Document:

Exhibit 10.17

 

FORM OF TAX RECEIVABLE AGREEMENT

 

by and among

 

DIVERSEY HOLDING, LTD.,

 

Diversey
Holdings I (UK) Limited,

 

THE SHAREHOLDERS

 

and

 

THE SHAREHOLDER REPRESENTATIVE

 

Dated as of [●], 2021

 

     

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE
AGREEMENT (this “Agreement”), dated as of [●], 2021, is hereby entered into by and among Diversey
Holdings, Ltd., a Cayman Islands exempted corporation (“Pubco”), Diversey Holdings I (UK) Limited, a
private limited company organized in England and Wales and a wholly owned Subsidiary of Pubco (the “Company”),
BCPE Diamond Cayman Holding Limited, a Cayman Islands exempted corporation (the “Shareholder Representative,”
in its capacity as such), the persons listed on Schedule A hereto (each a “Shareholder” and collectively,
the “Shareholders”) and each of the permitted successors and assigns thereto.

 

RECITALS

 

WHEREAS, prior
to the IPO, the Shareholders (A) transferred a portion of their equity interests in Constellation (BC) 2 S.à r.l., a private
limited liability company (société à responsabilité limitée), incorporated and existing
under the laws of Luxembourg (“Constellation”), or a portion of a note issued to them by Constellation
(BC) PoolCo SCA, a partnership limited by shares (société en commandite par actions), incorporated and existing
under the laws of Luxembourg (“PoolCo”), as applicable, to Pubco in exchange for common stock of Pubco
and (B) transferred a portion of their equity interests in Constellation or a portion of a note issued to them by PoolCo, as applicable,
to the Company in exchange for a note (as applicable) and the amounts payable under this Agreement, pursuant to contribution agreements
dated [●] (the “Contribution Agreements”).

 

WHEREAS, Pubco
intends to consummate the IPO;

 

WHEREAS, the
Pre-IPO Tax Assets are held by certain Subsidiaries of Constellation, and, after the IPO, Pubco and its Subsidiaries (collectively,
the “Company Group” and each a “Company Group Member”) will own the Pre-IPO
Tax Assets;

 

WHEREAS, after
the IPO, the Pre-IPO Tax Assets may reduce the liability for Taxes that the Company Group might otherwise be required to pay;

 

WHEREAS, the
parties to this Agreement desire to make certain arrangements with respect to the effect of the Pre-IPO Tax Assets on the liability
for Taxes of the Company Group; and

 

NOW, THEREFORE,
in consideration of the foregoing and the respective covenants and agreements set forth in this Agreement, and intending to be
legally bound hereby, the parties hereto agree as follows:

 

    1

     

    

 

Article
I

DEFINITIONS

 

Section 1.1          
Definitions.

 

As used in this Agreement,
the terms set forth in this Article I shall have the following meanings.

  

“Actual
Tax Liability” means, with respect to any Taxable Year, the actual liability of the Company Group for (A) U.S. federal,
state and local income Taxes and (B) Dutch corporate income Taxes.

 

“Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the
ownership of voting securities, its capacity as a sole or managing member or otherwise. For purposes of this Agreement, no Shareholder
shall be considered to be an Affiliate of any Company Group Member.

 

“Agreed
Rate” means a per annum rate of LIBOR plus 300 basis points.

 

“Amended
Schedule” has the meaning set forth in Section 2.3(b).

 

“Applicable
Percentage” means, with respect to any Shareholder, the percentage set forth opposite such Shareholder’s name
on Schedule A, as amended from time to time to reflect any Permitted Assignment.

 

“Blended
Rate” means, with respect to any Taxable Year, the sum of the apportionment-weighted effective rates of Tax imposed
on the aggregate net income of the Company Group in each U.S. state or local jurisdiction in which the Company Group files Tax
Returns for such Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of
(i) the apportionment factor on the income or franchise Tax Return in such jurisdiction for such Taxable Year and (ii) the maximum
applicable corporate income Tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation
of Blended Rate for a Taxable Year, if the Company Group solely files Tax Returns in State 1 and State 2 in a Taxable Year, the
maximum applicable corporate income Tax rates in effect in such states in such Taxable Year are 6.5% and 5.5%, respectively, and
the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended Rate for such Taxable
Year is equal to 6.10% (i.e., the sum of (a) 6.5% multiplied by 60%, plus (b) 5.5% multiplied by 40%).

 

“Business
Day” means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized
to close in the State of New York.

 

“Change
of Control” means:

 

(i) a merger, reorganization,
consolidation or similar form of business transaction directly involving Pubco or indirectly involving Pubco through one or more
intermediaries unless, immediately following such transaction, more than 50% of the voting power of the then outstanding voting
stock or other equity securities of Pubco resulting from consummation of such transaction (including, without limitation, any parent
or ultimate parent corporation of such Person that as a result of such transaction owns directly or indirectly Pubco and all or
substantially all of Pubco’s assets) is held by the existing equityholders of Pubco (determined immediately prior to such
transaction and related transactions); or

 

    2

     

    

 

(ii) a transaction
in which Pubco, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially
all of its assets to another Person other than an Affiliate; or

 

(iii) a transaction
in which there is an acquisition of control of Pubco by a Person or group of Persons (other than existing stockholders and their
Affiliates). For purposes of this definition, the term “control” shall mean the possession, directly or indirectly,
of the power to either (A) vote more than 50% of the securities having ordinary voting power for the election of directors (or
comparable positions in the case of partnerships and limited liability companies), or (B) direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise (for the avoidance of doubt, consent rights do not constitute
 “control” for the purpose of this definition); or

 

(iv) the liquidation
or dissolution of Pubco.

 

“CITA”
means the Dutch Corporate Income Tax Act 1969.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Combined
Taxation Group” means any affiliated, consolidated, combined or unitary group or any profit and/or loss sharing,
affiliated group relief, group payment or similar group or fiscal unitary for income Tax purposes (by election or otherwise).

 

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

 

“Company
Group” and “Company Group Member” have the meaning set forth in the Preamble.

 

“Company
Obligations” has the meaning set forth in Section 7.15.

 

“Constellation”
has the meaning set forth in the Preamble.

 

“Contribution
Agreement” has the meaning set forth in the Preamble.

 

“Default
Rate” means a per annum rate of LIBOR plus 500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Code Section 1313(a) or a similar applicable provision of state or local income
Tax law, or Dutch corporate income Tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that
finally and conclusively establishes the amount of any liability for Tax.

 

“Divestiture”
means the sale or other divestiture of any Company Group Member, other than any sale that is, or is part of, a Change of Control.

 

“Divestiture
Acceleration Payment” has the meaning set forth in Section 4.3(c) of this Agreement.

 

    3

     

    

 

“Dutch
Deferred Interest Deductions” mean interest deductions that have accrued for Dutch corporate income tax purposes
by the Company Group and for which the applicable deductions have been deferred under article 15b CITA.

 

“Dutch
Intangible Tax Basis Assets” means any tax deductible Dutch amortization and depreciation deductions, and the reduction
of Dutch corporate income and gain, attributable to any tax basis in any intangible assets, including with respect to trademark
intangibles and brand name intangibles, which are owned by the Company Group on the IPO Date.

 

“Dutch
NOLs” mean all net operating losses for Dutch corporate income tax purposes.

 

“Early
Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment.

 

“Early
Termination Effective Date” means the date on which an Early Termination Schedule becomes binding pursuant to Section
4.2.

 

“Early
Termination Notice” has the meaning set forth in Section 4.2.

 

“Early
Termination Payment” has the meaning set forth in Section 4.3(b).

 

“Early
Termination Rate” means a per annum rate of LIBOR plus 100 basis points.

 

“Early
Termination Schedule” has the meaning set forth in Section 4.2.

 

“Expert”
has the meaning set forth in Section 7.10.

 

“Hypothetical
Dutch Tax Liability” means, with respect to any Taxable Year, the liability for Dutch corporate income Taxes of the
Company Group, calculated using the same methods, elections, conventions and similar practices used on the relevant Dutch Tax Return,
but calculated without taking into account the Pre-IPO Tax Assets.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the sum of (a) the Hypothetical U.S. Federal Tax Liability
for such Taxable Year, (b) the Hypothetical U.S. State and Local Tax Liability for such Taxable Year and (c) the Hypothetical Dutch
Tax Liability for such Taxable Year.

 

“Hypothetical
U.S. Federal Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes
of the Company Group, calculated using the same methods, elections, conventions and similar practices used on the relevant U.S.
federal income Tax Return, but (A) calculated without taking into account the Pre-IPO Tax Assets and (B) treating as
a deduction the Hypothetical State and Local Tax Liability (rather than any amount for state and local income tax liabilities).

 

“Hypothetical
U.S. State and Local Tax Liability” means, with respect to any Taxable Year, the product of (i) the U.S. federal
taxable income determined in connection with calculating the Hypothetical Federal Tax Liability for such Taxable Year (determined
without regard to clause (B) thereof) and (ii) the Blended Rate for such Taxable Year.

 

    4

     

    

 

“Intended
Tax Treatment” has the meaning set forth in Section 6.2.

 

“IPO”
means the initial public offering of common stock of Pubco pursuant to the registration statement on Form S-1 (File No. 333-253676)
of Pubco.

 

“IPO Date”
means the closing date of IPO.

