Document:

Exhibit 10.2

 

DATED _________________________ 2021

 

 

GAMESYS GROUP PLC (1)

 

 

and

 

 

LEE FENTON (2)

 

 

 

 

 

SERVICE AGREEMENT

 

 

 

 

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THIS AGREEMENT IS DATED                      2021

 

PARTIES:

 

(1)  Gamesys
Group PLC whose registered office is 10 Piccadilly, London, England, W1J 0DD (the "Employer"); and

 

(2)  Lee
Fenton of [•] ("you")

 

AGREED TERMS:

 

		1.	Definitions

 

		1.1	In this agreement, the following expressions have the following meanings:

 

"Appointment" means
your employment under this agreement;

 

“Bally’s Corporation”
means the company whose registered office is 100 Westminster Street, Providence, RI 02903, USA;

 

"Bally Board" means
the board of directors of the Bally’s Corporation;

 

"Confidential Information"
means all and any information, in whatever form, of or relating to the Employer or any member of the Group which you (or, where the
context so requires, another person) have obtained by virtue of your employment or engagement and which the Employer or any member of
the Group regards as confidential, including (but not limited to):

 

		(a)	Financial information, results and forecasts, sales targets and statistics, market share and pricing statistics,
profit margins, price lists, discounts, credit and payment policies and procedures;

 

		(b)	information relating to business methods, corporate plans, business strategy, marketing plans, management
systems, maturing new business opportunities, tenders, advertising and promotional material;

 

		(c)	information relating to and details of customers, prospective customers, suppliers and prospective suppliers
including their identities, business requirements and contractual arrangements and negotiations with the Employer or any member of the
Group;

 

		(d)	details of employees, officers and workers of and consultants to the Employer or any member of the Group,
their remuneration details, job skills, experience and capabilities and other personal information;

 

		(e)	information relating to trade secrets, research activities, development projects, inventions, designs,
know-how, technical specification and other technical information in relation the development or supply of any future product or service
of the Employer or any member of the Group and information concerning the intellectual property portfolio and strategy of the Employer
or any member of the Group;

 

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		(f)	any inside information (as defined in section 118C of the Financial Services and Markets Act 2000);

 

		(g)	any information in respect of which the Employer or any member of the Group is bound by an obligation
of confidence to a third party;

 

but excluding any information which:

 

		(i)	is part of your own stock in trade;

 

		(ii)	is readily ascertainable to persons not connected with the Employer or any member of the Group without significant expenditure of
labour, skill or money; or

 

		(iii)	which becomes available to the public generally other than by reason of a breach by you of your obligations
under this agreement.

 

"Copies" means copies
or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form
or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans,
compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated
from Confidential Information;

 

“Dependants” means
all and any of your spouse/partner and your children;

 

"Garden Leave" means
any period during which the Employer exercises its rights under clause 16;

 

"Group" means Bally’s
Corporation, the Employer, any subsidiary undertaking or parent undertaking of the Employer and any subsidiary undertaking of any such
parent undertaking and "member of the Group" includes any undertaking in the Group. In this Agreement, "subsidiary
undertaking" and "parent undertaking" have the meanings set out in sections 1161 and 1162 of the Companies Act 2006, modified
so that: sections 1162(2)(c) and 1162(4) do not apply; and in section 1162(3)(b), without limitation, a person is deemed to
be "acting on behalf of" an undertaking or any of its subsidiary undertakings if any of that undertaking's shares are registered
in the name of that person (i) as bare nominee; or (ii) by way of security or in connection with the taking of security. For
the avoidance of doubt, the definition of "undertaking" in section 1161, without limitation, includes limited liability partnerships;

 

"HMRC" means HM Revenue
and Customs;

 

"Intellectual Property Rights"
means patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, rights
in goodwill or to sue for passing off, rights in designs, rights in computer software, database rights, rights in confidential information
(including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and
including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or
forms of protection which may now or in the future subsist in any part of the world;

 

"Inventions" means
inventions, ideas and improvements, whether or not patentable, and whether or not recorded in any medium; and

 

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"Investment" means
any holding as a bona fide investment of not more than three per cent of the total issued share capital in any company, whether or not
its shares are listed or dealt in on any recognised investment exchange.

 

		2.	Appointment and term

 

		2.1	You will be employed by the Employer to perform the role of Chief Executive Officer of Bally’s Corporation
(Group CEO) or in such other capacity commensurate with your skills, experience and status as you and the Employer agree (such agreement
by you not to be unreasonably withheld), on the terms set out in this agreement.

 

		2.2	As Group CEO, you will join the Bally Board and shall accept (if offered) appointment as a director of
any other companies of the Group as the Employer directs. You will report to the Bally Board and help provide effective leadership in
relation to the Group’s strategy, performance, risk and people management as well as ensuring high standards of fiscal probity and
corporate governance.

 

		2.3	You shall, if and so long as the Employer requires, without furtherremuneration:

 

		2.3.1	Carry out such duties on behalf of any company in the Group as the Employer or the Bally Board may direct;

 

		2.3.2	Be seconded to the employment and/or carry out duties on behalf of any company of the Group;

 

		2.3.3	Act as a director, officer or consultant of any company of the Group,

 

but provided that such duties and services
are commensurate with your seniority and role as Group CEO and without prejudice to your other rights under this agreement.

 

		2.4	By accepting this Appointment you warrant that you have never been disqualified from being a company director
and undertake that you are not subject to any restrictions that prevent you from holding the office of director. You must not put yourself
in a position where your duties to any other person, firm or company conflict with your duties to Bally’s Corporation, the Employer
or any company of the Group and confirm that you have disclosed to the Employer all circumstances in which there is, or there might be,
a possible conflict of interest between Bally’s Corporation, the Employer, any company of the Group and you and you agree to disclose
fully to the Employer any such circumstances that may arise during the Appointment.

 

		2.5	Your appointment as a director of Bally’s Corporation, the Employer or any company of the Group
does not amount to a term of employment. In the event of your ceasing to be director of Bally’s Corporation, the Employer or company
of the Group for any reason, this will not amount to breach of this agreement and shall not give rise to a claim for damages or compensation.

 

		2.6	You warrant that you have not provided inaccurate or false information in connection with this Appointment,
whether concerning your qualifications, references or otherwise.

 

		2.7	You warrant that you are entitled to work in the United Kingdom without any additional approvals and will
notify the Employer immediately if you cease to be so entitled at any time.

 

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		2.8	The Appointment will commence on October 1, 2021 but your period of continuous employment with the
Employer is confirmed as having begun on November 3, 2008. Your employment will, subject to the remaining terms of this agreement,
continue until terminated by the Employer giving you not less than twelve months’ prior written notice, or by you giving the Employer
not less than six months’ prior written notice.

 

		3.	Duties

 

		3.1	During the Appointment you will:

 

		3.1.1	unless otherwise approved by the Employer, devote the whole of your working time, attention and abilities
to carrying out your role as Group CEO or such other role as agreed with you in accordance with clause 2.1 above;

 

		3.1.2	diligently exercise such powers and perform such duties as may from time to time be assigned to you together
with such person(s) as the Employer or the Bally Board may appoint to act jointly with you;

 

		3.1.3	diligently exercise such powers and perform such duties as are consistent with your position as Group
CEO, in accordance with the Employer’s and Bally’s Corporation’s policies and procedures (including its tax operating
manuals) and in compliance with the Employer’s and Bally’s Corporation’s articles of association and relevant legal
and regulatory obligations including in particular the Delaware General Corporation Law and in the UK, the Companies Act 2006. You are
expected to familiarise yourself with the duties set out in the Delaware General Corporation Law and ss171 to 177 of the Companies Act
2006 and at all times conduct yourself in accordance with those duties and any other duties arising at law in the relevant jurisdictions
of those Group companies in which you are appointed as a director as a result of your Appointment;

 

		3.1.4	use your best endeavours to promote, protect, develop and extend the business of the Group in existence
from time to time;

 

		3.1.5	comply with all reasonable and lawful directions given to you by the Employer or Bally Board;

 

		3.1.6	under no circumstances whatsoever either directly or indirectly receive or accept for your own benefit
any commission, rebate, discount, gratuity or profit from any person, firm or company having business transactions with the Employer or
any member of the Group in existence from time to time unless previously agreed with the Bally Board;

 

		3.1.7	promptly make such reports to the person to whom you report on any matters concerning the affairs of the
Group as are reasonably required;

 

		3.1.8	report to the Bally Board your own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee,
director or consultant of the Employer or any member of the Group immediately on becoming aware of it;

 

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		3.1.9	comply with any code relating to dealing in the Employer's of any member of the Group’s securities
as adopted by Bally’s Corporation or the Employer from time to time including, but not limited to, the U.S. Securities Exchange
Act of 1934 and the Sarbanes-Oxley Act of 2002 and the UK Corporate Governance Code and associated guidance;

 

		3.1.10	comply with all policies communicated to you relating to anti-corruption and bribery;

 

		3.1.11	comply with any law, principles, rules and regulations which apply to the Employer or you as an employee
of the Employer and specifically as Group CEO, including those of any regulatory authority or of any market on which any company of the
Group’s securities are quoted or traded including, but not limited to, the U.S. Securities Exchange Act of 1934 and the Sarbanes-Oxley
Act of 2002 and the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules;

 

		3.1.12	comply with any corporate governance code or guidelines to the extent required by law or regulation or
as adopted by the Employer or any company of the Group from time to time;

 

		3.1.13	not enter into any legal or other commitment or contract on behalf of the Employer or member of the Group
unless specifically instructed to do so by the Bally Board; and

 

		3.1.14	You may be required to attend meetings of, but not serve as, a voting member of Bally’s Corporation
and/or the Employer’s standing Board Committees. You may also be required to serve on other committees of the Group and/or to assume
additional responsibilities. You will be given copies of the terms of reference of any committees that you are required to serve on.

 

		3.1.15	accept your appointment as a director of Bally’s Corporation, the Employer or any company of the
Group with or without such executive powers as the Bally Board or relevant board of the Group shall decide in its absolute discretion
and resign from any appointment as a director if requested by the Bally Board without any claim for damages or compensation. If you fail
to resign any such appointment the Employer is hereby irrevocably authorised to appoint a person in your name and on your behalf to sign
and execute all documents and do all things necessary to constitute and give effect to such resignation. Termination, at the Employer
or Bally Board’s request, of a directorship or other office held by you will not terminate your employment or amount to a breach
of the terms of this agreement by the Employer.

 

		3.2	The Employer may issue policies, procedures and rules on the conduct that it expects from its employees
and may amend or replace them from time to time. You must familiarise yourself with and comply with the content of any such policies,
procedures and rules.

 

		3.3	You may be required to carry out work for or to hold office in any member of the Group at any time without
additional remuneration.

 

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		3.4	The Employer (at its cost) shall provide you with a laptop and associated office equipment in order to
enable the full discharge of your obligations under this agreement.

 

		3.5	You are required to fully familiarise yourself with the Group and its business during the first three
months following your appointment. You will be provided with such training and information as you may reasonably require for this purpose.
You are expected to ensure that your skills and your knowledge of the Employer and the Group are kept up to date to enable you to fulfil
your employment and fiduciary duties to the Employer. The Employer will provide you with the necessary resources for developing and updating
your knowledge and skills and you should make yourself available for any relevant training sessions that may be organised for the Bally
Board. The performance of individual directors and the whole Bally Board and its committees is evaluated annually. If in the interim there
are any matters which will cause you concern about your role you should discuss them with the Senior Independent Director as soon as is
appropriate.

