Document:

Exhibit 10.6

 

REGISTRATION RIGHTS AGREEMENT

 

dated as of [●], 2021

 

between

 

LATHAM GROUP, INC.

 

AND

 

CERTAIN STOCKHOLDERS

 

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TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS	3
	1.1	Definitions	3
	ARTICLE II REGISTRATION
    RIGHTS	7
	2.1	Demand Rights	7
	2.2	Piggyback Registration Rights	9
	2.3	Form S-3 Registration; Shelf Registration	12
	2.4	Shelf Take-Downs	14
	2.5	Selection of Underwriters	16
	2.6	Withdrawal Rights; Expenses	16
	2.7	Registration and Qualification	16
	2.8	Underwriting; Due Diligence	21
	2.9	Indemnification and Contribution	22
	2.10	Cooperation; Information by Selling Holder	25
	2.11	Rule 144	25
	2.12	Holdback Agreement	26
	2.13	Suspension of Sales	26
	2.14	Third Party Registration Rights	26
	2.15	Mergers	27
	ARTICLE III MISCELLANEOUS	27
	3.1	Notices	27
	3.2	Section Headings	29
	3.3	Governing Law	29
	3.4	Consent to Jurisdiction and Service of Process	29
	3.5	Amendments; Termination	29
	3.6	Specific Enforcement	30
	3.7	Entire Agreement	30
	3.8	Severability	30
	3.9	Counterparts	30

 

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REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (as amended,
supplemented or otherwise modified from time to time, this “Agreement”), dated as of [●], 2021, is made
by and among Latham Group, Inc., a Delaware corporation (the “Company”), Wynnchurch Capital Partners IV,
L.P., a Cayman Islands limited partnership and WC Partners Executive IV, L.P., a Cayman Islands limited partnership (collectively,
 “Wynnchurch”), Pamplona Capital Partners V, L.P., a Cayman Islands limited partnership (“Pamplona”
and collectively with Wynnchurch, the “Principal Stockholders”) and the other Persons who execute the signature
pages hereto under the heading “Other Holders” (the “Other Holders”).

 

WHEREAS, the Company is currently contemplating
an underwritten initial public offering (“IPO”) of shares of its Common Stock (as defined below);

 

WHEREAS, certain stockholders of the Company
propose to sell shares of Common Stock concurrently with the IPO; and

 

WHEREAS, in connection with, and effective
upon, the date of completion of the IPO, the Principal Stockholders, the Other Holders and the Company wish to set forth certain
understandings among such parties.

 

NOW, THEREFORE, in consideration of the mutual
covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

 

Definitions

 

1.1            Definitions.
The following terms shall have the following respective meanings:

 

“Affiliate” means, with
respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person;
provided, however, that portfolio companies in which any Principal Stockholder or any of its Affiliates has an investment
shall not be deemed an Affiliate of such person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”) when used with respect to any Person,
means the possession, directly or indirectly, of the power to cause the direction of management or policies of such Person, whether
through the ownership of voting securities, by contract or otherwise.

 

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

 

“Business Day” means a
day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by applicable
law to close.

 

“Common Stock” means shares
of the Company’s common stock, $0.0001 par value per share.

 

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

 

“Continuance Notice” has
the meaning set forth in Section 2.6(c).

 

“Demand” has the meaning
set forth in Section 2.1(a).

 

“Demand Registration”
has the meaning set forth in Section 2.1(a).

 

“Disclosure Package” means
(i) the preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information that is deemed,
under Rule 159 under the Securities Act, to have been conveyed to purchasers of securities at the time of sale (including
a contract of sale).

 

“Equity Securities” means,
with respect to any Person, any (i) partnership or membership interests or shares of capital stock, (ii) equity, ownership,
voting, profit or participation interests or (iii) similar rights or securities in such Person or any of its Subsidiaries,
or any rights or securities convertible into or exchangeable for, options or other rights to acquire from such Person or any of
its Subsidiaries, or obligation on the part of such Person or any of its Subsidiaries to issue, any of the foregoing.

 

“Form S-3 Registration Statement”
has the meaning set forth in Section 2.3(b).

 

“Form S-3 Shelf Registration
Statement” has the meaning set forth in Section 2.3(b).

 

“Free Writing Prospectus”
means any “free writing prospectus,” as defined in Rule 405 under the Securities Act.

 

“Governmental Authority”
means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department,
court, agency or official, including any political subdivision thereof.

 

“Holder” means Principal
Stockholders, the Other Holders and their successors, Transferees under Section 2.1(c) holding Registrable Securities
and any New Holder.

 

“Initiating Shelf Holder”
has the meaning set forth in the Section 2.4(a).

 

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

 

“Marketed Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(b).

 

“New Holder” has the meaning
set forth in Section 2.14.

 

“Non-Marketed Take-Down Share”
means with respect to each Initiating Shelf Holder and each other Notice Recipients delivering a notice with respect to and participating
in such Non-Marketed Underwritten Shelf Take-Down subject to Section 2.4(d), a number equal to the product of (i) the
total number of Registrable Securities to be included in such Non-Marketed Underwritten Shelf Take-Down pursuant to Section 2.4(c) and
(ii) a fraction, the numerator of which is the total number of Registrable Securities beneficially owned by the Initiating
Shelf Holder or such participating Notice Recipient, as applicable, and the denominator of which is the total number of Registrable
Securities beneficially owned by the Initiating Shelf Holder and all participating Notice Recipients delivering a notice and participating
in such Non-Marketed Underwritten Shelf Take-Down.

 

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“Non-Marketed Underwritten Shelf
Take-Down” has the meaning set forth in Section 2.4(c).

 

“Non-Marketed Underwritten Shelf
Take-Down Notice” has the meaning set forth in Section 2.4(d).

 

“Notice Recipient” has
the meaning set forth in Section 2.4(d).

 

“Ordinary S-3 Registration Statement”
has the meaning set forth in Section 2.3(d).

 

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

 

“Other Securities” means
Common Stock of the Company sought to be included in a registration other than Registrable Securities.

 

“Parties” means the Company
and the Holders that are from time to time party to this Agreement.

 

“Person” means any individual,
firm, corporation, partnership, limited liability company, trust, estate, joint venture, Governmental Authority or other entity.

 

“Piggyback Notice” has
the meaning set forth in Section 2.2(a).

 

“Registrable Securities”
means shares of Common Stock owned by a Holder, whether now held or hereinafter acquired, including any shares of Common Stock
issuable or issued upon conversion or exchange of other securities of the Company or any of its Subsidiaries (“Overlying
Securities”), including by way of stock dividend or stock split, or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization, until: (i) a registration statement covering such shares of Common Stock or
applicable Overlying Securities has been declared effective by the SEC and such shares of Common Stock or applicable Overlying
Securities have been disposed of pursuant to such effective registration statement; (ii) such shares of Common Stock or applicable
Overlying Securities are sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions
then in force) under the Securities Act are met; (iii) with respect to any Holder, such Holder and its Affiliates beneficially
own less than 2% of the outstanding Common Stock and all of such shares of Common Stock may be sold without restriction under
Rule 144 (or any similar provisions then in force) or (iv) (A) such shares of Common Stock or applicable Overlying
Securities are otherwise Transferred to a non-Affiliate of the Transferor, (B) the Company has delivered a new certificate
or other evidence of ownership for such shares of Common Stock or applicable Overlying Securities not bearing a restrictive legend
and (C) such shares of Common Stock or applicable Overlying Securities may be resold without limitation or subsequent registration
under the Securities Act.

 

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“Registration Expenses”
means any and all expenses incident to performance of or compliance with any registration of securities pursuant to Article II
(other than underwriting discounts and commissions), including (i) the fees, disbursements and expenses of the Company’s
counsel and accountants, including for special audits and comfort letters; (ii) all expenses, including filing fees, in connection
with the preparation, printing and filing of the registration statement, any preliminary prospectus or final prospectus, any other
offering document and amendments and supplements thereto and the mailing and delivering of copies thereof to any underwriters
and dealers; (iii) the cost of printing or producing any underwriting agreements and blue sky or legal investment memoranda
and any other documents in connection with the offering, sale or delivery of the securities to be disposed of; (iv) all expenses
in connection with the qualification of the securities to be disposed of for offering and sale under state “blue sky”
securities laws, including the reasonable fees and disbursements of one counsel for the underwriters and the Selling Holders in
connection with such qualification and in connection with any blue sky and legal investment surveys; (v) all expenses, including
filing fees, incident to securing any required review by FINRA of the terms of the sale of the securities to be disposed of; (vi) transfer
agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection
with such offering; (vii) all security engraving and security printing expenses; (viii) all fees and expenses payable
in connection with the listing of the securities on any securities exchange or automated interdealer quotation system or the rating
of such securities; (ix) all expenses with respect to road shows that the Company is obligated to pay pursuant to Section 2.7(o);
and (x) the reasonable fees and disbursements of one counsel for the Selling Holders participating in the registration (which
counsel shall be chosen by the participating Selling Holders that then holds the most Registrable Securities) incurred in connection
with any such registration and any offering of Common Stock relating to such registration, including any Shelf Take-Down.

 

“Selling Holder” means,
with respect to any registration statement, any Holder whose Registrable Securities are included therein.

 

“Shelf Holder” means any
Holder whose Registrable Securities are included in the Form S-3 Shelf Registration Statement.

 

“Shelf Registration Statement”
means a registration statement providing for an offering to be made on a continuous basis pursuant to Rule 415 under the
Securities Act in accordance with the plan and method of distribution set forth in the prospectus included in such registration
statement.

 

“Shelf Take-Down” has
the meaning set forth in Section 2.4(a).

 

“Subsidiary” means, with
respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity
of which more than 50% of the total voting power of ownership interests entitled (without regard to the occurrence of any contingency)
to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions)
having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof.

 

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“Transfer” means any sale,
assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or encumbrance, direct or indirect,
in whole or in part, by operation of law or otherwise. The terms “Transferred”, “Transferring”,
 “Transferor”, “Transferee” and “Transferable” have meanings correlative
to the foregoing.

 

“Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.4(b).

 

“Underwritten Shelf Take-Down Notice”
has the meaning set forth in Section 2.4(b).

 

“Withdrawn Offering” has
the meaning set forth in Section 2.6(c).

 

ARTICLE II

 

REGISTRATION
RIGHTS

 

2.1            Demand
Rights.

 

(a)            Demand
Rights. Subject to the terms and conditions of this Agreement (including Section 2.1(b)), at any time upon written notice
delivered by a Principal Stockholder (a “Demand”) at any time requesting that the Company effect the registration
(a “Demand Registration”) under the Securities Act of any or all of the Registrable Securities held by such
Principal Stockholder, which Demand shall specify the number and type of such Registrable Securities to be included in such registration
and the intended method or methods of disposition of such Registrable Securities, the Company shall, as promptly as reasonably
practicable, give written notice of such Demand to all other Holders and shall, as promptly as reasonably practicable, at any
time after the expiration or waiver of the lock-up agreements delivered pursuant to the underwriting agreement relating to the
IPO, file the appropriate registration statement and use reasonable best efforts to effect the registration under the Securities
Act and applicable state securities laws of (i) the Registrable Securities which the Company has been so requested to register
for sale by such Principal Stockholder in the Demand, and (ii) all other Registrable Securities which the Company has been
requested to register for sale by such Holders by written request given to the Company within 10 days after the giving of such
written notice by the Company (which request shall specify the intended method of disposition of such Registrable Securities),
in each case subject to Section 2.1(f), all to the extent required to permit the disposition (in accordance with such intended
methods of disposition) of the Registrable Securities to be so registered for sale. Notwithstanding the foregoing, in the event
the method of disposition is an underwritten offering, the right of any Holder to include Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided in this Agreement, and all Holders proposing to distribute their Registrable
Securities through such underwriting shall (together with the Company as provided in Section 2.7) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting.

 

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(b)            Limitations
on Demand Rights. Any Demand by a Principal Stockholder shall include a number of Registrable Securities that equals or is
greater than the lesser of (i) 1.0% of the total Registrable Securities then outstanding and (ii) $20 million (such
value shall be determined based on the value of such Registrable Securities on the date immediately preceding the date upon which
the Demand has been received by the Company). Wynnchurch shall have the right to make only two Demands for a Demand Registration
and only beginning on the first anniversary of the closing of the IPO.

 

(c)            Assignment.
In connection with the Transfer of Registrable Securities to any Person other than by operation of law, a Holder may assign to
any Transferee of such Registrable Securities (i) the right to make Demands pursuant to Section 2.1(a) and (ii) the
right to participate in or effect any registration and/or Shelf Take-Down pursuant to the terms of Section 2.1(a), Section 2.2,
Section 2.3 and Section 2.4, in each case to the extent that such Transferor has such rights. In the event of any such
assignment, references to Holders or Principal Stockholders, as applicable, in this Agreement shall be deemed to refer to such
Transferee if such Transferee is making any Demand or otherwise exercising its registration rights hereunder. In each of the foregoing
cases, as a condition to such Transfer, a Transferee shall enter into a joinder agreement in the form attached hereto as Annex
A to become party to this Agreement and expressly be subject to Section 2.12 herein. If any such Transferee is an individual
and married, as a condition to such Transfer, such Transferee shall deliver to the Company a duly executed copy of a spousal consent
in the form attached hereto as Annex B. In the event of any such assignment, references to the Holder or Principal Stockholder
in Section 2.12 shall be deemed to refer to such Transferee. In addition, in each of the foregoing cases, the relevant Holder
shall, as promptly as reasonably practicable, give written notice of any such assignment to the Company and, in the case of an
assignment by a Principal Stockholder, the other Principal Stockholders in accordance with the addresses and other contact information
set forth under Section 3.1.

