Document:

Exhibit 4.3

           

            

        

      

      	
              Weil, Gotshal & Manges (London) LLP

                110 Fetter Lane

                London EC4A 1AY

                +44 20 7903 1000 main tel

                +44 20 7903 0990 main fax

                weil.com

            	
              

            

    

    
      

      

    

    	
            
              THE INVESTORS (AS DEFINED HEREIN)

               

              and

               

              ICTS INTERNATIONAL N.V.

               

              and

               

              ABC TECHNOLOGIES B.V.

            

          
	
             

            

            SHAREHOLDERS AGREEMENT

             

            relating to ABC Technologies B.V.

             

            dated as of 3 July 2019

              

              

          

    
       

      

      
        
          

      

      
      Index

       

      
        	
                Clause No.

              	
                Page No.

              

        
          

          

        

        	
                1.

              	
                DEFINITIONS

              	 1
	
                2.

              	
                INTERPRETATION

              	 9
	
                3.

              	
                SHARES

              	 10
	
                4.

              	
                LIQUIDATION PREFERENCE

              	 10
	
                5.

              	
                CONVERSION

              	 13
	
                7.

              	
                ANTI-DILUTION PROTECTION

              	 15
	
                8.

              	
                ISSUES OF NEW SECURITIES

              	 16
	
                9.

              	
                BOARD

              	 18
	
                10.

              	
                INFORMATION RIGHTS

              	 20
	
                11.

              	
                RESERVED MATTERS

              	 21
	
                12.

              	
                BUSINESS UNDERTAKINGS

              	 21
	
                13.

              	
                EXIT

              	 21
	
                14.

              	
                TRANSFERS OF SHARES

              	 23
	
                15.

              	
                PRE-EMPTION ON TRANSFERS

              	 24
	
                16.

              	
                DRAG-ALONG

              	 26
	
                17.

              	
                TAG-ALONG

              	 27
	
                18.

              	
                TAX MATTERS

              	 28
	
                19.

              	
                CONFIDENTIALITY

              	 29
	
                20.

              	
                ANNOUNCEMENTS

              	 32
	
                21.

              	
                POWERS OF ATTORNEY

              	 33
	
                22.

              	
                COSTS AND EXPENSES

              	 33
	
                23.

              	
                EFFECT OF CEASING TO HOLD SHARES

              	 33
	
                24.

              	
                CUMULATIVE REMEDIES

              	 34
	
                25.

              	
                WAIVER

              	 34
	
                26.

              	
                ENTIRE AGREEMENT

              	 34
	
                27.

              	
                VARIATION AND TERMINATION

              	 34
	
                28.

              	
                NO PARTNERSHIP

              	 35
	
                29.

              	
                ASSIGNMENT AND TRANSFER

              	 35
	
                30.

              	
                RIGHTS OF THIRD PARTIES

              	 35
	
                31.

              	
                CONFLICT BETWEEN AGREEMENTS

              	 35
	
                32.

              	
                COUNTERPARTS; NO ORIGINALS

              	 35
	
                33.

              	
                NOTICES

              	 36
	
                34.

              	
                SEVERANCE

              	 37
	
                35.

              	
                VOTES TO GIVE EFFECT TO THIS AGREEMENT

              	 38
	
                36.

              	
                GOVERNING LAW

              	 38
	
                37.

              	
                JURISDICTION

              	 38
	
                38.

              	
                CONFIRMATIONS

              	 38

        

        
          

        

        

        
          ii

          
            

        

      

    

    
      THIS DEED is made on 3 July 2019

    

    
      

      

      PARTIES

      

      

    

    
      
        
          	(1)	
                  The persons whose names and addresses are set out in schedule 1 (the “Investors” and each an “Investor”);

                

        

      

      

      

      
        
          	(2)	
                  ICTS INTERNATIONAL N.V., a naamloze vennootschap incorporated under the laws of the Netherlands whose registered office is at Walaardt Sacrestraat
                    425-5, 1117 BM Schiphol-Oost, the Netherlands, registered with the Trade Register of the Dutch Chamber of commerce with trade register number 33279300 (“ICTS”); and

                

        

      

      

      

      
        
          	(3)	
                  ABC TECHNOLOGIES B.V., a besloten vennootschap met beperkte aansprakelijkheid  incorporated under the laws of the Netherlands whose registered office
                    is at Walaardt Sacrestraat 425-5, 1117 BM Schiphol-Oost, the Netherlands, registered with the Trade Register of the Dutch Chamber of commerce with trade register number 72273917 (the “Company”).

                

        

      

    

    
      

      

      AGREED TERMS

    

    
       

      
         
          	1.	
                  DEFINITIONS

                

        

      

      

      

    

    
      In this Shareholders Agreement (this “Agreement”), except where a different interpretation is necessary from the context, the words and
        expressions set out below shall have the following meanings:

      

      

    

    
      “Accelerated Issue” has the meaning given in clause 8.5;

       

      “Act” means the Companies Act 2006;

       

      “Acting in Concert” has the meaning given to it in The City Code on Takeovers and Mergers published by the Panel on Takeovers and Mergers,
        as amended from time to time;

       

      “Affected Shareholder” has the meaning given in clause 8.5;

       

      “Adequate Procedures” means adequate procedures, as referred to in section 7(2) of the Bribery Act 2010 and any guidance issued by the
        Secretary of State under section 9 of the Bribery Act 2010 or as referred to in any other applicable anti-corruption laws or regulations of any other jurisdiction;

       

      “Affiliate” means: (a) with respect to any person, any other person who, directly or indirectly, controls, is controlled by, or is under
        common control with such first person, including, without limitation, any general partner, managing member, officer or director of such person or any venture capital or other fund now or hereafter existing that is controlled by one or more general
        partners or managing members of, or shares the same management or advisory company with, such person; and (b) with respect to ICTS, each person described in clause (a) of this definition and any other person who, directly or indirectly, controls,
        is controlled by, or is under common control with ICTS or any family member of the majority shareholder of ICTS or any of its directors or officers, including, without limitation, any general partner, managing member, officer or director of such
        person or any venture capital or other fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management or advisory company with, such person;

       

      
        
          

      

      
      “Allocation Notice” has the meaning given in clause 15.10;

       

      “Anti-Dilution Shares” has the meaning given in clause 7.1;

       

      “Applicant” has the meaning given in clause 15.10;

       

      “Approved Issuance or Transfer” means any issuance or transfer of Shares which is permitted pursuant to clause 5.1 of the Subscription
        Agreement;

       

      “Articles” means the articles of association of the Company, as amended from time to time;

       

      “Asset Sale” means the disposal by the Company of all or substantially all of its undertaking and assets (where such disposal may include,
        without limitation, the grant by any Group Company of an exclusive licence of any of its assets which has substantially the same effect as such disposal and is not entered into in the ordinary course of business);

       

      “Associate” in relation to any person means:

       

    

    
      
        
          	

                	(a)	
                  any person who is an associate of that person and the question of whether a person is an associate of another is to be determined in accordance with section 435 of the Insolvency Act 1986 (whether or not an associate as so
                    determined);

                

        

      

       

      
        
          	

                	(b)	
                  any Member of the same Group; and

                

        

      

       

      
        
          	

                	(c)	
                  any Member of the same Fund Group;

                

        

      

       

    

    
      “Associated Person” means in relation to a company, a person (including an employee, agent or Subsidiary Undertaking) who performs
        services for or on behalf of such company;

       

    

    
      “Attorney” has the meaning given in clause 21.1;

       

      “Auditors” means the auditors of the Company from time to time;

       

    

    
      “Available Profits” means profits available for distribution by the Company within the meaning of article 2:216 of the DCC;

       

      “Board” means the board of directors of the Company as constituted from time to time;

       

    

    
      “Bonus Issue” or “Reorganisation” means, as applicable, any return of capital, bonus issue of
        shares or other equity securities of the Company by way of capitalisation of profits or reserves or any consolidation or sub-division or redenomination or any repurchase or redemption of shares (other than the conversion of Series A Shares pursuant
        to clause 5) or any variation in the subscription price or conversion rate applicable to any other outstanding share capital of the Company;

       

    

    
      “Budget” has the meaning given in clause 10.2;

       

      “Business Day” means any day other than (a) a Friday, Saturday or a Sunday or (b) a public or bank holiday in Amsterdam, Tel Aviv or
        London; provided, however, for purposes of counting the number of Business Days elapsed, each Business Day shall be deemed to commence at 9.00 am London time and end at 5.30 pm London time on the applicable day;

       

      “Business Plan” means the business plan for the Company as adopted from time to time (but no less frequently than once per Financial Year)
        by the Board (with Series A Majority Consent, where required);

       

      
        2

        
          

      

      

      

    

    
      “Buyer” has the meaning given in clause 17.2;

       

    

    
      “CFC” has the meaning given in clause 18.1;

       

      “Code” has the meaning given in clause 18.1;

       

      “Company Offer” has the meaning given in clause 13.6;

       

      “Completion Date” has the meaning ascribed to such term in the Subscription Agreement;

       

      “Conditions” has the meaning given in clause 5.1;

       

      “Confidential Information” has the meaning given in clause 19.4;

       

      “Connected Person” shall mean: (i) Menachem Atzmon, Ron Atzmon and each of their respective family members (as determined in accordance
        with section 253(2) of the Companies Act 2006), in each case as if either Menachem Atzmon or Ron Atzmon, as applicable, was a director for purposes of such section; and (ii) any other person that, directly or indirectly, controls, is controlled by,
        or is under common control with ICTS or any person included in clause (i) of this definition (in each case, including any Group Company);

      

      

    

    
      “Consideration” has the meaning given in clause 16.1(c);

       

    

    
      “Continuing Shareholder” has the meaning given in clause 15.4;

       

      “Controlling Interest” means an interest in Shares giving to the holder or holders control of the Company within the meaning of
        section 1124 of the Corporation Tax Act 2010;

       

      “Conversion Date” has the meaning given in clause 5.1;

       

      “Conversion Ratio” has the meaning given in clause 5.5;

       

    

    
      “Co-Sale Notice” has the meaning given in clause 17.2;

       

    

    
      “Cost Allocation Procedure” has the meaning given in clause 5.9;

       

      “DCC” means the Dutch Civil Code (Burgerlijk Wetboek);

       

      “Deed of Adherence” has the meaning given in clause 14.11;

       

      “Deemed Liquidation Event” has the meaning given in clause 4.1;

       

      “Director” has the meaning given in clause 9.1;

       

      “Dispute Resolution Auditor” has the meaning given in clause 5.9;

       

      “Encumbrance” means any mortgage, charge, security interest, lien, pledge, usufruct, assignment by way of security, equity, claim, right
        of pre-emption, option, covenant, restriction, reservation, lease, trust, order, decree, judgment, title defect (including retention of title claim), conflicting claim of ownership or any other encumbrance of any nature whatsoever (whether or not
        perfected other than liens arising by operation of law);

       

      “Exercising Investor” has the meaning given in clause 7.1;

       

      
        3

        
          

      

      “Exit” means a Share Sale, an Asset Sale, an IPO or any merger, consolidation, reorganisation or other transaction which results in one or
        more third parties Acting in Concert acquiring a Controlling Interest;