 

		3.6	The Employer takes a zero-tolerance approach to tax evasion. You must not engage in any form of facilitating
tax evasion, whether under US law, UK law or under the law of any foreign country. You must immediately report to the Bally Board any
request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made.
You must at all times comply with any relevant Employer or Group policy in force from time to time.

 

		4.	Hours and place of work

 

		4.1	Your normal working hours are standard business hours, Monday to Friday, together with such additional
hours as may be necessary for the proper performance of your duties.

 

		4.2	The Working Time Regulations 1998 provides a limit on weekly working time of an average of 48 hours. However,
you acknowledge that you may be required to work in excess of these hours and you agree that the limit on working time will not apply
to your Appointment. You are entitled to terminate this opt-out at any time by giving not less than three months' written notice addressed
to the Employer.

 

		4.3	Subject to the provisions contained in clauses 4.4, your normal place of work is 10 Piccadilly, London
W1J 0DD, but the Employer may require you to work at any place within Greater London on either a temporary or an indefinite basis.

 

		4.4	You also agree to travel (both within the United Kingdom and abroad) as and when required for the proper
performance of your duties including but not limited to undertaking frequent travel to the United States. However, you will not be required
to work outside the United Kingdom for any continuous period of more than one month.

 

		5.	Remuneration

 

		5.1	You will be paid a sterling equivalent gross annual salary of US$1,100,000 per annum. Your salary which
will accrue from day to day and be payable by equal instalments in arrears on the 25th (or if those dates fall on a weekend or public
holiday, the next working day) of each calendar month. Your salary will be converted monthly from US dollars into sterling based on the
average exchange rate in respect of the relevant calendar month in which you are paid (and in respect of which you accept that the Employer
shall bear no responsibility in respect of any fluctuations in exchange rate) and will be subject to UK income tax and National Insurance
deductions.

 

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		5.2	You shall in addition remain at all times liable for any US taxes payable on your income but it is agreed
that the Employer shall implement a tax protection policy, whereby, you will not be responsible for an increase in income or social security
taxes in excess of what you would be responsible for had you performed all activities in the UK (activities fully performed in the UK
as a UK employee and UK tax resident). The Employer will engage a third party to prepare the annual home and US tax returns and an annual
tax reconciliation calculation upon the completion of the tax filings. The tax reconciliation calculation will determine whether a tax
reimbursement and tax gross-up are warranted. A formal tax protection policy will be developed and made available to you providing further
clarification on how tax protection may apply.

 

		5.3	Your salary shall be reviewed annually each January, save in respect of your first year of Appointment
under this agreement and it is agreed that the first such review shall take place in January 2023. The Employer is under no obligation
to award an increase following a salary review.

 

		5.4	You will be eligible to participate in Bally’s Corporation LTIP scheme. Any LTIP awards will be
subject to the performance conditions set by the Bally Board in its absolute discretion from time to time. The LTIP is a discretionary
plan and any awards made under it are discretionary. As such, Bally’s Corporation may vary or withdraw the LTIP at any time. Participation
in the LTIP is strictly subject to the rules of the LTIP as amended from time to time. In the event of any conflict between this
agreement and the LTIP rules, the rules of the LTIP will prevail.

 

		5.5	You shall be entitled to participate in the Employer’s Annual Bonus Scheme in relation to each Financial
Year of the Appointment on the terms of the Scheme (as set out at Schedule 1 of this agreement).

 

		5.6	The Employer may deduct from your salary or any other payments due to you any sums owed by you to the
Employer or any member of the Group at any time.

 

		6.	Expenses

 

The Employer will reimburse all reasonable
expenses wholly, properly and necessarily incurred by you in the performance of your duties under this agreement (including fees due to
any relevant industry body in order to maintain your professional qualifications), subject to production of such receipts or other appropriate
evidence as the Employer may require.

 

		7.	Holidays

 

		7.1	You will be entitled to 30 days' paid holiday in each holiday year (being the period from 1 January to
31 December) together with the usual bank and other public holidays in the UK (but not, for the avoidance of doubt those public holidays
applicable in the United States). In the respective holiday years in which the Appointment commences or terminates, your holiday entitlement
will be calculated on a pro rata basis for each complete month of service during the relevant year.

 

		7.2	Holiday can only be taken with the advance approval of the Employer. You may carry forward a maximum of
five days' holiday from one holiday year to the next. Any such holiday carried forward must be taken by 31 March in the subsequent
holiday year. You are not entitled to receive any payment in lieu in respect of any unused entitlement, save on termination as provided
in clause 7.3.

 

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		7.3	On termination of the Appointment, the Employer may either require you to take any unused and accrued
holiday entitlement during any notice period by giving you at least one day's notice (but such holiday entitlement will be deemed to be
taken during any period of Garden Leave) or make a payment in lieu based on your entitlement under clause 7 for the holiday year in which
your Appointment terminates. If the Employer terminates the Appointment for any of the reasons in clause 14.5 or if you resign in breach
of clause 2.8, your entitlement to payment in lieu will be based on the minimum holiday entitlement under the Working Time Regulations
1998 only. If you have taken more holiday than your accrued entitlement, you will be required to reimburse the Employer in respect of
the excess days taken and the Employer is authorised to deduct the appropriate amount from any sums due to you. Any payment in lieu or
deduction made shall be calculated on the basis that each day of paid holiday is equivalent to 1/260th of your salary.

 

		8.	Sickness absence

 

		8.1	Provided you comply with the sickness absence procedures below (or such additional or alternative procedures
as the Employer shall notify from time to time), you will continue to receive your full salary and contractual benefits during any absence
from work due to illness or injury for an aggregate of up to 20 working days in any period of 12 months. Such payments will be inclusive
of any statutory sick pay that may be due and the Employer may deduct from such payments the amount of any social security or other benefits
that you may be entitled to receive and, to the extent that damages for loss of earnings are recoverable from any third party in relation
to such incapacity, any payments under this clause will constitute a loan repayable to the Employer on demand at such time as you receive
such third party payment (provided that you will not be required to repay a sum in excess of the amount of damages recovered).

 

		8.2	You will notify the Bally Board as soon as possible on the first day of absence of the reasons for your
absence and how long it is likely to last. You will be required to complete self-certification forms in respect of any period of absence
and to provide a medical certificate for any period of incapacity of more than seven days (including weekends). Further certificates must
be provided to cover any further periods of incapacity.

 

		8.3	You agree to consent to medical examinations (at the Employer's expense) by a doctor appointed by the
Employer should the Employer reasonably require and you will provide to that doctor copies of your medical records. The results of the
examination may be disclosed to the Employer and the Employer may discuss such results with the relevant doctor. Alternatively, you may
be asked to obtain a medical report from your GP or another person responsible for your clinical care and to provide this to the Employer.

 

		8.4	If you are away from work due to illness or injury for a consecutive period of 30 working days the Employer
may (without prejudice to the provisions of clause 14.5.8) appoint another person or persons to perform your duties.

 

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		8.5	No sick pay under clause 8 will be paid (except statutory sick pay, if payable) on any day when:

 

		8.5.1	a hearing is pending which relates to any aspect of your conduct or performance and which could result
in the imposition of a warning, dismissal or other sanction; or

 

		8.5.2	you have been told, whether formally or informally, that there are concerns about any aspect of your conduct
or performance which could result in a disciplinary hearing; or

 

		8.5.3	you are in breach of your obligations in relation to medical examinations and reports set out above.

 

		9.	Pension

 

		9.1	You may at any time become an active member of a personal pension scheme which meets the requirements
of a qualifying scheme for the purposes of section 16 of the Pensions Act 2008, and you will complete such tasks as are required to ensure
the personal pension scheme is, and remains, a qualifying scheme. In such case, the Employer will contribute an amount equal to 10 per
cent of your annual base salary in equal monthly instalments in arrears into such personal pension scheme. Contributions to the scheme
will be subject to the rules of the relevant scheme and the tax relief, limits and exemptions available from HMRC from time to time.
At such time as you maximise your pensions lifetime allowance the Company agrees that it shall in good faith negotiate the terms of a
cash allowance in lieu of the pension contribution provided under this clause.

 

		10.	other benefits

 

		10.1	You will be entitled to participate in the following insurance schemes, details of which can be obtained
from the Chief People Officer or the Chief Legal Officer and Company Secretary:

 

		10.1.1	private medical insurance (PMI) for you and your Dependants;

 

		10.1.2	life assurance providing cover of not less than four times your annual basic salary;

 

		10.1.3	permanent health insurance (PHI) providing cover of not less than 75% of annual salary; and

 

		10.1.4	directors and officers liability insurance.

 

		10.2	Any participation in the insurance benefits offered by the Employer will be subject to clause 10.3 below
and:

 

		10.2.1	the rules of any scheme of the Employer, as amended from time to time;

 

		10.2.2	the rules and restrictions of the insurance policy of the relevant insurance provider, as amended
from time to time; and

 

		10.2.3	you satisfying the normal underwriting requirements of the relevant insurance provider of the scheme of
the Employer and the premium being at a rate which the Employer considers reasonable; and

 

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		10.2.4	where relevant, you and your Dependants doing everything reasonably necessary to enable cover to commence
or remain in force.

 

		10.3	The Employer reserves the right to change the insurance companies with which the schemes are maintained,
to change the rules of the schemes (including the basis of cover and the scale or level of benefit), to discontinue altogether and/or
terminate any employee’s participation in any such schemes where, in the reasonable opinion of the Employer, it is unable to obtain
such cover on reasonable terms.

 

		10.4	If the insurance provider(s) refuse(s) for any reason to provide or stops providing any of the
benefits to you listed in clause 10.1, the Employer shall not be liable to provide to you or your Dependants any replacement benefit of
the same or similar kind or to pay any compensation in lieu of such benefit.

 

		10.5	In addition, the Employer has no obligation to pursue any claim for benefits on behalf of you or your
Dependants, or to provide a replacement benefit, or provide any compensation in lieu of such benefit, if it is not accepted by the relevant
insurer or third party provider. The Employer will have no liability to you or your Dependants for failure or refusal by the relevant
insurer or provider to pay benefits, or for the cessation of benefits, paid leave or training on termination of the Appointment and is
entitled to terminate the Appointment notwithstanding the fact that you may lose entitlement to benefits, paid leave or training under
these arrangements.

 

		11.	Other interests

 

		11.1	You will not (except as a representative of the Employer or with the prior written approval of the Employer)
whether paid or unpaid, directly or indirectly:

 

		11.1.1	undertake, be engaged or concerned in the conduct of;

 

		11.1.2	be or become an employee, agent, partner, consultant or director of; or

 

		11.1.3	assist or have any financial interest (other than the holding of an Investment) in any other business,
trade, profession or occupation, whether actual or prospective.

 

		11.2	You agree to disclose to the Employer any matters relating to your spouse or civil partner (or anyone
living as such), children or parents which may, in the reasonable opinion of the Employer, be considered to interfere, conflict or compete
with the proper performance of your obligations under this agreement.

 

		11.3	You must communicate to the Bally Board any actual or potential conflict of interest arising out of your
position as Group CEO, together with any information or knowledge acquired or gained by you in any manner whatsoever whilst you continue
in that office which may be of value or which may be to the detriment of the Employer or any member of the Group as soon as they become
apparent.

 

		11.4	You must comply (and shall procure that your spouse, or partner, your minor children and any relative
sharing your household for at least one year shall comply) with all applicable rules of law, stock exchange regulations, regulatory
guidance, the Market Abuse Regulation No 596/2014 and with any code of conduct of and/or in relation to the Employer or any of its subsidiary
undertakings in relation to dealings in shares or any unpublished price sensitive information affecting the securities of any other company.