 

“IPO Expenses”
means any tax deductions available to the Company Group that relate to (i) costs and expenses incurred by the Company Group, or
by or on behalf of the Shareholders (to the extent such amounts are a liability of the Company Group), as a result of the consummation
of the IPO; (ii) all success-based fees of professionals (including investment bankers and other consultants and advisors) paid
by or on behalf of the Company Group (calculated taking into account any election made pursuant to Revenue Procedure 2011-29 for
any fees to which it applies) in connection with the IPO; (iii) the capitalized financing costs and expenses and any prepayment
premium as a result of the satisfaction of any indebtedness in connection with the IPO; (iv) all sale, “stay-around,”
retention, change of control or similar bonuses or payments paid to current or former employees, directors or consultants of the
Company Group in connection with the IPO, (v) the exercise or cancellation of any option in connection with the IPO; (vi) any management
agreement termination fees paid by or on behalf of the Company Group in connection with the consummation of the IPO; and (vii)
any employment or social security taxes imposed with respect to any of the foregoing.

 

“IRS”
means the U.S. Internal Revenue Service.

 

“ITR Payment”
means any Tax Benefit Payment, Divestiture Acceleration Payment or Early Termination Payment required to be made by the Company
to the Shareholders under this Agreement.

 

“LIBOR”
means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that
displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the
rate which is quoted by another source mutually selected by the Company and the Shareholder Representative as an authorized
information vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the
London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time,
two (2) Business Days prior to the first day of such period as the London interbank offered rate for U.S. dollars having a
borrowing date and a maturity comparable to such period (or if there shall at any time, for any reason, no longer exist a
Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, a comparable replacement rate mutually
determined by the Company and Shareholder Representative at such time); provided, that at no time shall LIBOR be less than
0%. If the Company and the Shareholder Representative have mutually made the determination that LIBOR is no longer a widely
recognized benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars, then the Company and
Shareholder Representative shall establish a replacement interest rate (the “Replacement Rate”),
after giving due consideration to any evolving or then prevailing conventions in the U.S. loan market for loans in U.S.
dollars for such alternative benchmark, and including any mathematical or other adjustments to such benchmark, including
spread adjustments, giving due consideration to any evolving or then prevailing convention for similar loans in the U.S. loan
market in U.S. dollars for such benchmark, which adjustment, method for calculating such adjustment and benchmark shall be
published on an information service as mutually selected from time to time by the Company and Shareholder Representative. The
Replacement Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement. In connection
with the establishment and application of the Replacement Rate, this Agreement shall be amended, with the consent of the
Company and Shareholder Representative (which consent shall not be unreasonably withheld or delayed), as necessary or
appropriate, in the reasonable judgment of the Company and Shareholder Representative, to replace the definition of LIBOR and
otherwise to effect the provisions of this definition. The Replacement Rate shall be applied in a manner consistent with
market practice, as mutually determined by the Company and Shareholder Representative.

 

    5

     

    

 

“Net Tax
Benefit” has the meaning set forth in Section 3.1(b)(ii).

 

“Objection
Notice” has the meaning set forth in Section 2.3(a).

 

“Permitted
Assignment” has the meaning set forth in Section 7.6(b).

 

“Person”
means any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability company,
entity or governmental entity.

 

“PoolCo”
has the meaning set forth in the Preamble.

 

“Pre-IPO
Dutch Tax Assets” means (A) the Dutch Deferred Interest Deductions and the Dutch NOLs, in each case, generated by
the Company Group on or prior to the IPO Date and (B) the Dutch Intangible Tax Basis Assets.

 

“Pre-IPO
Tax Assets” means the Pre-IPO U.S. Tax Assets and the Pre-IPO Dutch Tax Assets; provided, that:

 

(i) in order to determine
whether any item is a Pre-IPO Tax Asset, the Taxable Year of the relevant Company Group Member that includes the IPO Date (the
 “Straddle Year”) shall be deemed to end as of the end of the IPO Date on a closing of the books basis;

 

(ii) for the avoidance
of doubt, with respect to any Straddle Year, Dutch NOLs and Dutch Deferred Interest Deductions included in Pre-IPO Dutch Tax Assets
and U.S. NOLs and U.S. Deferred Interest Deductions included in Pre-IPO U.S. Tax Assets shall, in each case, be determined by assuming
that such Straddle Year ended at the end of the IPO Date, and, as a result, no such amounts shall be reduced by any income or gain
realized by an applicable Company Group Member in a portion of a Straddle Year beginning after the IPO Date;

 

(iii) any IPO Expenses,
regardless of when actually paid or deductible, shall be included as Pre-IPO Tax Assets; and

 

(iv) for the
avoidance of doubt, Pre-IPO Tax Assets shall include (A) any Pre-IPO Tax Assets that become U.S. NOLs or Dutch NOLs following
the IPO Date as a result of such Pre-IPO Tax Asset not being fully utilized and (B) any U.S. Deferred Interest Deductions or
Dutch Deferred Interest Deductions generated in a taxable period (or portion thereof) ending after the IPO Date that would
not have been U.S. Deferred Interest Deductions or Dutch Deferred Interest Deductions but for the Pre-IPO Tax Assets.

 

    6

     

    

 

“Pre-IPO
U.S. Tax Assets” means (A) the U.S. Tax Credits, the U.S. Deferred Interest Deductions and U.S. NOLs, in each case,
generated by the Company Group on or prior to the IPO Date, and (B) the U.S. Intangible Tax Basis Assets.

 

“Pubco”
has the meaning set forth in the Preamble.

 

“Realized
Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax
Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding
by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless
and until there has been a Determination.

 

“Reconciliation
Dispute” has the meaning set forth in Section 7.10.

 

“Reconciliation
Procedures” has the meaning set forth in Section 2.3(a).

 

“Schedule”
means any of the following: (i) a Tax Benefit Schedule or (ii) the Early Termination Schedule, and, in each case, any amendments
thereto.

 

“Shareholder”
and “Shareholders” have the meanings set forth in the Preamble.

 

“Shareholder
Representative” has the meaning set forth in the Preamble.

 

“Straddle
Year” has the meaning set forth in the definition of Pre-IPO Tax Assets.

 

“Subsidiaries”
means, of any Person, any corporation, association, partnership, limited liability company or other business entity of which more
than fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person, or one (1)
or more of the Subsidiaries of such Person, or a combination thereof.

 

“Tax Benefit
Payment” has the meaning set forth in Section 3.1(b).

 

“Tax Benefit
Schedule” has the meaning set forth in Section 2.2.

 

“Tax Claim”
has the meaning set forth in Section 6.1(b).

 

“Tax Return”
means any return, declaration, report, information returns, claims for refund, disclosures or similar statement filed or required
to be filed with respect to or in connection with Taxes (including any related or supporting schedules, attachments, statements
or information filed or required to be filed with respect thereto), including any amendments thereof and declarations of estimated
Tax.

 

    7

     

    

 

“Taxable
Year” means a taxable year of any Company Group Member as defined in Section 441(b) of the Code or comparable
section of U.S. state or local income Tax law or Dutch corporate income Tax law, as applicable (and which may include a
period of more or less than twelve (12) months for which a Tax Return is made), ending on or after the IPO Date.

 

“Taxing
Authority” means any domestic, federal, national, state, county or municipal or other local government, any subdivision,
agency, commission or authority thereof, or any quasi-governmental body, in each case, exercising any taxing authority or any other
authority or jurisdiction of any kind in relation to Tax matters.

 

“Ticker
Amount” has the meaning set forth in Section 3.1(b)(iii).

 

“Transferred
Tax Asset” means, in the event of a Divestiture, the Pre-IPO Tax Assets attributable to the members of the Company
Group that are sold in such Divestiture to the extent such Pre-IPO Tax Assets are transferred with such members of the Company
Group under applicable Tax law following the Divestiture (disregarding any limitation on the use of such Pre-IPO Tax Assets as
a result of the Divestiture) and do not remain under applicable Tax law with the Company Group (other than the members of the Company
Group that are sold in such Divestiture).

 

“U.S. Deferred
Interest Deductions” mean interest deductions that have accrued for U.S. federal income tax purposes by the Company
Group and for which the applicable deductions have been deferred by reason of Code Section 163(e)(3), Code Section 163(j), Code
Section 267(a) or otherwise.

 

“U.S. Intangible
Tax Basis Assets” means any U.S. federal income amortization and depreciation deductions, and the reduction of income
and gain, attributable to any Tax basis in any “amortizable section 197 intangibles” (as defined in Code Sections 197(c)
and (d)) owned by the Company Group on the IPO Date.

 

“U.S. NOLs”
mean all net operating losses for U.S. federal income tax purposes.

 

“U.S. Tax
Credits” mean any tax credits that may be utilized by the Company Group to offset U.S. federal income tax, including
any foreign tax credits allowed under Code Section 901 or Code Section 960.

 

“Valuation
Assumptions” mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after
such Early Termination Date (and each prior Taxable Year with respect to which the Tax Benefit Schedule has not become final in
accordance with the terms of this Agreement), (a) the Company Group will generate taxable income sufficient to fully utilize all
of the Pre-IPO Tax Assets, (b) the utilization of the Pre-IPO Tax Assets for such Taxable Year or future Taxable Years, as applicable,
will be determined based on the Tax laws in effect on the Early Termination Date and (c) the U.S. federal, state, and local income
Tax rates and Dutch corporate income Tax rates will be those specified for each such Taxable Year by the Code and other laws as
in effect on the Early Termination Date. For the avoidance of doubt, in the event of a Change of Control or Divestiture, such assumptions
shall not take into account any changes in any Company Group Member’s stand-alone Tax position that might result from the
transaction giving rise to the Change of Control or Divestiture, including but not limited to changes pursuant to Code Section
382 or any analogous provisions of U.S. state or local Tax law or Dutch Tax law.