       

      “Financial Year” means a financial year of the Company;

       

    

    
      “Fund Manager” means a person whose principal business is to make, manage or advise upon investments in securities;

       

      “Funding Shareholder” has the meaning given in clause 8.5;

       

    

    
      “Further Reconvened Meeting” has the meaning given in clause 9.10;

       

      “Group Companies” means the Company and each and any of the Subsidiaries from time to time, each being a member of the “Group”;

       

    

    
      “Holding Company” means a newly formed holding company, pursuant to which the membership, pro rata shareholdings and classes of shares
        comprised in such holding company matches that of the Company immediately prior to the transfer of the issued share capital of the Company to such holding company;

       

      “ICTS ROFR Notice” has the meaning given in clause 13.5;

       

    

    
      “Intellectual Property” means all intellectual or industrial property rights (whether statutory, common law, or otherwise), including all
        such rights in: (a) all domestic and foreign patents, utility models, and patent and utility model applications, together with all reissuances, divisionals, continuations, continuations-in-part, revisions, substitutions, provisionals, renewals,
        extensions, and re-examinations thereof; (b) all trademarks, service marks, logos, trade names, brand names, corporate names, rights in trade dress, trade styles, and other identifiers indicating the business or source of goods or services, and
        other indicia of commercial source or origin (whether registered, arising under common law or statutory law, or otherwise), and all registrations and applications to register, and renewals and extensions of, any of the foregoing, and all goodwill
        associated with any of the foregoing; (c) all trade secrets, confidential information and other non-public or proprietary information (whether or not patentable), including ideas, formulas, technology, algorithms, compositions, inventor’s notes,
        discoveries and improvements, know-how, processes, techniques, testing information, research and development information, inventions, invention disclosures, unpatented blueprints, drawings, specifications, designs, plans, proposals and technical
        data, business and marketing plans, market surveys, market know-how and customer lists and information; (d) all copyrights and copyrightable works, and all database and rights, whether or not registered or published, including all data
        compilations, “moral” rights, and mask works, and all registrations and applications to register, and renewals, extensions and reversions of, any of the foregoing, and corresponding rights in works of authorship; (e) all design rights (including
        industrial designs), and all registrations and applications to register, and renewals and extensions of, any of the foregoing; (f) all Internet domain names, electronic Internet addresses, uniform resource locators and alphanumeric designations
        associated therewith and all registrations for any of the foregoing, and all social media accounts; (g) all other intellectual and industrial property rights arising from Software and technology; and (h) any and all similar, corresponding or
        equivalent intellectual, industrial or proprietary rights anywhere in the world;

       

      “Investor Director” means the director appointed in accordance with clause 9.3;

       

      “Investors” means the persons whose names and addresses are set out in schedule 1 and any other person to whom any of them transfer their
        Shares in accordance with the terms of this Agreement or who subscribes for Series A Shares and who becomes a party as an “Investor” by signing a Deed of Adherence in accordance with clause 14.11 and is named therein as an “Investor”;

       

      
        4

        
          

      

      “IPO” means the admission of all or any of the Shares or securities representing those shares (including without limitation depositary
        interests, American depositary receipts, American depositary shares and/or other instruments) on NASDAQ or on the Official List of the United Kingdom Listing Authority or on the AIM Market operated by the London Stock Exchange Plc or any other
        recognised investment exchange (as defined in section 285 of the Financial Services and Markets Act 2000), whether in a direct listing or underwritten public offering;

       

      “Irrevocable ICTS ROFR Exercise Election” has the meaning given in clause 13.5;

       

      “Liquidation Event” means the winding-up, dissolution, liquidation or any other analogous step or procedure involving the Company;

       

    

    
      “Member of the same Fund Group” means with respect to any Shareholder that is a fund, partnership, company, syndicate or other entity
        whose business is managed by a Fund Manager (an “Investment Fund”) or is a nominee of such Investment Fund:

       

    

    
      
        
          	

                	(a)	
                  any participant or partner in or member of any such Investment Fund or the holders of any unit trust which is a participant or partner in or member of any Investment Fund (but only in connection with the dissolution of the Investment
                    Fund or any distribution of assets of the Investment Fund pursuant to the operation of the Investment Fund in the ordinary course of business);

                

        

      

       

      
        
          	

                	(b)	
                  any Investment Fund managed or advised by such Fund Manager;

                

        

      

       

      
        
          	

                	(c)	
                  any Parent Undertaking or Subsidiary Undertaking of such Fund Manager, or any Subsidiary Undertaking of any Parent Undertaking of such Fund Manager; or

                

        

      

       

      
        
          	

                	(d)	
                  any trustee, nominee or custodian of such Investment Fund and vice versa;

                

        

      

       

    

    
      “Member of the same Group” means, with respect to any undertaking, an undertaking which is from time to time a Parent Undertaking or a
        Subsidiary Undertaking of such company or a Subsidiary Undertaking of any such Parent Undertaking;

       

    

    
      “Minimum Transfer Condition” has the meaning given in clause 15.2(d);

       

      “NASDAQ” means the NASDAQ Stock Market of the NASDAQ OMX Group Inc.;

       

      “Net Proceeds” means the consideration available for distribution (including any deferred and/or contingent consideration), whether in
        cash or otherwise, to those Shareholders selling Shares under a Share Sale or IPO, after reducing from the gross consideration payable in such transaction, any fees, costs and expenses payable in respect of such Share Sale or IPO and the repayment
        (together with any fees, costs and expenses thereof) of any debt securities which are repayable upon or as a result of such Share Sale or IPO;

       

    

    
      “New Securities” means any shares or other securities convertible into, or carrying the right to subscribe for, those shares issued by the
        Company following the date of this Agreement, other than shares or securities issued as a result of the events set out in clause 8.4, or: (a) options, shares and warrants issued or issuable to employees, directors, service providers, advisors or
        consultants of the Company or its Subsidiaries pursuant to any share option plan or any share incentive plan or other share or option incentive arrangement, which are approved by the Board; (b) securities issued or issuable to the public in a
        Qualifying IPO, including any warrant or other rights to purchase shares granted to an underwriter in connection with, and conditioned upon the successful completion of such Qualifying IPO, and any shares issuable upon exercise of such rights or
        warrants; (c) securities of any type (including options and convertible securities), issued or issuable in the course of extension of a credit line to the Company (or other credit arrangement or equipment financing which are primarily for
        non-equity financing purposes) pursuant to transactions approved by the Board in accordance with this Agreement;

       

      
        5

        
          

      

      “New Shareholder” has the meaning given in clause 16.8;

       

      “Notice” has the meaning given in clause 33.1;

       

    

    
      “Offer Period” has the meaning given in clause 15.5;

       

      “Ordinary Shares” means ordinary shares of US$0.001 each in the capital of the Company from time to time;

       

      “Original Shareholder” has the meaning given in clause 14.4;

       

    

    
      “Permitted Transferee” means:

       

    

    
      
        	

              	(a)	
                in relation to a Shareholder that is an undertaking (as defined in section 1161(1) of the Act), any Member of the same Group;

              

      

    

     

    
      
        	

              	(b)	
                any Affiliate of a Shareholder to the extent that such Affiliate does not fall within clause (a) of this definition;

              

      

    

     

    
      
        	

              	(c)	
                in relation to a Shareholder which is an Investment Fund, any Member of the same Fund Group; and

              

      

    

     

    
      
        	

              	(d)	
                in relation to an Investor:

              

      

    

     

    
      
        	

              	(i)	
                any Member of the same Group; and

              

      

    

     

    
      
        	

              	(ii)	
                any Member of the same Fund Group;

              

      

    

     

    
      “Per Share Liquidation Preference Shortfall” has the meaning given in clause 4.1;

       

    

    
      “PFIC” has the meaning given in clause 18.2;

       

      “QEF Election” has the meaning given in clause 18.2;

       

      “Qualifying IPO” means an IPO in which: (a) the net aggregate gross proceeds to the Company exceed US$75,000,000; and (b) the subscription
        price per share paid by the public is not less than an amount equal to 150% of the Starting Price;

       

      “Qualifying Issue” has the meaning given in clause 7.1;

       

      “Qualifying Offer” has the meaning given in clause 13.4;

       

    

    
      “Reconvened Meeting” has the meaning given in clause 9.10;

       

    

    
      “Registration Rights Agreement” means the registration rights agreement to be entered into among the Investor, the Company, ICTS and the
        other parties thereto (if any), dated on or around the date hereof;

       

      
        6

        
          

      

      “Reorganisation Transaction” means a reorganisation of the Group by any means including the acquisition of the Company by a Holding
        Company or any other reorganisation of the Group involving the Group’s share or debt capital (including the conversion, consolidation, sub-division or redesignation (as appropriate) of the Shares into a single class of ordinary shares) in
        preparation for an internal Group reorganization or Exit and which may involve the exercise of the rights set out in clause 5;

       

      “Relevant Purchaser” has the meaning given in clause 16.1(b);

       

      “Replacement Securities” has the meaning given in clause 6.2(a);

       

      “Requesting Party” has the meaning given in clause 5.9;

       

      “Requisite Approval” has the meaning given in clause 27.1;

       

      “Return Threshold” has the meaning given in clause 4.1(a)(ii)(A);

       

      “Sale” means a Share Sale or an Asset Sale;

       

      “Sale Agreement” has the meaning given in clause 16.1(e);

       

      “Sale Completion Date” has the meaning given in clause 16.5;

       

      “Sale Documents” has the meaning given in clause 16.5;

       

    

    
      “Sale Notice” has the meaning given in clause 16.1;

       

      “Sale Request” has the meaning given in clause 13.6;

       

      “Sale Shares” has the meaning given in clause 15.2(a);

       

      “Sale Transaction” has the meaning given in clause 13.6;

       

      “Seller” has the meaning given in clause 15.2;

       

    

    
      “Selling Shareholder” has the meaning given in clause 17.1;

       

    

    
      “Series A Shares” means Series A Shares of US$0.001 each in the capital of the Company from time to time;

       

      “Series A Majority” means Investors holding, as of the applicable time, a majority of the then-outstanding Series A Shares;

       

      “Series A Majority Consent” means the prior written consent of the Series A Majority;

       

      “Share Sale” means the sale of (or the grant of a right to acquire or to dispose of) any of the
        shares in the capital of the Company (in one transaction or as a series of transactions) which will result in the purchaser of those shares (or grantee of that right) and persons Acting in Concert with such person collectively acquiring a
        Controlling Interest in the Company, except where, immediately following completion of such transaction, the Shareholders as of immediately prior to completion of such transaction continue to hold, collectively, a Controlling Interest in the
        Company immediately following completion of such transaction;

       

      
        7

        
          

      

      “Shareholder” means any shareholder of the Company from time to time who is a party to this Agreement;

       

      “Shares” means, collectively, the Ordinary Shares and the Series A Shares;

       

      “Software” means all computer programs, firmware, software and computer code (whether in source code, object code or any other form) and
        software and computer algorithms;

       

      “Starting Price” means the issue price per Series A Share (being US$20.00) (subject to any adjustment for stock dividends, Bonus Issues
        and Reorganisations and similar events);

       

      “Structurally Dilutive Distribution” has the meaning given in clause 4.1;