 

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		12.	Confidential Information

 

		12.1	You will not (save in the proper course of your duties or as specifically authorised by the Employer)
either during the Appointment or at any time after its termination (howsoever arising) directly or indirectly:

 

		12.1.1	use any Confidential Information;

 

		12.1.2	disclose or permit the disclosure of Confidential Information to any person, company, or organisation
whatsoever; or

 

		12.1.3	make or use any Copies.

 

		12.2	You are responsible for protecting the confidentiality of the Confidential Information and shall:

 

		12.2.1	use your best endeavours to prevent the use or communication of any Confidential Information by any unauthorised
person, company or organisation; and

 

		12.2.2	inform the Bally Board immediately upon becoming aware, or suspecting, that any such person, company or
organisation knows or has used any Confidential Information.

 

		12.3	The restrictions above shall not apply to information:

 

		12.3.1	where its use or disclosure has been authorised by the Bally Board;

 

		12.3.2	where such information is already in, or comes into, the public domain other than through your unauthorised
disclosure;

 

		12.3.3	which is a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996;

 

		12.3.4	which you or another person may be ordered to disclose by a court of competent jurisdiction;

 

		12.3.5	which you disclose pursuant to and in accordance with the Public Interest Disclosure Act 1998, provided
you have complied with the Employer's policy (if any) from time to time regarding such disclosures; or

 

		12.3.6	as may be required by law.

 

		12.4	You must also comply with all legislative and regulatory requirements in relation to the disclosure of
price sensitive information other than in the proper performance of your duties or as required by a Court of competent jurisdiction.

 

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		13.	Intellectual Property

 

		13.1	You shall give the Employer full written details of all Inventions and of all works embodying Intellectual
Property Rights made wholly or partially by you at any time during the course of the Appointment (whether or not during working hours
or using Employer premises or resources) which relate to, or are reasonably capable of being used in, the business of the Employer or
any member of the Group. You acknowledge that all Intellectual Property Rights subsisting (or which may in the future subsist) in all
such Inventions and works shall automatically, on creation, vest in the Employer absolutely. To the extent that they do not vest automatically,
you hold them on trust for the Employer. You agree promptly to execute all documents and do all acts as may, in the opinion of the Employer,
be necessary to give effect to this clause 13.1.

 

		13.2	You hereby irrevocably waive all moral rights under the Copyright, Designs and Patents Act 1988 (and all
similar rights in other jurisdictions) which you have or will have in any existing or future works referred to in clause 13.1 above.

 

		13.3	You hereby irrevocably appoint the Employer to be your attorney to execute and do any such instrument
or thing and generally to use your name for the purpose of giving the Employer or its nominee the benefit of this clause 13 and acknowledge
in favour of any third party that a certificate in writing signed by any Director or the Secretary of the Employer that any instrument
or act falls within the authority conferred by this clause 13 shall be conclusive evidence that such is the case.

 

		13.4	You must ensure that any business contacts which you make in the course of the Appointment are reported
to the Employer and entered into such customer relationship management database as the Employer may from time to time direct. Any immaterial
failure to comply with this clause 13.4 shall not constitute a breach by you of this agreement.

 

		14.	Termination

 

		14.1	Notwithstanding clause 2.8, the Employer may (in its sole and absolute discretion) terminate the Appointment
at any time and with immediate effect by giving you notice whether orally or in writing that it is exercising its right to do so under
this clause and that it will make you a payment in lieu of notice equal to your salary which you would have been entitled to receive during
the notice period (or remainder of the notice period) referred to in clause 2.8, less income tax and national insurance contributions.
For the avoidance of doubt, any payment in lieu of notice under this clause shall not include any element in relation to:

 

		14.1.1	any bonus or commission payments that might otherwise have been due during the period for which the payment
in lieu is made

 

		14.1.2	any payment in respect of benefits which you would have been entitled to receive during the period for
which the payment in lieu is made; and

 

		14.1.3	any payment in respect of any holiday entitlement that would have accrued during the period for which
the payment in lieu is made.

 

		14.2	The Employer may elect to pay the payment in lieu of notice in equal monthly instalments during what would
otherwise have been the notice period referred to in clause 2.8. You are obliged to seek alternative income during this period and to
immediately notify the Employer of any such income received. The instalment payments will then be reduced by the amount of such income.
The Employer agrees to negotiate with you a suitable time to pay any sums connected with the termination of your Appointment.

 

		14.3	You will have no right to receive a payment in lieu of notice unless the Employer has exercised its discretion
in clause 14.1 above. Nothing in this clause 14 shall prevent the Employer from terminating the Appointment and electing not to make you
any payment in lieu of notice.

 

    13

     

    

 

		14.4	Notwithstanding clause 14, you will not be entitled to any payment in lieu if the Employer would otherwise
have been entitled to terminate the Appointment without notice in accordance with clause 14.5. In that case the Employer will also be
entitled to recover from you any payment in lieu (or instalments thereof) already made.

 

		14.5	The Employer may also terminate the Appointment at any time with immediate effect without notice and without
payment in lieu of notice if you:

 

		14.5.1	are guilty of gross misconduct or serious negligence in connection with your Appointment or affecting
the business or affairs of the Employer or commit any material or (after warning) repeated or continued breach or non-observance of your
obligations to the Employer (whether under this agreement or otherwise) or if you refuse or neglect to comply with any reasonable and
lawful directions of the Employer;

 

		14.5.2	are guilty of any fraud or dishonesty or act in a manner which in the reasonable opinion of the Employer
brings or is likely to bring you or the Employer or any member of the Group into disrepute or is materially adverse to the interests of
the Employer or any member of the Group;

 

		14.5.3	are guilty of a serious breach of any principles, rules, regulations or policies or any corporate governance
code or guidelines applicable to you or the Employer or adopted by the Employer from time to time;

 

		14.5.4	are convicted of any arrestable criminal offence (other than a motoring offence in the United Kingdom
or elsewhere for which a non-custodial penalty is imposed) or any offence under any regulation or legislation relating to insider dealing;

 

		14.5.5	have provided false or misleading information to the Employer in respect of your suitability for the Appointment
or your qualifications and experience;

 

		14.5.6	become bankrupt or make any arrangement with or for the benefit of your creditors or have an interim order
made against you pursuant to s252 of the Insolvency Act 1986 or a county court administration order made against you under the County
Court Act 1984;

 

		14.5.7	become of unsound mind or a patient under any statute relating to mental health;

 

		14.5.8	are prevented by illness, injury or other incapacity from fully performing your obligations to the Employer
for an aggregate of at least 130 working days in any period of 12 months (even if, as a result of such termination, you would forfeit
any entitlement to benefits under any permanent health insurance scheme provided by the Employer;

 

    14

     

    

 

		14.5.9	commit any serious or persistent breach or non-observance of the rules of any applicable regulatory
authority including the U.S. Securities and Exchange Commission and the UK Financial Conduct Authority;

 

		14.5.10	are or become prohibited by law or the Articles of Association of the Employer or any regulatory body
applicable to the Employer from being a director; or

 

		14.5.11	you resign as a director of the Employer or any other directorship to which you are appointed, other than
at the request of the Board.

 

		14.6	The rights of the Employer under clause 14.5 are without prejudice to any other rights that it might have
at law to terminate the Appointment or to accept any breach by you of this agreement as having brought the agreement to an end. Any delay
by the Employer in exercising its rights to terminate shall not constitute a waiver thereof.

 

		15.	obligations on termination

 

		15.1	On the termination of the Appointment (howsoever arising) or, if earlier, at the start of any Garden Leave,
you will:

 

		15.1.1	immediately deliver to the Employer all property of the Employer or any member of the Group which may
be in your possession or control including, without limitation, mobile phone, company car (if any), blackberry, PDA (and similar devices),
passes, keys, credit cards, business equipment, computer equipment, and all Copies, correspondence, documents, papers, memoranda, notes
and records (including, without limitation, any records stored by electronic means, together with any codes or implements necessary to
give full access to such records), system designs, software designs and software programmes (in whatever media) relating to the business
or affairs of the Employer and all copies of the above whether in a physical or electronic form, along with any passwords used by you
on Employer or Group computers and any documents used or created by you, provided that where you are on Garden Leave you will not be required
to return to the Employer (until the termination of the Appointment) any property provided to you as a contractual benefit under the terms
of this agreement;

 

		15.1.2	irretrievably delete any information relating to the business of the Employer or any member of the Group
stored on any magnetic or optical disk or memory and all matter derived from such sources which is in your possession or under your control
outside the Employer's premises;

 

		15.1.3	provide a signed statement that you have complied fully with your obligations under clauses 15.1 and 15.1.2;

 

		15.1.4	immediately resign, without any claim for compensation, from all offices held in the Employer or any member
of the Group, including but not limited to Bally’s Corporation, and as a trustee of any pension scheme connected to the Employer
or any member of the Group, and you hereby irrevocably appoint the Employer to be your attorney to execute any documents and do any things
and generally to use your name for the purpose of giving the Employer or its nominee the full benefit of this clause;

 

    15

     

    

 

		15.1.5	transfer without payment to the Employer or as it may direct any shares or other securities held by you
in the Employer or any member of the Group as a nominee or trustee for the Employer or any member of the Group and deliver to the Employer
the related certificates, and you hereby irrevocably appoint the Employer to be your attorney to execute any documents and do any things
and generally to use your name for the purpose of giving the Employer or its nominee the full benefit of this clause.

 

		15.2	On termination of the Appointment (howsoever arising and whether lawful or not) you will have no rights
as a result of this agreement or any alleged breach of this agreement to any compensation under or in respect of any long term incentive
scheme of the Employer in which you may participate or have received grants or allocations at or before the date the Appointment terminates.
Any rights which you may have under such scheme(s) shall be exclusively governed by the rules of such scheme(s) as in force
from time to time.

 

		15.3	If the Appointment is terminated at any time in connection with any reconstruction or amalgamation of
the Employer whether by winding up or otherwise and you receive an offer of employment (on terms no less favourable overall than the terms
of this agreement) from an undertaking involved in or resulting from such reconstruction or amalgamation you will have no claim whatsoever
against the Employer arising out of or connected with such termination.

 

		16.	Garden Leave

 

		16.1	The Employer is under no obligation to provide you with work and may (if either party serves notice to
terminate the Appointment or if you purport to terminate the Appointment in breach of contract) require you not to perform any duties
or to perform only specified duties.

 

		16.2	During any period of Garden Leave, you shall:

 

		16.2.1	remain an employee of the Employer and be bound by the terms of this agreement (including, but not limited
to, your implied duties of good faith and fidelity);

 

		16.2.2	continue to receive your salary and contractual benefits in the usual way (subject to the rules of
the relevant benefits scheme(s) in force from time to time and the terms of this agreement);

 

		16.2.3	not, without the prior written consent of the Employer attend your place of work or any other premises
of the Employer or any member of the Group;

 

		16.2.4	not contact or deal with (or attempt to contact or deal with) any officer or employee (other than on a
purely social basis), consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the
Employer or any member of the Group except such person(s) as the Bally Board shall designate in writing, and the Employer may suspend
your access to all or any information technology systems of the Employer and any member of the Group;

 

    16

     

    

 

		16.2.5	be deemed to take any accrued but unused holiday entitlement; and

 

		16.2.6	(except during any periods taken as holiday, which should be notified in advance in accordance with the
usual procedures) ensure that the Employer knows where and how you can be contacted during normal working hours.

 

		16.3	During any period of Garden Leave, the Employer may, in its absolute discretion, appoint another person
to perform your responsibilities jointly with you or in your place.