 

(d)            [Reserved]

 

(e)            Fulfillment
of Registration Obligations. Notwithstanding any other provision of this Agreement, a registration requested pursuant to this
Section 2.1 shall not be deemed to have been effected: (i) if the registration statement is withdrawn without becoming
effective; (ii) if, after it has become effective, such registration is interfered with by any stop order, injunction or
other order or requirement of the SEC or any other Governmental Authority for any reason other than a misrepresentation or an
omission by a Selling Holder that is the Principal Stockholder, or an Affiliate of the Principal Stockholder (other than the Company
and its Subsidiaries), that made the Demand relating to such registration and, as a result thereof, the Registrable Securities
requested to be registered cannot be completely distributed in accordance with the plan of distribution set forth in the related
registration statement; (iii) if the registration does not contemplate an underwritten offering, if it does not remain effective
for at least 180 days (or such shorter period as will terminate when all securities covered by such registration statement have
been sold or withdrawn); or if such registration statement contemplates an underwritten offering, if it does not remain effective
for at least 180 days plus such longer period as, in the opinion of counsel for the underwriter or underwriters, a prospectus
is required by applicable law to be delivered in connection with the sale of Registrable Securities by an underwriter or dealer;
or (iv) in the event of an underwritten offering, if the conditions to closing (including any condition relating to an overallotment
option) specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not
satisfied or waived other than by reason of some wrongful act or omission by a Selling Holder that is the Principal Stockholder,
or an Affiliate of the Principal Stockholder (other than the Company and its Subsidiaries), that made the Demand relating to such
registration.

 

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(f)            Cutbacks
in Demand Registration. If the lead underwriter or managing underwriter advises the Company in writing that, in such firm’s
good faith view, the number of Registrable Securities and Other Securities requested to be included in a Demand Registration exceeds
the number which can be sold in such offering without being likely to have a significant adverse effect upon the price, timing
or distribution of the offering and sale of the Registrable Securities and Other Securities then contemplated, the Company shall
provide a copy of such notice to each Selling Holder and include in such registration:

 

(1)            first,
Registrable Securities owned by the Principal Stockholders that are requested to be included in such registration pursuant to Section 2.1(a) and
that can be sold without having the significant adverse effect referred to above, pro rata on the basis of the relative
number of such Registrable Securities owned by the Principal Stockholders requesting inclusion in such registration;

 

(2)            second,
Registrable Securities owned by the Other Holders that are requested to be included in such registration pursuant to Section 2.1(a) and
that can be sold without having the significant adverse effect referred to above, pro rata on the basis of the relative
number of such Registrable Securities owned by the Other Holders requesting inclusion in such registration;

 

(3)            third,
shares of Common Stock that the Company proposes to sell for its own account that can be sold without having the significant adverse
effect referred to above; and

 

(4)            fourth,
the Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such registration
that can be sold without having the significant adverse effect referred to above, pro rata on the basis of the relative
number of such Other Securities owned by the Persons requesting inclusion in such registration.

 

2.2           Piggyback
Registration Rights.

 

(a)            Notice
and Exercise of Rights. If the Company at any time proposes or is required to register any of its Common Stock or any other
Equity Securities under the Securities Act (other than a Demand Registration pursuant to Section 2.1 or a registration pursuant
to Section 2.3), whether or not for sale for its own account, in a manner that would permit registration of Registrable Securities
for sale for cash to the public under the Securities Act, subject to the last sentence of this Section 2.2(a), it shall at
each such time give written notice (the “Piggyback Notice”), as promptly as reasonably practicable, to each
Holder of its intention to do so, which Piggyback Notice shall specify the number of shares of such Common Stock or other Equity
Securities to be included in such registration. Upon the written request of any Holder made within 10 days after receipt of the
Piggyback Notice by such Person (which request shall specify the number of Registrable Securities intended to be disposed of),
subject to the other provisions of this Article II, the Company shall effect, in connection with the registration of such
Common Stock or other Equity Securities, the registration under the Securities Act of all Registrable Securities which the Company
has been so requested to register; provided, that in no event shall the Company be required to register pursuant to this
Section 2.2 any securities other than Common Stock. Notwithstanding anything to the contrary contained in this Section 2.2,
the Company shall not be required to effect any registration of Registrable Securities under this Section 2.2 incidental to
the registration of any of its securities on Forms S-4 or S-8 (or any similar or successor form providing for the registration
of securities in connection with mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock
option or other executive or employee benefit or compensation plans) or any other form that would not be available for registration
of Registrable Securities. Notwithstanding any other provision of this Agreement, the IPO shall be treated as a registration under
this Section 2.2 and subject to the terms hereof (except that the Company shall be deemed to have given a Piggyback Notice
and any Holder who is not a Selling Holder in the IPO registration shall be deemed to have waived its rights hereunder).

 

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(b)            Determination
Not to Effect Registration. If at any time after giving such Piggyback Notice and prior to the effective date of the registration
statement filed in connection with such registration the Company shall determine for any reason not to register the securities
originally intended to be included in such registration, the Company may, at its election, give written notice of such determination
to the Selling Holders and thereupon the Company shall be relieved of its obligation to register such Registrable Securities in
connection with the registration of securities originally intended to be included in such registration, without prejudice, however,
to the right of a Principal Stockholder immediately to request that such registration be effected as a registration under Section 2.1
or a shelf registration under Section 2.3 to the extent permitted thereunder.

 

(c)            Cutbacks
in Company Offering. If the registration referred to in the first sentence of Section 2.2(a) is to be an underwritten
registration on behalf of the Company, and the lead underwriter or managing underwriter advises the Company in writing (with a
copy to each Selling Holder) that, in such firm’s good faith view, the number of Other Securities and Registrable Securities
requested to be included in such registration exceeds the number which can be sold in such offering without being likely to have
a significant adverse effect upon the price, timing or distribution of the offering and sale of the Other Securities and Registrable
Securities then contemplated, the Company shall include in such registration:

 

(1)            first,
all securities proposed to be registered on behalf the Company;

 

(2)            second,
Registrable Securities owned by the Principal Stockholders that are requested to be included in such registration pursuant to this
Section 2.2 and that can be sold without having the significant adverse effect referred to above, pro rata on the basis
of the relative number of such Registrable Securities owned by the Principal Stockholders requesting inclusion in such registration;

 

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(3)            third,
Registrable Securities owned by the Other Holders that are requested to be included in such registration pursuant to this Section 2.2
and that can be sold without having the significant adverse effect referred to above, pro rata on the basis of the relative
number of such Registrable Securities owned by the Other Holders requesting inclusion in such registration; and

 

(4)            fourth,
the Other Securities that are requested to be included in such registration pursuant to the terms of any agreement providing for
registration rights to which the Company is a party that can be sold without having the significant adverse effect referred to
above, pro rata on the basis of the relative number of such Other Securities owned by the Persons requesting inclusion in
such registration.

 

(d)            Cutbacks
in Other Offerings. If the registration referred to in the first sentence of Section 2.2(a) is to be an underwritten
registration other than on behalf of the Company, and the lead underwriter or managing underwriter advises the Selling Holders
in writing (with a copy to the Company) that, in such firm’s good faith view, the number of Registrable Securities and Other
Securities requested to be included in such registration exceeds the number which can be sold in such offering without being likely
to have a significant adverse effect upon the price, timing or distribution of the offering and sale of the Registrable Securities
and Other Securities then contemplated, the Company shall include in such registration:

 

(1)            first,
the Other Securities held by any holder thereof with a contractual right to include such Other Securities in such registration
prior to any other Person;

 

(2)            second,
Registrable Securities owned by the Principal Stockholders that are requested to be included in such registration pursuant to this
Section 2.2 and that can be sold without having the significant adverse effect referred to above, pro rata on the basis
of the relative number of such Registrable Securities owned by the Principal Stockholders requesting inclusion in such registration;

 

(3)            third,
Registrable Securities owned by the Other Holders that are requested to be included in such registration pursuant to this Section 2.2
and that can be sold without having the significant adverse effect referred to above, pro rata on the basis of the relative
number of such Registrable Securities owned by the Other Holders requesting inclusion in such registration;

 

(4)            fourth,
shares of Common Stock that the Company proposes to sell for its own account that can be sold without having the significant adverse
effect referred to above; and

 

(5)            fifth,
the Other Securities that are requested to be included in such registration pursuant to the terms of any agreement providing for
registration rights to which the Company is a party that can be sold without having the significant adverse effect referred to
above, pro rata on the basis of the relative number of such Other Securities owned by the Persons requesting inclusion in
such registration.

 

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2.3          Form S-3
Registration; Shelf Registration.

 

(a)           Notwithstanding
anything in Section 2.1 or Section 2.2 to the contrary, in case the Company shall receive from any Principal Stockholder
a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance
with respect to all or a part of the Registrable Securities owned by such Principal Stockholder, and the Company is then eligible
to use Form S-3 for the resale of Registrable Securities, the Company shall:

 

(1)           as
promptly as reasonably practicable, give written notice of the proposed registration, and any related qualification or compliance,
to all other Holders; and

 

(2)           as
promptly as reasonably practicable, file and use reasonable best efforts to effect such registration and all such qualifications
and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such
Principal Stockholder’s Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holder joining in such request as are specified in a written request given within 15 days after
receipt of such written notice from the Company; provided, that the Company shall not be obligated to effect any such registration,
qualification or compliance pursuant to this Section 2.3 (or, with respect to a request under Section 2.4, any Shelf
Take-Down pursuant to Section 2.4):

 

(A)            if
Form S-3 is not available for such offering by the Principal Stockholders;

 

(B)            solely
with respect to filing and causing the effectiveness of a registration on Form S-3 or effecting a Marketed Underwritten Shelf
Take-Down, if the Principal Stockholders, together with the holders of any Registrable Securities entitled to inclusion in such
registration (or Marketed Underwritten Shelf Take-Down, as applicable), propose to sell Registrable Securities at an aggregate
price to the public (before any underwriters’ discounts or commissions) of less than $20 million;

 

(C)            [reserved]

 

(D)            solely
with respect to filing and causing the effectiveness of a registration on Form S-3, subject to Section 2.3(d), if the
Company has, within the 90-day period preceding the date of such request, already effected one registration on Form S-3 for
a Principal Stockholder pursuant to this Section 2.3 (but, for the avoidance of doubt, regardless of whether any Shelf Take-Downs
have been effected during such period); provided, that any such registration shall be deemed to have been “effected”
if the registration statement relating thereto (x) has become or been declared or ordered effective under the Securities Act,
and any of the Registrable Securities of the Principal Stockholder included in such registration have actually been sold thereunder,
and (y) has remained effective for a period of at least 180 days; or

 

(E)             in
any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance.

 

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(b)            Subject
to the foregoing, the Company shall file a registration statement covering the Registrable Securities so requested to be registered,
as promptly as reasonably practicable, after receipt of the request or requests of the Principal Stockholders (the “Form S-3
Registration Statement”) and any such Principal Stockholder may request inclusion of a plan of distribution in accordance
with Section 2.7(i) and/or that such Form S-3 Registration Statement constitute a shelf offering on a delayed or
continuous basis in accordance with Rule 415 under the Securities Act (a “Form S-3 Shelf Registration Statement”),
in which case the provisions of Section 2.4 shall also be applicable.

 

(c)            If
a Principal Stockholder intends to distribute the Registrable Securities covered by its request under this Section 2.3 by
means of a Marketed Underwritten Shelf Take-Down pursuant to Section 2.4(b), it shall so advise the Company as a part of its
request made pursuant to this Section 2.3 and, subject to the limitations set forth in Section 2.3(a), the Company shall
include such information in the written notice referred to in Section 2.3(a). In such event, the right of any Holder to include
Registrable Securities in such registration (or Underwritten Shelf Take-Down, as applicable) shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided in this Agreement. All Holders proposing to distribute their securities through such underwriting shall (together with
the Company as provided in Section 2.7) enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting. Notwithstanding any other provision of this Section 2.3 or Section 2.4, if the lead underwriter
or managing underwriter advises the Company in writing that, in such firm’s good faith view, the number of Registrable Securities
and Other Securities requested to be included in such offering exceeds the number which can be sold in such offering without being
likely to have a significant adverse effect upon the price, timing or distribution of the offering and sale of the Registrable
Securities and Other Securities then contemplated, the Company shall provide a copy of such notice to each Selling Holder and include
in such offering:

 

(1)            first,
Registrable Securities owned by the Principal Stockholders that are requested to be included in such registration pursuant to Section 2.3
and Section 2.4 and that can be sold without having the significant adverse effect referred to above, pro rata on the
basis of the relative number of such Registrable Securities owned by the Principal Stockholders requesting inclusion in such registration;

 

(2)            second,
Registrable Securities owned by the Other Holders that are requested to be included in such registration pursuant to Section 2.3
and Section 2.4 and that can be sold without having the significant adverse effect referred to above, pro rata on the
basis of the relative number of such Registrable Securities owned by the Other Holders requesting inclusion in such registration;

 

(3)            third,
shares of Common Stock that the Company proposes to sell for its own account that can be sold without having the significant adverse
effect referred to above; and

 

(4)            fourth,
the Other Securities owned by any holder thereof with a contractual right to include such Other Securities in such offering that
can be sold without having the significant adverse effect referred to above, pro rata on the basis of the relative number
of such Other Securities owned by the Persons seeking inclusion in such offering.