       

      “Subscribers” has the meaning given in clause 8.2;

       

      “Subscription Agreement” means that certain Series A Preferred Shares Subscription Agreement Relating to ABC Technologies B.V., dated on
        or around the date hereof, by and among TPG, the Company and ICTS;

       

      “Subscription Period” has the meaning given in clause 8.2(a);

       

      “Subsidiary” means any subsidiary of the Company as defined in (a) section 1159 of the Act and/or (b) article 2:24a of the DCC;

       

    

    
      “Subsidiary”, “Subsidiary Undertaking” and “Parent Undertaking”
        have the respective meanings set out in sections 1159 and 1162 of the Act;

       

      “Tagging Shareholders” has the meaning given in clause 17.2;

       

      “Tax” means: (a) all forms of taxation and statutory, governmental, state, provincial, local governmental, federal or municipal
        impositions, duties, withholdings, charges, contributions and levies and imposts of any country of jurisdiction, in each case imposed or assessed by and payable to or collected by any Tax Authority, whether direct or indirect and whether chargeable
        directly or primarily against or attributable directly or primarily to the Company or any other person; (b) any liability for repayment of unlawful state aid in relation to the liabilities of the type described under clause (a) of this definition;
        or (c) all penalties, charges, surcharges and interest relating to any of the liabilities of the type described under clause (a) or (b) of this definition;

       

      “Tax Authority” means the Dutch Tax office (Belastingdienst) and any other statutory,
        governmental, state, provincial or local governmental authority, body, court or tribunal whatsoever (whether of the Netherlands or elsewhere in the world) competent to impose, administer or collect any Tax;

       

    

    
      “TPG” means TPG Lux 2018 SC I, S.a.r.l., a Luxembourg société à responsabilité limitée;

       

      “TPG Preferred Stock” has the meaning given in clause 13.4;

       

    

    
      “Transfer Facilitation Request” has the meaning given in clause 13.4;

       

      “Transfer Notice” has the meaning given in clause 15.2;

       

      “Transfer Price” has the meaning given in clause 15.2(c); and

       

    

    
      “Treasury Regulations” has the meaning given in clause 18.2.

       

      
        8

        
          

      

    

    
       

      
         
          	2.	
                  INTERPRETATION

                

        

      

      

      

    

    
      
        
          	2.1.	
                  The clause and paragraph headings and the table of contents used in this Agreement are inserted for ease of reference only and shall not affect construction.

                

        

      

       

      
        
          	2.2.	
                  References to an Investor Director shall include any alternate appointed to act in his or her place from time to time.

                

        

      

       

      
        
          	2.3.	
                  References to “persons” shall include individuals, bodies corporate, unincorporated associations and partnerships, in each case whether or not having a separate legal personality.

                

        

      

       

      
        
          	2.4.	
                  Unless the context otherwise expressly requires, reference to a party or parties is to a party or parties of the Agreement.

                

        

      

       

      
        
          	2.5.	
                  References to any English statute or other legislation or legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any
                    jurisdiction other than England, be deemed to include a reference to that which most nearly approximates to the English legal term in such jurisdiction.

                

        

      

       

      
        
          	2.6.	
                  References to those of the parties that are individuals include their respective legal personal representatives.

                

        

      

       

      
        
          	2.7.	
                  References to “$” are to U.S. dollars, the legal currency of the Unites States of America.

                

        

      

       

      
        
          	2.8.	
                  References to “€” are to European Euros, the legal currency of the Economic and Monetary Union.

                

        

      

       

      
        
          	2.9.	
                  References to “writing” or “written” includes any non-transitory form of visible reproduction of words.

                

        

      

       

      
        
          	2.10.	
                  References to the word “include” or “including” (or any similar term) are not to be construed as implying any limitation and general words introduced by
                    the word “other” (or any similar term) shall not be given a restrictive meaning by reason of the fact that they are preceded or followed by words indicating a particular class of acts, matters or
                    things.

                

        

      

       

      
        
          	2.11.	
                  Except where the context specifically requires otherwise, words importing one gender shall be treated as importing any gender, words importing individuals shall be treated as importing corporations and vice versa, words importing the
                    singular shall be treated as importing the plural and vice versa, and words importing the whole shall be treated as including a reference to any part thereof.

                

        

      

       

      
        
          	2.12.	
                  References in clause 1 (Definitions) (in so far as they are used in the clauses and schedules referred to in this clause), clauses 10 (Information Rights), 11 (Reserved Matters), 12 (Business Undertakings), 19 (Confidentiality),
                    schedule 2 (Consent Matters) and schedule 3 (Undertakings) to the Company and the Board shall include, where appropriate in the context, each Group Company and any Holding Company and the directors for the time being of each such Group
                    Company and any Holding Company, respectively.

                

        

      

       

      
        
          	2.13.	
                  Except where a different interpretation is necessary from the context, references to clauses, sub-paragraphs, definitions and schedules in this Agreement shall be deemed to be references to clauses, sub-paragraphs, definitions and
                    schedules, as applicable, of this Agreement.

                

        

      

       

      
        
          	2.14.	
                  References to statutory provisions, enactments or EC Directives shall include references to any amendment, modification, extension, consolidation, replacement or re-enactment of any such provision, enactment or EC Directive (whether
                    before or after the date of this Agreement), to any previous enactment which has been replaced or amended and to any regulation, instrument or order or other subordinate legislation made under such provision, enactment or EC Directive
                    unless any such change imposes upon any party any liabilities or obligations which are more onerous than as of the date of this Agreement.

                

        

      

       

      
        9

        
          

      

      
        
          	2.15.	
                  No Affiliate of any party is a “third party” for purposes of this Agreement.

                

        

      

       

      
        
          	2.16.	
                  References to a particular time of day mean, unless otherwise expressly stated, London time.

                

        

      

       

      
        
          	2.17.	
                  If any action is required by this Agreement to be taken on a day which is not a Business Day, such action shall be deemed to be required to be taken on the next following Business Day.

                

        

      

        

      

    

    
      
         
          	3.	
                  SHARES

                

        

      

       

    

    
      
        	3.1.	
                In this Agreement, unless the context requires otherwise, references to shares of a particular class shall include shares allotted and/or issued after the date of this Agreement and ranking pari passu
                  in all respects (or in all respects except only as to the date from which those shares rank for dividend) with the shares of the relevant class then in issue.

              

      

    

     

    
      
        	3.2.	
                Except as otherwise provided in this Agreement or the Articles, the Series A Shares and the Ordinary Shares shall rank pari passu in all respects but shall constitute separate classes of
                  Shares.  For the avoidance of doubt, the Ordinary Shares shall not be deemed to be pari passu with the Series A Shares for the purposes of paragraph 1 of schedule 2.

              

      

    

     

    
      
        	3.3.	
                Whenever as a result of a consolidation or sub-division of Shares any Shareholders would become entitled to fractions of a Share, such entitlement shall be rounded down to the nearest whole Share and such fractional entitlement shall
                  be disregarded.

              

      

    

     

    
      
        	3.4.	
                Any Available Profits which the Board shall determine, subject to schedule 2, to distribute in respect of a Financial Year, shall be distributed amongst the holders of Shares (pari passu as if
                  the Shares constituted one class of share) pro rata to their respective holdings of Shares.

              

      

    

     

    
      
        	3.5.	
                Every dividend shall accrue on a daily basis assuming a 365 day year. All dividends shall be expressed gross and shall be subject to relevant withholding requirements pursuant to applicable law. If the Company declares and/or pays any
                  distribution or dividend in respect of any equity securities of the Company, such distribution or dividend shall be declared and/or paid, as applicable, in respect of both Ordinary Shares and Series A Shares on an as-converted basis;
                  provided, that no distribution or dividend shall be paid in respect of Shares unless such distribution or dividend is made in compliance with schedule 2.

              

      

    

      

    

    
      
         
          	4.	
                  LIQUIDATION PREFERENCE

                

        

      

       

    

    
      
        	4.1.	
                Subject to applicable law, except with respect to the distribution to ICTS of an amount in cash equal to the consideration received by the Company for the Additional New Shares (as defined in the Subscription Agreement) (whether by way
                  of a dividend or a return of share premium or otherwise) following an Approved Issuance or Transfer, as contemplated by and then only the extent made in accordance with the terms and conditions of clause 5.3 of the Subscription Agreement,
                  the Company shall distribute Net Proceeds or the Company’s surplus assets remaining after the payment or the making of appropriate reserves for all of its liabilities (as the case may be) in connection with an Exit or Liquidation Event
                  (each, a “Deemed Liquidation Event”) in the following order of priority:

              

      

    

     

    
      
        
          	

                	(a)	
                  first in paying to each of the holders of Series A Shares, in priority to any other classes of Shares, either:

                

        

      

       

      
        10

        
          

      

    

    
      
        
          	

                	(i)	
                  if the relevant Deemed Liquidation Event is consummated prior to delivery of a Transfer Facilitation Request, the greater of:

                

        

      

       

    

    
      
        
          	

                	(A)	
                  (1) an amount equal to the Starting Price for each Series A Share held by such holder; plus (2) all accrued and unpaid dividends on such Series A Shares; less (3) all dividends previously paid thereon; and

                

        

      

       

      
        
          	

                	(B)	
                  the proceeds distributable in respect of such Series A Shares had they been converted into Ordinary Shares pursuant to clause 5; or

                

        

      

       

    

    
      
        
          	

                	(ii)	
                  if the relevant Deemed Liquidation Event is consummated after delivery of a Transfer Facilitation Request, the greater of:

                

        

      

       

    

    
      
        
          	

                	(A)	
                  (1) an amount equal to the Starting Price for each Series A Share held by such holder; plus (2) an 8% per annum return on each such Series A Share, accruing monthly and compounding annually from the date of issuance; plus
                    (3) all accrued and unpaid dividends thereon; minus (4) all dividends previously paid thereon (the “Return Threshold”); provided, however, such amount shall not exceed in any event an
                    amount equal to 150% of the Starting Price for each such Series A Share; and

                

        

      

       

      
        
          	

                	(B)	
                  the proceeds distributable in respect of such Series A Shares had they been converted into Ordinary Shares pursuant to clause 5;

                

        

      

       

    

    
      provided, however, if a Transfer Facilitation Request is delivered after a definitive binding agreement with respect to a Deemed Liquidation Event has been executed, clause
        4.1(a)(i) shall apply; and

       

    

    
      
        
          	

                	(b)	
                  the balance amounts available for distribution following the operation of clause 4.1(a) above shall be distributed among the holders of Ordinary Shares pro rata to the number of Ordinary Shares held.