 

		17.	Restrictive Covenants

 

		17.1	In this clause 17:

 

"Capacity" means as
agent, consultant, director, employee, owner, shareholder or in any other capacity;

 

“Client”
means any person, firm, limited liability partnership, company or other entity who or which is at the Termination Date and/or was at any
time during the Relevant Period, a client of the Employer or the Group and:

 

		(a)	with whom or which you had dealings (other than on a minimal basis) during the course of your employment
at any time during the Relevant Period; or

 

		(b)	in respect of whom you had personal knowledge, contact or dealings in the course of your duties at any
time during Relevant Period; or

 

		(c)	about whom you had access to Confidential Information.

 

“Prospective
Client” means any person, firm, limited liability partnership, company or other entity who or which is as at the Termination
Date and/or was at any time during the Relevant Period in discussions with the Employer or the Group with a view to entering into a contract
with the Employer or the Group for the provision of goods or services, and in which discussions you were involved (other than on a minimal
basis) or about which discussions you had access to Confidential Information.

 

Protected Supplier
means any person, firm, limited liability partnership, company or other entity who or which has provided goods or services (other than
utilities or administration-related supplies) to the Employer or the Group and with whom you had dealt in the course of your employment
at any time during the Relevant Period (other than on a minimal basis) or about whom you had access to Confidential Information.

 

"Key Employee" means
any person who immediately prior to the Termination Date was employed or engaged by the Employer or any member of the Group as a vice
president or above, or any person in the finance department (save for anyone carrying out a purely administrative function), or any other
person employed or engaged by the Employer or any member of the Group who could materially damage the interests of the Employer or any
member of the Group and with whom you had personal dealings during the Relevant Period;

 

    17

     

    

 

"Relevant Period" means
the period of 12 months ending on the Termination Date;

 

"Restricted Business"
means the business of the Employer and any member of the Group with which you were materially concerned or had management responsibility
for or had substantial Confidential Information, in each case during the Relevant Period;

 

"Termination Date"
means the date on which the Appointment terminates or, if you spend a period on Garden Leave immediately before the termination of the
Appointment, such earlier date on which Garden Leave commences.

 

		17.2	You covenant with the Employer (for itself and as trustee and
agent for each member of the Group) that you will not (except with the prior written approval of the Employer), directly or indirectly,
on your own behalf or on behalf of or in conjunction with any firm, company or person both during your Appointment and:

 

		17.1.1	for twelve months following the Termination Date be engaged, concerned or involved in any Capacity with
any business which is in competition with any Restricted Business;

 

		17.1.2	for twelve months following the Termination Date offer to employ or engage or otherwise endeavour to entice
away from the Employer or any member of the Group any Key Employee (whether or not such person would breach their contract of employment
or engagement);

 

		17.1.3	for twelve months following the Termination Date employ or engage or facilitate the employment or engagement
of any Key Employee (whether or not such person would breach their contract of employment or engagement) in any business which is in competition
with any Restricted Business;

 

		17.1.4	at any time after the Termination Date represent yourself as being in any way connected with (other than
as a former employee), or interested in the business of the Employer or any member of the Group or use any registered names or trading
names associated with the Employer or any member of the Group;

 

		17.1.5	for the period of twelve months following the Termination Date, solicit or entice away or endeavour to
solicit or entice away from the Employer or the Group or otherwise seek to obtain business from a Client or Prospective Client. Nothing
in this Clause 17.1.5 will prohibit the seeking or doing of business not in direct or indirect competition with the Restricted Business
of the Employer or the Group;

 

		17.1.6	for the period of twelve months following the Termination Date, deal with or accept orders or business
from a Client or Prospective Client. Nothing in this Clause 17.1.6 will prohibit the seeking or doing of business not in direct or indirect
competition with the Restricted Business of the Employer or the Group;

 

    18

     

    

 

		17.1.7	for the period of twelve months following the Termination Date entice or seek to entice away from the
Employer or the Group any Protected Supplier or otherwise solicit or interfere with the relationship between the Protected Supplier and
the Employer or the Group with a view to that Protected Supplier ceasing to supply goods or services to the Employer or the Group or reducing
the type and/or volume of goods or services supplied to the Employer or the Group or adversely altering the terms on which it supplies
goods or services to the Employer or the Group.

 

17.3 None of the
restrictions in clause 0 above shall prevent you from:

 

		17.3.1	holding an Investment;

 

		17.3.2	being engaged or concerned in any business insofar as your duties or work relate solely to geographical
areas where that business is not in competition with any Restricted Business; or

 

		17.3.3	being engaged or concerned in any business insofar as your duties or work relate solely to services or
activities of a kind with which you were not concerned during the Relevant Period.

 

		17.4	You acknowledge that following termination of the Appointment, you will be in a position to compete unfairly
with the Group as a result of the Confidential Information, trade secrets and knowledge about the business, operations, customers, employees
and trade connections of the Employer and the Group you have acquired or will acquire and through the connections that you have developed
and will develop during the Appointment. You therefore agree to enter into the restrictions in this clause 17 for the purpose of protecting
the Employer's and Bally’s Corporation’s legitimate business interests and in particular the Confidential Information, goodwill
and the stable trained workforce of the Employer and the Group.

 

		17.5	Each of the restrictions contained in this clause 17 (on which you have had the opportunity to take independent
legal advice) is intended to be separate and severable and while they are considered by the parties to be reasonable in all the circumstances,
it is agreed that if any one or more of such restrictions is held to go beyond what is reasonable in all the circumstances for the protection
of the legitimate interests of the Employer or any member of the Group but would be valid if any particular restriction(s) were deleted
or some part or parts of its or their wording were deleted, restricted or limited then such restriction(s) shall apply with such
deletions, restrictions or limitations as the case may be.

 

		17.6	You agree that you will (at the request and cost of the Employer) enter into a separate agreement with
any member of the Group for which you perform services under which you will agree to be bound by restrictions corresponding to the restrictions
contained in this clause 17 (or such similar restrictions as will be appropriate provided that such restrictions shall be no wider in
scope than those contained in this clause) in relation to such member of the Group.

 

    19

     

    

 

		17.7	You agree that if your employment is transferred to any person, company, firm, organisation or other entity
other than the Employer or any member of the Group (the "New Employer") pursuant to the Transfer of Undertakings (Protection
of Employment) Regulations 2006, you will, if required, enter into an agreement with the New Employer that will contain provisions that
provide protection to the New Employer similar to that provided to the Employer and any member of the Group under clause 0.

 

		17.8	If, during the Appointment or any period during which the restrictions
in this clause 17 apply you receive an offer to be involved in a business in any Capacity, you will notify the person making the offer
of the terms of this clause 17.

 

		18.	Disciplinary and Grievance procedure

 

		18.1	You are subject to the Employer's disciplinary procedures, which are available from the Chief Legal Officer
and Company Secretary. These procedures do not form part of your contract of employment. If you are dissatisfied with any disciplinary
decision, you should apply in writing to the Chair.

 

		18.2	The Employer may at any time suspend you on full pay for such as shall be reasonably necessary for the
purposes of investigating any allegation of misconduct or neglect against you.

 

		18.3	If you wish to obtain redress of any grievance relating to the Appointment you should apply in writing
to the person to whom you report, in accordance with the Employer's grievance procedures which are available from the Chief Legal Officer
and Company Secretary of The Employer. These procedures do not form part of your contract of employment.

 

		19.	DATA PROTECTION, PRIVACY AND COMPUTER SYSTEMS

 

		18.4	The Employer will collect and process personal data about individuals (including prospective and current
employees, workers and contractors) in accordance with the Data Protection Act 2018, the UK GDPR and other related privacy legislation.
The Employer will process such personal data:

 

		19.1.1	as set out in the Employer’s Privacy Notice and other fair processing information as may be amended
from time to time;

 

		19.1.2	as set out in this Agreement, and in order to perform the Employer's obligations under any contract between
the Employer and you; and

 

		19.1.3	in order to comply with any court order, request from or referral to an appropriate authority, or legal,
regulatory or good practice requirement, for example as required by HM Revenue and Customs.

 

		18.5	You will comply with the Employer's Data Protection Policy as amended from time to time when handling
personal data in the course of your Appointment including personal data relating to any employee, worker, contractor, customer, client,
supplier or agent of the Employer. You agree to comply with the Employer's policies in force from time to time regarding the use of email,
internet, social media and telecommunications and the use of equipment provided to you for use in the normal course of your Appointment
including without limitation any method of electronic communication.

 

    20

     

    

 

		18.6	Failure to comply with the Data Protection Policy or any other policies relevant to Clause 18.5 may be
dealt with under the Employer's disciplinary procedure and, in serious cases, may be treated as gross misconduct leading to summary dismissal.

 

		20.	E-mail and Internet

 

Telephone calls made and received by
you using the Employer's equipment, use of the e-mail system to send or receive business or personal correspondence and use of the internet
may be monitored and/or recorded by the Employer. You acknowledge that the content of any communications using the Employer's systems
or anything stored on such systems will not be private and confidential to you but will belong to the Employer and that the use of such
systems is for business purposes only.

 

		21.	collective agreements

 

There are no collective agreements which
directly affect the Appointment.

 

		22.	Notices

 

Any notice to be given under this agreement
shall be in writing. Notices may be given by either party by personal delivery or post addressed to the other party at (in the case of
the Employer) its registered office for the time being and (in the case of you) either to your address shown in this agreement or to your
last known address and shall be deemed to have been served at the time at which it was delivered personally or, if sent by post, would
be delivered in the ordinary course of post. For the avoidance of doubt, no notices may be served by e-mail except with the written consent
of the other party.

 

		23.	Former Agreements

 

		23.1	This agreement contains the entire understanding between the parties and is in substitution for any previous
letters of appointment, agreements or arrangements or understandings, whether written, oral or implied, relating to your Appointment or
engagement, which shall be deemed to have been terminated by mutual consent as from the commencement of this agreement. You warrant that
you have not entered into this agreement in reliance on any warranty, representation or undertaking of any nature whatsoever which is
not contained in this letter.

 

		23.2	You hereby warrant and represent to the Employer that you will not, in entering into this agreement or
carrying out your duties under this agreement, be in breach of any other terms of employment whether express or implied or any other obligation
binding upon you.

 

    21

     

    

 

		24.	Construction

 

		24.1	The headings in this agreement are inserted for convenience only and shall not affect its construction.

 

		24.2	Any reference to a statutory provision shall be construed as a reference to any statutory modification
or re-enactment of such provision (whether before or after the date of this agreement) for the time being in force.

 

		24.3	The schedules to this agreement, if any, form part of and are incorporated into this agreement.

 

		24.4	No modification, variation or amendment to this agreement shall be effective unless such modification,
variation or amendment is in writing (not including e-mail) and has been signed by or on behalf of both parties.

 

		25.	Third Party Rights

 

The Contracts (Rights of Third Parties)
Act 1999 shall not apply to this agreement and no person other than you and the Employer shall have any rights under it.

 

		26.	Counterparts

 

This agreement may be executed in any
number of counterparts and by the parties to it on separate counterparts, each of which shall be an original but all of which together
shall constitute one and the same instrument. The agreement is not effective until each party has executed at least one counterpart, and
it has been received by the other party (transmission by fax or email (in a PDF format) being acceptable for this purpose) and the agreement
has been dated by agreement.

 

		27.	Proper Law

 

		27.1	Any claim or matter of whatever nature arising out of or relating to this agreement or its subject matter
(including, but not limited to, non-contractual disputes or claims) shall be governed by, and this agreement shall be construed in all
respects in accordance with, the law of England and Wales.

 

		27.2	Each party irrevocably agrees to submit to the exclusive jurisdiction of the courts of England and Wales
over any claim or matter arising out of or relating to this agreement or its subject matter (including, but not limited to, non-contractual
disputes or claims).