 

    8

     

    

 

Article
II 

 

DETERMINATION OF REALIZED TAX BENEFIT

 

Section 2.1          
Pre-IPO Tax Assets. The Company, on the one hand, and the Shareholders, on the other hand, acknowledge that the
Company Group may utilize the Pre-IPO Tax Assets to reduce the amount of Taxes that the Company Group would otherwise be required
to pay after the IPO.

 

Section 2.2          
Tax Benefit Schedule. Within forty-five (45) calendar days after the filing of the Company Group’s U.S.
federal income Tax Return for a Taxable Year, the Company shall provide to the Shareholder Representative a schedule showing, in
reasonable detail, (i) the calculation of the Realized Tax Benefit (if any) for such Taxable Year and (ii) the calculation of any
payment to be made to the Shareholders pursuant to Article III with respect to such Taxable Year (collectively, a “Tax
Benefit Schedule”). Each Tax Benefit Schedule (including Amended Schedules) shall be calculated in United States
dollars with respect to Pre-IPO U.S. Tax Assets (and any Realized Tax Benefit relating thereto) and in Euros with respect to Pre-IPO
Dutch Tax Assets (and any Realized Tax Benefits relating thereto). The Tax Benefit Schedule will become final as provided in Section
2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(a)).

 

Section 2.3          
Procedures, Amendments.

 

(a)              
Procedure. Each time the Company delivers to the Shareholder Representative an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.3(b), and including any Early Termination Schedule or amended
Early Termination Schedule, the Company shall also (x) deliver to the Shareholder Representative supporting schedules and work
papers, as determined by the Company or as reasonably requested by the Shareholder Representative, that provide a reasonable level
of detail regarding the data and calculations that were relevant for purposes of preparing the Schedule and (y) allow the Shareholder
Representative reasonable access at no cost to the appropriate representatives at the Company in connection with a review of such
Schedule. Without limiting the generality of the preceding sentence, the Company shall ensure that any Tax Benefit Schedule or
Early Termination Schedule that is delivered to the Shareholder Representative, along with any supporting schedules, valuation
reports and work papers, provides a reasonably detailed presentation of the calculation of the Actual Tax Liability (the “with”
calculation) and the Hypothetical Tax Liability (the “without” calculation) and identifies any material assumptions
or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto
shall become final and binding on all parties unless the Shareholder Representative, within thirty (30) calendar days after receiving
any Schedule or amendment thereto, provides the Company with a notice of a material objection made in good faith to such Schedule
or amendment thereto (“Objection Notice”) or such earlier date as the Shareholder Representative provides
written notice to the Company that it has no material objections to the Schedule. If the Company and Shareholder Representative,
for any reason, are unable to successfully resolve the issues raised in any Objection Notice within thirty (30) calendar days
after the Shareholder Representative gives the Company such Objection Notice, the Company and the Shareholder Representative shall
employ the reconciliation procedures described in Section 7.10 (the “Reconciliation Procedures”),
in which case such Schedule or Amended Schedule shall become binding in accordance with Section 7.10.

 

    9

     

    

 

(b)              
Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Company (i)
in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule, including those
identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule
was provided to the Shareholder Representative, (iii) to comply with an Expert’s determination under the Reconciliation Procedures,
(iv) to reflect a material change in the Realized Tax Benefit for such Taxable Year attributable to a carryback or carryforward
of a loss or other Tax item to such Taxable Year or (v) to reflect a material change in the Realized Tax Benefit for such Taxable
Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule, an “Amended Schedule”);
provided, however, that an amendment under clause (i) attributable to an audit of a Tax Return by a Company Group
Member shall not be made on an Amendment Schedule unless and until there has been a Determination with respect to such change.
The Company shall provide an Amended Schedule to the Shareholder Representative within thirty (30) calendar days of the occurrence
of an event referred to in clauses (i) through (v) of the preceding sentence, and any such Amended Schedule shall be subject to
the approval procedures similar to those described in Section 2.3(a).

 

Article
III 

TAX BENEFIT PAYMENTS

 

Section 3.1          
Payments.

 

(a)              
Timing of Payments. On or prior to the later to occur of (A) five (5) Business Days of a Tax Benefit Schedule becoming
final in accordance with Section 2.3(a) and (B) three hundred and eighty (380) calendar days following the end of the relevant
Taxable Year, the Company shall pay to each Shareholder for such Taxable Year its share (based on such Shareholder’s Applicable
Percentage) of the Tax Benefit Payment determined pursuant to Section 3.1(b). Each such Tax Benefit Payment shall be made
by wire transfer of immediately available funds to the bank account previously designated by such Shareholder to the Company, or
as otherwise agreed by the Company and the Shareholder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect
of estimated tax payments. No Shareholder shall be required under any circumstances to make a payment or return a payment to the
Company in respect of any portion of any Tax Benefit Payment previously paid by the Company to such Shareholder (including any
portion of any Early Termination Payment).

 

(b)              
For purposes of this Agreement:

 

(i)                
A “Tax Benefit Payment” means an amount, not less than zero, equal to eighty-five percent (85%)
of the sum of the Net Tax Benefit and the Ticker Amount.

 

(ii)              The
 “Net Tax Benefit” shall equal: (i) the Company’s Realized Tax Benefit, if any, for a Taxable
Year plus (ii) the amount of the excess (if any) of the Realized Tax Benefit reflected on an Amended Schedule for a previous
Taxable Year over the Realized Tax Benefit reflected on the Tax Benefit Schedule for such previous Taxable Year, minus (iii)
the excess (if any) of the Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable Year over the
Realized Tax Benefit reflected on the Amended Schedule for such previous Taxable Year; provided, however, that,
to the extent of the amounts described in clauses (ii) and (iii) of this definition were taken into account in determining
any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax
Benefit Payment attributable to any other Taxable Year.

 

    10

     

    

 

(iii)           
The “Ticker Amount” shall equal an amount equivalent to interest on a sum equal to the Net Tax
Benefit, calculated at the Agreed Rate from the due date (without extensions) for filing IRS Form 1120 (or any successor form)
with respect to the U.S. Company Group Members for the applicable Taxable Year until the due date for payment under Section
3.1(a).

 

Section 3.2          
No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative
payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement
will result in 85% of the Realized Tax Benefits of the Company Group, and the Ticker Amounts thereon, being paid to the Shareholders
pursuant to this Agreement and the Contribution Agreement. The provisions of this Agreement shall be construed in the appropriate
manner so that these fundamental results are achieved.

 

Section 3.3          
Payments Not Ascertainable. The parties hereby acknowledge and agree that the timing, amounts and aggregate value
of Tax Benefit Payments pursuant to this Agreement are not reasonably ascertainable. Notwithstanding the previous sentence, if
any Shareholder notifies the Company in writing of a stated maximum selling price, then the amount of the aggregate Tax Benefit
Payments to such Shareholder shall not exceed such stated maximum selling price.

 

Section 3.4          
Additional Consideration. The Company Group, on the one hand, and the Shareholder Representative and the Shareholders,
on the other hand, acknowledge that each ITR Payment constitutes a payment of additional consideration in exchange for the contribution
of shares in Constellation or a loan note issued by PoolCo, as applicable, to the Company pursuant to the relevant Contribution
Agreement.

 

Section 3.5          
Payments in United States Dollars. All payments to be made under this Agreement shall be made in United States
dollars. With respect to any Tax Benefit Payment relating to Pre-IPO Dutch Tax Assets, such amounts shall be converted from Euros
to United States dollars for each applicable Taxable Year using the spot rate in effect on the due date (without extensions) for
filing IRS Form 1120 (or any successor form) with respect to the U.S. Company Group Members for the applicable Taxable Year.

 

    11

     

    

 

Article
IV 

 

TERMINATION

 

Section 4.1          
Early Termination of Agreement; Breach of Agreement.

 

(a)              
In General. This Agreement shall terminate at the time that all Tax Benefit Payments have been made to the Shareholders
under this Agreement.

 

(b)              
Early Termination. Notwithstanding Section 4.1(a), the Company may terminate this Agreement by paying to the
Shareholders the Early Termination Payment. Upon payment of the Early Termination Payment by the Company, the Company shall not
have any further payment obligations under this Agreement, other than any (1) Tax Benefit Payment agreed to by the Company and
the Shareholder Representative as due and payable but unpaid as of the Early Termination Notice and (2) Tax Benefit Payment due
for a Taxable Year ending prior to, with or including the date of the Early Termination Notice (except to the extent that such
amount is included in the Early Termination Payment).

 

(c)              
Acceleration Upon Material Breach of this Agreement. In the event that the Company breaches any of its material obligations
under this Agreement, whether as a result of a failure to make a payment when due, failure to honor any other material obligations
required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under bankruptcy laws
or otherwise, then all obligations hereunder shall be accelerated, and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) an Early Termination Payment
calculated as if an Early Termination Notice had been delivered on the date of the breach, (2) any Tax Benefit Payment that is
due and payable but unpaid as of the date of the breach and (3) any Tax Benefit Payment due for the Taxable Year ending prior to,
with or including the date of the breach (except to the extent that such amount is included in the Early Termination Payment).
In the event the Company breaches this Agreement, the Shareholder Representative shall be entitled to elect to receive the amounts
set forth in clauses (1), (2) and (3) above or to seek specific performance of the terms hereof. The Parties agree that the failure
to make any payment due pursuant to this Agreement within thirty (30) days of the date such payment is due shall be deemed to be
a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to
be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within thirty (30) days
of the date such payment is due.