 

    	 	13	 

     

    

 

(d)            Notwithstanding
the foregoing, if the Company shall receive from any Principal Stockholder of Registrable Securities then outstanding a written
request or requests under Section 2.3 that the Company effect a registration statement on Form S-3 that includes only
those items and that information that is required to be included in parts I and II of such Form, and does not include any additional
or extraneous items of information (e.g., a lengthy description of the Company or the Company’s business) (an “Ordinary
S-3 Registration Statement”), then Section 2.3(a)(2)(D) shall not apply to such Ordinary S-3 Registration Statement
request.

 

(e)            Upon
the written request of any Principal Stockholder, prior to the expiration of effectiveness of any existing Form S-3 Shelf
Registration Statement in accordance with Rule 415, the Company shall file and seek the effectiveness of a new Form S-3
Shelf Registration Statement in order to permit the continued offering of the Registrable Securities included under such existing
Form S-3 Shelf Registration Statement.

 

2.4           Shelf
Take-Downs.

 

(a)            Any
Selling Holder of Registrable Securities included in a Form S-3 Shelf Registration Statement (an “Initiating Shelf
Holder”) may initiate an offering or sale of all or part of such Registrable Securities (a “Shelf Take-Down”),
in which case the provisions of this Section 2.4 shall apply; provided, however, that Wynnchurch may initiate
only two Shelf Take-Downs that are Underwritten Shelf Take-Downs.

 

(b)            If
an Initiating Shelf Holder that is a Principal Stockholder so elects in a written request delivered to the Company (an “Underwritten
Shelf Take-Down Notice”), a Shelf Take-Down may be in the form of an underwritten offering (an “Underwritten
Shelf Take-Down”) and, subject to the limitations set forth in Section 2.3(a)(2)(D) as modified by Section 2.3(d),
the Company shall file and effect an amendment or supplement to its Shelf Registration Statement (including the filing of a supplemental
prospectus) for such purpose as promptly as reasonably practicable. Such Initiating Shelf Holder shall indicate in such Underwritten
Shelf Take-Down Notice whether it intends for such Underwritten Shelf Take-Down to involve a customary “road show”
(including an “electronic road show”) or other substantial marketing effort by the underwriters over a period of at
least 48 hours (a “Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf Take-Down
Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf Take-Down, the Company shall as
promptly as reasonably practicable (but in any event no later than two Business Days after receipt of the notice for such Marketed
Underwritten Shelf Take-Down) give written notice of such Marketed Underwritten Shelf Take-Down to all other Shelf Holders and
shall permit the participation of all such Shelf Holders that request inclusion in such Marketed Underwritten Shelf Take-Down who
respond in writing within three Business Days after the receipt of such notice of their election to participate. The provisions
of Section 2.3(c) (other than the first sentence thereof) shall apply with respect to the right of the Initiating Shelf
Holder and any other Shelf Holder to participate in any Underwritten Shelf Take-Down.

 

    	 	14	 

     

    

 

(c)            If
the Initiating Shelf Holder that is a Principal Stockholder desires to effect an Underwritten Shelf Take-Down that does not constitute
a Marketed Underwritten Shelf Take-Down (a “Non-Marketed Underwritten Shelf Take-Down”), the Initiating Shelf
Holder shall so indicate in a written request delivered to the Company no later than two Business Days prior to the expected date
of such Non-Marketed Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable Securities
expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the expected plan of distribution
of such Non-Marketed Underwritten Shelf Take-Down and (iii) the action or actions required (including the timing thereof)
in connection with such Non-Marketed Underwritten Shelf Take-Down (including the delivery of one or more stock certificates representing
shares of Registrable Securities to be sold in such Non-Marketed Underwritten Shelf Take-Down) and, subject to the limitations
set forth in Section 2.3(a)(2)(D) as modified by Section 2.3(d), the Company shall file and effect an amendment
or supplement to its Shelf Registration Statement (including the filing of a supplemental prospectus) for such purpose as promptly
as reasonably practicable (and in any event within three Business Days).

 

(d)            Upon
receipt from any Principal Stockholder of a written request pursuant to Section 2.4(c), the Company shall provide written
notice (a “Non-Marketed Underwritten Shelf Take-Down Notice”) of such Non-Marketed Underwritten Shelf Take-Down
promptly to all Principal Stockholders (other than the requesting Principal Stockholder), which Non-Marketed Underwritten Shelf
Take-Down Notice shall set forth (i) the total number of Registrable Securities expected to be offered and sold in such Non-Marketed
Underwritten Shelf Take-Down, (ii) the expected plan of distribution of such Non-Marketed Underwritten Shelf Take-Down, (iii) that
each recipient of such Non-Marketed Underwritten Shelf Take-Down Notice (each, a “Notice Recipient”) shall have
the right, upon the terms and subject to the conditions set forth in this Section 2.4(d), to elect to sell up to its Non-Marketed
Take-Down Share and (iv) the action or actions required (including the timing thereof, which for the avoidance of doubt shall
not require any delay in the expected date of such Non-Marketed Underwritten Shelf Take-Down or extension of the Company’s
obligation to file and effect an amendment or supplement to its Shelf Registration Statement as soon as practicable (and in any
event within three Business Days) of the Initiating Shelf Holder’s Non-Marketed Underwritten Shelf Take-Down request pursuant
to Section 2.4(c)) in connection with such Non-Marketed Underwritten Shelf Take-Down with respect to each Notice Recipient
that elects to exercise such right (including the delivery of one or more stock certificates representing shares of Registrable
Securities held by such Notice Recipient to be sold in such Non-Marketed Underwritten Shelf Take-Down). Upon receipt of such Non-Marketed
Underwritten Shelf Take-Down Notice, each such Notice Recipient may elect to sell up to its Non-Marketed Take-Down Share with respect
to each such Non-Marketed Underwritten Shelf Take-Down, by taking such action or actions referred to in clause (iv) above
in a timely manner. If the Initiating Shelf Holder does not elect to sell all of its respective Non-Marketed Take-Down Share, the
unelected portion of such Non-Marketed Take-Down Share shall be allocated to the Notice Recipients, pro rata based on their
respective Non-Marketed Take-Down Shares. Notwithstanding the delivery of any Non-Marketed Underwritten Shelf Take-Down Notice,
all determinations as to whether to complete any Non-Marketed Underwritten Shelf Take-Down and as to the timing, manner, price
and other terms of any Non-Marketed Underwritten Shelf Take-Down contemplated by Section 2.4(d) shall be at the discretion
of the Initiating Shelf Holder.

 

    	 	15	 

     

    

 

2.5           Selection
of Underwriters. In the event that any registration pursuant to this Article II
(other than a registration under Section 2.2) shall involve, in whole or in part, an underwritten offering, the underwriter
or underwriters shall be designated by the Principal Stockholders (or in the case of a Shelf Take-Down, the Initiating Shelf Holder)
that requested such underwritten offering in accordance with this Article II, which underwriter or underwriters shall be
reasonably acceptable to the Company.

 

2.6           Withdrawal
Rights; Expenses.

 

(a)            A
Selling Holder may withdraw all or any part of its Registrable Securities from any registration or offering (including a registration
effected pursuant to Section 2.1) by giving written notice to the Company of its request to withdraw at any time. In the
case of a withdrawal, any Registrable Securities so withdrawn shall be reallocated among the remaining participants in accordance
with the applicable provisions of this Agreement.

 

(b)            Except
as provided in this Agreement, the Company shall pay all Registration Expenses with respect to a particular offering (or proposed
offering). Except as provided herein, each Selling Holder and the Company shall be responsible for its own fees and expenses of
financial advisors and their internal administrative and similar costs, as well as their respective pro rata shares of
underwriters’ commissions and discounts, which shall not constitute Registration Expenses.

 

(c)            If
the Principal Stockholder(s) that requested a Demand Registration or a Marketed Underwritten Shelf Take-Down pursuant to
Section 2.1 or Section 2.4 withdraw all of its Registrable Securities from such Demand Registration or Marketed Underwritten
Shelf Take-Down (a “Withdrawn Offering”), the other Principal Stockholder(s) or the Company may, in any
of their sole discretion, elect within two Business Days thereafter to have the Company continue such Withdrawn Offering by giving
written notice of such election to the Company and/or the other Principal Stockholders (a “Continuance Notice”),
in which case such Withdrawn Offering shall proceed in accordance with the applicable provisions of this Agreement as if such
Withdrawn Offering had been initiated by the Party providing the Continuance Notice (which, for the avoidance of doubt, shall
not cause any new notice or consent period with respect to other Holders to occur under this Agreement and shall not otherwise
change the requirements for and timing of any notices and consents under this Agreement as they then exist with respect to such
Withdrawn Offering).

 

2.7           Registration
and Qualification. If and whenever the Company is required to effect the registration
of any Registrable Securities under the Securities Act as provided in this Article II, the Company shall as promptly as practicable:

 

(a)            Registration
Statement. (i) Prepare and (as promptly as reasonably practicable thereafter and in any event no later than 20 days after
the end of the applicable period specified in Section 2.1(a), Section 2.2(a) or Section 2.3(a)(2) within
which requests for registration may be given to the Company) file a registration statement under the Securities Act relating to
the Registrable Securities to be offered and use reasonable best efforts to cause such registration statement to become effective
as promptly as practicable thereafter, and keep such registration statement effective for 180 days or, if earlier, until the distribution
contemplated in the registration statement has been completed; provided, that in the case of any registration of Registrable
Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 180-day period shall be extended,
if necessary, to keep the registration statement continuously effective, supplemented and amended to the extent necessary to ensure
that it is available for sales of such Registrable Securities, and to ensure that it conforms with the requirements of this Agreement,
the Securities Act and the policies, rules and regulations of the SEC as announced from time to time, until (A) the Selling
Holders have sold all of such Registrable Securities or (B) no Registrable Securities then exist; (ii) furnish to the
lead underwriter or underwriters, if any, and to the Selling Holders who have requested that Registrable Securities be covered
by such registration statement, prior to the filing thereof with the SEC, a copy of the registration statement, and each amendment
thereof, and a copy of any prospectus, and each amendment or supplement thereto (excluding amendments caused by the filing of a
report under the Exchange Act); and (iii) use reasonable best efforts to reflect in each such document, when so filed with
the SEC, such comments as such Persons reasonably may on a timely basis propose;

 

    	 	16	 

     

    

 

(b)            Amendments;
Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be (i) reasonably requested by any Selling Holder (to the extent such request relates
to information relating to such Selling Holder), or (ii) necessary to keep such registration statement effective and to comply
with the provisions of the Securities Act with respect to the disposition of all Registrable Securities until the earlier of (A) such
time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition set forth
in such registration statement and (B) if a Form S-3 registration, the expiration of the applicable period specified
in Section 2.7(a) and, if not a Form S-3 registration, the applicable period specified in Section 2.1(e)(iii);
provided, that any such required period shall be extended for such number of days (x) during any period from and including
the date any written notice contemplated by paragraph (f) below is given by the Company until the date on which the Company
delivers to the Selling Holders the supplement or amendment contemplated by paragraph (f) below or written notice that the
use of the prospectus may be resumed, as the case may be, and (y) during which the offering of Registrable Securities pursuant
to such registration statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any
other governmental agency or court; provided, further, that the Company shall have no obligation to a Selling Holder
participating on a “piggyback” basis pursuant to Section 2.1(a) or Section 2.2 in a registration statement
that has become effective to keep such registration statement effective for a period beyond 180 days from the effective date of
such registration statement. The Company shall respond, as promptly as reasonably practicable, to any comments received from the
SEC and request acceleration of effectiveness, as promptly as reasonably practicable, after it learns that the SEC will not review
the registration statement or after it has satisfied comments received from the SEC. With respect to each Free Writing Prospectus
or other materials to be included in the Disclosure Package, ensure that no Registrable Securities be sold “by means of”
(as defined in Rule 159A(b) under the Securities Act) such Free Writing Prospectus or other materials without the prior
written consent of the Selling Holders of the Registrable Securities covered by such registration statement, which Free Writing
Prospectuses or other materials shall be subject to the review of counsel to such Selling Holders, and make all required filings
of all Free Writing Prospectuses with the SEC;

 

    	 	17	 

     

    

 