 

    22

     

    

 

This agreement has been executed as a deed and
is delivered and takes effect on the date stated at the beginning of it.

 

	
    EXECUTED as a deed by

     

    GAMESYS GROUP PLC

     

    acting by a director, in the presence of:

     

     
	
    Signature

     

     

     

     

     

    Director

	 	
    Print name

     

     

     

     

 

	Witness signature	 

 

	Name (in BLOCK CAPITALS)  	 

 

	Address 	 
	 
	 

 

	
    SIGNED as a deed by

     

    LEE FENTON

     

    in the presence of:
	Signature

 

	Witness signature	 

 

	Name (in BLOCK CAPITALS)  	 

 

	Address 	 
	 
	 

 

    23

     

    

 

Schedule 1

Bonus scheme

 

		1.	Definitions

 

		1.1	The definitions in this paragraph apply in this Schedule.

 

Accounts
means the audited profit and loss account of the Employer.

 

Annual Bonus
means an annual performance bonus under the terms of the Scheme.

 

Financial Year
means Bally’s Corporation’s financial year ending on 31 December each year.

 

Payment Date
means at such time as Annual Bonuses are paid to other senior executives of the Employer generally, but in any event within 30 days following
the completion of the audit of the Employer’s books and records by the Employer’s auditors in respect of such Financial Year
to which such Annual Bonus relates.

 

Personal Performance
Targets means the individual targets relating to your personal performance set by the Board in the relevant Financial Year and notified
to you at the beginning of that Financial Year.

 

Salary means
your basic salary as set out in clause 5.1 of this Agreement, as increased from time to time.

 

Scheme means
the bonus scheme as detailed in this Schedule, as amended from time to time.

 

		2.	Entitlement

 

		2.1	You shall be entitled to participate in the Annual Bonus in relation to each Financial Year of the Appointment
on the terms of this Scheme. Any Annual Bonus awarded to you shall not form part of your pensionable pay.

 

		2.2	The amount of any Annual Bonus in any particular Financial Year (if any payable) shall be determined by
the Board in its sole discretion and shall be contingent upon the attainment of the Personal Performance Targets, but shall not exceed
100% of Salary.

 

		2.3	If you:

 

		2.3.1	commence employment part way through the Financial Year; or

 

		2.3.2	work on a part-time basis,

 

the sum calculated in accordance with
paragraph 2.2 shall be pro-rated, as appropriate.

 

		2.4	No later than 60 days after the end of each Financial Year, the Board shall notify you in writing of the
extent to which the Personal Performance Targets for that Financial Year have been achieved and the amount of your Annual Bonus (if any
payable). The decision of the Board shall be final and binding.

 

		2.5	The bonus (if any payable) shall be paid to you on the Payment Date.

 

    24

     

    

 

		2.6	Award of an Annual Bonus in one year shall not entitle you to a bonus in subsequent years.

 

		3.	Interim payments

 

		3.1	The Board may in its absolute discretion pay to you from time to time during a Financial Year an interim
payment or payments on account of any anticipated Annual Bonus to be awarded under the Scheme at the end of that Financial Year. If the
Board makes an interim payment or payments, it shall not be obliged to make such payment or payments in respect of any subsequent Financial
Years.

 

		3.2	If such payment or payments exceed the Annual Bonus ultimately determined by the Board to be payable to
you for such Financial Year, the Board can carry forward the excess on account of Annual Bonus due to you for the next Financial Year.

 

		4.	Termination of employment

 

		4.1	Subject to clause 4.2, if, as at the Payment Date, you are no longer employed by the Employer or either
you or the Employer have given notice to terminate the Appointment, you shall, subject always to clause 2.2 of this Schedule, be entitled
to a pro-rated bonus in respect of the period of service in the Financial Year in which the Appointment terminates, calculated at the
end of that year and payable on the Payment Date.

 

		4.2	You shall not be entitled to be considered for any pro-rated Annual Bonus in the event that your employment
is terminated in accordance with clause 14.5 of the employment contract.

 

		5.	Variation

 

		5.1	The Scheme shall be administered under the direction of the Board and the Company reserves the right to
vary (with or without replacement by a further scheme) its terms in any respect.

 

		6.	General

 

		6.1	We will deduct income tax under PAYE and any National Insurance contributions (and all and any other deductions
required by law) from any bonus payable to you.

 

		6.2	Any bonus payment payable to you will not be taken into account for the purpose of calculating pension
contributions.

 

    25Exhibit 4.2

      

      

      REGISTRATION RIGHTS AGREEMENT

      

      

      This Registration Rights Agreement (this “Agreement”) is made and entered into as of                   , 2021, by and among Aris Water Solutions, Inc., a Delaware
        corporation (the “Company”), Solaris Midstream Holdings, LLC, a Delaware limited liability company (“Solaris”), and each of the other parties listed on
        the signature pages hereto (the “Initial Holders” and, together with the Company, the “Parties”).

      

      

      WHEREAS, in connection with, and in consideration of, the transactions contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-259740), the Initial Holders have requested, and the Company has
        agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement.

      

      

      NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the
        Parties hereby agree as follows:

      

      

      1. Definitions. As used in this Agreement, the following terms have the meanings indicated:

      

      

      “Affiliate” of any specified Person means any other person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such
        specified Person. For purposes of this definition, “control” of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by
        contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

      

      

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

      

      

      “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.

      

      

      “Blackout Period” has the meaning set forth in Section 3(o).

      

      

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

      

      

      “Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of Texas or the State of New
        York are authorized or required to be closed by law or governmental action.

      

      

      “Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

      

      

      “Class A Common Stock” means the Class A common stock, par value $0.01 per share, of the Company.

      

      

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

      

      

      “Company Securities” means any equity interest of any class or series in the Company.

      

      

      “Demand Notice” has the meaning set forth in Section 2(b)(i).

      

      

      “Demand Registration” has the meaning set forth in Section 2(b)(i).

      

      

      “DRS Submission” means the confidential submission of a draft registration statement to the Commission.

      

      

      
        
          

      

      “Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective.

      

      

      “Effectiveness Period” means, with respect to any Registration Statement filed under this Agreement, the time such Registration Statement is initially effective under
        the Securities Act until the time when no Registrable Securities are covered by such Registration Statement.

      

      

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

       

      

      “Filing Deadline” means the Commission’s applicable filing deadline for the Company’s periodic reports under the Exchange Act (excluding any extension(s) under Rule
        12b-25 of the Exchange Act). 

      

      

      “Holder” means (i) each Initial Holder unless and until such Initial Holder ceases to hold any Registrable Securities and (ii) any holder of Registrable Securities to
        whom registration rights conferred by this Agreement have been transferred in compliance with Section 8(e) hereof; provided that any Person referenced in clause (ii) shall be a Holder only if such Person agrees in writing to be
        bound by and subject to the terms set forth in this Agreement.

      

      

      “Holder Indemnified Persons” has the meaning set forth in Section 6(a).

      

      

      “Initial Holders” has the meaning set forth in the preamble.

      

      

      “Initiating Holder” means the Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

      

      

      “Lock-Up Period” has the meaning set forth in the underwriting agreement entered into by the Company in connection with the initial underwritten public offering of
        shares of Class A Common Stock.

      

      

      “Long-Form Registration Statement” means a Form S-1 or any similar or successor long-form registration statement.

      

      

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

      

      

      “Major Shareholders” means COG Operating LLC, Trilantic Capital Partners Associates V L.P, Trilantic Energy Partners Associates L.P. and Yorktown Energy Partners XI,
        L.P.

      

      

      “Management Shareholder” means an executive officer (as defined in Rule 3b-7 under the Exchange Act) of the Company that hold Registrable Securities as of the date of
        the subject Underwritten Offering; provided that such individual(s) shall not be Management Shareholders if he or she is not an executive officer as of the date of the subject Underwritten Offering. 

      

      

      “Minimum Amount” has the meaning set forth in Section 2(b)(i).

      

      

      “Non-Underwritten Block Trade” means any non-marketed non-underwritten offering taking the form of a block trade to a financial institution, “qualified institutional
        buyer” (as defined in Rule 144A under the Securities Act) or institutional “accredited investor” (as defined in Rule 501(a) of Regulation D under the Securities Act).

      

      

      “Opt-Out Notice” has the meaning set forth in Section 2(g).

      

      

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

      

      

      “Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
        company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind.

      

      

      “Piggyback Registration” has the meaning set forth in Section 2(e)(i).

      

      

      “Piggyback Registration Notice” has the meaning set forth in Section 2(e)(i).

      

      

      “Piggyback Registration Request” has the meaning set forth in Section 2(e)(i).

      

      

      
        2

        
          

      

      “Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition) pending or,
        to the knowledge of the Company, to be threatened.

      

      

      “Prospectus” means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed
        as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any
        portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
        reference in such Prospectus.

      

      

      “Registrable Securities” means the Shares; provided, however, that Registrable Securities shall not include: (i) any Shares that have been registered
        under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration and other rights hereunder; (ii) any Shares that have been sold or transferred by
        the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; and (iii) any Shares that cease to be outstanding
        (whether as a result of repurchase and cancellation, conversion or otherwise).

      

      

      “Registration Expenses” has the meaning set forth in Section 5.

      

      

      “Registration Statement” means a registration statement of the Company in the form required to register under the Securities Act and other applicable law the resale of
        the Registrable Securities in accordance with the intended plan of distribution of each Holder of Registrable Securities included therein, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus,
        including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

      

      

      “Requested Underwritten Offering” has the meaning set forth in Section 2(d).

      

      

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

      

      

      “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act (or any successor rule then in effect).

      

      

      “Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act (or any successor rule then in effect).

      

      

      “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act (or any successor rule then in effect).

      

      

      “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act (or any successor rule then in effect).

      

      

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

      

      

      “Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and
        disbursements of counsel for any Holder, subject to certain reimbursement for expenses of counsel under Section 5.

      

      

      “Shares” means (i) the shares of Class A Common Stock held by the Holders as of the date hereof, including the shares of Class A Common Stock that may be delivered in
        exchange for Units, and (ii) and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any stock dividend, stock split, combination,
        reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company. For purposes of this Agreement, a Person shall be deemed to be a holder of Shares and such Shares
        shall be deemed to be in existence whenever such Person has the right to acquire such Shares (upon conversion, exchange or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the
        exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Shares.

      

      

      
        3

        
          

      

      “Shelf Offering” has the meaning set forth in Section 2(c)(i).

      

      

      “Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or any successor form or other appropriate form
        under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, including the Resale Shelf Registration
        Statement.

      

      

      “Short-Form Registration Statement” means any Form S-3 or any similar or successor short-form Registration Statement.

      

      

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

      

      

      “Solaris LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of Solaris Midstream Holdings, LLC, dated as of               , 2021.

      

      

      “Suspension Period” has the meaning set forth in Section 8(b).

      

      

      “Take-down Notice” has the meaning set forth in Section 2(c)(i).

      

      

      “Trading Market” means the principal national securities exchange on which Registrable Securities are listed.

      

      

      “Underwritten Offering” means an underwritten offering of Class A Common Stock for cash (whether a Requested Underwritten Offering or in connection with a public
        offering of Class A Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8 or an offering on any registration statement form
        that does not permit secondary sales.

      

      

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

      

      

      “Underwritten Offering Piggyback Notice” has the meaning set forth in Section 2(e)(ii).

      

      

      “Underwritten Offering Piggyback Request” has the meaning set forth in Section 2(e)(ii).

      

      

      “Underwritten Piggyback Offering” has the meaning set forth in Section 2(e)(ii).

      

      

      “Units” has the meaning given to such term in the Solaris LLC Agreement.