 

(d)               Acceleration
Upon Change of Control. In the event of a Change of Control, all obligations hereunder shall be accelerated, and such
obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such Change of Control
and shall include, but not be limited to, (1) an Early Termination Payment calculated as if an Early Termination Notice had
been delivered on the effective date of the Change of Control, (2) any Tax Benefit Payment that is due and payable but unpaid
as of the effective date of the Change of Control and (3) any Tax Benefit Payment due for the Taxable Year ending prior to,
with or including the effective date of the Change of Control (except to the extent that such amount is included in the Early
Termination Payment). In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the
Valuation Assumptions, substituting in each case the phrase “closing date of a Change of Control” for the phrase
 “Early Termination Date.” The Early Termination Payment arising as a result of a Change of Control shall be
payable on the date of such Change of Control, and the Company shall use all reasonable efforts to provide to the Shareholder
Representative an Early Termination Schedule with respect to an expected Change of Control as far in advance as is reasonably
practicable of such Change of Control (but no more than thirty (30) Business Days in advance) so as to enable the calculation
of the Early Termination Payment to be finalized pursuant to Section 2.3(a) prior to the date of the Change of
Control. Notwithstanding the foregoing, where the parties anticipate a Change of Control but are not certain of the date on
which such Change of Control will occur, the Company and the Shareholder Representative may agree to base the calculations
contemplated by this Section 4.1(d) on a date other than the Change of Control.

 

    12

     

    

 

(e)              
Divestiture Acceleration Payment. In the event of a Divestiture, the Company shall pay to the Shareholders, in accordance
with their Applicable Percentages, the Divestiture Acceleration Payment in respect of such Divestiture, which shall be calculated
and finalized pursuant to this Article IV as if an Early Termination Notice had been delivered on the date of the Divestiture
(but solely with respect to the Taxable Entities sold in the Divestiture).

 

Section 4.2          
Early Termination Notice. If the Company chooses to exercise its right of early termination in accordance with
Section 4.1 above, the Company shall deliver to the Shareholder Representative written notice of such decision to exercise
such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”)
showing in reasonable detail the information required pursuant to Section 2.2 and the calculation of the Early Termination
Payment. The Early Termination Schedule shall become final and binding on all parties in accordance with the procedures contained
in Section 2.3(a).

 

Section 4.3          
Payment upon Early Termination.

 

(a)              
Within five (5) Business Days after agreement is reached between the Shareholder Representative and the Company concerning
the Early Termination Schedule, the Company shall pay to each Shareholder its share (based on such Shareholder’s Applicable
Percentage) of an amount equal to the Early Termination Payment or Divestiture Acceleration Payment, as applicable, and any other
payment required to be made pursuant to Sections 4.1(b), (c), (d), and (e). Such payment shall be made by wire transfer of immediately
available funds to a bank account designated by the applicable Shareholder, or as otherwise agreed by the Company and the Shareholder.

 

(b)              
The “Early Termination Payment” means, as of the Early Termination Date, the present value, discounted
at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by the Company to
the Shareholders beginning from the Early Termination Date, assuming the Valuation Assumptions are applied, provided that
in the event of a Change of Control, the Early Termination Payment shall be calculated without giving effect to any limitation
on the use of the Pre-IPO Tax Assets resulting from the Change of Control. For purposes of calculating, pursuant to this Section
4.3(b), the present value of all Tax Benefit Payments that would be required to be paid, it shall be assumed that, absent the
Early Termination Notice, all Tax Benefit Payments would be paid on the due date (without extensions) as provided in Section
3.1(a).

 

(c)              
 The “Divestiture Acceleration Payment” as of the date of any Divestiture shall equal the present
value, discounted at the Early Termination Rate as of such date, of the Tax Benefit Payments resulting solely from the Transferred
Tax Assets that would be required to be paid by the Company to the Shareholders beginning from the date of such Divestiture assuming
the Valuation Assumptions are applied (substituting the phrase “closing date of the Divestiture” for the phrase “Early
Termination Date”); provided that the Divestiture Acceleration Payment shall be calculated without giving effect to
any limitation on the use of the Transferred Tax Assets resulting from the Divesture. For purposes of calculating the present value
pursuant to this Section 4.3(c) of all Tax Benefit Payments that would be required to be paid, it shall be assumed that,
absent the Divestiture, all Tax Benefit Payments would be paid on the due date (without extensions) as provided in Section 3.1(a).

 

    13

     

    

 

Article
V 

LATE PAYMENTS AND COMPLIANCE WITH INDEBTEDNESS

 

Section 5.1          
Late Payments. The amount of all or any portion of any ITR Payment not made to the Shareholders when due under
the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate, and commencing from
the date on which such ITR Payment was due and payable.

 

Section 5.2          
Compliance with Indebtedness. Notwithstanding anything to the contrary provided
herein, if at the time any amounts become due and payable hereunder the Company is not permitted, pursuant to the terms of the
Company Group’s debt documentation, to pay such amounts, or the Company Group Members are not permitted, pursuant to the
terms of the Company Group’s debt documentation, to make payments to the Company to allow the Company to pay such amounts,
then the Company shall by notice to the Shareholder Representative be permitted to defer the payment of such amounts until each
condition rendering the payment of such amounts impermissible as described in this Section 5.2 is no longer applicable.
At the time such condition is no longer applicable and no other such condition exists, such amounts (together with accrued and
unpaid interest thereon as described in the immediately following sentence) shall become due and payable immediately. If the Company
defers the payment of any such amounts pursuant to the first sentence in this Section 5.2, such amounts shall accrue interest
at the Agreed Rate per annum from the date that such amounts originally became due and owing pursuant to the terms hereof to the
date that such amounts were paid. For the avoidance of doubt, any payment not made due to the preceding sentence shall not be
deemed a breach under Section 4.1(c) of this Agreement unless and until such payment remains unpaid thirty (30) calendar
days after the date on which such condition described in this Section 5.2 is no longer applicable. The Company agrees to
take commercially reasonable actions to cause the Company Group Members to pay dividends or make loans (including, to the extent
commercially reasonable, granting access to any revolving credit facility or other source of liquidity to facilitate the payment
of such dividends or loans), to the extent consistent with the terms of their outstanding indebtedness and any applicable law,
to the extent necessary to make payments hereunder. 

 

Section 5.3          
Conflicting Agreements. Without the consent of the
Shareholder Representative, the Company shall use reasonable best efforts to not, and shall cause the Company Group Members to
use reasonable best efforts to not, enter into any agreement or indenture or any amendment or other modification to any agreement
or indenture (including, in each case, in connection with any refinancing) that would, directly or indirectly, materially restrict
or otherwise encumber (or in the case of amendments or other modifications, further restrict or encumber) its ability to make
payments under this Agreement in accordance with its terms, including any agreement that would, directly or indirectly, restrict
or otherwise encumber (or in the case of amendments or other modifications, further restrict or encumber) the ability of the Company
Group Members to upstream cash (by dividend or loan) to the Company to fund amounts payable by the Company under this Agreement.

 

    14

     

    

 

Article
VI 

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1          
Participation in the Company’s Tax Matters.

 

(a)              
Except as otherwise provided in this Agreement, the Company shall have full responsibility for, and sole discretion over,
all Tax matters concerning the Company Group, including the preparation, filing or amending of any Tax Return and defending, contesting
or settling any issue pertaining to Taxes, subject to a requirement that the Company act in good faith in connection with its control
of any matter which is reasonably expected to affect any Shareholder’s rights and obligation under this Agreement.

 

(b)              
Notwithstanding the foregoing, the Company shall notify the Shareholder Representative in writing of, and keep the Shareholder
Representative reasonably informed with respect to, the portion of any Tax audit or Tax administrative or judicial proceeding of
any Company Group Member by a Taxing Authority the outcome of which could reasonably be expected to affect any Shareholder’s
rights and obligations under this Agreement (any “Tax Claim”), and shall give the Shareholder Representative
reasonable opportunity to provide information and participate in the applicable portion of such Tax Claim, including attending
any meetings with any Tax Authority, employing counsel separate from the counsel employed by the Company and having the opportunity
to reasonably comment on and approve all material submissions made by the Company Group to any Taxing Authority. Notwithstanding
anything herein to the contrary, without the consent of the Shareholder Representative, which consent shall not be unreasonably
withheld, conditioned or delayed, the Company shall not, and shall cause each other Company Group Member not to, (i) change any
accounting method, or amend or take any position inconsistent with a previously-filed Tax Return of any Company Group Member, in
each case, if such action could materially and adversely affect the Pre-IPO Tax Assets, (ii) seek any guidance from, or initiate
any communication with, the IRS or any other Taxing Authority (whether written, verbal or otherwise) at any time concerning the
Pre-IPO Tax Assets, or (iii) settle or otherwise resolve any Tax Claim, if such settlement could have an adverse effect on the
Shareholders’ rights (including the right to receive payments) under this Agreement.

 

    15

     

    

 

Section
6.2           Consistency.
The Company and the Shareholder Representative acknowledge and agree that (A) for U.S. federal, state and local income Tax
purposes, (i) the transfer of equity in Constellation or a loan note issued by PoolCo, as applicable, to the Company by the
Shareholders is intended to be treated as a taxable exchange described in Code Section 1001, (ii) the ITR Payments are
intended to be treated as additional contingent consideration to the Shareholders with respect to such exchange and (iii) the
Shareholders are eligible to report any ITR Payments received under the installment method under Code Section 453, and (B)
for U.K. Tax purposes, each ITR Payment constitutes contingent consideration payable by the Company in installments to the
Shareholders in exchange for the shares of Constellation or a loan note issued by PoolCo, as applicable, and (except for any
amount which the Company and the Shareholder Representative reasonably agree constitutes interest) constituting capital sums
in the hands of the Company and the Shareholders respectively; (such treatment described in (A) and (B), the
 “Intended Tax Treatment”). The Company and the Shareholders shall not take any position on any Tax
Return, or in front of any Tax Authority, or in connection with any Tax audit, enquiry, assessment, or Tax administrative or
judicial proceeding, inconsistent with the Intended Tax Treatment unless otherwise required by a contrary Determination. In
addition, the Company shall, and shall cause the Company Group Members to, use reasonable best efforts to defend the Intended
Tax Treatment in any Tax audit, enquiry, assessment, or Tax administrative or judicial proceeding.