(c)            Copies.
Furnish to the Selling Holders and to any underwriter of such Registrable Securities such number of conformed copies of such registration
statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the
prospectus included in such registration statement (including each preliminary prospectus, summary prospectus and Free Writing
Prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration
statement or prospectus, and such other documents, as such Selling Holders or such underwriter may reasonably request, and upon
request a copy of any and all transmittal letters or other correspondence to or received from, the SEC or any other Governmental
Authority or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating
to such offering;

 

(d)            Blue
Sky. Register and qualify the securities covered by such registration statement under such other securities or blue sky laws
of such jurisdictions as shall be reasonably requested by the Selling Holders and do any and all other acts and things which may
be reasonably necessary or advisable to enable such Selling Holders to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such Selling Holder; provided, that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business, or to file a general consent to service of process in any such states or jurisdictions;

 

(e)            Delivery
of Certain Documents. (i) Furnish to each Selling Holder and to any underwriter of such Registrable Securities an opinion
of counsel for the Company (which opinion (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters,
if any, or, in the case of a non-underwritten offering, to the Selling Holders) addressed to each Selling Holder and any underwriter
of such Registrable Securities and dated the date of the closing under the underwriting agreement (if any) (or if such offering
is not underwritten, dated the effective date of the applicable registration statement) covering the matters customarily covered
in opinions requested in sales of securities or underwritten offerings, (ii) in connection with an underwritten offering,
furnish to each Selling Holder and any underwriter of such Registrable Securities a “cold comfort” and “bring-down”
letter addressed to each Selling Holder and any underwriter of such Registrable Securities and signed by the independent public
accountants who have audited the financial statements of the Company included in such registration statement, in each such case
covering substantially the same matters with respect to such registration statement (and the prospectus included therein) as are
customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and
such other matters as any Selling Holder may reasonably request and, in the case of such accountants’ letter, with respect
to events subsequent to the date of such financial statements and (iii) cause such authorized officers of the Company to execute
customary certificates as may be requested by any Selling Holder or any underwriter of such Registrable Securities;

 

(f)            Notification
of Certain Events; Corrections. Promptly notify the Selling Holders and any underwriter of such Registrable Securities in writing
(i) of the occurrence of any event as a result of which the registration statement or the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
(ii) of any request by the SEC or any other regulatory body or other body having jurisdiction for any amendment of or supplement
to any registration statement or other document relating to such offering, and (iii) if for any other reason it shall be necessary
to amend or supplement such registration statement or prospectus in order to comply with the Securities Act and, in any such case
as promptly as reasonably practicable thereafter, prepare and file with the SEC an amendment or supplement to such registration
statement or prospectus which will correct such statement or omission or effect such compliance;

 

    	 	18	 

     

    

 

(g)           Notice
of Effectiveness. Notify the Selling Holders and the lead underwriter or underwriters, if any, and (if requested) confirm such
advice in writing, as promptly as reasonably practicable after notice thereof is received by the Company (i) when the applicable
registration statement or any amendment thereto has been filed or becomes effective and when the applicable prospectus or any amendment
or supplement thereto has been filed, (ii) of any comments by the SEC, (iii) of the issuance by the SEC of any stop order
suspending the effectiveness of such registration statement or any order preventing or suspending the use of any preliminary or
final prospectus or the initiation or threat of any proceedings for such purposes and (iv) of the receipt by the Company of
any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any
jurisdiction or the initiation or threat of any proceeding for such purpose;

 

(h)           Stop
Orders. Use its reasonable best efforts to prevent the entry of, and use its reasonable best efforts to obtain as promptly
as reasonably practicable the withdrawal of, any stop order with respect to the applicable registration statement or other order
suspending the use of any preliminary or final prospectus;

 

(i)            Plan
of Distribution. Promptly incorporate in a prospectus supplement or post-effective amendment to the applicable registration
statement such information as any Selling Holder requests (subject to the agreement of the lead underwriter or underwriters, if
any) be included therein relating to the plan of distribution with respect to such Registrable Securities, which may include disposition
of Registrable Securities by all lawful means, including firm-commitment underwritten public offerings, block trades, in-kind distributions,
agented transactions, sales directly into the market, purchases or sales by brokers, derivative transactions, short sales, stock
loan or stock pledge transactions and sales not involving a public offering; and make all required filings of such prospectus supplement
or post-effective amendment as promptly as reasonably practicable after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment;

 

(j)            Other
Filings. Use its reasonable best efforts to cause the Registrable Securities covered by the applicable registration statement
to be registered with or approved by such other Governmental Authorities as may be necessary to enable the seller or sellers thereof
or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

(k)            FINRA
Compliance. Cooperate with each Selling Holder and each underwriter or agent, if any, participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

    	 	19	 

     

    

 

(l)              Listing.
Use its reasonable best efforts to cause all such Registrable Securities registered pursuant to such registration to be listed
and remain on each securities exchange and automated interdealer quotation system on which identical securities issued by the Company
are then listed;

 

(m)            Transfer
Agent; Registrar; CUSIP Number. Provide a transfer agent and registrar for all Registrable Securities registered pursuant to
such registration and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of the
applicable registration statement;

 

(n)            Compliance;
Earnings Statement. Otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the
SEC, and make available to each Selling Holder, as soon as reasonably practicable, an earnings statement covering the period of
at least 12 months, but not more than 18 months, beginning with the first month after the effective date of the applicable registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act;

 

(o)            Road
Shows. To the extent reasonably requested by the lead or managing underwriters in connection with an underwritten offering
pursuant to Section 2.1 or a Form S-3 underwritten offering pursuant to Section 2.3 and Section 2.4(b), send
appropriate officers of the Company to attend any “road shows” scheduled in connection with any such underwritten offering,
with all out of pocket costs and expenses incurred by the Company or such officers in connection with such attendance to be paid
by the Company;

 

(p)            Certificates.
Unless the relevant securities are issued in book-entry form, furnish for delivery in connection with the closing of any offering
of Registrable Securities pursuant to a registration effected pursuant to this Article II unlegended certificates representing
ownership of the Registrable Securities being sold in such denominations as shall be requested by any Selling Holder or the underwriters
of such Registrable Securities (it being understood that the Selling Holders shall use reasonable best efforts to arrange for delivery
to the Depository Trust Company); and

 

(q)            Reasonable
Best Efforts. Use reasonable best efforts to take all other steps necessary to effect the registration and offering of the
Registrable Securities contemplated hereby.

 

    	 	20	 

     

    

 

2.8            Underwriting;
Due Diligence.

 

(a)            If
requested by the underwriters for any underwritten offering of Registrable Securities pursuant to a registration requested under
this Article II, the Company shall enter into an underwriting agreement with such underwriters for such offering, which agreement
will contain such representations and warranties by the Company and such other terms and provisions as are customarily contained
in underwriting agreements generally with respect to secondary distributions to the extent relevant, including indemnification
and contribution provisions substantially to the effect and to the extent provided in Section 2.9, and agreements as to the
provision of opinions of counsel and accountants’ letters to the effect and to the extent provided in Section 2.7(e).
The Selling Holders on whose behalf the Registrable Securities are to be distributed by such underwriters shall be parties to any
such underwriting agreement, and the representations and warranties by, and the other agreements on the part of, the Company to
and for the benefit of such underwriters, shall also be made to and for the benefit of such Selling Holders and the conditions
precedent to the obligations of such underwriters under such underwriting agreement shall also be conditions precedent to the obligations
of such Selling Holders to the extent applicable. Subject to the following sentence, such underwriting agreement shall also contain
such representations and warranties by such Selling Holders and such other terms and provisions as are customarily contained in
underwriting agreements with respect to secondary distributions, when relevant. No Selling Holder shall be required in any such
underwriting agreement or related documents to make any representations or warranties to or agreements with the Company or the
underwriters other than customary representations, warranties or agreements regarding such Selling Holder’s title to Registrable
Securities and any written information provided by the Selling Holder to the Company expressly for inclusion in the related registration
statement, and the liability of any Selling Holder under the underwriting agreement shall be several and not joint and in no event
shall the liability of any Selling Holder under the underwriting agreement be greater in amount than the dollar amount of the proceeds
received by such Selling Holder under the sale of the Registrable Securities pursuant to such underwriting agreement (net of underwriting
discounts and commissions).

 

(b)            In
connection with the preparation and filing of each registration statement registering Registrable Securities under the Securities
Act pursuant to this Article II, the Company shall make available upon reasonable notice at reasonable times and for reasonable
periods for inspection by each Selling Holder, by any lead underwriter or underwriters participating in any disposition to be effected
pursuant to such registration statement, and by any attorney, accountant or other agent retained by any Selling Holder or any lead
underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and use its
reasonable best efforts to cause all of the Company’s officers, directors and employees and the independent public accountants
who have certified the Company’s financial statements to make themselves reasonably available to discuss the business of
the Company and to supply all information reasonably requested by any such Selling Holders, lead underwriters, attorneys, accountants
or agents in connection with such registration statement as shall be necessary to enable them to exercise their due diligence responsibility
(subject to entry by each party referred to in this clause (b) into customary confidentiality agreements in a form reasonably
acceptable to the Company).

 

(c)            In
the case of an underwritten offering requested by the Principal Stockholders pursuant to Section 2.1 or Section 2.3 or
an Underwritten Shelf Take-Down pursuant to Section 2.4, the price, underwriting discount and other financial terms for the
Registrable Securities of the related underwriting agreement shall be determined by the Principal Stockholder exercising its Demand
or requesting such Underwritten Shelf Take-Down. In the case of any underwritten offering of securities by the Company pursuant
to Section 2.2, such price, discount and other terms shall be determined by the Company, subject to the right of Selling Holders
to withdraw their Registrable Securities from the registration pursuant to Section 2.6(a).

 

    	 	21	 

     

    

 

(d)            Subject
to Section 2.8(a), no Person may participate in an underwritten offering (including an Underwritten Shelf Take-Down) unless
such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved
by the Persons entitled to approve such arrangements and (ii) completes and executes all customary questionnaires, powers
of attorney, custody agreements, indemnities, underwriting agreement and other documents reasonably required under the terms of
such underwriting arrangements.

 

2.9            Indemnification
and Contribution.

 

(a)             Indemnification
by the Company. In the case of each offering of Registrable Securities made pursuant to this Article II, the Company agrees
to indemnify and hold harmless, to the extent permitted by applicable law, each Selling Holder, each underwriter of Registrable
Securities so offered and each Person, if any, who controls or is alleged to control (within the meaning set forth in the Securities
Act) any of the foregoing Persons, the Affiliates of each of the foregoing (other than the Company and its controlled Affiliates),
and the officers, directors, partners, members, employees and agents of each of the foregoing, against any and all losses, liabilities,
costs (including reasonable attorney’s fees and disbursements), claims and damages, joint or several, to which they or any
of them may become subject, under the Securities Act or otherwise, including any amount paid in settlement of any litigation commenced
or threatened, insofar as such losses, liabilities, costs, claims and damages (or actions or proceedings in respect thereof, whether
or not such indemnified Person is a party thereto) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the registration statement (or in any preliminary, final or summary prospectus included therein)
or in the Disclosure Package, or in any offering memorandum or other offering document relating to the offering and sale of such
Registrable Securities, or any amendment thereof or supplement thereto, or in any document incorporated by reference therein, or
any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus or preliminary prospectus, in light of the circumstances under which they were made) not misleading;
provided, however, that the Company shall not be liable to any Person in any such case to the extent that any such
loss, liability, cost, claim or damage arises out of or relates to any untrue statement, or any omission, if such statement or
omission shall have been made in reliance upon and in conformity with information relating to such Person (which information shall
be limited to the name of such Person, the address of such Person, the number of shares of Common Stock held by such Person, the
number of shares of Common Stock being offered by such Person in the offering and the nature of the beneficial ownership of the
Common Stock owned by such Person) furnished in writing to the Company by or on behalf of such Person expressly for inclusion in
the registration statement (or in any preliminary, final or summary prospectus included therein), offering memorandum or other
offering document, or any amendment thereof or supplement thereto. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of any such Person and shall survive the transfer of such securities.

 

    	 	22	 

     

    

 

(b)            Indemnification
by Selling Holders. In the case of each offering made pursuant to this Agreement, each Selling Holder, by exercising its registration
and/or piggyback rights under this Agreement, agrees, severally and not jointly, to indemnify and hold harmless, to the extent
permitted by applicable law, the Company, each other Selling Holder and each Person, if any, who controls or is alleged to control
(within the meaning set forth in the Securities Act) any of the foregoing, any Affiliate of any of the foregoing, and the officers,
directors, partners, members, employees and agents of each of the foregoing, against any and all losses, liabilities, costs (including
reasonable attorney’s fees and disbursements), claims and damages to which they or any of them may become subject, under
the Securities Act or otherwise, including any amount paid in settlement of any litigation commenced or threatened, insofar as
such losses, liabilities, costs, claims and damages (or actions or proceedings in respect thereof, whether or not such indemnified
Person is a party thereto) arise out of or are based upon any untrue statement made by such Selling Holder of a material fact contained
in the registration statement (or in any preliminary, final or summary prospectus included therein) or in the Disclosure Package
relating to the offering and sale of such Registrable Securities prepared by the Company or at its direction, or any amendment
thereof or supplement thereto, or any omission by such Selling Holder of a material fact required to be stated therein or necessary
to make the statements therein (in the case of a prospectus or preliminary prospectus, in light of the circumstances under which
they were made) not misleading, but in each case only to the extent that such untrue statement of a material fact occurs in reliance
upon and in conformity with, or such material fact is omitted from, information relating to such Selling Holder (which information
shall be limited to the name of such Selling Holder, the address of such Selling Holder, the number of shares of Common Stock held
by such Selling Holder, the number of shares of Common Stock being offered by such Selling Holder in the offering and the nature
of the beneficial ownership of the Common Stock owned by such Person) furnished in writing to the Company by or on behalf of such
Selling Holder expressly for inclusion in such registration statement (or in any preliminary, final or summary prospectus included
therein) or Disclosure Package, or any amendment thereof or supplement thereto.