      

      

      “VWAP” means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the Trading Market for the five
        trading days immediately preceding, but excluding, such date.

      

      

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

      

      

      
        4

        
          

      

      Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references to Sections refer to Sections of this Agreement; (c)
        the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any
        particular provision of this Agreement; (e) unless the context otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms
        and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any
        legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days
        unless otherwise indicated.

      

      

      2. Registration.

      

      

      (a) Resale Shelf Registration Statements.

      

      

      (i) Within five (5) Business Days after the Filing Deadline for the Company’s first Annual Report on Form 10-K required to be filed with the Commission after the consummation of the Company’s initial public
        offering, the Company shall use its commercially reasonable efforts to prepare and submit or cause to be prepared and submitted with the Commission a DRS Submission of a Shelf Registration Statement for an offering to be made on a delayed or
        continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Holders of all of the Registrable Securities held by the Holders through any method legally available to the Holders (the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form S-1, and the Company shall use commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon
        as reasonably practicable after the Company is eligible to use Form S-3. The Company shall use commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective as soon as possible after filing, but in no
        event later than five (5) Business Days after the Commission notifies the Company that it will not review the Resale Shelf Registration Statement, if applicable; provided that the Company will not be required to cause the initial Resale
        Shelf Registration Statement to be declared effective any earlier than 48 hours after it is publicly filed with the Commission and such five Business Day requirement shall be extended by a reasonable amount if a Holder provides a withdrawal notice
        during such period pursuant to section 2(b)(iv) hereunder. Once effective, subject to Section 3(o), the Company shall use commercially reasonable efforts to keep the Resale Shelf Registration Statement continuously effective and to
        be supplemented and amended to the extent necessary to ensure that such Registration Statement is available, including, if the Company becomes a WSKI, to cause the Resale Shelf Registration Statement to be in the form of an Automatic Shelf
        Registration Statement for such purpose on Form S-3, or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all times for the public resale of all of the Registrable Securities until the end of
        the Effectiveness Period. The Resale Shelf Registration Statement shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar
        provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement, and the Company shall file with the Commission the final form of such Prospectus pursuant to Rule 424 (or successor
        thereto) under the Securities Act no later than the second Business Day after the Resale Shelf Registration Statement becomes effective. The Resale Shelf Registration Statement shall provide that the Registrable Securities may be sold pursuant to
        any method or combination of methods legally available to, and requested by, the Holders. Without limiting the foregoing, subject to any comments from the Commission, each Registration Statement filed pursuant to this Section 2(a) shall
        include a “plan of distribution” approved by the Initial Holders or to which the Initial Holders have not objected after reasonable advance notice.

      

      

      (ii) Registrations effected pursuant to this Section 2(a) shall not be counted as Demand Registrations effected pursuant to Section 2(b).

      

      

      
        5

        
          

      

        (b) Demand Registration.

      

      

      (i) At any time and from time to time, any Holder shall have the option and right, exercisable by delivering a written notice to the Company (a “Demand Notice”), to
        require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, register under the Securities Act all or a portion of its Registrable Securities and to prepare and file with the Commission a Registration
        Statement, which shall include a Long-Form Registration Statement or a Short-Form Registration Statement, registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice
        (a “Demand Registration”); provided that the Company shall not be obligated to effect more than three Demand Registrations within any 12-month period if three Demand Registrations have been
        declared and ordered effective during such 12-month period and the Holders of Registrable Securities are able to register and sell at least 90% of the Registrable Securities requested to be included in such registrations. For the avoidance of
        doubt, a Requested Underwritten Offering shall not be subject to the limitation on the number of Demand Registrations in the immediately preceding sentence.  The Demand Notice must include such information regarding the Holder, the approximate
        number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof as shall be required to effect the registration of the sale of the Holder’s Registrable
        Securities.  In the event that the Company files a Form S-1 pursuant to any Demand Registration, the Company shall use commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon as reasonably practicable after the Company is
        eligible to use Form S-3.  Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities of the Holders and their respective Affiliates to be
        included therein have an aggregate value, based on the VWAP as of the date of the Demand Notice, of at least $20.0 million (the “Minimum Amount”).

      

      

      (ii) The Company shall, subject to the limitations of this Section 2(b), use its commercially reasonable efforts to (i) prepare and file as expeditiously as possible, a Registration Statement in accordance
        with the terms and conditions of the Demand Notice and (ii) effect, as expeditiously as possible, the registration of all Registrable Securities requested by the Holders pursuant to such Demand Registration, subject to Section 2(f);
        provided that if a Demand Notice is sent to the Company prior to the expiration of the Lock-Up Period, the Company shall not be required to make any filing of a Registration Statement prior to the expiration of the Lock-Up Period. The Company shall
        use its commercially reasonable efforts to cause each Registration Statement filed pursuant to any Demand Registration to become effective under the Securities Act as soon as reasonably practicable following the initial filing thereof and to remain
        effective under the Securities Act until the expiration of the Effectiveness Period for such Registration Statement.

      

      

      (iii) The Company may include in the Resale Shelf Registration Statement and any Demand Registration other Company Securities for sale for its own account or for the account of any other Person, subject to Section

          2(f).

      

      

      (iv) A Holder may withdraw all or any portion of its Registrable Securities included in the Resale Registration or a Demand Registration from the registration under the Resale Registration Statement (the “Resale Registration”) or such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating
        Holder is withdrawing all of its Registrable Securities from the Demand Registration or a notice from a Holder to the effect that the Holder is withdrawing an amount of its Registrable Shares such that the remaining amount of Registrable Shares to
        be included in the Demand Registration is below the Minimum Amount, then the non-withdrawing Holders shall be permitted to include additional amounts of Registrable Securities in such Demand Registration, subject to Section 2(f), not in the
        aggregate in excess of the aggregate original amount of such Demand Registration so long as such additional amounts of Registrable Securities cause such Demand Registration to equal or exceed the Minimum Amount; provided that, if after undertaking
        the foregoing exercise, the remaining amount of Registrable Shares to be included in the Demand Registration is still below the Minimum Amount, then the Company shall cease all efforts to secure effectiveness of the applicable Registration
        Statement.

      

      

      (v) Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate Long-Form Registration Statement or Short-Form Registration Statement (A) as shall be
        selected by the Company after consultation with the Initiating Holder; provided that the Company will use its commercially reasonable efforts to make Short-Form Registration Statements available for the sale of Registrable Securities whenever the
        Company is permitted to use any applicable short-form (unless the managing underwriters (if any) of such offering requests that such Demand Registration be on a Long-Form Registration Statement and (B) as shall permit the disposition of the
        Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice; provided that if the Company is, at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration shall be
        effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the Securities Act (if available to the Company). If at any time a Registration Statement on Form S-3 is effective
        and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may
        be necessary in order to enable such offering to take place.

      

      

      
        6

        
          

      

      (vi) Without limiting Section 3, in connection with the Resale Shelf Registration Statement and any Demand Registration pursuant to and in accordance with this Section 2(b), the Company shall (A)
        promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the
        securities subject to the Resale Registration or such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall reasonably request; provided, however, that no such qualification shall be
        required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as a result of registration and (2) such forms,
        amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities subject to the Resale Shelf Registration Statement or such Demand Registration
        on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of such Registrable Securities in accordance
        with the intended timing and method or methods of distribution thereof.

      

      

      (c) Shelf Take-Downs.

      

      

      (i) At any time that the Resale Shelf Registration Statement is effective (subject to any contractual lock-up agreements then in effect), if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an offering from any such Registration Statement (a “Shelf Offering”) of all or part of its Registrable Securities included
        by it on such Registration Statement, whether such offering is underwritten or non-underwritten, and stating the number of its Registrable Securities to be included in the Shelf Offering, then the Company shall amend or supplement such Registration
        Statement and take such other reasonable actions, as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account the inclusion of Registrable Securities pursuant to Section

          2(e)(ii)).

      

      

      (ii) Notwithstanding anything to the contrary in this Agreement, no notice by the Company shall be required to be delivered to any other Holders in accordance with Section 2(e) in connection with any
        Take-Down Notice indicating that the Holder that delivered such Take-Down Notice intends to engage in a Non-Underwritten Block Trade. If the Company shall receive a request from any Holder that such Holder wishes to effect  a Non-Underwritten Block
        Trade, then the Company shall, as expeditiously as possible, use commercially reasonable efforts to facilitate the offering of such Registrable Securities for which such requesting Holder has requested in such Non-Underwritten Block Trade. Such
        commercially reasonable efforts shall include, without limitation, to the extent reasonably requested, obtaining so-called “comfort letters” from the Company’s independent public accountants and legal opinions of counsel to the Company, in
        customary form and covering such matters as are customarily covered by such letters and opinions.

      

      

      (d) Requested Underwritten Offering. Any Holder then able to effectuate a Demand Registration pursuant to the terms of Section 2(b), or any Holder who has
        previously effectuated a Demand Registration pursuant to Section 2(b) but has not engaged in an Underwritten Offering in respect of such Demand Registration or any Holder then able to effectuate a Shelf Offering, in each case, shall have
        the option and right, exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering Notice”),

        to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration
        or pursuant to an effective Registration Statement covering such Registrable Securities (a “Requested Underwritten Offering”); provided that if the Requested Underwritten Offering (i) is
        pursuant to a new Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value of at least equal to 50% of the Minimum Amount as of the date
        of such Underwritten Offering Notice and Registrable Securities including pursuant to Section 2(e)(ii) are reasonably expected to result in such Requested Underwritten Offering having an aggregate value at least equal to the Minimum Amount,
        and (ii) is pursuant to a Shelf Offering, then the Registrable Securities requested to be included in such Requested Underwritten Offering (including any Registrable Securities included pursuant to Section 2(e)(ii)) is reasonably expected
        to result in aggregate gross proceeds in excess of $10.0 million. The Underwritten Offering Notice must set forth the number of Registrable Securities that the Holder intends to include in such Requested Underwritten Offering. The managing
        underwriter or managing underwriters of a Requested Underwritten Offering shall be designated and selected by the Initiating Holders that is selling more than 50% of Registrable Securities included in the applicable Requested Underwritten Offering,
        subject to the Company’s approval which shall not be unreasonably withheld, conditioned or delayed; provided, however, if no Initial Holder is selling more than 50% of the Registrable Securities in such a Requested Underwritten
        Offering, then such Initial Holders shall collaborate and jointly designated and select the underwriter. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten Offering that would launch within 60 days after
        the closing of an Underwritten Offering.

      

      

      
        7

        
          

      

      (e) Piggyback Registration and Piggyback Underwritten Offering.

      

      

      (i) If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Class A Common Stock (other than a registration statement on Form S-4, Form S-8
        or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), whether or not for its own account (including pursuant to any Demand Registration), then the Company shall
        promptly notify in writing all Holders of its intention to effect such a registration (the “Piggyback Registration Notice”). The Piggyback Registration Notice shall offer Holders the opportunity to
        include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”). Subject to the last sentence of this Section

          2(e)(i) and Section 2(f), the Company shall include in such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback
            Registration Request”) within the five Business Days after sending the Piggyback Registration Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by
        giving written notice to the Company of its request to withdraw; provided that (A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making
        such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable
        Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Class A Common Stock, all upon the terms and conditions set forth herein.

      

      

      The Company shall have the right to terminate or withdraw any Piggyback Registration initiated by it for its own account under this Section 2(e) at any time in its sole discretion whether or not any Holder has
        elected to include Registrable Securities in such Registration Statement. The Registration Expenses and Selling Expenses of such withdrawn registration shall be borne by, and the Company shall pay, all Registrations Expenses and Selling Expenses
        incurred in connection with such Piggyback Registration. Further, the Registration Expenses of the Holders shall be paid by the Company in all such Piggyback Registrations, whether or not any such Piggyback Registration becomes effective.