                

        

      

       

    

    Notwithstanding anything to the contrary in this Agreement, if, on or prior to the nine (9)-month anniversary of the Completion Date, the Company has not: (a) (i) terminated the
      Option Plan (as defined in the Subscription Agreement) without continuing liability or obligation and (ii) implemented an option incentive arrangement which (A) is administered by the Company, (B) is approved by the Israeli Tax Authority, and (C)
      represents at least 3.846154% of the share capital of the Company as of such date of implementation; or (b) amended the Option Plan, changed the structure of the Option Plan, or amended or reorganized the capital structure of the applicable Group
      Companies (excluding, for this purpose, the Company, save in respect of the Option Plan Rationalization (as defined below) itself) in a manner which ensures that no Per Share Liquidation Preference Shortfall can occur due to the existence of the
      Option Plan (sub-clauses (a) and (b) of this paragraph, collectively, the “Option Plan Rationalization”); then, in either such case, if and to the extent that (I) any distribution is made on or after the nine
      (9)-month anniversary of the Completion Date pursuant to Option Plan (a “Structurally Dilutive Distribution”) and (II) such Structurally Dilutive Distribution causes
      there to be a shortfall in the Net Proceeds or surplus assets (as the case may be) required to be paid per Series A Share issued on the Completion Date determined pursuant to clause 4.1(a) (the “Per Share Liquidation
        Preference Shortfall”), ICTS shall pay or cause to be paid, in respect of each Series A Share issued on the Completion Date, to the holder thereof, without offset, by wire transfer of immediately available funds and on the same Business Day
      as the applicable distribution is made pursuant to clause 4.1(a), an amount equal to the Per Share Liquidation Preference Shortfall.  For the avoidance of doubt, the obligations of ICTS under this paragraph will cease on completion of an Option Plan
      Rationalization.

     

    
      11

      
        

    

    During the period commencing on the Completion Date and ending upon the effectiveness of the Option Plan Rationalization, each party, severally and not jointly, undertakes to use
      its respective reasonable endeavors (including, without limitation, voting in favour of any corporate actions, capital increases, structural amendments or other arrangements), to the extent necessary and at the sole cost and expense of the Company,
      to (i) facilitate the Option Plan Rationalization and (ii) not take any action the principal intent and actual effect of which is to prevent the Option Plan Rationalization.  Notwithstanding anything to the contrary in this Agreement: (A) the Company
      and ICTS shall cause the Option Plan Rationalization to not be materially and/or disproportionately adverse to the economic, tax or legal position of: (I) any Investor as compared to ICTS; or (II) any individual Investor as compared to any other
      Investor(s); (B) no Investor shall be required to take any action set forth in this clause 4.1 which would materially and adversely affect the economic, tax or legal position of such Investor, notwithstanding the effect of any such action on ICTS or
      any other Investor; and (C) all fees, costs and expenses incurred by any of the parties in connection with the Option Plan Rationalization and compliance with this paragraph shall be borne and paid by the Company.

     

    
      
        	4.2.	
                If there are insufficient Net Proceeds or surplus assets (as the case may be) to pay the amounts per Series A Shares determined pursuant to clause 4.1(a), then 100% of the amount that is available for distribution shall be distributed
                  among the holders of Series A Shares in proportion to the number of Series A Shares then held.

              

      

    

     

    
      
        	4.3.	
                The Company shall provide the holders of Series A Shares with notice at least ten (10) days prior to the completion of any Deemed Liquidation Event.

              

      

    

     

    
      
        	4.4.	
                On a Share Sale, the Net Proceeds shall be distributed in the order of priority set out in clause 4.1 and (a) no Shareholder shall transfer Shares and (b) neither the Company nor the Directors shall acknowledge or register any transfer
                  of Shares, in each case if the Net Proceeds are not so distributed, in each case save in respect of any Shares not sold in connection with that Share Sale; provided, however, if the Net Proceeds are not settled in their entirety upon
                  completion of the Share Sale:

              

      

    

     

    
      
        
          	

                	(a)	
                  (i) no Shareholder shall be prohibited from transferring the Shares and (ii) the Directors shall not be prohibited from acknowledging or registering the transfer of the relevant Shares, in each case so long as the Net Proceeds that
                    are settled have been distributed in the order of priority set out in clause 4.1; and

                

        

      

       

      
        
          	

                	(b)	
                  subject to applicable legal requirements, each Shareholder shall take all action reasonably required by the Series A Majority to ensure that the Net Proceeds in their entirety are distributed in the order of priority set out in
                    clause 4.1.

                

        

      

       

    

    
      In the event that the Net Proceeds are distributed on more than one occasion (whether for any deferred or contingent consideration or otherwise), the consideration so distributed
        on any further occasion shall be paid by continuing the distribution from the previous distribution of consideration in the order of priority set out in clause 4.1.

       

    

    
      
        
          	4.5.	
                  On an Asset Sale, the surplus assets of the Company remaining after payment of its liabilities or the making of appropriate reserves therefor shall be distributed (to the extent that the Company is lawfully permitted to do so) in the
                    order of priority set out in clause 4.1; provided, however, if it is not lawful for the Company to distribute its surplus assets in accordance with such clause, the Shareholders shall take any action reasonably required by the Series A
                    Majority (including, but without prejudice to the generality of this clause 4.5, actions that may be necessary to put the Company into voluntary liquidation) so that clause 4.1 applies to the fullest extent possible.

                

        

      

        

      

      
        12

        
          

      

    

    
      
         
          	5.	
                  CONVERSION

                

        

      

       

    

    
      
        
          	5.1.	
                  Any holder of Series A Shares shall be entitled, by notice in writing to the Company, to require conversion into Ordinary Shares of all or any of the fully paid Series A Shares held by such holder at any time and such Series A Shares
                    shall convert automatically on the date of such notice (the “Conversion Date”); provided, however, such holder may in such notice state that conversion of its Series A Shares into Ordinary Shares
                    is conditional upon the occurrence of one or more events (the “Conditions”) and, in such case, such Series A Shares shall convert automatically on the satisfaction of all such Conditions.  The
                    Board shall confirm, by means of resolution, which such notice has been given to comply with the provisions of the Articles.

                

        

      

       

      
        
          	5.2.	
                  All of the fully paid Series A Shares shall automatically convert into Ordinary Shares on the earlier of: (a) the date of a notice given by the Series A Majority (which date shall be treated as the Conversion Date) pursuant to clause
                    4.3; and (b) immediately prior to the occurrence of a Qualifying IPO (whether as part of a Reorganisation Transaction or otherwise).

                

        

      

       

      
        
          	5.3.	
                  In the case of (a) clauses 5.1 and 5.2(a), not more than seven (7) days after the Conversion Date, or (b) in the case of clause 5.2(b), at least seven (7) days prior to the occurrence of the Qualifying IPO or Reorganisation
                    Transaction implemented to facilitate such Qualifying IPO, as applicable, each holder of the applicable Series A Shares shall deliver a copy of the register of shareholders in respect of the Series A Shares being converted to the
                    Company at its registered office for the time being.

                

        

      

       

      
        
          	5.4.	
                  Where conversion is mandatory on the occurrence of a Qualifying IPO, such conversion will be effective only immediately prior to and conditional upon the completion of such Qualifying IPO (and “Conversion

                      Date” shall be construed accordingly) and, if such Qualifying IPO does not become effective or does not take place for any reason or no reason, such conversion shall be deemed not to have occurred.  In the event of a conversion
                    under clause 5.1, if the Conditions have not been satisfied or waived by the relevant holder by the Conversion Date, then such conversion shall be deemed not to have occurred.

                

        

      

       

      
        
          	5.5.	
                  On the Conversion Date, the applicable Series A Shares shall, without further action than is required by this Agreement, be converted into Ordinary Shares on the basis of one Ordinary Share for each Series A Share held (the “Conversion Ratio”), and the Ordinary Shares resulting from such conversion shall in all other respects rank pari passu with the existing issued Ordinary
                    Shares; provided, however, the Conversion Ratio is subject to adjustment as set forth in clause 5.8.

                

        

      

       

      
        
          	5.6.	
                  On the Conversion Date, the Company shall enter the holder of the converted Series A Shares on the register of shareholders of the Company as the holder of the applicable number of Ordinary Shares, cancel the existing entry in
                    respect of the converted Series A Shares, and the Company shall, within fourteen (14) days of the Conversion Date, forward to such holder of Series A Shares by post to such holder’s address a copy of the register of shareholders, free
                    of charge, setting forth the definitive number of fully paid Ordinary Shares held of record by such holder.

                

        

      

       

      
        
          	5.7.	
                  On the Conversion Date (or as soon afterwards as it is possible to calculate the amount payable), the Company shall, to the extent it has cash legally available to do so, pay to holders of Shares a dividend equal to all arrears and
                    accruals of declared but unpaid dividends in relation to such Shares pro rata.  If the Company has insufficient cash to pay all such arrears and accruals of dividends in full, then it shall pay the same if, when and to the extent that
                    it is lawfully able to do so and any arrears and accruals of dividends that remain outstanding shall continue to be a debt due from and immediately payable by the Company.

                

        

      

       

      
        13

        
          

      

      
        
          	5.8.	
                  The Conversion Ratio shall from time to time be adjusted in accordance with the provisions of this clause 5.8:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  if the Series A Shares remain capable of being converted into newly-issued Ordinary Shares and there is a consolidation and/or sub-division of Ordinary Shares, the Conversion Ratio shall be adjusted by an amount, which, in the
                    opinion of the Board (with Series A Majority Consent, which shall not be unreasonably withheld, delayed or conditioned) is fair and reasonable, to maintain the right to convert so as to ensure that each Series A Shareholder is in no
                    better or worse position as a result of such consolidation or sub-division, such adjustment to become effective immediately after such consolidation or sub-division; and

                

        

      

       

      
        
          	

                	(b)	
                  if the Series A Shares remain capable of being converted into Ordinary Shares, on an allotment of fully-paid Ordinary Shares pursuant to a capitalisation of profits or reserves to holders of Ordinary Shares, the Conversion Ratio
                    shall be adjusted by an amount, which, in the opinion of the Board (with Series A Majority Consent, which shall not be unreasonably withheld, delayed or conditioned) is fair and reasonable, to maintain the right to convert so as to
                    ensure that each Series A Shareholder is in no better or worse position as a result of such capitalisation of profits or reserves, such adjustment to become effective as at the record date for such issue.

                

        

      

       

    

    
      
        
          	5.9.	
                  If a dispute arises between or among the parties (or all or any of them) with respect to an adjustment of the Conversion Ratio, or if so requested by the Company or the Series A Majority, the Board shall refer such dispute to the
                    Auditors or, at the request of the Series A Majority, an independent auditor reasonably acceptable to the Company and the Series A Majority, for determination (as such, the “Dispute Resolution Auditor”). 

                    Each of the Company and the Series A Majority shall have the opportunity to submit a written statement in support of their respective positions with respect to the disputed items, to provide supporting materials to the Dispute
                    Resolution Auditor in defense of their respective positions with respect to such disputed items, and to submit a written statement responding to the other party’s position with respect to such disputed items. In any such case, the
                    Dispute Resolution Auditor shall (acting as an expert and not as an arbitrator) (a) determine such adjustment in accordance with the terms of this Agreement and on the basis of the materials provided by the parties as contemplated by
                    the immediately preceding sentence, and (b) make available to all Shareholders their report with respect to such determination; and the costs of the Dispute Resolution Auditor in making such determination shall be allocated to and paid
                    by the Company, on the one hand, and the Series A Majority on the other hand, based upon the percentage that the portion of the contested amount not awarded to each party bears to the amount actually contested between the parties, as
                    determined by the Dispute Resolution Auditor (such allocation between the parties being the “Cost Allocation Procedure”). In the absence of manifest error, such determination shall be conclusive
                    and binding on all concerned.