 

Section 6.3          
Cooperation. Each of the Company and the Shareholders (through the Shareholder Representative) shall (a) furnish
to the other party in a timely manner such information, documents and other materials as the other party may reasonably request
for purposes of making or approving any determination or computation necessary or appropriate under this Agreement, preparing any
Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available
to the other party and its representatives to provide explanations of documents and materials and such other information as the
requesting party or its representatives may reasonably request in connection with any of the matters described in clause (a) above,
and (c) reasonably cooperate in connection with any such matter, and the requesting party shall reimburse the other party for any
reasonable third-party costs and expenses incurred pursuant to this Section 6.3.

 

Article
VII 

MISCELLANEOUS

 

Section 7.1          
Notices. All notices, requests, claims, demands and other communications to be given or delivered under this
Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused,
upon presentment) or received by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and,
if otherwise, on the next Business Day, (b) one (1) Business Day following delivery by reputable overnight express courier (charges
prepaid) or (c) three (3) calendar days following mailing by certified or registered mail, postage prepaid and return receipt requested.
Unless another address is specified in writing pursuant to the provisions of this Section 7.1, notices, demands and other
communications shall be sent to the addresses indicated below:

 

    16

     

    

 

If to the Company,
to:

 

Diversey Holdings
I (UK) Limited

Pyramid Close, 

Weston Favell, 

Northampton, 

NN3 8PD, 

England  

Attn: Michael Chapman,
General Counsel

Email: mike.chapman@diversey.com

 

with a copy, in any
case, to:

 

Kirkland & Ellis
LLP

300 North LaSalle
Street

Chicago, IL 60654

Attn: Eunu Chun,
P.C. and Christopher M. Thomas, P.C.

Facsimile: (312) 862-2200

		Email:	eunu.chun@kirkland.com

christopher.thomas@kirkland.com

 

 

If to the Shareholder
Representative, to:

 

BCPE Diamond Cayman
Holding Limited

c/o Bain Capital
Private Equity, LP

200 Clarendon Street

Boston, MA 02116

		Attention:	Ken Hanau

Jonathan Penn

David Hutchins

Facsimile:
(617) 516-2010

		Email:	khanau@baincapital.com

jpenn@baincapital.com

dhutchins@baincapital.com

 

with a copy to:

 

Kirkland & Ellis
LLP

300 North LaSalle
Street

Chicago, IL 60654

Attn: Eunu Chun,
P.C. and Christopher M. Thomas, P.C.

Facsimile: (312) 862-2200

		Email:	eunu.chun@kirkland.com

christopher.thomas@kirkland.com

 

Section
7.2           Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other
parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to
this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this
Agreement.

 

    17

     

    

 

Section 7.3          
Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and understanding
among the parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings,
whether written or oral, relating to such subject matter in any way. Nothing in this Agreement, express or implied, is intended
to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 7.4          
Governing Law. The law of the State of Delaware shall govern (a) all claims or matters related to or arising
from this Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation,
validity and enforceability of this Agreement, and the performance of the obligations imposed by this Agreement, in each case without
giving effect to any choice-of-law or conflict-of-law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the law of any jurisdiction other than the State of Delaware.

 

Section 7.5          
Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any
governmental entity, all other provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination
that any provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.6          
Successors; Assignment; Amendments; Waivers.

 

(a)              
The Shareholder Representative, in its capacity as the Shareholder Representative, may assign this Agreement to any Person
without the prior written consent of the Company or the Shareholders, as long as such transferee has executed and delivered, or,
in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory
to the Company, agreeing to be bound by all provisions of this Agreement, except as otherwise provided in such joinder.

 

(b)              
Except as otherwise provided in this Agreement, no Shareholder may assign its rights under this Agreement without the prior
written consent of the Shareholder Representative. Any assignment of a Shareholder’s rights meeting the requirements of this
paragraph shall be referred to herein as a “Permitted Assignment” and Schedule A hereto shall
be amended to reflect such Permitted Assignment and the change in the Applicable Percentage of the assignor and assignee.

 

(c)              
No provision of this Agreement may be amended unless such amendment is approved in writing by the Company and the Shareholders
(through the Shareholder Representative). No provision of this Agreement may be waived unless such waiver is in writing and signed
by the party against whom the waiver is to be effective.

 

    18

     

    

 

(d)              
 All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives, including
any permitted assignee pursuant to a Permitted Assignment. The Company shall require and cause any direct or indirect successor
(whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company,
by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

Section 7.7          
Headings, Titles, and Subtitles. The headings, titles, and subtitles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement..

 

Section 7.8          
Waiver of Jury Trial; Jurisdiction. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM, OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING
OUT OF, RELATING TO OR IN CONNECTION WITH (A) THIS AGREEMENT OR THE VALIDITY, PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT
HEREOF OR(B) THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT HEREOF.

 

Section 7.9          
Resolution of Disputes.

 

(a)              
Other than with respect to any disputes under Section 2.3, Section 4.2, Section 4.3, and Section
6.2 (which are to be resolved pursuant to Section 7.10), any and all disputes which cannot be settled amicably between
the Company and the Shareholder Representative, including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including
the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single
arbitrator in accordance with the then existing Rules of Arbitration of the International Chamber of Commerce. The place of arbitration
shall be New York, New York. The parties shall jointly select a single arbitrator who shall have the authority to hold hearings
and to render a decision in accordance with the then existing Rules of Arbitration of the International Chamber of Commerce. If
the Company and the Shareholder Representative fail to agree on the selection of an arbitrator within thirty (30) calendar days
of the receipt of the request for arbitration, the arbitrator shall be selected by the International Chamber of Commerce. The arbitrator
shall be a lawyer. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. Section 1, et seq., and judgment
on the award may be entered by any court having jurisdiction thereof. Performance under this Agreement shall continue if reasonably
possible during any arbitration proceedings.

 

    19

     

    

 

(b)               Notwithstanding
the provisions of Section 7.9(a), either the Company or the Shareholder Representative may bring an action or special
proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or
preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this Section
7.9(b), the Shareholder Representative (i) expressly consents to the application of Section 7.9(c) to any such
action or proceeding, and (ii) irrevocably appoints the Company as its agent for service of process in connection with any
such action or proceeding and agrees that service of process upon such agent, who shall promptly advise the Shareholder
Representative of any such service of process, shall be deemed in every respect effective service of process upon such
Shareholder in any such action or proceeding.

 

(c)              
THE COMPANY AND EACH SHAREHOLDER (THROUGH THE SHAREHOLDER REPRESENTATIVE) HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF COURTS LOCATED IN NEW YORK AND AGREES THAT ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 7.9(B)
SHALL BE BROUGHT AND DETERMINED EXCLUSIVELY IN THE SUPREME COURT OF THE STATE OF NEW YORK AND ANY STATE APPELLATE COURT THEREFROM
WITHIN THE STATE OF NEW YORK (OR, IF THE SUPREME COURT OF THE STATE OF NEW YORK REFUSES TO ACCEPT JURISDICTION OVER A PARTICULAR
MATTER, ANY STATE OR FEDERAL COURT WITHIN THE STATE OF NEW YORK).

 

(d)              
The parties acknowledge that the forum designated by this Section 7.9(c) has a reasonable relation to this Agreement
and to the parties’ relationship with one another.

 

Section 7.10      
Reconciliation. In the event that the Company and the Shareholder Representative are unable to resolve a disagreement
with respect to the matters governed by Section 2.3, Section 4.2, Section 4.3, and Section 6.2 within
the relevant period designated in this Agreement (or the amount of a payment in the case of an early termination, breach of agreement,
Change of Control, or Divestiture Acceleration Payment to which Article IV applies) (a “Reconciliation Dispute”),
the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert in the particular area of disagreement
(the “Expert”) mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized
accounting firm or a law firm and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship
with the Company or the Shareholder Representative or any other actual or potential conflict of interest. If the Reconciliation
Dispute is not resolved before any payment that is the subject of the Reconciliation Dispute is due or any Tax Return reflecting
the subject of the Reconciliation Dispute is due, such payment shall be made on the date prescribed by this Agreement and such
Tax Return may be filed as prepared by the Company, subject to adjustment or amendment upon resolution. The costs and expenses
relating to the engagement of such Expert or the amendment of any Tax Return shall be borne by the Company, except as provided
in the next sentence. Each of the Company and the Shareholder Representative shall bear their own costs and expenses of such proceeding.
Any dispute as to whether a dispute is a Reconciliation Dispute, within the meaning of this Section 7.9 shall be decided
by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.9 shall be binding on the Company and the Shareholder Representative and may be entered and enforced in any court
having jurisdiction.