      

      

      (ii) If the Company shall at any time propose to conduct an Underwritten Offering, whether or not for its own account (including any Requested Underwritten Offering), then the Company shall promptly notify in
        writing all Holders of such proposal reasonably in advance of  the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices),
        the anticipated filing date of the related registration statement (if applicable) and the number of shares of Class A Common Stock that are proposed to be registered (the “Underwritten Offering Piggyback Notice”).

        Receipt of any Underwritten Offering Piggyback Notice required to be provided in this Section 2(e)(ii) to Holders shall be confirmed and kept confidential by the Holder until such proposed Underwritten Offering is (i) publicly announced or
        (ii) such Holder receives notice that such proposed Underwritten Offering has been abandoned, which such notice shall be provided promptly by the Company to each Holder. The Underwritten Offering Piggyback Notice shall offer Holders the opportunity
        to include in such Underwritten Offering (and any related Registration Statement filing or preliminary prospectus supplement or prospectus supplement filing) the number of Registrable Securities as they may request in writing (an “Underwritten Piggyback Offering”). The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has
        received written requests for inclusion therein (“Underwritten Offering Piggyback Request”) within the two Business Days after sending the Underwritten Offering Piggyback Notice. Each Holder shall be
        permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time immediately prior to the time of pricing of the Underwritten Piggyback Offering and, thereafter, if a Holder disapproves
        of the terms of any such Piggyback Underwritten Offering (including the price and timing of such Piggyback Underwritten Offering) prior to the commencement of any such Underwritten Piggyback Offering, and nothing herein shall grant the Company any
        power of attorney with respect thereto and each Holder retains the rights to except the terms of any such Piggyback Underwritten Offering prior to its commencement. Such Holder shall continue to have the right to include any Registrable Securities
        in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.

      

      

      
        8

        
          

      

      (f) Priority in Registrations. If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders in writing, based on
        prevailing market precedents and public investor interactions that the inclusion of all of the Holders’ Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other
        Class A Common Stock proposed to be included in such offering) exceeds the maximum number that can be included without materially and adversely affecting the marketability of the securities offered, the Company shall include in such Underwritten
        Offering (and any related registration, if applicable) only that number of shares of Class A Common Stock proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the written opinion of the
        managing underwriter or managing underwriters, will not have such material and adverse effect, with such number to be allocated as follows: (A) in the case of a Requested Underwritten Offering or Demand Registration or Shelf Offering that is
        otherwise an Underwritten Offering, (1) first, pro-rata among all Holders that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, (2)
        second, if there remains availability for additional shares of Class A Common Stock to be included in such Underwritten Offering, to the Company, and (3) third, if there remains availability for additional shares of Class A Common Stock to be
        included in such Underwritten Offering, to any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Class A Common Stock then held by each such holder; and (B) in the case of
        any other Underwritten Offerings, (x) first, to the Company, (y) second, if there remains availability for additional shares of Class A Common Stock to be included in such Underwritten Offering, pro-rata among all Holders desiring to include
        Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, and (z) third, if there remains availability for additional shares of Class A Common Stock to be included in
        such registration, pro-rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Class A Common Stock then held by each such holder; provided that, if any Management
        Shareholder proposes to include in the subject Underwritten Offering over 50% of the Registrable Securities held by such Management Shareholder as of the date of such Underwritten Offering and the managing underwriter(s) of such Underwritten
        Offering advise the Company and the Holders in writing, based on prevailing market precedents and public investor interactions, that participation in the Underwritten Offering by such Management Shareholder at the level proposed would materially
        and adversely affect the marketability of the securities offered, then Registrable Securities proposed to be included in such Underwritten Offering in excess of 50% of the Registrable Securities held by such Management Shareholder as of the date of
        such Underwritten Offering may be excluded from such offering below the proposed level, even if such exclusion would not treat such Management Shareholder on a pro rata basis. If any Holder disapproves of the terms of any such Underwritten Offering
        (including the price and timing of such Underwritten Offering), such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered prior to the time of the pricing of such offering. Any
        Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration.

      

      

      (g) Opt-Out Notices. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Company requesting that such
        Holder not receive notice from the Company of the proposed filing of any Underwritten Offering (including any Underwritten Piggyback Offering), the withdrawal of any Underwritten Offering (including any Underwritten Piggyback Offering) or any event
        that would lead to a Blackout Period as contemplated by Section 3(o); provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder (unless
        subsequently revoked), the Company shall not deliver to such Holder any notice that would otherwise be required to be delivered pursuant to this Section 2.  In the event such Holder revokes its Opt-Out Notice in writing and a notice of a
        Blackout Period was previously delivered (or would have been delivered but for the provisions of this Section 2(g)) and the Blackout Period remains in effect, the Company will so notify such Holder promptly by delivering to such Holder a
        copy of such previous notice of such Blackout Period, and thereafter will provide such Holder with the related notice of the conclusion of such Blackout Period as soon as reasonably practicable upon its availability.

      

      

      3. Registration and Underwritten Offering Procedures.

      

      

      In addition to the other procedures and matters set forth in this Agreement, the procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant
        to this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, Demand
        Registration or Shelf Offering are as follows:

      

      

      (a) The Company will, within a reasonable period  prior to, and in any event with respect to each of the Major Shareholders at least two (2) Business Days prior to, the anticipated filing of any Registration
        Statement and any related Prospectus or any amendment or supplement thereto relating to any Registrable Securities (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by
        reference into the Registration Statement), (i) furnish to such Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as
        such Holders or their respective counsel reasonably shall propose prior to the filing thereof.

      

      

      
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      (b) The Company will use commercially reasonable efforts to promptly (i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and
        the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness
        Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the
        Holders; (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) respond to any comments received from the Commission with
        respect to each Registration Statement or any amendment thereto and, as promptly as practicable provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to
        such Holders as selling stockholders but not any comments that would result in the disclosure to such Holders of material and non-public information concerning the Company.

      

      

      (c) The Company will use its commercially reasonable efforts to comply with the provisions, rules and regulations of the Securities Act and the Exchange Act with respect to the Registration Statements and the
        disposition of all Registrable Securities covered by each Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the sellers thereof set forth in such
        Registration Statement, 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 the rules thereunder (including Rule 158 under the Securities Act).

      

      

      (d) The Company will use its commercially reasonably efforts to ensure that (i) any prospectus or free writing prospectus (when taken together with the Registration Statement and prospectus and the documents
        incorporated by reference therein) utilized in connection with any Registration Statement or registration or offering hereunder (A) complies in all material respects with the applicable requirements under the Securities Act, (B) is filed in
        accordance with the Securities Act to the extent required thereby and is retained in accordance with the Securities Act to the extent required thereby, and (C) will not include any untrue statement of a material fact or omit to state any material
        fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (ii) any registration statement filed and effective in connection with any
        Registration Statement or registration or offering hereunder, when taken together with the related prospectus (including the documents incorporated by reference therein), at the time of its effectiveness under the Securities Act, will not contain
        any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

      

      

      (e) The Company will notify such Holders who are included in a Registration Statement: (i) (A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such
        Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case
        the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling stockholders); and (C) with respect to each applicable Registration Statement or any
        post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or
        for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the
        Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
        Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes any statement made in such Registration Statement or Prospectus or
        any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration
        Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
        circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files a prospectus supplement to
        update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which in either case, contains the requisite information that results in such Registration Statement no
        longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading).

      

      

      
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      (f) The Company will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any
        suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout
        Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

      

      

      (g) During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent
        requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company will not have any obligation to provide any document pursuant to this clause
        that is available on the Commission’s EDGAR system, and, during the term of this Agreement, such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holder.

      

      

      (h) The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or
        supplement thereto as such Holder may reasonably request during the Effectiveness Period.

      

      

      (i) The Company will cause all such Registrable Securities to be listed or quoted on each securities exchange on which similar securities issued by the Company are then listed or quoted or, if no Registrable
        Securities or similar securities are then so listed, use commercially reasonable efforts to, either, at the Company’s election, (i) cause all such Registrable Securities to be listed on a national securities exchange or (ii) to arrange for at least
        two (2) market makers to register as such with respect to such shares with FINRA.

      

      

      (j) The Company will provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of the Registration Statement. The Company will cooperate with such Holders to
        facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the
        Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any
        such Holder may request in writing. In connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the
        Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such
        Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement.

      

      

      (k) Upon the occurrence of any event contemplated by Section 3(e)(v), the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected
        Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor
        any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
        misleading.

      

      

      
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      (l) With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such
        underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form
        and sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such
        Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements; provided
        that no such Person shall be required to undertaken any indemnification obligations to the Company that are materially more burdensome than those provided in Section 6. The Company hereby agrees with each Holder that, in connection with any
        Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including
        using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort” letters. In the case of an Underwritten Offering initiated in response to a Demand Registration or Shelf Offering (including a Requested
        Underwritten Offering), the price, underwriting discount and other financial terms shall be determined by the Holders of a majority of the Registrable Securities included in the Demand Registration or Shelf Offering. Notwithstanding the foregoing,
        if, in connection with any Underwritten Offering, the managing underwriter requests that any Holder enter into any lock-up agreement, (A) no Holder who is not participating in the Underwritten Offering shall be required to enter into such lock-up
        agreement unless all Holders of greater than 5% of the outstanding Common Stock and all directors and executive officers of the Company are subject to substantially the same restrictions and (B) in the event that the managing underwriter or the
        Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining to any other Holder, the other Holders party to such lock-up agreements shall be released from any lock-up agreement to the same extent
        as such other Holder.

      

      

      (m) In the case of an Underwritten Offering, the Company shall use its commercially reasonable efforts to cause its directors and executive officers to enter into a customary lockup agreement if requested by the
        underwriters managing the offering providing that such directors and executive officers will not effect any sale, transfer or distribution of Company equity securities, or any securities, options or rights convertible into or exchangeable or
        exercisable for such securities during a specified period of time, in each case subject to carve-outs and exceptions as acceptable by the underwriters managing the offering; provided that such lockup agreement shall not be more
        restrictive than the lockup agreement delivered by the Initial Holders to the underwriters. In addition, the Company shall enter into a customary lockup agreement if requested by the underwriters managing the offering providing that the Company
        shall not file any registration statement for a public offering or cause any such registration statement to become effective, or effect any public sale or distribution of its equity securities, or any securities, options or rights convertible into
        or exchangeable or exercisable for such securities during the foregoing period, in each case subject to carve-outs and exceptions as acceptable by the underwriters managing the offering.

      

      

      (n) For a reasonable period prior to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company’s principal place of
        business or such other reasonable place, for inspection during normal business hours by a representative or representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such
        selling Holders or underwriters, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as
        shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided,
        however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order
        or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking
        to prevent or limit the proposed disclosure.

      

      

      
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      (o) Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the
        Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to
        60 days if (i) the Board determines such registration would render the Company unable to comply with applicable securities laws, (ii) the Board determines such registration would require disclosure of material information that the Company has a
        bona fide business purpose for preserving as confidential or (iii) the Board determines such registration is reasonably likely to adversely affect any material financing, acquisition, corporate reorganization or merger or other material transaction
        or event involving the Company or otherwise have a material adverse effect on the Company (any such period, a “Blackout Period”). Notwithstanding anything to the contrary in this Agreement, in no event
        shall any Blackout Periods and any Suspension Periods continue for more than 90 days in the aggregate during any 365-day period.

