loan shall be immediately due and payable in any of the following events (events of defaults):

 

(a)          Non-Payment:
Borrower fails to pay when and as required to be paid herein, any interest payment or amount of principal borrowed under the Loan;

 

(b)          Change
of Control: Control of the Borrower passes so that the Borrower is no longer a directly or indirectly wholly-owned subsidiary
of Dufry AG, whether by virtue of any agreement, offer, scheme or otherwise, to any person or persons, either acting individually
or in concert whereupon the same shall
be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower, and in the case of (a), upon the Lender by written notice to the Borrower, in any such case and at any
time thereafter, demanding from the Borrower the payment of all amounts (if any) outstanding under the Loan.

 

9.          Representations
and warranties: Borrower represents and warrants that (i) the proceeds
of the Loan shall (in accordance with clause 3 of this Agreement) only be used as working capital and/or for general corporate
purposes, (ii) the execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the
part of the Borrower, (iii) this Agreement constitutes the legal, valid and binding obligation of the Borrower, enforceable in
accordance with the terms thereof, and (iv) its indebtedness under this Agreement is its direct, unconditional, and general indebtedness
and ranks, and will at all times rank, pari passu with all other unsecured indebtedness and liabilities (actual or contingent)
issued, created, or assumed now or in the future or for which it is now or may at any time in the future otherwise be or become
responsible.

 

     

     

    

	Confidential
    treatment requested by the registrant for its submission of this draft registration 

    statement pursuant to Securities and Exchange Commission Rule 83	HUD-272

  

10.         Representations
and warranties: Lender represents and warrants that (i) the execution, delivery and performance of this Agreement have been duly
authorized by all necessary action on the part of the Lender, and (ii) this Agreement is legal, valid, binding and enforceable
in accordance with its terms.

 

11.         This
Loan embodies the entire agreement and understanding between Lender and Borrower, and supersedes all prior or contemporaneous agreements
and understandings between the parties, verbal or written , relating to the subject matter hereof and thereof.

 

12.         The
Lender and Borrower agree to treat the Loan as debt for all Swiss and non- Swiss income tax and reporting purposes.

 

13.         This
Agreement, including the validity hereof and the rights and obligations of the patties hereunder, shall be construed in accordance
with and governed by Swiss law (without reference to conflicts of laws principles). The provisions of this Agreement are severable;
the unenforceability of any provision of this Agreement shall not affect the validity, binding effect and enforceability of any
other provision or provisions of this Agreement.

 

IN WITNESS WHEREOF, the patties hereto
have caused this Loan to be duly executed as of the day and year first above written.

 

	DUFRY FINANCES SNC	 
	 	 
	/s/ Andreas Schneiter	 
	By: Andreas Schneiter	 
	Title: Director	 
	 	 
	/s/ Christophe Gaul	 
	By: Christophe Gaul	 
	Title: Director	 
	 	 
	HUDSON GROUP INC.	 
	 	 
	/s/ Julian Diaz	 
	By: Julian Diaz	 
	Title: Director	 
	 	 
	/s/ Andreas Schneiter	 
	By: Andreas Schneiter	 
	Title: Director

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