 

(c)            Indemnification
Procedures. Each Party entitled to indemnification under this Section 2.9 shall give notice to the Party required to provide
indemnification, as promptly as reasonably practicable, after such indemnified Party has actual knowledge that a claim is to be
made against the indemnified Party as to which indemnity may be sought, and shall permit the indemnifying Party to assume the defense
of such claim or litigation resulting therefrom and any related settlement and settlement negotiations, subject to the limitations
on settlement set forth below; provided, that counsel for the indemnifying Party, who shall conduct the defense of such
claim or any litigation resulting therefrom, shall be approved by the indemnified Party (whose approval shall not unreasonably
be withheld, conditioned or delayed), and the indemnified Party may participate in such defense at such Party’s expense;
and provided, further, that the failure of any indemnified Party to give notice as provided in this Agreement shall
not relieve the indemnifying Party of its obligations under this Section 2.9, except to the extent the indemnifying Party
is actually prejudiced by such failure to give notice. Notwithstanding the foregoing, an indemnified Party shall have the right
to retain separate counsel, with the reasonable fees and expenses of such counsel being paid by the indemnifying Party, if representation
of such indemnified Party by the counsel retained by the indemnifying Party would be inappropriate due to actual or potential differing
interests between such indemnified Party and any other party represented by such counsel or if the indemnifying Party has failed
to assume the defense of such action. No indemnified Party shall enter into any settlement of any litigation commenced or threatened
with respect to which indemnification is or may be sought without the prior written consent of the indemnifying Party (such consent
not to be unreasonably withheld, conditioned or delayed). No indemnifying Party, in the defense of any such claim or litigation,
shall, except with the consent of each indemnified Party, consent to entry of any judgment or enter into any settlement that does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified Party of a release, reasonably
satisfactory to the indemnified Party, from all liability in respect to such claim or litigation. Each indemnified Party shall
furnish such information regarding itself or the claim in question as an indemnifying Party may reasonably request in writing and
as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom.

 

    	 	23	 

     

    

 

(d)            Contribution.
If the indemnification provided for in this Section 2.9 shall for any reason be unavailable (other than in accordance with
its terms) to an indemnified Party in respect of any loss, liability, cost, claim or damage referred to therein, then each indemnifying
Party shall, in lieu of indemnifying such indemnified Party, contribute to the amount paid or payable by such indemnified Party
as a result of such loss, liability, cost, claim or damage in such proportion as shall be appropriate to reflect the relative fault
of the indemnifying Party on the one hand and the indemnified Party on the other with respect to the statements or omissions which
resulted in such loss, liability, cost, claim or damage as well as any other relevant equitable considerations. The relative fault
shall be determined by reference to whether the untrue statement of a material fact or omission to state a material fact relates
to information supplied by the indemnifying Party on the one hand or the indemnified Party on the other, the intent of the Parties
and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount
paid or payable by an indemnified Party as a result of the loss, cost, claim, damage or liability, or action in respect thereof,
referred to above in this paragraph (d) shall be deemed to include, for purposes of this paragraph (d), any legal or other
expenses reasonably incurred by such indemnified Party in connection with investigating or defending any such action or claim.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this
Section 2.9(d) to the contrary, no indemnifying Party (other than the Company) shall be required pursuant to this Section 2.9(d) to
contribute any amount in excess of the amount by which the net proceeds received by such indemnifying Party from the sale of Registrable
Securities in the offering to which the losses of the indemnified Parties relate exceeds the amount of any damages which such indemnifying
Party has otherwise been required to pay by reason of such untrue statement or omission. The Parties agree that it would not be
just and equitable if contribution pursuant to this Section 2.9(d) were determined by pro rata allocation or by
any other method of allocation which does not take into account the equitable considerations referred to in this Section 2.9(d).

 

(e)            Indemnification/Contribution
under State Law. Indemnification and contribution similar to that specified in the preceding paragraphs of this Section 2.9
(with appropriate modifications) shall be given by the Company and the Selling Holders with respect to any required registration
or other qualification of securities under any state applicable law or with any Governmental Authority.

 

(f)              Obligations
Not Exclusive. The obligations of the Parties under this Section 2.9 shall be in addition to any liability which any Party
may otherwise have to any other Person.

 

(g)              Survival.
For the avoidance of doubt, the provisions of this Section 2.9 shall survive any termination of this Agreement.

 

    	 	24	 

     

    

 

(h)            Limitation
of Selling Holder Liability. The liability of any Selling Holder under this Section 2.9 shall be several and not joint
and in no event shall the liability of any Selling Holder under this Section 2.9 be greater in amount than the dollar amount
of the proceeds, net of underwriting discounts and commissions, received by such Selling Holder from the sale of the Registrable
Securities giving rise to such indemnification/contribution obligation.

 

(i)              Third
Party Beneficiary. Each of the indemnified Persons referred to in this Section 2.9 shall be a third party beneficiary
of the rights conferred to such Person in this Section.

 

2.10         Cooperation;
Information by Selling Holder.

 

(a)            It
shall be a condition of each Selling Holder’s rights under this Article II that such Selling Holder cooperate with the
Company by entering into any undertakings and taking such other action relating to the conduct of the proposed offering which the
Company or the underwriters may reasonably request as being necessary to insure compliance with federal and state securities laws
and the rules or other requirements of FINRA or which are otherwise customary and which the Company or the underwriters may
reasonably request to effectuate the offering.

 

(b)            Each
Selling Holder shall furnish to the Company such information regarding such Selling Holder and the distribution proposed by such
Selling Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration,
qualification or compliance referred to in this Article II. The Company shall have the right to exclude from the registration
any Selling Holder that does not comply with this Section 2.10.

 

(c)            At
such time as an underwriting agreement with respect to a particular underwriting is entered into, the terms of any such underwriting
agreement shall govern with respect to the matters set forth therein to the extent inconsistent with this Article II; provided,
that the indemnification provisions of such underwriting agreement as they relate to the Selling Holders are customary for registrations
of the type then proposed and provide for indemnification by such Selling Holders only with respect to information relating to
such Selling Holder (which information shall be limited to the name of such Selling Holder, the address of such Selling Holder,
the number of shares of Common Stock held by such Selling Holder, the number of shares of Common Stock being offered by such Selling
Holder in the offering and the nature of the beneficial ownership of the Common Stock owned by such Person) furnished in writing
to the Company by or on behalf of such Selling Holder expressly for inclusion in such registration statement (or in any preliminary,
final or summary prospectus included therein) or Disclosure Package, or any amendment thereof or supplement thereto.

 

2.11         Rule 144.
The Company shall use its reasonable best efforts to ensure that the conditions to the availability of Rule 144 under the
Securities Act set forth in paragraph (c) of Rule 144 shall be satisfied. The Company agrees to use its reasonable best
efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act
and the Exchange Act, at any time after it has become subject to such reporting requirements. Upon the request of any Holder for
so long as such information is a necessary element of such Person’s ability to avail itself of Rule 144, the Company
shall deliver to such Person (i) a written statement as to whether it has complied with such requirements and (ii) a
copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Person
may reasonably request in availing itself of any rule or regulation of the SEC allowing such Person to sell any such securities
without registration.

 

    	 	25	 

     

    

 

2.12         Holdback
Agreement.

 

(a)            In
the case of any underwritten offering pursuant to this Agreement, each Holder participating in such underwritten offering, agrees
not to effect any public sale or distribution (including sales pursuant to Rule 144) of Equity Securities of the Company,
or any securities convertible into or exchangeable or exercisable for such equity securities, during any time period reasonably
requested by the managing underwriter(s) of such underwritten offering, which shall not exceed 90 days. Each Holder subject
to the restrictions of the preceding sentence shall receive the benefit of any shorter “lock-up” period or permitted
exceptions agreed to by the managing underwriter(s) for any underwritten offering pursuant to this Agreement and the terms
of such lock-up agreements shall govern such Holder in lieu of the preceding sentence.

 

(b)            In
the case of any underwritten offering pursuant to this Agreement, the Company shall use commercially reasonable efforts to cause
any stockholders that beneficially own 5% or more of the Common Stock (other than the Principal Stockholders) and its directors
and executive officers to execute any lock-up agreements in form and substance as agreed by the Principal Stockholders and as reasonably
requested by the managing underwriters.

 

(c)            In
the case of any underwritten offering pursuant to this Agreement, the Company agrees not to effect any public offering or distribution
of any Equity Securities of the Company, or securities convertible into or exchangeable or exercisable for Equity Securities of
the Company for a period commencing on the date of the prospectus pursuant to which such offering may be made and ending 90 days
after the date of such prospectus, except as part of such underwritten offering. In the case of the IPO, each Holder shall enter
into the lock-up agreement requested by the managing underwriters and approved by the Principal Stockholders.

 

2.13          Suspension
of Sales. Each Selling Holder participating in a registration agrees that, upon receipt
of notice from the Company pursuant to Section 2.7(f), such Selling Holder shall discontinue disposition of its Registrable
Securities pursuant to such registration statement until receipt of the copies of the supplemented or amended prospectus contemplated
by Section 2.7(f), or until advised in writing by the Company that the use of the prospectus may be resumed, as the case may
be, and, if so directed by the Company, such Selling Holder shall deliver to the Company (at the Company’s expense) all copies,
other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities
which are current at the time of the receipt of the notice of the event described in Section 2.7(f).

 

2.14         Third
Party Registration Rights.

 

(a)            Nothing
in this Agreement shall be deemed to prevent the Company from providing registration rights to any other Person on such terms as
the board of directors of the Company deems desirable in its sole discretion; provided that the Company does not grant any shelf,
demand, piggyback or incidental registration rights that are senior to or otherwise conflict with the rights granted to the Holders
under this Agreement to any other Person without the prior written consent of the Principal Stockholders.

 

    	 	26	 

     

    

 

(b)            (i) Any
Person may join this Agreement as a Holder with the prior written consent of the Company and the Principal Stockholders (such Person,
a “New Holder”), provided that such New Holder (a) enters into a joinder agreement in the form attached hereto
as Annex A to become party to this Agreement and expressly be subject to Section 2.12 herein and (b) if a New
Holder is an individual and married, such New Holder shall, as a condition to becoming a Holder deliver to the Company a duly executed
copy of a spousal consent in the form attached hereto as Annex B.

 

2.15         Mergers.
The Company shall not, directly or indirectly, (x) enter into any merger, consolidation, recapitalization, combination of
shares or other reorganization in which the Company shall not be the surviving corporation or (y) Transfer or agree to Transfer
all or substantially all the Company’s assets, unless prior to such merger, consolidation, reorganization or asset Transfer,
the surviving corporation or the transferee, as applicable, shall have agreed in writing to assume the obligations of the Company
under this Agreement, and for that purpose references hereunder to “Registrable Securities”, shall be deemed to include
the securities which the Holders, would be entitled to receive in exchange for Registrable Securities, pursuant to any such merger,
consolidation, reorganization or asset Transfer.

 

ARTICLE III

MISCELLANEOUS

 

3.1          Notices.
All notices, requests, demands and other communications to any party hereunder shall be made in writing (including facsimile transmission
and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received by
non-automated response) and shall be given:

 

(a)           if
to the Company, to:

 

Latham Group, Inc.

787 Watervliet Shaker Road

Latham, New York 12110

Attention: General Counsel

E-mail:           

 

With copies (which shall not constitute actual
or constructive notice) to:

 

	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention:	Angelo Bonvino
	 	John C. Kennedy
	Facsimile: (212) 492-0025
	E-mail:	abonvino@paulweiss.com
	   	jkennedy@paulweiss.com

 

    	 	27	 

     

    

 

(b)           if
to Wynnchurch:

 

c/o Wynnchurch Capital, L.P.

6250 N. River Rd., Suite 10-100

Rosemont, IL 60018

Attention: Christopher P. O’Brien;
Carl Howe

E-mail: 

 

With copies (which shall not constitute actual
or constructive notice) to:

 

Foley & Lardner LLP

500 Woodward Ave, Suite 2700

Detroit, MI 48226

Attention: Omar Lucia

Email: olucia@foley.com

 

(c)           if
to Pamplona:

 

c/o Pamplona Capital Management
LLC

667 Madison Avenue, 22nd Floor

New York, NY 10065

Attention: Andrew Singer

E-mail: 

 

With copies (which shall not constitute actual
or constructive notice) to:

 

	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention:	 Angelo Bonvino
	John C. Kennedy
	Facsimile: (212) 492-0025
	E-mail:	abonvino@paulweiss.com
	   	jkennedy@paulweiss.com

 

		(d)	if to any Other Holder, to the addresses and other contact information set forth on Schedule I to this Agreement (it
being understood that any Holder may, from time to time, update any address and/or other contact information for itself on Schedule
I by providing written notice of such update to the Company and the other Holders), or to such other address or facsimile number
as such party may hereafter specify for the purpose by notice to the other Parties hereto.