 

    20

     

    

 

Section
7.11       Withholding.
The Company shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the
Company is required to deduct and withhold with respect to the making of such payment under the Code, or any applicable
provision of state, local or non-U.S. Tax law, provided that with respect to the Shareholders only, the Company (i) gives ten
(10) days advance written notice of its intention to make such withholding to the Shareholder Representative, (ii) identifies
the legal basis requiring such withholding and (iii) gives the Shareholder Representative an opportunity to establish that
such withholding is not legally required or may be reduced. To the extent that amounts are so withheld and paid over to the
appropriate Taxing Authority by the Company, such withheld amounts shall be treated for all purposes of this Agreement as
having been paid to the applicable Shareholder. The Company shall provide evidence of such payments to the applicable
Shareholder (through the Shareholder Representative) to the extent that such evidence is available. Notwithstanding the
foregoing, if a withholding obligation arises as a result of a Change of Control, any amount payable to a Shareholder under
this Agreement shall be increased such that after all required deductions and withholdings have been made (including such
deductions and withholdings applicable to additional sums payable under this sentence) the Shareholder receives an amount
equal to the sum that it would have received had no such deductions or withholdings been made. Notwithstanding anything to
the contrary above, the Company and the Shareholder Representative agree that, absent a change in Law or a contrary
Determination, no Tax withholding is required with respect to any ITR Payments under this Agreement (unless the Company and
the Shareholder Representative reasonably agree that any Ticker Amount constitutes yearly interest and is not eligible for
any exemption from U.K. withholding tax).

 

Section 7.12      
Combined Taxation Groups; Transfers of Assets.

 

(a)              
If any Company Group Member is or becomes a member of a Combined Taxation Group for purposes of U.S. federal, state or local
income Tax purposes or Dutch corporate income Tax purposes then (i) the provisions of this Agreement shall be applied with respect
to the group as a whole, and (ii) Tax Benefit Payments shall be computed with reference to the combined taxable income of the group
as a whole.

 

(b)              
If any Person the income of which is included in the income of any Company Group Member’s Combined Taxation Group
transfers one or more assets to any other Person that is not part of such Company Group Member’s Combined Taxation Group,
then, for purposes of calculating the amount of any ITR Payment due hereunder, such Person shall be treated as having disposed
of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed to be received in a transaction
contemplated in the prior sentence shall be equal to the fair market value of the deemed transferred asset, plus (i) the amount
of debt to which such asset is subject, in the case of a transfer of an encumbered asset or (ii) the amount of debt allocated to
such asset, in the case of a transfer of a partnership interest.

 

Section 7.13      
Confidentiality.

 

(a)              
Each Shareholder acknowledges and agrees that the information of the Company Group is confidential and, except in the course
of performing any duties as necessary for the Company Group, as required by law or legal process or to enforce the terms of this
Agreement, shall keep and retain in confidence and not disclose to any Person any confidential matters of the Company Group acquired
pursuant to this Agreement.

 

    21

     

    

 

(b)              
 This Section 7.13 shall not apply to (i) any information that has been made publicly available by the Company Group,
becomes public knowledge (except as a result of an act of the Shareholder or its Affiliates in violation of this Agreement) or
is generally known to the business community, (ii) the disclosure of information to the extent reasonably necessary for the Shareholder
or its Affiliates to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority
or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns or (iii) the
disclosure of information to any direct or indirect limited partners of any Shareholder for fundraising purposes so long as such
Persons are apprised of the confidential nature thereof. Notwithstanding anything to the contrary in this Agreement, each Shareholder
(and each employee, representative or other agent of the Shareholder, as applicable) may disclose the Tax treatment and Tax structure
of (A) the Company Group, (B) the transactions entered into in connection with the IPO, (C) this Agreement, and (D) any of the
transactions of the Company Group, and all materials of any kind (including opinions or other Tax analyses) that are provided to
the Shareholder relating to such Tax treatment and Tax structure.

 

(c)              
If a Shareholder breaches any of the provisions of this Section 7.13, the Company shall have the right to seek to
have the provisions of this Section 7.13 specifically enforced by injunctive relief by any court of competent jurisdiction
without the need to post any bond or other security, it being acknowledged and agreed that any such breach shall cause irreparable
injury to the Company Group and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and
remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

 

Section 7.14      
Shareholder Representative.

 

(a)              
Appointment. Without further action of any of the Company, the Shareholder Representative or any Shareholder,
and as partial consideration of the benefits conferred by this Agreement, the Shareholder Representative is hereby irrevocably
constituted and appointed to act as the sole representative, agent and attorney-in-fact for the Shareholders and their successors
and assigns with respect to the taking by the Shareholder Representative of any and all actions and the making of any decisions
required or permitted to be taken by the Shareholder Representative under this Agreement. The power of attorney granted herein
is coupled with an interest and is irrevocable and may be delegated by the Shareholder Representative. No bond shall be required
of the Shareholder Representative, and the Shareholder Representative shall receive no compensation for its services.

 

(b)               Expenses.
If at any time the Shareholder Representative shall incur out of pocket expenses in connection with the exercise of its
duties hereunder, upon written notice to the Company from the Shareholder Representative of documented costs and expenses
(including fees and disbursements of counsel and accountants) incurred by the Shareholder Representative in connection with
the performance of its rights or obligations under this Agreement and the taking of any and all actions in connection
therewith, the Company shall reduce any future payments (if any) due to the Shareholders hereunder pro rata (based on their
respective Applicable Percentages) by the amount of such expenses which it shall instead remit directly to the Shareholder
Representative. In connection with the performance of its rights and obligations under this Agreement and the taking of any
and all actions in connection therewith, the Shareholder Representative shall not be required to expend any of its own funds
(though, for the avoidance of doubt, it may do so at any time and from time to time in its sole discretion).

 

    22

     

    

 

(c)              
Limitation on Liability. The Shareholder Representative shall not be liable to any Shareholder for any act
of the Shareholder Representative arising out of or in connection with the acceptance or administration of its duties under this
Agreement, except to the extent any liability, loss, damage, penalty, fine, cost or expense is actually incurred by such Shareholder
as a proximate result of the gross negligence, bad faith or willful misconduct of the Shareholder Representative (it being understood
that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith and reasonable
judgment). The Shareholder Representative shall not be liable for, and shall be indemnified by the Existing Shareholder (on a several
but not joint basis) for, any liability, loss, damage, penalty or fine incurred by the Shareholder Representative (and any cost
or expense incurred by the Shareholder Representative in connection therewith and herewith and not previously reimbursed pursuant
to subsection (b) above) arising out of or in connection with the acceptance or administration of its duties under this Agreement,
except to the extent that any such liability, loss, damage, penalty, fine, cost or expense is the proximate result of the gross
negligence, bad faith or willful misconduct of the Shareholder Representative (it being understood that any act done or omitted
pursuant to the advice of legal counsel shall be conclusive evidence of such good faith and reasonable judgment); provided, however,
in no event shall any Existing Shareholder be obligated to indemnify the Shareholder Representative hereunder for any liability,
loss, damage, penalty, fine, cost or expense to the extent (and only to the extent) that the aggregate amount of all liabilities,
losses, damages, penalties, fines, costs and expenses indemnified by such Shareholder hereunder is or would be in excess of the
aggregate payments under this Agreement actually remitted to such Existing Shareholder. Each Existing Shareholder’s receipt
of any and all benefits to which such Existing Shareholder is entitled under this Agreement, if any, is conditioned upon and subject
to such Existing Shareholder’s acceptance of all obligations, including the obligations of this Section 7.13(c), applicable
to such Existing Shareholder under this Agreement.

 

(d)              
Actions of the Shareholder Representative. Any decision, act, consent or instruction of the Shareholder Representative
shall constitute a decision of all Shareholders and shall be final, binding and conclusive upon each Shareholder, and the Company
may rely upon any decision, act, consent or instruction of the Shareholder Representative as being the decision, act, consent or
instruction of each Shareholder. The Company is hereby relieved from any liability to any person for any acts done by the Company
in accordance with any such decision, act, consent or instruction of the Shareholder Representative.

 

Section 7.15      
Guarantee. Pubco hereby unconditionally, absolutely and irrevocably guarantees, as a principal and not as a surety,
to each of the Shareholders the prompt and full performance and payment of the Company’ obligations, covenants, undertakings
and liabilities pursuant to this Agreement (the “Company Obligations”). The Shareholder Representative
may seek remedies with respect to all Company Obligations directly from Pubco without first exhausting its remedies against the
Company. Pubco waives presentment, demand and any other notice with respect to any of the Company Obligations and any defenses
that Pubco may have with respect to any of the Company Obligations.