      

      

      (p) In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as a selling securityholder in any Registration Statement a copy of any
        auditor “comfort” letters or customary legal opinions, in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective
        date of such Registration Statement.

      

      

      (q) The Company will enter into such customary agreements (including underwriting agreements in customary form) and perform the Company’s obligations thereunder and take all such other actions as the underwriters,
        if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities.

      

      

      (r) The Company will use its 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 sellers thereof to consummate the disposition of such Registrable Securities.

      

      

      (s) The Company will use its commercially reasonable efforts to make available the executive officers of the Company to participate with the holders of Registrable Securities and any underwriters in any “road shows”
        or other selling efforts that may be reasonably requested by the holders in connection with the methods of distribution for the Registrable Securities; provided that, beginning after the date that is the one-year anniversary of the Company’s
        consummation of its initial public offering, the executive officers of the Company shall not be obligated to participate in more than one multi-day marketed roadshow per 365-day period.

      

      

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

      

      

      (u) The Company will if requested by the managing underwriter(s) or any holder of Registrable Securities covered by the registration statement, promptly incorporate in a prospectus supplement or post-effective
        amendment such information as the managing underwriter(s) or such holder reasonably requests to be included therein, including, with respect to the number of Registrable Securities being sold by such holder to such underwriter or agent, the
        purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement
        or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus supplement or post-effective amendment.

      

      

      
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      (v) If the Company does not pay the filing fee covering the Registrable Securities at the time any Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be
        sold.

      

      

      (w) The Company will reasonably cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in
        connection with any filings required to be made with FINRA.

      

      

      (x) If any registration or comparable statement refers to any holder by name or otherwise as the holder of any securities of the Company and if in such holder’s sole and exclusive judgment, such holder is or might
        be deemed to be an underwriter or a controlling person of the Company, such holder shall have the right to (i) require the insertion therein of language, in form and substance satisfactory to such holder and presented to the Company in writing, to
        the effect that the holding by such holder of such securities is not to be construed as a recommendation by such holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such holder will
        assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, require the
        deletion of the reference to such holder; provided that with respect to this clause (ii), if requested by the Company, such holder shall furnish to the Company an opinion of counsel to such effect, which opinion and counsel shall be reasonably
        satisfactory to the Company.

      

      

      (y) In the event a Holder transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder,
        the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no event
        shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or
        (B) the Company has received written consent therefor from all Persons for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of
        the Holder.

      

      

      4. No Inconsistent or Superior Agreements. The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities
        that is superior to or inconsistent with or that in any way violates or subordinates the rights granted to the Holders by this Agreement.  The Company’s entry into any such agreement shall require the prior written consent of Holders that hold a
        majority of the Registrable Securities as of such time.

      

      

      5. Registration Expenses. All Registration Expenses in connection with any Demand Registration, any Shelf Registration Statement (including the Resale Shelf
        Registration Statement, Shelf Offering, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses), whether or not the applicable Registration Statement becomes
        effective and whether or not any Registrable Securities are sold pursuant to the applicable Registration Statement, as well as all expenses incurred in performing or complying with the Company’s other obligations under this Agreement, shall be
        borne by the Company. “Registration Expenses” shall include, without limitation, (i) all registration and filing fees (including fees and expenses (A) with respect to filings required to be made with
        the Trading Market and (B) in compliance with applicable state securities or “Blue Sky” laws), (ii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses
        is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors and accountants for the Company, (v)
        Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, and (vii) all
        expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.”

      

      

      
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      The Company shall have no obligation to pay any Selling Expenses other than any Selling Expenses attributable to the securities it sells for its own account. The Selling Expenses of any Holder shall be borne by the
        applicable Holder participating in any Demand Registration, any Shelf Registration Statement (including the Resale Shelf Registration Statement) Shelf Offering, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback
        Offering; provided, however, that the Company shall pay the reasonable fees and disbursements of one counsel for the Holders, up to an aggregate amount in each instance of $100,000, as well as the reasonable fees and disbursements
        of up to one additional counsel retained by any Major Shareholder who holds Registrable Securities solely for the purpose of rendering a legal opinion on behalf of such Major Shareholder in connection with an Underwritten Offering or any offering
        where the underwriter(s) or broker dealer(s) request an opinion covering such Major Shareholder, up to an aggregate amount in each instance of $25,000 for the reasonable fees and disbursement of each such additional counsel. In addition, the
        Company shall be responsible for all of its own expenses incurred on its behalf in connection with the preparation of this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and
        employees performing legal or accounting duties and fees of counsel to the Company), and each Holder shall be responsible for all of its own expenses incurred on its behalf in connection with the preparation of this Agreement (including fees of
        counsel to such Holder).

      

      

      6. Indemnification.

      

      

      (a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers, employees and directors and any agent or representative thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of
        preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or
        investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as
        incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus (if the Company
        authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or
        supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be
        stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to
        the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing
        prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person specifically for use in the preparation thereof. The Company shall
        notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company
        may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. In
        connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) in such form as shall be reasonably
        acceptable to such underwriters. Notwithstanding anything to the contrary herein, the indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights to indemnification or contribution
        which any indemnified party may have pursuant to law or contract and will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director, employee, agent, each
        Person who participates as an underwriter in the offering or sale of securities or controlling Person of such indemnified party, and this Section 6 shall survive any termination or expiration of this Agreement indefinitely.

      

      

      (b) In connection with any Registration Statement in which a Holder participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective
        officers, employees directors and any agent  or representative thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a
        material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or
        supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be
        stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the
        Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any investigation made by or on
        behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder under such indemnification obligation be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the
        Registrable Securities giving rise to such indemnification obligation.

      

      

      
        15

        
          

      

      (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 and (ii) unless in such indemnified
        party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to
        the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). 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 (in addition to any local counsel) for all parties indemnified by such
        indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party that are in addition to or may conflict with those
        available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder.

      

      

      (d) If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the
        indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is
        appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact
        that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the
        untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information
        and opportunity to correct or prevent such statement or omission; provided that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 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 fraudulent misrepresentation.

      

      

      7. Facilitation of Sales Pursuant to Rule 144. At all times after the Company has filed a Registration Statement with the Commission pursuant to the requirements of
        either the Securities Act or the Exchange Act, the Company shall use it reasonable best efforts to (i) timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and
        15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144) to the extent required from time to time to enable Holders to sell Registrable Securities without registration under the Securities Act pursuant to Rule 144, (ii) cooperate
        with the Holders to cause the transfer agent to remove any restrictive legend on certificates evidencing Registrable Securities in connection with any proposed sale pursuant to Rule 144, and (iii) cooperate with any Holder and take such further
        actions as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule
        144. In furtherance of the foregoing, so long as any party hereto owns any Registrable Securities, the Company will furnish to such Person forthwith upon reasonable request a written statement by the Company as to its compliance with the reporting
        requirements of Rule 144 (at any time commencing ninety (90) days after the effective date of the first registration filed by the Company for an offering of the Company’s securities to the general public), the Securities Act and the Exchange Act
        (at any time after it has become subject to the reporting requirements of the Exchange Act).

      

      

      
        16

        
          

      

      8. Miscellaneous.

      

      

      (a) Remedies. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder will be entitled to specific
        performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that,
        in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

      

      

      (b) Discontinued Disposition. Subject to the last sentence of Section 3(o), each Holder agrees that, upon receipt of a notice from the Company of the
        occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the
        copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(k) or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed (which shall be provided no
        later than one Business Day, following the conclusion of the event causing the Suspension Period), and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in
        such Prospectus or Registration Statement (a “Suspension Period”). Upon the occurrence of any such Suspension Period, the Company shall use its commercially reasonable efforts to cause the Registration
        Statement to become effective or to amend or supplement the registration statement on a post effective basis or to take such action as is necessary to make resumed use of the Registration Statement. In the event that the Company has given any such
        notice, the applicable time period during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(b)
        to and including the date of receipt by the Holders of the notice that the Suspension Period has ended and when each Holder of Registrable Securities covered by such Registration Statement shall have received the copies of the supplemented or
        amended prospectus contemplated by Section 3(k). The Company may provide appropriate stop orders to enforce the provisions of this Section 8(b).

      

      

      (c) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and Holders that hold a
        majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other Holders shall require the consent
        of such Holder, except as provided in Section 4. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement
        shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any
        manner impair the exercise of any such right. To the extent the Company is unable to comply with any covenant hereunder due to the inaction, non-response, delay, or non-compliance of any Holder, then, for all purposes under this Agreement with
        respect to each such Holder, the Company shall not be deemed to be in breach, non-compliance or contravention of such covenant; provided the Company shall use commercially reasonable efforts to perform its
        obligations under this Agreement with respect to all other Holders.

      

      

      (d) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and
        effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Section 8(d) prior to 5:00 p.m. Central Time on a Business Day, (ii) the Business
        Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00 p.m. Central Time on any date and earlier than 11:59 p.m. Central Time on such date,
        (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and communications
        shall be as follows:

      

      

      	 	
              If to the Company:

            	
              Aris Water Solutions, Inc.

              Attention: Brenda R. Schroer

              9811 Katy Freeway, Suite 700

              Houston, Texas 77024

              Electronic mail: brenda.schroer@solariswater.com

            

      

      

      
        17

        
          

      

      
        	 	
                With copy to:

              	
                Gibson, Dunn & Crutcher LLP

                Attention: Hillary H. Holmes

                811 Main Street Suite 3000

                Houston, Texas 77002

                Electronic mail: hholmes@gibsondunn.com

              
	 	 	 
	 	
                If to any Person who is then the registered Holder:

              	
                To the address of such Holder as it appears on the signature page hereto or such other address as may be designated in writing by such Holder.

              

      

       

      

      (e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs,
        executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 8(e), this Agreement, and any rights or obligations hereunder, may not be assigned without the prior written consent of
        the Company (acting through the Board of Directors) and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities may
        be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of
        such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee
        or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement. The Company may
        not assign its rights or obligations hereunder without the prior written consent of the Holders.

      

      

      (f) No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto or their
        respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

      

      

      (g) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all
        of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation of the Party executing (or on
        whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof.

      

      

      (h) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State
        of New York. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in in the Borough of Manhattan in the City of New York and the United States District Court for the Southern District
        of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served
        on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in
        such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY WAIVES ANY RIGHT TO REQUEST A
          TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

      

      

      (i) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law or contract.

      

      

      
        18

        
          

      

      (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or
        unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their reasonable efforts to
        find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the Parties that they would
        have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

      

      

      (k) Adjustments Affecting-Registrable Securities. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all
        securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be
        appropriately adjusted for combinations, splits, recapitalizations or similar transactions occurring after the date of this Agreement.

      

      

      (l) Independent Nature of Each Holder’s Obligations. The obligations of each holder of Registrable Securities under this Agreement are several and not joint, and no
        holder of Registrable Securities shall be responsible in any way for the performance of the obligations of any other holder of Registrable Securities under this Agreement. Nothing contained herein, and no action taken by any holder of Registrable
        Securities pursuant hereto, shall be deemed to constitute such Holder as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the holders of Registrable Securities are in any way acting
        in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.

      

      

      (m) Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or
        agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written.

      

      (n) Termination. Except for Section 6, this Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer
        constitute Registrable Securities.

      

      

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

       

        

      
        19

        
          

      

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

       

      

      	 	
              ARIS WATER SOLUTIONS, INC.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              SOLARIS MIDSTREAM HOLDINGS, LLC

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      Signature Page to Registration Rights Agreement

      

      

      
        
          

      

      	 	
              HOLDERS:

            
	 	 
	 	 [•]

      

      

      Signature Page to Registration Rights Agreement

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