                

        

      

       

      
        
          	6.	
                  REORGANISATION TRANSACTIONS

                

        

      

       

      
        
          	6.1.	
                  Upon or immediately prior to an Exit and at the written election of ICTS, the Company may take, and may cause any Group Company to take, any actions reasonable, necessary and appropriate to effect a Reorganisation Transaction so as
                    to optimise the Group’s corporate structure for the purposes of an Exit as shall be appropriate in light of tax, legal or other professional advice received by ICTS, the Company and/or the Group.

                

        

      

       

      
        
          	6.2.	
                  Each Shareholder acknowledges and agrees that:

                

        

      

       

    

    
      
        	

              	(a)	
                subject to clause 6.3, it may receive any shares or other securities of any class issued by any Group Company, by way of a dividend or distribution in kind or in exchange for, or otherwise in replacement of, Shares (the “Replacement Securities”) as part of any such Reorganisation Transaction (in which case, to the extent applicable, this Agreement shall apply to any Holding Company as if references to the Company were
                  references to such Holding Company); and

              

      

    

     

    
      14

      
        

    

    
      
        	

              	(b)	
                it shall enter into any documentation, provide any consents and exercise its voting rights (as a Shareholder or otherwise), in each case, as are reasonably required and necessary to give effect to the Reorganisation Transaction,

              

      

    

     

    in each case; provided, however, that (i) the Reorganisation Transaction would not be materially and/or disproportionately adverse to the economic, tax or legal position of: (A)
      any Investor as compared to ICTS; or (B) any individual Investor as compared to any other Investor(s); and (ii) no Investor shall be required to take any action set forth in clause 6.2 that would materially and adversely affect the economic, tax or
      legal position of such Investor notwithstanding the effect of any such action on ICTS or any other Investor.

     

    
      
        
          	6.3.	
                  The number of Replacement Securities to be received by any Shareholder as the result of any Reorganisation Transaction will, to the extent such Replacement Securities have not been sold or otherwise disposed of by such Shareholder in
                    any IPO or otherwise after such Reorganisation Transaction in accordance with this Agreement, reflect the fair market value of the investment, immediately prior to such Reorganisation Transaction, of such Shareholder in any Shares that
                    are exchanged as part of the Reorganisation Transaction.  If a dispute arises between or among the parties (or all or any of them) with respect to the determination of the number of Replacement Securities, or if so requested by the
                    Company or the Series A Majority, the Board shall refer such dispute to the Dispute Resolution Auditor for determination.  Each of the Company and the Series A Majority shall have the opportunity to submit a written statement in support
                    of their respective positions with respect to the disputed items, to provide supporting materials to the Dispute Resolution Auditor in defense of their respective positions with respect to such disputed items, and to submit a written
                    statement responding to the other party’s position with respect to such disputed items. In any such case, the Dispute Resolution Auditor shall (acting as an expert and not as an arbitrator) (a) determine the number of Replacement
                    Securities in accordance with the terms of this Agreement and on the basis of the materials provided by the parties as contemplated by the immediately preceding sentence, and (b) make available to all Shareholders their report with
                    respect to such determination; and the costs of the Dispute Resolution Auditor in making such determination shall be borne and paid by the Company and/or the Series A Majority in accordance with the Cost Allocation Procedure set out in
                    clause 5.9. In the absence of manifest error, such determination shall be conclusive and binding on all concerned.

                

        

      

        

      

    

    
      
         
          	7.	
                  ANTI-DILUTION PROTECTION

                

        

      

       

    

    
      
        
          	7.1.	
                  Other than in the case of an Approved Issuance or Transfer, if New Securities are issued by the Company at a price per New Security which equates to less than the Starting Price of the Series A Shares (a “Qualifying Issue”) (which in the event that the New Security is not issued for cash shall be a price certified by the Auditors acting as experts and not as arbitrators as being in their opinion the current cash value of
                    the new consideration for the allotment of the New Securities), then the Company shall issue to each holder of Series A Shares (the “Exercising Investor”) a
                    number of new Series A Shares determined by applying the following formula (and rounding the product, N, down to the nearest whole share), subject to adjustment as certified in accordance with clause 7.3 (the “Anti-Dilution Shares”):

                

        

      

       

    

    
      

       

      Where:

       

      
        
          	

                	N =	
                  Number of Anti-Dilution Shares to be issued to the Exercising Investor

                

        

      

       

      WA = 

       

      
        15

        
          

      

      
        
          	

                	SIP =	
                  Starting Price

                

        

      

       

      
        
          	

                	ESC =	
                  the number of Shares in issue plus the aggregate number of shares in respect of which options to subscribe have been granted, or which are subject to convertible securities (including but not limited to warrants) in each case
                    immediately prior to the Qualifying Issue

                

        

      

       

      
        
          
            	

                  	QISP =	
                    
                      the lowest per share price of the New Securities issued pursuant to the Qualifying Issue (which in the event that that New Security is not issued for cash shall be the sum certified by the Auditors acting as experts and not
                        arbitrators as being in their opinion the current cash value of the non-cash consideration for the allotment of the New Security)

                    

                  

          

        

         

      

      
         

      

      
        
          	

                	NS =	
                  the number of New Securities issued pursuant to the Qualifying Issue

                

        

      

       

      
        
          	

                	Z =	
                  the number of Series A Shares held by the Exercising Investor prior to the Qualifying Issue.

                

        

      

       

    

    
      The parties acknowledge that an Exercising Investor shall not receive any Anti-Dilution Shares pursuant to this clause 7.1 to the extent that such Anti-Dilution Shares are
        duplicative of Anti-Dilution Shares issued to such Exercising Investor in connection with a prior Qualifying Issue.

       

    

    
      
        
          	7.2.	
                  The Anti-Dilution Shares shall:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  be paid up by the automatic capitalisation of available reserves of the Company, unless and to the extent that the same shall be impossible or unlawful, in which event the Exercising Investors shall be entitled to subscribe for the
                    Anti-Dilution Shares in cash at par (being the par value approved in advance by Series A Majority Consent) and the entitlement of such Exercising Investors to Anti-Dilution Shares shall be increased by adjustment to the formula set out
                    in clause 7.1 so that the Exercising Investors shall be in no worse position than if they had not so subscribed at par.  In the event of any dispute between the Company and any Exercising Investor as to the effect of clause 7.1 or this
                    clause 7.2, the matter shall be referred to the Dispute Resolution Auditor for certification of the number of Anti-Dilution Shares to be issued.  The Dispute Resolution Auditor’s certification of the matter shall, in the absence of
                    manifest error, be final and binding on the Company and each of the Shareholders. The costs of the Dispute Resolution Auditor in making such certification shall be borne and paid by the Company and/or the Exercising Investor in
                    accordance with the Cost Allocation Procedure set out in clause 5.9; and

                

        

      

       

      
        
          	

                	(b)	
                  subject to the payment of any cash payable pursuant to clause 7.2(a) (if applicable), be issued, credited fully paid up in cash and shall rank pari passu in all respects with the existing
                    Series A Shares, within seven (7) days of the expiry of the offer being made by the Company to the Exercising Investor and pursuant to clause 7.2(a).

                

        

      

       

    

    
      
        
          	7.3.	
                  In the event of any Bonus Issue or Reorganisation, the Starting Price of each Series A Share shall also be subject to adjustment on such basis as may be agreed by the Company with the Series A Majority Consent within fourteen (14)
                    days after any Bonus Issue or Reorganisation.  If the Company and the Series A Majority do not agree on such adjustment, the determination of such adjustment shall be referred to the Dispute Resolution Auditor. Each of the Company and
                    the Series A Majority shall have the opportunity to submit a written statement in support of their respective positions with respect to the disputed items, to provide supporting materials to the Dispute Resolution Auditor in defense of
                    their respective positions with respect to such disputed items, and to submit a written statement responding to the other party’s position with respect to such disputed items.  In any such case, the Dispute Resolution Auditor shall (a)
                    determine such adjustment in accordance with the terms of this Agreement and on the basis of the materials provided by the parties as contemplated by the immediately preceding sentence, and (b) make available to all Shareholders their
                    report with respect to such determination; and the costs of the Dispute Resolution Auditor in making such determination shall be borne and paid by the Company. In the absence of manifest error, such determination shall be conclusive and
                    binding on all concerned.

                

        

      

        

      

    

    
      
         
          	8.	
                  ISSUES OF NEW SECURITIES

                

        

      

       

    

    
      
        
          	8.1.	
                  Other than pursuant to an Approved Issuance or Transfer, the Company shall not allot or issue any New Securities unless (a) such allotment or issuance is in compliance with schedule 2 and (b) such allotment or issuance is in
                    accordance with this clause 8.  No Investor shall have any obligation pursuant to this clause 8 (including, without limitation, clause 8.8), unless the applicable offering and issuance of such New Securities is made in compliance with
                    schedule 2.

                

        

      

       

      
        
          	8.2.	
                  If the Company proposes to allot any New Securities, such New Securities shall not be allotted to any person unless the Company has in the first instance offered them to all Shareholders holding not less than 3% of the outstanding
                    Shares (the “Subscribers”), on the same terms and at the same price as such New Securities are being offered to other persons on a pari passu and pro rata
                    basis to the number of Shares (as if all Shares constituted one and the same class) held by those holders (as nearly as may be without involving fractions).  Such offer:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  shall be in writing, be open for acceptance from the date of the offer to the date four (4) calendar weeks after the date of the offer (inclusive) (the “Subscription Period”) and give details
                    of the number and subscription price of the New Securities; and

                

        

      

       

      
        
          	

                	(b)	
                  may stipulate that any Subscriber who wishes to subscribe for a number of New Securities in excess of the proportion to which each is entitled shall in their acceptance state the number of excess New Securities for which they wish to
                    subscribe.

                

        

      

       

    

    
      If the Dutch civil law notary executing the notarial deed of issue of New Securities requires a waiver of the right to participate in any allotment under this clause 8 or an
        acknowledgement that no such right exists from one or more Shareholders holding less than 3% of the outstanding Shares, each such Shareholder shall sign such waiver or acknowledgment, specifying that it does not wish to subscribe for any such New
        Securities.

       

    

    
      
        
          	8.3.	
                  If after the allotments have been made pursuant to clause 8.1 all of the New Securities have not been allotted, then the Board shall offer the unallotted New Securities to the Subscribers who participated in the relevant issuance of
                    New Securities (such offer to be made pro rata to their holding of Shares) inviting them to apply in writing within the period from the date of the offer to the date seven (7) days after the date of the offer (inclusive) for the maximum
                    number of New Securities for which they wish to subscribe and that offer shall be made in accordance with clause in 8.1, mutatis mutandis.