 

[Signature Page Follows]

 

    23Exhibit 10.18

INDEMNIFICATION
AGREEMENT

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of [  ], 2021 between Diversey Holdings, Ltd.,
an exempted company incorporated in the Cayman Islands (the “Company”), and [   ] (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, Indemnitee
is either a member of the board of directors of the Company (the “Board”) or an officer of the Company, or both,
and in such capacity or capacities is performing a valuable service for the Company;

 

WHEREAS, the Company
is aware that competent and experienced persons are increasingly reluctant to serve as directors or officers of corporations or
other business entities unless they are protected by comprehensive indemnification and liability insurance, due to increased exposure
to litigation costs and risks resulting from their service to such corporations, and because the exposure frequently bears no reasonable
relationship to the compensation of such directors and officers;

 

WHEREAS, the Board
of the Company has concluded that, to retain and attract talented and experienced individuals to serve or continue to serve as
officers or directors of the Company, and to encourage such individuals to take the business risks necessary for the success of
the Company, it is necessary for the Company contractually to indemnify directors and officers and to assume for itself to the
fullest extent permitted by law expenses and damages related to claims against such officers and directors in connection with their
service to the Company;

 

WHEREAS, the laws of
the Cayman Islands, under which the Company is organized, empower the Company to indemnify by agreement its officers, directors,
employees and agents, and persons who serve, at the request of the Company, as directors, officers, employees or agents of other
corporations or enterprises, and expressly provide that the indemnification provided by the laws of the Cayman Islands is not exclusive;

 

WHEREAS, the Company
desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company free from undue
concern for claims for damages arising out of or related to such services to the Company; and

 

WHEREAS, Indemnitee
is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that
he or she be indemnified as herein provided;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Amended and Restated Memorandum and Articles of Association of the Company (the “Charter”)
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder;

 

WHEREAS, it is intended
that Indemnitee shall be paid promptly by the Company all amounts necessary to effectuate in full the indemnity provided herein;
and

 

     

     

    

 

[WHEREAS, Indemnitee
has certain rights to indemnification and/or insurance provided by Bain Capital Private Equity, LP (“Bain”)
or affiliates of Bain that Indemnitee and Bain intend to be secondary to the primary obligation of the Company to indemnify Indemnitee
as provided herein, with the Company’s acknowledgment of and agreement to the foregoing being a material condition to Indemnitee’s
willingness to serve as a director or in any other capacity for the Company and its subsidiaries.]1

 

NOW, THEREFORE, in
consideration of Indemnitee’s agreement to serve as a director or officer from and after the date hereof, the parties hereto
agree as follows:

 

1.             Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a)            Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of Indemnitee’s Corporate Status (as hereinafter defined), Indemnitee
is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by
or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Liabilities
and Expenses (each as hereinafter defined) actually incurred by or on behalf of Indemnitee, in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in
or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
Indemnitee’s conduct was unlawful.

 

(b)            Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if,
by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in
any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified
against all Liabilities and Expenses actually incurred by or on behalf of Indemnitee, in connection with such Proceeding if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;
provided, however, if applicable law so provides, no indemnification against such Liabilities or Expenses shall be
made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to
the Company unless and to the extent that the Court of Chancery of the State of Delaware or other court of competent jurisdiction
shall determine that such indemnification may be made.

 

(c)            Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, Indemnitee shall be indemnified to the maximum extent permitted by law, as such may be amended from time
to time, against all Expenses actually incurred by or on behalf of Indemnitee in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues
or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually incurred by or on behalf of
Indemnitee in connection with each successfully resolved claim, issue or matter. For purposes of this Section 1(c) and
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

 

1       Bracketed
provisions apply only to Bain directors.

 

    2

     

    

 

2.             Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1
of this Agreement, the Company shall and hereby does, to the fullest extent permitted by applicable law, indemnify and hold harmless
Indemnitee against all Liabilities and Expenses actually incurred by or on behalf of Indemnitee if, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding
by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive
wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement,
other than those set forth in Section 9 hereof, shall be that the Company shall not be obligated to make any payment
to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6
and 7 hereof) to be unlawful.

 

3.             Contribution.

 

(a)           Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any Proceeding in which
the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permitted by applicable
law, the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring
Indemnitee to contribute to such payment and the Company hereby irrevocably waives and relinquishes any right of contribution it
may have against Indemnitee.

 

(b)           Without
diminishing or impairing the obligations of the Company set forth in Section 3(a), if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permitted by applicable law, the Company
shall contribute to the amount of Liabilities and Expenses actually incurred and paid or payable by Indemnitee in proportion to
the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who
are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand,
from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the
Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or
would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that
resulted in such Liabilities or Expenses, as well as any other equitable considerations which applicable law may require to be
considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who
are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand,
shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal
profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active
or passive.

 

    3

     

    

 

(c)            To
the fullest extent permitted by applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless from
any claims of contribution which may be brought by directors, officers or employees of the Company, other than Indemnitee, who
may be jointly liable with Indemnitee.

 

(d)            To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for Liabilities and/or for Expenses, in connection with any claim relating to a Proceeding under this Agreement, in such
proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause
to such Proceeding, and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and
Indemnitee in connection with such event(s) and/or transaction(s).

 

4.             Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, or is made (or asked) to
respond to discovery requests, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against
all Expenses actually incurred by or on behalf of Indemnitee in connection therewith.

 

5.             Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance, to the extent not prohibited
by law, all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate
Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance
or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee and shall, if and to the extent required by applicable law, include or
be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately
be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant
to this Section 5 shall be unsecured and interest free. In accordance with Sections 7(d) and 7(e) of
this Agreement, advances shall include any and all Expenses incurred pursuing an action to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.

 

6.             Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of the parties to this Agreement to
secure for Indemnitee rights of indemnity that are as favorable as may be permitted by applicable law. Accordingly, the parties
agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled
to indemnification under this Agreement:

 

    4

     

    

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Secretary of the Company (or, if the office of
Secretary is vacant or the Indemnitee is the Secretary, the then President) a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to
what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing,
any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not
relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company.

 

(b)            Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors (as hereinafter defined),
even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested
Directors, even though less than a quorum, (3) if there are no Disinterested Directors, or if the Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (4) if
so directed by the Board, by the stockholders of the Company; provided, however, that if a Change in Control has
occurred, the determination with respect to Indemnitee’s entitlement to indemnification shall be made by Independent Counsel.

 

(c)            In
the event the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall
be selected as provided in this Section 6(c). If a Change in Control has not occurred, the Independent Counsel shall
be selected by the Board (including a vote of a majority of the Disinterested Directors if obtainable), and the Company shall
give written notice to the Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. Indemnitee may,
within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection
to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 12 of
this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and
timely objection, the Person (as hereinafter defined) so selected shall act as Independent Counsel. If a written objection is
made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If a Change in Control has occurred, the Independent
Counsel shall be selected by the Indemnitee (unless the Indemnitee shall request that such selection be made by the Board, in
which event the preceding sentence shall apply), and approved by the Board within twenty (20) days after notification by Indemnitee.
If (i) an Independent Counsel is to make the determination of entitlement pursuant to this Section 6, and (ii) within
twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof,
no Independent Counsel shall have been selected, either the Company or Indemnitee may petition the Court of Chancery of the State
of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by Indemnitee
to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a Person selected
by the court or by such other Person as the court shall designate, and the Person with respect to whom all objections are so resolved
or the Person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting
pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures
of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

    5

     

    

 

(d)            In
making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by
its directors, Independent Counsel or stockholders) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including by its directors, Independent Counsel or stockholders) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not
met the applicable standard of conduct.

 

(e)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers, directors,
managers, employees, agents or representatives of the Enterprise in the course of their duties, or on the advice of legal counsel
for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant
or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions,
or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes
of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are
satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)             If
the Person empowered or selected under this Section 6 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within forty-five (45) days (or in the case of an advancement of Expenses in accordance with
Section 4, twenty (20) days; provided that Indemnitee has, if and to the extent required by applicable law,
delivered the undertaking contemplated in Section 4) after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law, and such right to indemnification shall be enforceable by Indemnitee in any court of competent jurisdiction;
provided that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement
to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within
fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors,
if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to
be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting
of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting
is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

 

    6

     

    

 

(g)            Indemnitee
shall reasonably cooperate with the Person making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such Person upon reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Agreement. Any Expenses incurred by Indemnitee in so cooperating
with the Person making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)           With
respect to any Proceeding as to which Indemnitee notifies the Company of the commencement thereof the Company will be entitled
to participate therein at its own expense. The Company jointly with any other indemnifying party similarly notified will be entitled
to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided, however, that the Company
shall not be entitled to assume the defense of any Proceeding if there has been a Change in Control or if Indemnitee shall have
reasonably concluded that there may be a conflict of interest between the Company and Indemnitee with respect to such Proceeding.
After notice from the Company to Indemnitee of its election to assume the defense thereof, the Company will not be liable to Indemnitee
under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable
costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel
in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense
thereof shall be at the expense of Indemnitee unless:

 

(i)            the
employment of counsel by Indemnitee has been authorized by the Company;

 

(ii)           Indemnitee
shall have reasonably concluded that counsel engaged by the Company may not adequately represent Indemnitee due to, among other
things, actual or potential differing interests; or

 

(iii)          the
Company shall not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed such
defense and be acting in connection therewith with reasonable diligence; in each of which cases the fees and expenses of such counsel
shall be at the expense of the Company.

 

    7

     

    

 

(i)             The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party
is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has
been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden
of proof and the burden of persuasion by clear and convincing evidence. The Company shall not settle any Proceeding in any manner
unless such settlement (i) provides for a full and final release of all claims against Indemnitee and (ii) does not
impose any penalty or limitation on Indemnitee without Indemnitee’s written consent.

 

(j)             The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

7.             Remedies
of Indemnitee.

 

(a)            Subject
to Section 9, in the event that (i) a determination is made pursuant to Section 6 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant
to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of
this Agreement within forty-five (45) days (or in the case of an advancement of Expenses in accordance with Section 4,
twenty (20) days; provided that Indemnitee has, if and to the extent required by applicable law, delivered the undertaking
contemplated in Section 4) after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or
(v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is
entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction,
of Indemnitee’s entitlement to such indemnification, contribution or advancement of Expenses. Alternatively, Indemnitee,
at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication
or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 7; provided, however, that the foregoing clause shall not apply in respect of
a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 1(c) of this Agreement.
Except as set forth herein, the provisions of Delaware law (without regard to its conflict-of-law rules) shall apply to any such
arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    8

     

    

 

(b)            In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the adverse
determination under Section 6(b). In any judicial proceeding or arbitration commenced pursuant to this Section 7, Indemnitee
shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce
into evidence any determination pursuant to Section 6(b) of this Agreement adverse to Indemnitee for any purpose.
If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 7 and it is determined in such
judicial proceeding or arbitration that Indemnitee must reimburse the Company for advance of expenses, Indemnitee shall not
be required to reimburse the Company for any advances pursuant to Section 5 until a final determination is made with
respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(c)            If
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading, in connection with the application for indemnification, or (ii) a prohibition of such
indemnification under applicable law.