 

    	 	28	 

     

    

 

All such notices, requests and other
communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. New
York City time on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed
to have been received on the next succeeding Business Day in the place of receipt.

 

(e)           if
to any Transferee or any New Holder, to the address specified by such Person on the applicable joinder to this Agreement.

 

Notwithstanding anything to the contrary
herein, any Person may, from time to time, update any address and/or other contact information for itself by providing written
notice of such update to the Company and the other Holders. All notices, requests and other communications shall be deemed received
on the date of receipt by the recipient thereof if received prior to 5:00 p.m. New York City time on a Business Day in the
place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding
Business Day in the place of receipt.

 

3.2          Section Headings.
The article and section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement. References in this Agreement to a designated “Article” or “Section” refer to an Article or
Section of this Agreement unless otherwise specifically indicated.

 

3.3          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware.

 

3.4          Consent
to Jurisdiction and Service of Process. The Parties agree that any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or
the transactions contemplated by this Agreement (whether brought by any Party or any of its Affiliates or against any Party or
any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction, any federal
court located in the State of Delaware or other Delaware state court, and each of the Parties hereby irrevocably consents to the
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any Party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of
process on such Party as provided in Section 3.1 shall be deemed effective service of process on such Party.

 

3.5          Amendments;
Termination. This Agreement may be amended only by an instrument in writing executed
by the Company and the Principal Stockholders; provided, however, that, with respect to a particular Holder or group of Holders,
any such amendment, supplement, modification or waiver that (a) would materially and adversely affect such Holder or group
of Holders in any respect or (b) would disproportionately benefit any other Holder or group of Holders or confer any benefit
on any other Holder or group of Holders to which such Holder of group of Holders would not be entitled, shall not be effective
against such Holder or group of Holders unless approved in writing by such Holder or the Holders of a majority of the Registrable
Securities held by such group of Holders, as the case may be. This Agreement will terminate as to any Holder when it no longer
holds any Registrable Securities.

 

    	 	29	 

     

    

 

3.6          Specific
Enforcement. The Parties acknowledge that the remedies at law of the other Parties
for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any Party to this Agreement,
without posting any bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief
in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable
remedy that may then be available.

 

3.7          Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the
Parties with respect to the transactions contemplated by this Agreement. The registration rights granted under this Agreement supersede
any registration, qualification or similar rights with respect to any Registrable Securities granted under any other agreement
at any time, and any of such preexisting registration rights are hereby terminated.

 

3.8          Severability.
The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or render unenforceable any
of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable,
to the extent necessary to render it valid and enforceable and to the extent permitted by law and consistent with the intent of
the Parties to this Agreement.

 

3.9          Counterparts.
This Agreement may be executed in multiple counterparts, including by means of facsimile or .pdf, each of which shall be deemed
an original, but all of which together shall constitute the same instrument.

 

[Signature Page Follows]

 

    	 	30	 

     

    

 

IN WITNESS WHEREOF, the Parties have
caused this Agreement to be duly executed and delivered as of the date first set forth above.

 

 

	 	LATHAM GROUP, INC.
	 	 	 
	 	By:	
	 	Name:
	 	Title:
	 	 	 
	 	WYNNCHURCH CAPITAL PARTNERS IV, L.P
	 	 	 
	 	By:	 
	 	 	 
	 	By:	   
	 	 	Name:
	 	 	Title:
	 	 	 
	 	WC PARTNERS EXECUTIVE IV, L.P.
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PAMPLONA CAPITAL PARTNERS V, L.P.
	 	 	 
	 	By:	 
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 

 

    

     

    

 

Annex A

 

SCHEDULE I

 

List of Holders

 

	Other Holder	Address for Notice
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    

     

    

 

Annex A

 

FORM OF

JOINDER AGREEMENT

 

The undersigned is executing and delivering
this Joinder Agreement pursuant to that certain Registration Rights Agreement, dated as of [___], 2021 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereof, the “Registration Rights Agreement”), by and among
Latham Group, Inc. and certain stockholders party thereto. Capitalized terms used but not defined in this Joinder Agreement
shall have the respective meanings ascribed to such terms in the Registration Rights Agreement.

 

By executing and delivering this Joinder Agreement
to the Registration Rights Agreement, the undersigned hereby adopts and approves the Registration Rights Agreement and agrees,
effective commencing on the date hereof and as a condition to the undersigned’s becoming a [Transferee of Registrable Securities]
and [a Principal Stockholder][a Holder], to be bound by and comply with the provisions of, the Registration Rights Agreement, including
Section 2.12 therein, in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement.
[Describe partial transfer of registration rights, if applicable.]

 

The undersigned acknowledges and agrees that
Article III of the Registration Rights Agreement is incorporated herein by reference, mutatis mutandis.

 

Accordingly, the undersigned has executed
and delivered this Joinder Agreement as of the          day of                        ,
            .

 

	 	
	 	(Signature of [Transferee][New Holder])
	 	 
	 	 
	 	(Print Name of [Transferee][New Holder])
	 	 
	 	 
	 	Address:
	 	 

 

    

     

    

 

Annex A

 

	 	 
	 	 
	 	 
	 	 
	 	Telephone:
	 	 
	 	Facsimile:
	 	 
	 	Email:
	 	 

 

AGREED AND ACCEPTED

as of the ____ day of ____________, _____.

 

	LATHAM GROUP, INC.	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	PAMPLONA CAPITAL PARTNERS V, L.P.	 
	 	 
	By:	 
	 	 
	 	 
	By:	
	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

Annex B

 

FORM OF

SPOUSAL CONSENT

 

In consideration of the execution of that
certain Registration Rights Agreement, dated as of [___], 2021 (as amended, restated, supplemented or otherwise modified in accordance
with the terms thereof, the “Registration Rights Agreement”), by and among Latham Group, Inc. and certain
stockholders party thereto, I, ____________________, the spouse of ___________________________, who is a party to the Registration
Rights Agreement, do hereby join with my spouse in executing the foregoing Registration Rights Agreement and do hereby agree to
be bound by all of the terms and provisions thereof, in consideration of [Transfer][acquisition] of Registrable Securities and
all other interests I may have in the shares and securities subject thereto, whether the interest may be pursuant to community
property laws or similar laws relating to marital property in effect in the state or province of my or our residence as of the
date of signing this consent. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the
Registration Rights Agreement.

 

	Dated as of _______ __, ____	 
	 	(Signature of Spouse)
		 
	 	 
		 
	 	(Print Name of Spouse)Exhibit
10.7 

 

 

 

 

 

INDEMNIFICATION AGREEMENT

 

by and between

 

LATHAM
GROUP, INC.

 

and

 

as Indemnitee

 

	 	 	 
	 	Dated as of [●], 2021	 
	 	 	 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE 1 DEFINITIONS	2
	 	 
	ARTICLE 2 INDEMNITY IN THIRD-PARTY PROCEEDINGS	6
	 	 
	ARTICLE 3 INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY	7
	 	 
	ARTICLE 4 INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL	7
	 	 
	ARTICLE 5 INDEMNIFICATION FOR EXPENSES OF A WITNESS	8
	 	 
	ARTICLE 6 ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS	8
	 	 
	ARTICLE 7 CONTRIBUTION IN THE EVENT OF JOINT LIABILITY	8
	 	 
	ARTICLE 8 EXCLUSIONS	9
	 	 
	ARTICLE 9 ADVANCES OF EXPENSES; SELECTION OF LAW FIRM	10
	 	 
	ARTICLE 10 PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT	11
	 	 
	ARTICLE 11 PROCEDURE UPON APPLICATION FOR INDEMNIFICATION	12
	 	 
	ARTICLE 12 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS	13
	 	 
	ARTICLE 13 REMEDIES OF INDEMNITEE	15
	 	 
	ARTICLE 14 SECURITY	16
	 	 
	ARTICLE 15 NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION	16
	 	 
	ARTICLE 16 ENFORCEMENT AND BINDING EFFECT	19
	 	 
	ARTICLE 17 MISCELLANEOUS	19

 

    i 

     

    

 

INDEMNIFICATION AGREEMENT

 

Indemnification
Agreement, dated effective as of [●], 2021 (this “Agreement”), by and between Latham Group, Inc.,
a Delaware corporation (the “Company”), and [•] (“Indemnitee”). Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in Article 1.

 

WHEREAS, the Company desires to attract and
retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to
provide or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement
of expenses to, Indemnitee to the fullest extent permitted by law;

 

WHEREAS, the Company and Indemnitee further
recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries
to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing
challenges for the Company;

 

WHEREAS, the Company’s Amended and Restated
Bylaws (as the same may be amended and/or restated from time to time, the “Bylaws”) require indemnification
of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to applicable provisions
of the Delaware General Corporation Law (“DGCL”);

 

WHEREAS, the Bylaws and the DGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts providing
for indemnification may be entered into between the Company and members of the board of directors of the Company (the “Board”),
executive officers and other key employees of the Company;

 

WHEREAS, this Agreement is a supplement to
and in furtherance of the Bylaws and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor nor
to diminish or abrogate any rights of Indemnitee thereunder (regardless of, among other things, any amendment to or revocation
of governing documents or any change in the composition of the Board or any Corporate Transaction); and

 

WHEREAS, Indemnitee will serve or continue
to serve as a director, officer or key employee of the Company for so long as Indemnitee is duly elected or appointed or until
Indemnitee tenders his or her resignation or is otherwise terminated by the Company.

 

NOW, THEREFORE, in consideration of the promises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

    

     

    

 

 

ARTICLE 1

 

DEFINITIONS

 

As used in this Agreement:

 

1.1.          “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

1.2.          “Agreement”
shall have the meaning set forth in the preamble.

 

1.3.          “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act (as in effect on the date hereof).

 

1.4.          “Board”
shall have the meaning set forth in the recitals.

 

1.5.          “Bylaws”
shall have the meaning set forth in the recitals.

 

1.6.          “Certificate
of Incorporation” shall mean the Company’s Amended and Restated Certificate of Incorporation (as the same may be
amended and/or restated from time to time).

 

1.7.          “Change
in Control” shall mean, and shall be deemed to occur upon the earliest to occur after the date of this Agreement of any
of the following events:

 

(a)           Acquisition
of Stock by Third Party. Any Person other than a Permitted Holder is or becomes the Beneficial Owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding Voting
Securities, unless (i) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election
of directors or (ii) such acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute
a Change in Control under part (c) of this definition;

 

(b)           Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment
or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote
of at least a majority of the directors then still in office who were directors on the date hereof or whose appointment, election
or nomination for election was previously so approved or recommended by the directors referred to in this clause (b) (collectively,
the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

    2

     

    

 

(c)           Corporate
Transactions. The effective date of a reorganization, merger or consolidation of the Company (in each case, a “Corporate
Transaction”), unless following such Corporate Transaction: (i) all or substantially all of the individuals and
entities who were the Beneficial Owners of Voting Securities of the Company immediately prior to such Corporate Transaction beneficially
own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the Company
or other Person resulting from such Corporate Transaction (including, without limitation, a corporation or other Person that as
a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more Subsidiaries) in substantially the same proportions as their ownership of Voting Securities immediately prior to such
Corporate Transaction; (ii) no Person (excluding any corporation resulting from such Corporate Transaction or the Permitted
Holders) is the Beneficial Owner, directly or indirectly, of 50% or more of the combined voting power of the then outstanding Voting
Securities of the Company or other Person resulting from such Corporate Transaction, except to the extent that such ownership existed
prior to such Corporate Transaction; and (iii) at least a majority of the board of directors of the Company or other Person
resulting from such Corporate Transaction were Continuing Directors at the time of the execution of the initial agreement, or of
the action of the Board, providing for such Corporate Transaction; or

 

(d)           Other
Events. The approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company or
the consummation of an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by
the Company of all or substantially all of the Company’s assets, other than such sale or other disposition by the Company
of all or substantially all of the Company’s assets to a Person, at least 50% of the combined voting power of the Voting
Securities of which are Beneficially Owned by (i) the stockholders of the Company immediately prior to such sale or (ii) the
Permitted Holders.

 

1.8.          “Company”
shall have the meaning set forth in the preamble and shall also include, in addition to the resulting corporation or other entity,
any constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merger
that, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees
or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer, manager, managing member, employee or agent of another
corporation, partnership, limited liability company, joint venture, trust or other enterprise, Indemnitee shall stand in the
same position under the provisions of this Agreement with respect to the resulting or surviving corporation or other entity as
Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

1.9.          “Continuing
Directors” shall have the meaning set forth in Section 1.7(b).

 

1.10.        “Corporate
Status” shall describe the status as such of a person who is or was a director, officer, trustee, general partner, manager,
managing member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at
the request of the Company.