                

        

      

       

      
        
          	8.4.	
                  The provisions of clauses 8.1 and 8.3 shall not apply to:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  New Securities issued or granted in order for the Company to comply with its obligations under this Agreement or any other agreement that is both (i) effective as of the Completion Date and (ii) listed in item 1 of the specific
                    disclosures table set out in the Disclosure Letter (as defined in the Subscription Agreement), including Anti-Dilution Shares and Ordinary Shares issued upon conversion of Series A Shares;

                

        

      

       

      
        16

        
          

      

      
        
          	

                	(b)	
                  New Securities issued as consideration for the assets and/or equity interests acquired by the Company in connection with the acquisition of any company or business by any Group Company;

                

        

      

       

      
        
          	

                	(c)	
                  New Securities which the Series A Majority have agreed in writing should be issued without complying with the procedure set out in this clause 8;

                

        

      

       

      
        
          	

                	(d)	
                  New Securities issued as a result of a Bonus Issue; and

                

        

      

       

      
        
          	

                	(e)	
                  New Securities issued pursuant to clause 5 of the Subscription Agreement.

                

        

      

       

    

    
      
        
          	8.5.	
                  The provisions of clauses 8.1 to 8.3 (inclusive) shall not apply to the issue of any New Securities in circumstances where the Board reasonably determines that the Group requires funding on an urgent basis, in which case the Company
                    shall issue the New Securities to any Shareholder (the “Funding Shareholder”) as the Board may determine in its reasonable discretion (an “Accelerated Issue”)

                    and, subject to clause 8.6, any rights of pre-emption for each of the other Shareholders in respect of the Accelerated Issue (each, an “Affected Shareholder”) shall be deemed to be waived.

                

        

      

       

    

    
      
        	8.6.	
                Subject to compliance with schedule 2 and this clause 8, following an Accelerated Issue:

              

      

    

     

    
      
        	

              	(a)	
                each Affected Shareholder is entitled, but not obliged, to subscribe for such number of New Securities comprising the Accelerated Issue (at the same price and on the same terms as the subscribing Shareholder in the Accelerated Issue)
                  as it would otherwise have been entitled to subscribe for pursuant to clause 8.1;

              

      

    

     

    
      
        	

              	(b)	
                within twenty-eight (28) days following such Accelerated Issue, the Board shall notify each Affected Shareholder in writing of its entitlement pursuant to clause 8.1;

              

      

    

     

    
      
        	

              	(c)	
                to the extent that any Funding Shareholder receives New Securities in excess of the pro rata number of New Securities to which such Funding Shareholder would have been entitled had the Accelerated Issue been made in accordance with
                  clause 8.1, the Funding Investor shall, within fourteen (14) days of the issue of such New Securities, offer each other Shareholder the opportunity to acquire such number of New Securities as would (assuming all Shareholders offered such
                  an opportunity accepted it) be equal to their pro rata entitlement to the relevant New Securities issued in connection with the Accelerated Issue;

              

      

    

     

    
      
        	

              	(d)	
                those Shareholders to whom New Securities are offered pursuant to clause 8.6(c) must either: (i) accept the offer and notify the Funding Shareholder of such portion of its pro rata share of the New Securities which are the subject of
                  the Accelerated Issue which it intends to take up, in which case the relevant parties shall use all reasonable endeavours to complete the relevant transfer(s) within thirty (30) days of completion of the Accelerated Issue; or (ii) reject
                  the offer; and, in the event that a holder of Ordinary Shares fails to timely make such an election, it will be deemed to have rejected the offer in full; and

              

      

    

     

    
      
        	

              	(e)	
                all New Securities offered for transfer pursuant to clause 8.6(c) shall be so offered at the same price per New Security as paid by the Funding Shareholder (payable by the accepting Shareholders simultaneously with the transfer of such
                  New Securities pursuant to clause 8.6(d)).

              

      

    

     

    
      
        	8.7.	
                Any New Securities offered under this clause 8 to an Investor may be accepted in full or part only by a Member of the same Fund Group as that Investor in accordance with the terms of this clause 8 (subject to such recipient entering
                  into a Deed of Adherence (as defined below)).

              

      

    

     

    
      17

      
        

    

    
      
        	8.8.	
                Each Shareholder shall, as far as it is legally able, exercise all voting rights and powers (direct or indirect) available to it to procure the passing of all necessary resolutions or approvals to facilitate and implement (a) any
                  Accelerated Issue and/or (b) any issue of New Securities pursuant to clause 8.1.

              

      

    

     

    
      
        
          	8.9.	
                  If New Securities are issued to a Permitted Transferee of a Shareholder and such Permitted Transferee ceases to be a Permitted Transferee of such Shareholder, such Permitted Transferee must, prior to ceasing to be a Permitted
                    Transferee of such Shareholder, transfer such securities to such Shareholder or a Permitted Transferee of such Shareholder.

                

        

      

        

      

    

    
      
         
          	9.	
                  BOARD

                

        

      

       

      

    

    
      
        
          	9.1.	
                  The Board will consist of up to four directors (collectively, the “Directors” and each, a “Director”), appointed pursuant to clauses 9.2 or 9.3, as
                    applicable.

                

        

      

       

      
        
          	9.2.	
                  The holders of the majority of Ordinary Shares shall have the right to appoint and maintain in office up to three (3) natural persons (one of whom may, at the election of such majority, be the chief executive officer of the Group) as
                    they may from time to time nominate to act as a Director and to remove any Director so appointed and, upon his or her removal, to appoint another director in his or her place.  As of the date of this Agreement, the Directors appointed
                    pursuant to this clause 9.2 are Menachem Atzmon and Ron Atzmon.

                

        

      

       

      
        
          	9.3.	
                  For so long as the Investors collectively own at least one third of the number of Series A Shares that are in issue as of the date of this Agreement, the holders of the majority of Series A Shares shall have the right to appoint and
                    maintain in office one natural person as they may from time to time nominate to act as a Director and to remove any Director so appointed and, upon his or her removal, to appoint another director in his or her place (each such director
                    being an “Investor Director”). The Investor Director as of the date of this Agreement is Arun Agarwal.

                

        

      

       

      
        
          	9.4.	
                  Only the Shareholder(s) entitled to appoint one (1) or more Directors pursuant to clause 9.2 or 9.3, as applicable, shall be entitled to vote their Shares so as to remove from office any Director appointed pursuant to such clause, as
                    applicable.

                

        

      

       

      
        
          	9.5.	
                  Board meetings will be held at intervals of not less than once per calendar quarter.  Members of the Board may participate in any meeting through the use of any means of conference telephones or similar communications equipment as
                    long as all Directors participating can hear one another.  A Director so participating is deemed to be present in person at the meeting and such Director’s telephonic attendance constitutes waiver of notice subject to the other terms of
                    this clause 9.

                

        

      

       

      
        
          	9.6.	
                  For so long as TPG and its Permitted Transferees collectively hold not less than 5% of the outstanding Shares, TPG shall have the right to appoint a representative to attend as an observer at each and any meeting of the Board and of
                    each and any committee of the Board (who will be entitled to speak at any such meetings but will not be entitled to vote).  As of the date of this Agreement, the observer appointed pursuant to this clause 9.6 is Raj Surapaneni.

                

        

      

       

      
        
          	9.7.	
                  For so long as ICTS and its Permitted Transferees collectively hold not less than 5% of the outstanding Shares, ICTS shall have the right to appoint a representative to attend as an observer at each and any meeting of the Board and
                    of each and any committee of the Board (who will be entitled to speak at any such meetings but will not be entitled to vote).

                

        

      

       

      
        
          	9.8.	
                  The Board may establish such committees as are customary and appropriate. Each Director shall be entitled, at his or her request, to be appointed to (a) any such committee of the Board that may be established from time to time and
                    (b) the board of directors (or similar governing authority) of each Group Company.

                

        

      

       

      
        18

        
          

      

      
        
          	9.9.	
                  The Company shall send to the Investors, the Investor Director, and each observer appointed by ICTS or one or more Investors (in electronic form if so requested): (a) reasonable advance notice of each meeting of the Board (being not
                    fewer than seven (7) days) and each committee of the Board, such notice to be accompanied by a written agenda specifying the business to be discussed at such meeting, together with all relevant papers; and (b) as soon as practicable
                    after each meeting of the Board (or committee of the Board), a copy of the minutes.

                

        

      

       

      
        
          	9.10.	
                  Save with Series A Majority Consent, (a) the Board may not transact any business at any meeting of the Board unless a quorum is present, (b) quorum for a meeting shall be deemed present only if a majority of the Directors are present
                    at such meeting and such majority includes at least one Director appointed pursuant to clause 9.2 and the Investor Director, and (c) no business shall be transacted at any meeting of the Board save for that specified in the agenda
                    referred to in clause 9.9. If a quorum is not constituted at any meeting of the Board within thirty (30) minutes from the time appointed for the meeting because the Investor Director or any other Director is not present, or if during
                    the meeting a quorum ceases to be present for a period exceeding ten (10) minutes because the Investor Director or any other Director ceases to be present, then such meeting shall be adjourned for seven (7) days, whereupon the meeting
                    will be reconvened and notice thereof shall be provided in accordance with clause 9.9(a) (as such, a “Reconvened Meeting”) and quorum shall again be determined as set forth in sub-paragraph (b) of
                    this clause 9.10. Notwithstanding anything to the contrary in this clause 9.10, if a quorum is not constituted at any Reconvened Meeting within thirty (30) minutes from the time appointed for such Reconvened Meeting because the Investor
                    Director or any other Director is not present, or if during such Reconvened Meeting a quorum ceases to be present for a period exceeding ten (10) minutes because the Investor Director or any other Director ceases to be present, then
                    such Reconvened Meeting shall be adjourned for seven (7) days, whereupon the meeting will be reconvened a second time and notice thereof shall be provided in accordance with clause 9.9(a) (the “Further
                      Reconvened Meeting”), and such meeting will be quorate notwithstanding the absence of any Investor Director if and only if, at such Further Reconvened Meeting, all Directors other than the Investor Director (i) are present at
                    such Further Reconvened Meeting and (ii) unanimously and reasonably determine at such Further Reconvened Meeting that the Investor Director was absent from each of the applicable meeting, the Reconvened Meeting and the Further
                    Reconvened Meeting for the principal purpose of preventing quorum.

                

        

      

       

      
        
          	9.11.	
                  The Company will reimburse each Director and each observer appointed by the Investors and/or ICTS with the reasonable costs and out of pocket expenses incurred by them in respect of attending meetings of the Company or carrying out
                    authorised business on behalf of any Group Company.

                

        

      

       

      
        
          	9.12.	
                  Subject always to a Director complying with his or her obligations of confidentiality to the Company (breach of which shall be the responsibility of the Shareholder appointing such Director), any Director and/or observer shall be at
                    liberty from time to time to make full disclosure to its appointing Shareholder of any information relating to the Company.

                

        

      

       

      
        
          	9.13.	
                  The parties agree that the Investor Director shall be under no obligation to disclose any information or opportunities to any Group Company except to the extent that the information or opportunity was passed to him or her expressly
                    in his or her capacity as a Director.

                

        

      

       

      
        
          	9.14.	
                  To the fullest extent permitted by law, as the same exists or as may hereafter be amended, a Director shall not be personally liable to the Company or its Shareholders for monetary damages for breach of fiduciary duty as a Director
                    except for liability (a) for any breach of the Director’s duty of loyalty to the Company or its Shareholders, (b) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, or (c) for
                    any transaction from which the Director derived any improper personal benefit. If the applicable law is amended, and after approval by the Shareholders of this clause 9.14, to authorize corporate action further eliminating or limiting
                    the personal liability of Directors, then the liability of a Director shall be eliminated or limited to the fullest extent permitted by the such applicable law, as so amended.