 

(d)            In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all Expenses (of the
types described in the definition of Expenses in Section 12 of this Agreement) actually incurred by Indemnitee in such
judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement
of expenses or insurance recovery, to the fullest extent permitted by applicable law.

 

(e)            The
Company shall, to the extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
It is the intent of the Company that, to the fullest extent permitted by applicable law, Indemnitee not be required to incur
Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation
or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee
hereunder. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall advance,
to the extent not prohibited by law and in accordance with Section 5 of this Agreement, such Expenses to Indemnitee,
which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement of Expenses
from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained
by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of
Expenses or insurance recovery, as the case may be.

 

    9

     

    

 

(f)             Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

8.             Non-Exclusivity;
Survival of Rights; Insurance; [Primacy of Indemnification;]2
Subrogation.

 

(a)            The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, any agreement, a vote of stockholders,
a resolution of directors or otherwise, of the Company. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable
law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Charter
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so
afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

 

(b)

 

(i)       The
Company shall, if commercially reasonable, obtain and maintain in effect during the entire period described in Section 10
for which the Company is obligated to indemnify Indemnitee under this Agreement, one or more policies of insurance with reputable
insurance companies to provide the directors and officers of the Company with coverage for losses from wrongful acts and omissions
and to ensure the Company’s performance of its indemnification obligations under this Agreement (“D&O Insurance”);
provided, that in connection with a Change of Control that occurs prior to the termination of the period described in Section 10
for which the Company is obligated to indemnify Indemnitee, the Company shall instead purchase a six (6) year pre-paid “tail
policy” (a “Tail Policy”) on terms and conditions (in both amount and scope) providing substantially equivalent
benefits to Indemnitee as the D&O Insurance in effect as of the closing of the Change of Control (the “Change of Control
Closing Date”) with respect to matters arising on or prior to the earlier of (i) the Change of Control Closing Date
and (ii) the date on which Indemnitee ceased serving as a director, officer or fiduciary of the Company, any direct or indirect
subsidiary of the Company or of any other corporation, partnership, joint venture, trust or other enterprise at the express written
consent of the Company.

 

 

 

		2	Bracketed provisions apply only to Bain directors.

 

    10

     

    

 

(ii)          Indemnitee
shall be covered by such D&O Policies (including any Tail Policy) in accordance with its or their terms to the maximum extent
of the coverage available for any such officer or director under such D&O Policies. In all such D&O Policies, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee with the same rights and benefits as are accorded to the
most favorably insured of the Company’s directors and officers. At the time of the receipt of a notice of a claim pursuant
to the terms hereof, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective D&O Policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance
with the terms of such D&O Policies.

 

(c)       [The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided
by Bain and certain of Bain’s affiliates that, directly or indirectly, (i) are controlled by, (ii) control or (iii) are
under common control with, Bain (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that
it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors
to advance Expenses or to provide indemnification for the same Liabilities or Expenses incurred by Indemnitee is secondary), (ii) that
it shall be required to advance the full amount of Expenses actually incurred by Indemnitee and shall be liable for the full amount
of all Liabilities and Expenses to the extent legally permitted and as required by the terms of this Agreement and the Charter
(or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund
Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims
against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution
and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 8(c).]3

 

(d)        [Except
as provided in Section 8(c) above,]4
in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee [(other than against the Fund Indemnitors)], who shall execute all papers required
and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company
to bring suit to enforce such rights.

 

 

		3	Bracketed provisions apply only to Bain directors.

 

		4	Bracketed provisions apply only to Bain directors.

 

    11

     

    

 

(e)         [Except
as provided in Section 8(c) above,]5
the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(f)          [Except
as provided in Section 8(c) above,]6
the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of
the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses
from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.          Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)         for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (as hereinafter defined), or similar provisions of state statutory law
or common law; or

 

(b)          for
reimbursement to the Company of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company in each case as required under the Exchange Act; or

 

(c)           in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of
any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Company has joined in or the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation,
(ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under
applicable law, or (iii) the Proceeding is one to enforce Indemnitee’s rights under this Agreement.

 

10.          Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue until and terminate upon the later
of (i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company
or a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise which Indemnitee served at the request of the Company, and (ii) one
(1) year after the final termination of any Proceeding (including any rights of appeal thereto) in respect of which Indemnitee
is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant
to Section 7 of this Agreement relating thereto (including any rights of appeal of any Section 7 Proceeding).

 

 

		5	Bracketed provisions apply only to Bain directors.

 

		6	Bracketed provisions apply only to Bain directors.

 

    12

     

    

 

11.           Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

12.           Definitions.
For purposes of this Agreement:

 

(a)           “Change
in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

(i)             Acquisition
of Stock by Third Party. Any Person, other than Bain or any of its respective affiliates and other than a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the
 “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities, unless
the change in relative “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of the Company’s
securities by any Person results solely from a reduction in the aggregate number of outstanding securities entitled to vote generally
in the election of directors;

 

(ii)           Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director
designated by a Person who has entered into an agreement with the Company to effect a transaction described in Section 12(b)(i),
12(b)(iii) or 12(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved or who was otherwise nominated by Bain or
any of its respective affiliates, cease for any reason to constitute at least a majority of the members of the Board;

 

(iii)           Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such
merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity; and

 

    13

     

    

 

(iv)          Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
for the sale or disposition by the Company of all or substantially all of the Company’s assets, or, if such approval is
not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series
of related transactions.

 

(b)          “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company,
any direct or indirect subsidiary of the Company, or of any other corporation, partnership, joint venture, trust or other enterprise,
including service with respect to an employee benefit plan, that such person is or was serving at the request of the Company; provided,
that any person that serves as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture,
trust or other enterprise, of at least 50% of whose equity interests are owned by the Company, shall be conclusively presumed to
be serving in such capacity at the request of the Company.

 

(c)          “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(d)          “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the Company as a director, officer, trustee, partner, managing
member, employee, agent or fiduciary.

 

(e)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(f)           “Expenses”
shall include all reasonable direct and indirect costs, including attorneys’ fees, retainers, court costs, transcript costs,
fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, out-of-pocket expenses and other disbursements and expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing
to be a witness in a Proceeding, responding to, or objecting to, a request to provide discovery in any Proceeding, or, to the fullest
extent permitted by applicable law, successfully establishing a right to indemnification under this Agreement, whether in whole
or part. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal
bond or its equivalent. Expenses, however, shall not include any Liabilities.

 

(g)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable
fees and disbursements of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses,
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

    14

     

    

 

(h)            “Liabilities”
shall mean damages, losses and liabilities of any type whatsoever, including, but not limited to, any judgments, fines, Employee
Retirement Income Security Act excise taxes and penalties, penalties and amounts paid in settlement (including all interest assessments
and other charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid in settlement)
of any Proceeding.

 

(i)            “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however,
that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company.

 

(j)            “Proceeding”
includes any actual, threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, and any appeal thereof, whether
brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or will be involved as a party or otherwise, by reason of the Corporate Status of Indemnitee, by reason of any action taken
by Indemnitee or of any inaction on Indemnitee’s part while acting in such Corporate Status, or by reason of the fact that
Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust or other enterprise; in each case whether or not Indemnitee is acting or serving in any such
capacity at the time any Liability or Expense is incurred for which indemnification can be provided under this Agreement; including
one pending on or before the date of this Agreement.

 

13.           Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed
to the fullest extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of
any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision
shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

    15

     

    

 

14.           Enforcement
and Binding Effect.

 

(a)          The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)          Without
limiting any of the rights of Indemnitee under the Charter as it may be amended from time to time, this Agreement constitutes the
entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)            The
indemnification and advancement of expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise at the Company’s request,
and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

(d)            The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all
or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

(e)          The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof,
without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee
further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the
court, and the Company hereby waives any such requirement of such a bond or undertaking.

 

    16

     

    

 

15.           Modification
and Waiver. No supplement, modification, waiver, termination or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.           Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

17.           Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile
if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (iii) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one
(1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent:

 

(a)            To
Indemnitee at the address set forth below Indemnitee’s signature hereto.

 

(b)            To
the Company at:

 

Diversey Holdings, Ltd.

1300 Altura Road, Suite 125

Fort Mill, South Carolina 29708

Attention: Chief Financial Officer

 

or to such other address as may have been furnished to Indemnitee
by the Company or to the Company by Indemnitee, as the case may be.

 

18.           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

19.           Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

    17

     

    

 

20.            Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict-of-laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 7 of this Agreement, the Company and Indemnitee hereby
irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any
other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to
the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with
this Agreement, (iii) agree that service of process in any such action or proceeding may be effected by notice given pursuant
to Section 17 of this Agreement, (iv) waive any objection to the laying of venue of any such action or proceeding in
the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought
in the Delaware Court has been brought in an improper or inconvenient forum. The foregoing consent to jurisdiction shall not constitute
general consent to service of process in the state for any purpose except as provided above, and shall not be deemed to confer
rights on any Person other than the parties to this Agreement.

 

21.            Further
Action. The parties shall execute and deliver all documents, provide all information, and take or refrain from taking such
actions as may be necessary or appropriate to achieve the purposes of this Agreement.

 

[Signature page follows]

 

    18

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first written above.

 

	 	DIVERSEY HOLDINGS, LTD.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	INDEMNITEE
	 	 
	 	Name:	 
	 	 	 
	 	Address:

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