 

1.11.        “Corporate
Transaction” shall have the meaning set forth in Section 1.7(c).

 

1.12.        “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

1.13.        “DGCL”
shall have the meaning set forth in the recitals.

 

    3

     

    

 

1.14.        “Disinterested
Director” shall mean 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.

 

1.15.        “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including, without limitation, any constituent of a
constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited
liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving
at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or
agent.

 

1.16.        “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

1.17.        “Expenses”
shall include all reasonable and documented costs, expenses and fees, including, but not limited to, attorneys’ fees, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settling or
negotiating for the settlement of, responding to or objecting to a request to provide discovery in, or otherwise participating
in, any Proceeding. Expenses also shall include expenses incurred in connection with any appeal resulting from any Proceeding,
including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other
appeal bond or its equivalent and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual
or deemed receipt of any payments under this Agreement. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments, fines or penalties against Indemnitee.

 

1.18.        “Indemnification
Arrangements” shall have the meaning set forth in Section 15.2.

 

1.19.        “Indemnitee”
shall have the meaning set forth in the preamble.

 

1.20.        [“Indemnitee-Related
Entities” shall mean any corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise (other than the Company, any other Enterprise controlled by the Company or the insurer under and pursuant
to an insurance policy of the Company or any such controlled Enterprise) from whom an Indemnitee may be entitled to indemnification
or advancement of expenses with respect to which, in whole or in part, the Company or any other Enterprise controlled by the Company
may also have an indemnification or advancement obligation.]

 

    4

     

    

 

1.21.        “Independent
Counsel” shall mean a law firm, or a person admitted to practice law in any state of the United States or the District
of Columbia who is a member of a law firm, that is of outstanding reputation, experienced in matters of corporation law and neither
is as of the date of selection of such firm, nor has been during the period of three years immediately preceding the date of selection
of such firm, retained to represent: (a) the Company or Indemnitee in any material matter (other than with respect to matters
concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (b) 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 expenses 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. For purposes of this definition, a “material matter” shall mean any matter
for which billings exceeded or are expected to exceed $100,000.

 

1.22.        “Permitted
Holder” shall mean Pamplona Capital Partners V, L.P., Wynnchurch Capital Partners IV, L.P., WC Partners Executive IV,
L.P., and their respective Affiliates and Related Parties.

 

1.23.        “Person”
shall have the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act (as in effect on the date hereof); provided,
however, that the term “Person” shall exclude: (a) the Company; (b) any Subsidiaries of the Company;
and (c) any employee benefit plan of the Company or a Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation or other entity
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock
of the Company.

 

1.24.        “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, including, without
limitation, any and all appeals, whether brought by or in the right of the Company or otherwise and whether of a civil (including,
without limitation, intentional or unintentional tort claims), criminal, administrative or investigative nature, whether formal
or informal, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee
is or was a director or officer or key employee of the Company, by reason of any action taken by or omission by Indemnitee, or
of any action or omission on Indemnitee’s part while acting as a director or officer or key employee of the Company, or by
reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent of any other Enterprise; in each case whether or not acting or serving in such capacity
at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided
under this Agreement or Section 145 of the DGCL; including any proceeding pending on or before the date of this Agreement
but excluding any proceeding initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement or Section 145
of the DGCL.

 

1.25.        “Related
Party” shall mean, with respect to any Person, (a) any controlling stockholder, controlling member, general partner,
Subsidiary, spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation,
partnership or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more Permitted
Holders and/or such other Persons referred to in the immediately preceding clause (a), or (c) any executor, administrator,
trustee, manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause (b), acting
solely in such capacity.

 

    5

     

    

 

1.26.        “Section 409A”
shall have the meaning set forth in Section 17.2.

 

1.27.        “Subsidiary”
with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity
securities or equity interest is owned, directly or indirectly, by that Person.

 

1.28.        “Voting
Securities” shall mean any securities of the Company (or a surviving entity as described in the definition of a “Change
in Control”) that vote generally in the election of directors (or similar body).

 

1.29.        References
to “fines” shall include any excise tax or penalty assessed on Indemnitee with respect to any employee benefit
plan; references to “other enterprise” shall include employee benefit plans; references to “serving
at the request of the Company” shall include, without limitation, any service as a director, officer, employee, agent
or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary
with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to
in this Agreement.

 

1.30.        The
phrase “to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law”
shall include, but not be limited to: (a) to the fullest extent authorized or permitted by the provision of the DGCL that
authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement
of the DGCL and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted
after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

ARTICLE 2

 

INDEMNITY IN THIRD-PARTY PROCEEDINGS

 

Subject to Article 8, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 2 if Indemnitee
is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not
prohibited by applicable law, Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties and, subject
to Section 10.3, amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf 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, in the case of a criminal Proceeding,
had no reasonable cause to believe that such conduct was unlawful. No indemnification for Expenses shall be made under this Article 2
in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject to further appeal)
by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court or any court in
which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

    6

     

    

 

ARTICLE 3

 

INDEMNITY IN PROCEEDINGS BY OR IN THE
RIGHT OF THE COMPANY

 

Subject to Article 8, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 3 if Indemnitee
is, was or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not prohibited by (and
not merely to the extent affirmatively permitted by) applicable law, Indemnitee shall be indemnified, held harmless and exonerated
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf 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. No indemnification for Expenses shall be made under this Article 3
in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged (and not subject to further appeal)
by a court of competent jurisdiction to be liable to the Company, except to the extent that the Delaware Court or any court in
which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

ARTICLE 4

 

INDEMNIFICATION FOR EXPENSES OF A PARTY
WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding any other provisions of this
Agreement, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in
any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify, hold harmless
and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith. For the avoidance of doubt, 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, then the Company
shall indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with each resolved claim, issue or matter, whether or not Indemnitee was wholly or partly
successful; provided that Indemnitee shall only be entitled to indemnification for Expenses with respect to unsuccessful
claims under this Article 4 to the extent 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, in the case of a criminal Proceeding, had no reasonable cause
to believe that such conduct was unlawful. For purposes of this Article 4 and without limitation, the termination of
any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or by settlement, shall be deemed to be
a successful result as to such claim, issue or matter.

 

    7

     

    

 

ARTICLE 5

 

INDEMNIFICATION FOR EXPENSES OF A WITNESS

 

Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

ARTICLE 6

 

ADDITIONAL INDEMNIFICATION, HOLD HARMLESS
AND EXONERATION RIGHTS

 

In addition to and notwithstanding any limitations
in Articles 2, 3 or 4, but subject to Article 8, the Company shall indemnify, hold harmless and exonerate Indemnitee to the
fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law if Indemnitee is, was or is threatened
to be made a party to or a participant in, any Proceeding (including a Proceeding by or in the right of the Company to procure
a judgment in its favor) against all Expenses, judgments, fines, penalties and, subject to Section 10.3, penalties
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with the Proceeding. No indemnity shall be available under this Article 6 on
account of Indemnitee’s conduct that constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders
or is an act or omission not in good faith or that involves intentional misconduct or a knowing violation of the law.

 

ARTICLE 7

 

CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

 

7.1.        To
the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law, if the indemnification rights
provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu
of indemnifying Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding
without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution
it may have at any time against Indemnitee.

 

    8

     

    

 

7.2.          The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

7.3.          The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable with Indemnitee subject
to the other terms and provisions of the Agreement.

 

ARTICLE 8

 

EXCLUSIONS

 

8.1.          Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity, contribution or
advancement of Expenses in connection with any claim made against Indemnitee:

 

(a)           except
[as provided in Section 15.4, for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy of the Company or its Subsidiaries or other indemnity provision of the Company or its Subsidiaries,] except with respect
to any excess beyond the amount paid under any insurance policy, contract, agreement, other indemnity provision or otherwise; or

 

(b)           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 (or any similar successor statute) or similar provisions of state statutory
law or common law; or

 

(c)           in
connection with any Proceeding (or any part of any Proceeding) initiated or brought voluntarily by Indemnitee, including, without
limitation, any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers,
managers, managing members, employees or other indemnitees, other than a Proceeding initiated by Indemnitee to enforce its rights
under this Agreement, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) or (ii) the Company
provides the indemnification payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law;
or

 

(d)           for
the payment of amounts required to be reimbursed to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002,
as amended, or any similar successor statute; or

 

(e)           for
any payment to Indemnitee that is determined to be unlawful by a final judgment or other adjudication of a court or arbitration,
arbitral or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time
within which an appeal must be filed has expired without such filing and under the procedures and subject to the presumptions of
this Agreement; or

 

    9

     

    

 

(f)            in
connection with any Proceeding initiated by Indemnitee to enforce its rights under this Agreement if a court or arbitration, arbitral
or administrative body of competent jurisdiction determines by final judicial decision that each of the material assertions made
by Indemnitee in such Proceeding was not made in good faith or was frivolous.

 

The exclusions in this Article 8
shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.

 

ARTICLE 9

 

ADVANCES OF EXPENSES; SELECTION OF LAW
FIRM

 

9.1.          Subject
to Article 8, the Company shall, unless prohibited by applicable law, advance the Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding within ten business days after the receipt by the Company of a statement or statements
requesting such advances, together with a reasonably detailed written explanation of the basis therefor and an itemization of legal
fees and disbursements in reasonable detail, from time to time, whether prior to or after final disposition of any Proceeding.
Advances shall be unsecured and interest free. Indemnitee shall qualify for advances, to the fullest extent permitted by this Agreement,
solely upon the execution and delivery to the Company of an undertaking providing that Indemnitee undertakes to repay the advance
to the extent that it is ultimately determined, by final judicial decision of a court or arbitration, arbitral or administrative
body of competent jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to be indemnified
by the Company under the provisions of this Agreement or pursuant to applicable law. This Section 9.1 shall not apply
to any claim made by Indemnitee for which an indemnification payment is excluded pursuant to Article 8.

 

    10

     

    

 

9.2.          If
the Company shall be obligated under Section 9.1 hereof to pay the Expenses of any Proceeding against Indemnitee, then
the Company shall be entitled to assume the defense of such Proceeding upon the delivery to Indemnitee of written notice of its
election to do so. If the Company elects to assume the defense of such Proceeding, then unless the plaintiff or plaintiffs in such
Proceeding include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined
voting power of the Company’s then outstanding Voting Securities, the Company shall assume such defense using a single law
firm (in addition to local counsel) selected by the Company representing Indemnitee and other present and former directors or officers
of the Company. The retention of such law firm by the Company shall be subject to prior written approval by Indemnitee, which approval
shall not be unreasonably withheld, delayed or conditioned. If the Company elects to assume the defense of such Proceeding and
the plaintiff or plaintiffs in such Proceeding include one or more Persons holding, together with his, her or its Affiliates, in
the aggregate, a majority of the combined voting power of the Company’s then outstanding Voting Securities, then the Company
shall assume such defense using a single law firm (in addition to local counsel) selected by Indemnitee and any other present or
former directors or officers of the Company who are parties to such Proceeding. After (x) in the case of retention of any
such law firm selected by the Company, delivery of the required notice to Indemnitee, approval of such law firm by Indemnitee and
the retention of such law firm by the Company, or (y) in the case of retention of any such law firm selected by Indemnitee,
the completion of such retention, the Company will not be liable to Indemnitee under this Agreement for any Expenses of any other
law firm incurred by Indemnitee after the date that such first law firm is retained by the Company with respect to the same Proceeding;
provided, that in the case of retention of any such law firm selected by the Company (a) Indemnitee shall have the
right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense; and (b) if (i) the retention
of a law firm by Indemnitee has been previously authorized by the Company in writing, (ii) Indemnitee shall have reasonably
concluded that (1) there may be a conflict of interest between either (x) the Company and Indemnitee or (y) Indemnitee
and another present or former director or officer of the Company also represented by such law firm in the conduct of any such defense,
or (2) there may be defenses available to Indemnitee that are incompatible or inconsistent with those available to the Company
or another present or former director represented by such law firm in the conduct of such defense, or (iii) the Company shall
not, in fact, have retained a law firm to prosecute the defense of such Proceeding within thirty days, then the reasonable Expenses
of a single law firm retained by Indemnitee shall be at the expense of the Company. Notwithstanding anything else to the contrary
in this Section 9.2, the Company will not be entitled without the written consent of the Indemnitee to assume the defense
of any Proceeding brought by or in the right of the Company.

 

ARTICLE 10

 

PROCEDURE FOR NOTIFICATION; DEFENSE OF
CLAIM; SETTLEMENT

 

10.1.        Indemnitee
shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in
writing promptly of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement; provided,
however, that a delay in giving such notice shall not deprive Indemnitee of any right to be indemnified under this Agreement
unless, and then only to the extent that, such delay is materially prejudicial to the defense of such claim. The omission or delay
to notify the Company will not relieve the Company from any liability for indemnification which it may have to Indemnitee otherwise
than under this Agreement. The General Counsel of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification.