                

        

      

       

      
        19

        
          

      

      
        
          	9.15.	
                  To the fullest extent permitted by applicable law, the Company shall provide indemnification of (and advancement of expenses to) Directors, officers and agents of the Company (and any other persons to whom applicable law requires the
                    Company to provide indemnification). The Company shall not provide more favorable indemnification and expense advancement to the Directors appointed pursuant to clause 9.2 than it does to the Investor Director.  The Company is
                    authorized to provide such indemnification and expense advancement through agreements with such Directors, officers, agents or other persons, a vote of shareholders or disinterested Directors, or otherwise.  Such indemnification and
                    expense advancement may be in excess of the indemnification and expense advancement otherwise required or permitted by applicable law.  Any amendment, repeal or modification of the foregoing provisions of this clause 9.15 shall not (a)
                    adversely affect any right or protection of any Director, officer or other agent of the Company existing at the time of such amendment, repeal or modification or (b) increase the liability of any Director, officer or other agent of the
                    Company with respect to any acts or omissions of such Director, officer or agent occurring prior to, such amendment, repeal or modification.

                

        

      

        

      

    

    
      
         
          	10.	
                  INFORMATION RIGHTS

                

        

      

       

    

    
      
        
          	10.1.	
                  As long as an Investor holds at least 3% of the outstanding Shares, the Company shall for each financial quarter prepare management accounts (at a level similar to the level of detail provided to TPG for management accounts during
                    due diligence prior to the Completion Date) with comparisons to budgets and containing trading and profit and loss accounts, balance sheets, cash flow statements and forecasts and shall deliver them to the Investors within forty-five
                    (45) days after the end of such financial quarter to which the management accounts relate.

                

        

      

       

      
        
          	10.2.	
                  The Company shall prepare a detailed operating and capital budget and cash flow forecast in respect of each Financial Year of the Company (at a level similar to the level of detail provided to TPG for management accounts during due
                    diligence prior to the Completion Date), which such budget shall be subject to the approval of the Board and, following such approval, shall be delivered to each Investor at least thirty (30) days prior to the end of the Company’s
                    preceding Financial Year (the “Budget”).

                

        

      

       

      
        
          	10.3.	
                  The audited accounts of the Company and audited consolidated accounts of the Group Companies in respect of each accounting period together with the relevant audit and management letters and all correspondence between the Company and
                    the Auditors concerning the accounts, shall be completed and approved by the Board and delivered to the Investors within one hundred thirty-five (135) days after the end of the accounting period to which such audited accounts relate.

                

        

      

       

      
        
          	10.4.	
                  The Company shall provide each Investor and ICTS promptly with such other information concerning the Company and its business as such Investor or ICTS may reasonably require from time to time (including to comply with its reporting
                    and disclosure requirements under applicable law).

                

        

      

       

      
        
          	10.5.	
                  The Company shall promptly (and, in any event, within three (3) days) provide the Investors and ICTS with details of any bona fide offer from any person wishing to enter into any Asset Sale or Share Sale or purchase any of the
                    Company’s assets or share capital or loan capital which may from time to time be brought to its or their attention.

                

        

      

       

      
        
          	10.6.	
                  The Company shall permit each Investor and ICTS, at such person’s expense (as applicable), to visit and inspect the Company’s properties and to examine its books and account records, all on reasonable notice and at such times during
                    normal working hours as may be reasonably requested by such Investor or ICTS; provided, however, that the Company: (a) may require such Investor or ICTS to enter into customary confidentiality undertakings with respect to any
                    information that it shares with such Investor or ICTS; and (b) shall not be obligated pursuant to this clause 10.6 to provide access to any information which it reasonably considers to be privileged or a trade secret or similar
                    confidential information.

                

        

      

       

      
        20

        
          

      

      
        
          	10.7.	
                  If the Company does not comply with its obligations in clauses 10.1 to 10.6 (inclusive) or if the Series A Majority reasonably suspects that the affairs of any Group Company have been conducted in an improper way, the Investors, the
                    Investor Director and a firm of accountants nominated by the Series A Majority at the Company’s expense will (without prejudice to any other remedies or rights which any Investor may have in respect of any such non-performance or
                    breach) be entitled to attend the Company’s premises to examine the books and accounts of the Company and to discuss the Company’s affairs, finances and accounts with its Directors, officers and senior employees.  The Company separately
                    undertakes to the Investors to co-operate with any accountants appointed by the Series A Majority pursuant to this clause 10.7.

                

        

      

        

      

    

    
      
         
          	11.	
                  RESERVED MATTERS

                

        

      

       

    

    
      
        
          	11.1.	
                  To the extent applicable and legally permissible, each of the Directors and each of the Shareholders shall exercise all of their respective voting rights and powers of control in relation to the Group Companies to procure that, save
                    with Series A Majority Consent, the Company shall not effect any of the matters referred to in schedule 2.

                

        

      

       

      
        
          	11.2.	
                  As a separate obligation, severable from the obligations in clause 11.1, to the extent applicable and legally permissible, the Company agrees that, save with Series A Majority Consent, it shall not effect any of the matters referred
                    to in schedule 2.

                

        

      

       

      
        
          	11.3.	
                  Each Investor Director or such other person as each Investor shall nominate in writing to the Board shall be authorised to communicate in writing the Series A Majority Consent, if granted, to any of the matters referred to in
                    schedule 2.

                

        

      

        

      

    

    
      
         
          	12.	
                  BUSINESS UNDERTAKINGS

                

        

      

       

    

    
      The Company and ICTS severally undertake to the Investors to procure that, so far as it lies within their respective power to do so, the Company shall comply with each of the
        requirements set out in schedule 3.

        

      

    

    
      
         
          	13.	
                  EXIT

                

        

      

       

    

    
      General

       

    

    
      
        
          	13.1.	
                  It is the parties’ intention to effect a Sale or IPO no later than the five (5)-year anniversary of the Completion Date. Subject to any restrictions to which the parties are subject, the Company shall keep the Investor and ICTS
                    reasonably informed of all and any developments which might lead to any Sale or IPO.

                

        

      

       

    

    
      
        
          	13.2.	
                  Each party acknowledges and agrees that upon a Sale or IPO the Company and the Board shall have primary responsibility for effecting such Sale or IPO and that neither the Investors nor ICTS shall be obliged to give warranties or
                    indemnities (except a warranty as to title to the shares held by such Investor and capacity and authority of that Investor to enter into the relevant Sale documents).

                

        

      

       

      
        
          	13.3.	
                  Upon the occurrence of an Exit, each Shareholder shall pay its pro rata share (as a deduction from the gross pre-tax proceeds to be received, without prejudice to any other deductions lawfully required to be made) of the Company’s
                    reasonable, documented and out-of-pocket costs incurred by the Group in connection with such Exit.

                

        

      

       

    

    
      Transfer Facilitation

       

    

    
      
        
          	13.4.	
                  At any time and from time to time after the five (5)-year anniversary of the Completion Date, upon TPG’s written request to the Company (a “Transfer Facilitation Request”), the Company shall
                    use its reasonable endeavours to facilitate the sale by TPG of the Series A Shares acquired by it on the Completion Date or pursuant to clause 5.2 of the Subscription Agreement (the “TPG Preferred Stock”). 

                    For this purpose, TPG Preferred Stock includes all Ordinary Shares issued upon conversion of the TPG Preferred Stock pursuant to clause 5.  In the event that, as a result of the Transfer Facilitation Request, TPG receives a bona fide
                    offer from a third party to transfer 100% of the TPG Preferred Stock (a) at a price per Share, payable in cash at completion of such transaction, of not less than 150% of the Starting Price, taking into account all dividends previously
                    paid thereon, and (b) otherwise on customary terms (a “Qualifying Offer”), then, in any such case, TPG shall either (i) consummate such transfer or (ii) irrevocably waive the right to deliver a
                    Sale Request (as defined below); provided, however, in the event more than one Qualifying Offer is received on or prior to the three (3)-month anniversary of a Transfer Facilitation Request, TPG may, subject to clause 13.5, accept any
                    such Qualifying Offer in its sole discretion and transfer 100% of the TPG Preferred Stock to such third party, subject, for purposes of this Agreement, only to clause 13.5.

                

        

      

       

      
        21

        
          

      

    

    
      
        
          	13.5.	
                  If TPG reasonably expects to receive a Qualifying Offer, it shall provide written notice thereof to ICTS (an “ICTS ROFR Notice”).  ICTS may, at any time
                    on or prior to the seventh (7th) day following receipt of such ICTS ROFR Notice, deliver an unconditional and irrevocable offer (a) to purchase 100% of the TPG Preferred Stock, (b) setting forth the aggregate purchase price offered for
                    such TPG Preferred Stock, payable in cash at completion, and (c) setting forth the material terms upon which such offer is made (an “Irrevocable ICTS ROFR Exercise Election”).  If ICTS does not
                    timely deliver an Irrevocable ICTS ROFR Exercise Election or if the material terms of such offer differ in any material respect from the terms of the applicable Qualifying Offer, then ICTS shall be deemed, on behalf of itself and its
                    Affiliates, to have specified that it does not wish to purchase any of the TPG Preferred Stock and to irrevocably waive its rights under this clause 13.5.

                

        

      

       

    

    
      Sale Transaction

       

    

    
      
        
          	13.6.	
                  If TPG holds any TPG Preferred Stock on or after the three (3)-month anniversary of a Transfer Facilitation Request, upon TPG’s written request to consummate a Sale Transaction (as defined below) pursuant to this clause 13.6 (a “Sale Request”), then the Company shall use all reasonable endeavours to consummate, within six (6) months following delivery of such Sale Request, a Sale (a “Sale
                      Transaction”) pursuant to the best offer then available (a “Company Offer”). If (i) the Company is ready, willing and able to consummate a Sale Transaction pursuant to a Company Offer on
                    or prior to the six (6)-month anniversary of a Sale Request, (ii) an act or omission of TPG is the principal cause such Sale Transaction is not consummate, and (iii) such Company Offer would have constituted a Qualifying Offer if such
                    Company Offer had been obtained as a result of a Transfer Facilitation Request, then TPG shall irrevocably waive its right to exercise the rights set out in clause 13.7.

                

        

      

       

    

    
      Exit Event/IPO

       

    

    
      
        
          	13.7.	
                  If a Sale Transaction is not consummated within six (6) months following delivery of a Sale Request, then TPG may: (a) identify a bona fide third party purchaser to acquire the Company or its assets pursuant to a Sale; and/or (b)
                    cause the Company to consummate an IPO; and, in any such case, so long as the price per share applicable to the Ordinary Shares in such transaction is not less than the price per share applicable to Ordinary Shares in any Company Offer
                    obtained within six (6) months following delivery of a Sale Request, then each Shareholder shall be required to, as applicable, vote for, consent to, transfer their Shares pursuant to, and take such other action as may be reasonably
                    required to consummate, any such Exit approved by TPG (and the provisions of clause 16 shall apply to such Exit, mutatis mutandis).