 

10.2.        The
Company will be entitled to participate in the Proceeding at its own expense.

 

10.3.        The
Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any claim effected
without the Company’s prior written consent, provided the Company has not breached its obligations hereunder. The Company
shall not settle any claim, including, without limitation, any claim in which it takes the position that Indemnitee is not entitled
to indemnification in connection with such settlement, nor shall the Company settle any claim which would impose any fine or obligation
on Indemnitee or attribute to Indemnitee any admission of liability, without Indemnitee’s prior written consent. Neither
the Company nor Indemnitee shall unreasonably withhold, delay or condition their consent to any proposed settlement.

 

    11

     

    

 

ARTICLE 11

 

PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

 

11.1.        Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 10.1, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (a) by
a majority of the Company’s stockholders, (b) if a Change in Control shall have occurred, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (c) if a Change in Control shall not
have occurred, (i) by a majority vote of the Disinterested Directors (provided there is a minimum of three Disinterested Directors),
even though less than a quorum of the Board, (ii) by a committee of Disinterested Directors designated by a majority vote
of the Disinterested Directors (provided there is a minimum of three Disinterested Directors), even though less than a quorum of
the Board, or (iii) if there are less than three Disinterested Directors or, if such Disinterested Directors so direct, by
Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, and, if it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten business days after such determination
and any future amounts due to Indemnitee shall be paid in accordance with this Agreement. Indemnitee shall cooperate with the Persons
making such determination with respect to Indemnitee’s entitlement to indemnification, including, without limitation, providing
to such Persons 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, provided,
that nothing contained in this Agreement shall require Indemnitee to waive any privilege Indemnitee may have. Any costs or Expenses
(including, without limitation, reasonable and documented attorneys’ fees and disbursements) incurred by Indemnitee in so
cooperating with the Persons 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.

 

    12

     

    

 

11.2.        If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11.1 hereof,
the Independent Counsel shall be selected as provided in this Section 11.2. If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee
of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within thirty days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, 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 Article 1 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 so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel
so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court or arbitration, arbitral
or administrative body has determined that such objection is without merit. If, within thirty days after submission by Indemnitee
of a written request for indemnification pursuant to Section 10.1 hereof, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may seek arbitration for resolution of any objection which shall have been
made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the arbitrator or by such other person as the arbitrator 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 11.1
hereof. Such arbitration referred to in the previous sentence shall be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association, and Article 13 hereof shall apply in respect of such
arbitration and the Company and Indemnitee. Upon the due commencement of any arbitration pursuant to Section 13.1 of
this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
to the applicable standards of professional conduct then prevailing).

 

ARTICLE 12

 

PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

 

12.1.        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 if Indemnitee has submitted a request for indemnification in
accordance with Section 10.1 of 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 Board,
its Independent Counsel and its stockholders) to have made a determination prior to the commencement of any action pursuant to
this Agreement that indemnification or advancement of expenses is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its Board, its Independent Counsel and its 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.

 

12.2.        If
the Person empowered or selected under Article 11 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty days 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 (a) 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 (b) a
final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided,
however, that such sixty-day period may be extended for a reasonable time, not to exceed an additional thirty days, if the
Person making the determination with respect to entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating of documentation and/or information relating thereto, provided further that, if final selection of
Independent Counsel has not occurred within thirty days after receipt by the Company of the request for indemnification, such sixty-day
period may be after the final selection of Independent Counsel pursuant to Section 11.2.

 

    13

     

    

 

 

12.3.            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval),
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.

 

12.4.            For
purposes of any determination of good faith pursuant to this Agreement, Indemnitee shall be deemed to have acted in good faith
if, among other things, Indemnitee’s action is based on the records or books of account of the Enterprise, including
financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of
their duties, or on the advice of legal counsel for the Enterprise, its board of directors, any committee of the board of directors
or any director, or on information or records given or reports made to the Enterprise, its board of directors, any committee of
the board of directors or any director, by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Enterprise, its board of directors, any committee of the board of directors or any director. The provisions
of this Section 12.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee
may be deemed or found to have met the applicable standard of conduct set forth in this Agreement. In any event, it shall 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.

 

12.5.            The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent
or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement.

 

12.6.            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 action, claim or 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 action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

    14

     

    

 

ARTICLE 13

 

REMEDIES OF INDEMNITEE

 

13.1.            In
the event that (a) a determination is made pursuant to Article 11 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (b) advancement of Expenses, to the fullest extent permitted by applicable law, is
not timely made pursuant to Article 9 of this Agreement, (c) no determination of entitlement to indemnification
shall have been made pursuant to Section 11.1 of this Agreement within thirty days after receipt by the Company of
the request for indemnification and of reasonable documentation and information which Indemnitee may be called upon to provide
pursuant to Section 11.1, (d) payment of indemnification is not made pursuant to Articles 4, 5,
6 or the last sentence of Section 11.1 of this Agreement within ten business days after receipt by the Company
of a written request therefor, (e) a contribution payment is not made in a timely manner pursuant to Article 7
of this Agreement, (f) payment of indemnification pursuant to Article 3 or 6 of this Agreement is not made
within thirty days after a determination has been made that Indemnitee is entitled to indemnification or (g) the Company or
any representative thereof takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee
hereunder, Indemnitee may either (a) be entitled to an adjudication by a court of competent jurisdiction of Indemnitee’s
entitlement to such indemnification, contribution or advancement of Expenses or (b) seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set
forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. The award rendered
by such arbitration will be final and binding upon the parties hereto, and final judgment on the arbitration award may be entered
in any court of competent jurisdiction.

 

13.2.            In
the event that a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Article 13 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
that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Article 13, Indemnitee
shall be presumed to be entitled to receive advances of Expenses 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 11.1 of this Agreement adverse to Indemnitee for
any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Article 13, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Article 9 until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal shall have been exhausted
or lapsed).

 

    15

     

    

 

13.3.            If
a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article 13,
absent (a) 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 (b) a prohibition of such indemnification
under applicable law.

 

13.4.            The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article 13
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.

 

13.5.            The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten business days after the Company’s receipt of such written request) pay to Indemnitee, to
the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee (a) to enforce his or her rights under, or to recover damages for breach of,
this Agreement or any other indemnification, advancement or contribution agreement or provision of the Certificate of Incorporation,
or the Bylaws now or hereafter in effect; or (b) for recovery or advances under any insurance policy maintained by any person
for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration
was not brought by Indemnitee in good faith).

 

13.6.            Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, or is
obliged to indemnify, for the period commencing with the date on which Indemnitee requests indemnification, contribution, reimbursement
or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

ARTICLE 14

 

SECURITY

 

Notwithstanding anything herein to the contrary,
to the extent requested by Indemnitee and approved by the Board, the Company may, as permitted by applicable securities laws, 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.

 

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ARTICLE 15

 

NON-EXCLUSIVITY; SURVIVAL OF RIGHTS;
INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION

 

15.1.            The
rights of Indemnitee 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 Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders
or a resolution of directors, or otherwise. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification or advancement of Expenses than would be afforded currently under the Certificate of Incorporation,
the Bylaws or 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.

 

15.2.            The
DGCL, the Certificate of Incorporation and the Bylaws permit the Company to purchase and maintain insurance or furnish similar
protection or make other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf
of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status
as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of
this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment and maintenance of any such Indemnification
Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement
except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in
any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.

 

15.3.            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, manager, managing member,
fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding
as to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability
insurance in effect, 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 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 policies and Indemnitee shall promptly cooperate with any request by the Company or insurers in connection with such
action.

 

    17

     

    

 

15.4.            [The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of Expenses and/or insurance provided
by the Indemnitee-Related Entities. 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 Indemnitee-Related Entities to advance Expenses or to provide indemnification
for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the
full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines
and amounts paid in settlement to the extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable
law and as required by the terms of this Agreement and the Certificate of Incorporation or the Bylaws (or any other agreement between
the Company and Indemnitee), without regard to any rights Indemnitee may have against the Indemnitee-Related Entities and (iii) that
it irrevocably waives, relinquishes and releases the Indemnitee-Related Entities from any and all claims against the Indemnitee-Related
Entities for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Indemnitee-Related Entities on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall reduce or otherwise alter the rights of Indemnitee or the obligations of the
Company hereunder. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related
Entities. In the event that any of the Indemnitee-Related Entities shall make any advancement or payment on behalf of Indemnitee
with respect to any claim for which Indemnitee has sought indemnification from the Company, the Indemnitee-Related Entity making
such payment 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, and Indemnitee shall execute all papers reasonably required and take all
action reasonably necessary to secure such rights, including, without limitation, execution of such documents as are necessary
to enable the Indemnitee-Related Entities to bring suit to enforce such rights. The Company and Indemnitee agree that the Indemnitee-Related
Entities are express third party beneficiaries of the terms of this Section 15.4, entitled to enforce this Section 15.4
as though each of the Indemnitee-Related Entities were a party to this Agreement.]

 

15.5.            [Except
as provided in Section 15.4,] 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 Indemnitee-Related Entities)],
who shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including, without
limitation, execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

15.6.            [Except
as provided in Section 15.4,] the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise.

 

15.7.            [Except
as provided in Section 15.4,] 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, trustee, partner, managing member, fiduciary, employee
or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification payments or
advancement of Expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (a) Indemnitee
shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification advancement, contribution or insurance
coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance
of all its obligations under this Agreement, and (b) the Company shall perform fully its obligations under this Agreement
without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, contribution or insurance
coverage rights against any person or entity other than the Company.

 

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ARTICLE 16

 

ENFORCEMENT AND BINDING EFFECT

 

16.1.            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 or continue 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 or continuing to serve as a director, officer or key employee
of the Company.

 

16.2.            This
Agreement shall be effective as of the date set forth on the first page and may apply to acts or omissions of Indemnitee which
occurred prior to such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the
request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of another
corporation, limited liability company, partnership, joint venture, trust or other enterprise, at the time such act or omission
occurred.

 

16.3.            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 to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, 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 he may be entitled.
The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief,
including, without limitation, 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.

 

ARTICLE 17

 

MISCELLANEOUS

 

17.1.            Successors
and Assigns. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of Indemnitee and Indemnitee’s assigns, heirs, executors and administrators. The Company shall require and cause any successor
(whether direct or indirect successor by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee,
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.

 

    19

     

    

 

17.2.            Section 409A.
It is intended that any indemnification payment or advancement of Expenses made hereunder shall be exempt from Section 409A
of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant
to Treasury Regulation Section 1.409A-1(b)(10). Notwithstanding the foregoing, if any indemnification payment or advancement
of Expenses made hereunder shall be determined to be “nonqualified deferred compensation” within the meaning of Section 409A,
then (i) the amount of the indemnification payment or advancement of Expenses during one taxable year shall not affect the
amount of the indemnification payments or advancement of Expenses during any other taxable year, (ii) the indemnification
payments or advancement of Expenses must be made on or before the last day of the Indemnitee’s taxable year following the
year in which the expense was incurred and (iii) the right to indemnification payments or advancement of Expenses hereunder
is not subject to liquidation or exchange for another benefit.

 

17.3.            Severability.
In the event that any provision of this Agreement is determined by a court to require the Company to do or to fail to do an act
which is in violation of applicable law, such provision (including, without limitation, any provision within a single Article,
Section, paragraph or sentence) shall be limited or modified in its application to the minimum extent necessary to avoid a violation
of law, and, as so limited or modified, such provision and the balance of this Agreement shall be enforceable in accordance with
their terms to the fullest extent permitted by law.

 

17.4.            Entire
Agreement. Without limiting any of the rights of Indemnitee under the Certificate of Incorporation or Bylaws, 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.

 

17.5.            Modification,
Waiver and Termination. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding
unless executed in writing by each of the parties hereto. 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 such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute
a continuing waiver.

 

17.6.            Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been
directed or (b) mailed by certified or registered mail with postage prepaid on the third business day after the date on which
it is so mailed:

 

(i)        If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall
provide in writing to the Company.

 

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(ii)          If
to the Company, to:

 

Latham Group, Inc.

787 Watervliet Shaker Road

Latham, New York 12110

Attention: General Counsel

E-mail:       

 

or to any other address as may have been furnished to Indemnitee
in writing by the Company.

 

17.7.            Applicable
Law. 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. If, notwithstanding the foregoing sentence,
a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware
govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances
be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.

 

17.8.            Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

17.9.            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.

 

17.10.          Representation
by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal counsel in connection with
the negotiation and execution of this Agreement. No provision of this Agreement shall be construed against or interpreted to the
disadvantage of any party by any court or arbitrator or any governmental authority by reason of such party having drafted or being
deemed to have drafted such provision.

 

17.11.          Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company,
the Indemnitee, or Indemnitee’s spouse, heirs, executors or personal or legal representatives against the Company, Indemnitee,
or Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the
date of accrual of such cause of action, and any claim or cause of action of the Company, the Indemnitee, or Indemnitee’s
spouse, heirs, executors or personal or legal representatives, shall be extinguished and deemed released unless asserted by the
timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to any such cause of action, such shorter period shall govern.

 

17.12.          Additional
Acts. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is
required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner
that will enable the Company to fulfill its obligations under this Agreement.

 

[Signature page follows]

 

    21

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be signed as of the day and year first above written.

 

	 	COMPANY:
	 	 	 
	 	LATHAM GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INDEMNITEE:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	 
	 	Address:

 

[Signature page to Indemnification Agreement]

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