                

        

      

        

      

      
        22

        
          

      

    

    
      
         
          	14.	
                  TRANSFERS OF SHARES

                

        

      

       

    

    
      
        
          	14.1.	
                  In this Agreement, reference to the transfer of a Share includes the direct or indirect sale, assignment, transfer, conveyance, pledge, hypothecation or other disposition, voluntarily or involuntarily, by operation of law, with or
                    without consideration or otherwise, of all or any record, beneficial or other interest in such Share or the creation of a trust or Encumbrance over such Share, and reference to a Share includes a beneficial or other interest in a Share.

                

        

      

       

      
        
          	14.2.	
                  No Share may be transferred unless the transfer is made in accordance with this clause 14 or pursuant to clauses 13, 15, 16 or 17.

                

        

      

       

      
        
          	14.3.	
                  ICTS may transfer Shares pursuant to an Approved Issuance or Transfer only in compliance with, and subject to the terms and conditions of, the Subscription Agreement.

                

        

      

       

      
        
          	14.4.	
                  A Shareholder (who is not a Permitted Transferee) (the “Original Shareholder”) may transfer all or any of his, her or its Shares to a Permitted Transferee without restriction as to price or
                    otherwise.

                

        

      

       

      
        
          	14.5.	
                  Shares previously transferred as permitted by clause 14.4 may be transferred by the applicable Permitted Transferee to any other Permitted Transferee of the Original Shareholder without restriction as to price or otherwise.

                

        

      

       

      
        
          	14.6.	
                  If a Permitted Transferee who was a Member of the same Group as the Original Shareholder ceases to be a Member of the same Group as the Original Shareholder, the Permitted Transferee must not later than seven (7) days after the date
                    on which the Permitted Transferee so ceases, transfer the Shares held by it to the Original Shareholder or a Member of the same Group as the Original Shareholder (which in either case is not in liquidation) without restriction as to
                    price or otherwise.

                

        

      

       

      
        
          	14.7.	
                  If a Permitted Transferee who was a Member of the same Fund Group as the Original Shareholder ceases to be a Member of the same Fund Group, the Permitted Transferee must not later than seven (7) days after the date on which the
                    Permitted Transferee so ceases, transfer the Shares held by it to the Original Shareholder or a Member of the same Fund Group as the Original Shareholder (which in either case is not in liquidation) without restriction as to price or
                    otherwise

                

        

      

       

      
        
          	14.8.	
                  On the death, bankruptcy, liquidation, administration or administrative receivership of a Permitted Transferee (other than a joint holder) his or her personal representatives or trustee in bankruptcy, or its liquidator, administrator
                    or administrative receiver must within seven (7) days after the date of the grant of probate, the making of the bankruptcy order or the appointment of the liquidator, administrator or the administrative receiver execute and deliver to
                    the Company a transfer of the Shares held by the Permitted Transferee without restriction as to price or otherwise. The transfer shall be to the Original Shareholder if still living and/or existing (and not bankrupt or in liquidation)
                    or, if so directed by the Original Shareholder, to any Permitted Transferee of the Original Shareholder.

                

        

      

       

      
        
          	14.9.	
                  A transfer of any Shares approved by the Board and the Series A Majority may be made without restriction as to price or otherwise and with any such conditions as may be imposed and each such transfer shall be registered by the
                    Company and the Directors.

                

        

      

       

      
        
          	14.10.	
                  Any Shares may at any time be transferred where there is a sale of the entire issued share capital of the Company to a Holding Company (including for purposes of a Reorganisation Transaction), which has been approved by a majority of
                    the Board, including Series A Majority Consent.

                

        

      

       

      
        
          	14.11.	
                  No Shares shall be transferred unless the transferee has (unless it is already a party to this Agreement) first executed a deed of adherence in the form set out in schedule 4 (the “Deed of Adherence”).

                    The Deed of Adherence shall be in favour of the Company, the Investors and any other parties to this Agreement and shall be delivered to the Company at its registered office and to the Shareholders.  For the avoidance of doubt, this
                    clause 14.11 also applies to Permitted Transferees.

                

        

      

       

      
        23

        
          

      

    

    
       

      
         
          	15.	
                  PRE-EMPTION ON TRANSFERS

                

        

      

      

      

    

    
      
        
          	15.1.	
                  Save in the case of an Approved Issuance or Transfer or where the provisions of clauses 13.4 to 13.7 (inclusive), 14.3 to 14.10 (inclusive), 16 or 17 apply, any transfer of Shares by a Shareholder shall be subject to the pre-emption
                    rights contained in this clause 15.

                

        

      

       

      
        
          	15.2.	
                  A Shareholder who wishes to transfer Shares (other than pursuant to a Deemed Liquidation Event) (a “Seller”) shall, except as otherwise provided in this Agreement, no less than fourteen (14)
                    days before transferring or agreeing to transfer any Shares give notice in writing (a “Transfer Notice”) to the Company, specifying:

                

        

      

      

      

    

    
      
        
          	

                	(a)	
                  the number of Shares which he wishes to transfer (the “Sale Shares”);

                

        

      

       

      
        
          	

                	(b)	
                  if such Shareholder wishes to sell the Sale Shares to a third party, the name of the proposed transferee;

                

        

      

       

      
        
          	

                	(c)	
                  the price at which such Shareholder wishes to transfer the Sale Shares, broken down on a per Share basis (the “Transfer Price”); and

                

        

      

       

      
        
          	

                	(d)	
                  whether the Transfer Notice is conditional on all or a specific number of the Sale Shares being sold to Shareholders (a “Minimum Transfer Condition”).

                

        

      

       

    

    
      
        
          	15.3.	
                  A Transfer Notice constitutes the Company the agent of the Seller for the sale of the Sale Shares at the Transfer Price.

                

        

      

       

      
        
          	15.4.	
                  As soon as practicable following receipt of a Transfer Notice, the Board shall offer the Sale Shares for sale to each of the Shareholders (other than the Seller) holding not less than 3% of the outstanding Shares (the “Continuing Shareholders”), in the manner set out below in this clause 15.  Each offer must be in writing and give details of the number of the Sale Shares offered (and such offer must be made at the
                    relevant Transfer Price).

                

        

      

       

      
        
          	15.5.	
                  The Board shall offer the Sale Shares to all Continuing Shareholders inviting them to apply in writing within the period from the date of the offer to the date fourteen (14) days after the offer (inclusive) (the “Offer Period”) for the maximum number of Sale Shares they wish to buy at the Transfer Price.

                

        

      

       

      
        
          	15.6.	
                  If the Sale Shares are subject to a Minimum Transfer Condition then any allocation made under this clause 15 will be conditional on the fulfilment of the Minimum Transfer Condition.

                

        

      

       

      
        
          	15.7.	
                  If, at the end of the Offer Period, the number of Sale Shares applied for is equal to or exceeds the number of Sale Shares, the Board shall allocate the Sale Shares to each Continuing Shareholder who has applied for Sale Shares in
                    the proportion (fractional entitlements being rounded to the nearest whole number) which his or her existing holding of Shares bears to the total number of Shares held by those Continuing Shareholders who have applied for Sale Shares
                    which procedure shall be repeated until all Sale Shares have been allocated but no allocation shall be made to a Shareholder of more than the maximum number of Sale Shares which he has stated he is willing to buy.

                

        

      

       

      
        
          	15.8.	
                  If, at the end of the Offer Period, the number of Sale Shares applied for is less than the number of Sale Shares, the Board shall allocate the Sale Shares to the Continuing Shareholders in accordance with their applications and the
                    balance will be dealt with in accordance with clause 15.13.

                

        

      

       

      
        24

        
          

      

      
        
          	15.9.	
                  If the Transfer Notice includes a Minimum Transfer Condition and the total number of Shares applied for does not meet the Minimum Transfer Condition the Board shall notify the Seller and all those to whom Sale Shares have been
                    conditionally allocated under this clause 15 stating the condition has not been met and that the relevant Transfer Notice has lapsed with immediate effect.

                

        

      

       

      
        
          	15.10.	
                  If: (a) the Transfer Notice does not include a Minimum Transfer Condition; or (b) the Transfer Notice does include a Minimum Transfer Condition and allocations have been made in respect of all or the minimum required number of the
                    Sale Shares; then the Board shall, when no further offers are required to be made under clauses 15.5 to 15.8 (inclusive) give written notice of allocation (an “Allocation Notice”) to the Seller
                    and each Shareholder to whom Sale Shares have been allocated (an “Applicant”) specifying the number of Sale Shares allocated to each Applicant and the place and time (being not less than seven (7)
                    days nor more than fourteen (14) days after the date of the Allocation Notice) for completion of the transfer of the Sale Shares.

                

        

      

       

      
        
          	15.11.	
                  Upon service of an Allocation Notice, the Seller must, against payment of the Transfer Price, transfer the Sale Shares in accordance with the requirements specified in it.

                

        

      

       

      
        
          	15.12.	
                  If the Seller fails to comply with the provisions of clause 15.11:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  any Director, or some other person nominated by a resolution of the Board, may on behalf of the Seller:

                

        

      

       

    

    
      
        
          	

                	(i)	
                  complete, execute and deliver in his name all documents necessary to give effect to the transfer of the relevant Sale Shares to the Applicants;

                

        

      

       

      
        
          	

                	(ii)	
                  receive the Transfer Price and give a good discharge for it; and

                

        

      

       

      
        
          	

                	(iii)	
                  (subject to the Shares being duly transferred) enter the Applicants in the register of Shareholders as the holders of the Shares purchased by them; and

                

        

      

       

    

    
      
        
          	

                	(b)	
                  the Company shall pay the Transfer Price into a separate bank account in the Company’s name on trust (but without interest) or otherwise hold the Transfer Price on trust for the Seller until all transfer formalities have been met.

                

        

      

       

    

    
      
        
          	15.13.	
                  If an Allocation Notice does not relate to all the Sale Shares then, subject to clauses 15.14 and 17, the Seller may, within three (3) months after service of the Allocation Notice, transfer the unallocated Sale Shares to any person
                    at a price at least equal to the Transfer Price.

                

        

      

       

      
        
          	15.14.	
                  The applicable Seller or Selling Shareholder (as the case may be) shall promptly provide such information as is available to such Seller or Selling Shareholder (as the case may be) and as is reasonably requested by the Board for the
                    purpose of enabling the Board to form an opinion as to whether the applicable person to whom such Sale Shares are being transferred pursuant to clause 15.13 is a competitor, or is an Affiliate of a competitor, of the Group.

                

        

      

       

      
        
          	15.15.	
                  Any Sale Shares offered under this clause 15 to an Investor may be accepted in full or part only by a Member of the same Fund Group as that Investor or a Member of the same Group as that Investor in accordance with the terms of this
                    clause 15.

                

        

      

        

      

      
        25

        
          

      

    

    
      
         
          	16.	
                  DRAG-ALONG

                

        

      

       

    

    
      
        
          	16.1.	
                  If there is proposed:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  a Deemed Liquidation Event that would result in a price per Series A Share of not less than an amount equal to 150% of its Starting Price (taking into consideration for such purpose all dividends previously paid thereon) and which
                    either: (i) is approved by the Board, the Series A Majority, and holders of a majority of the Ordinary Shares; or (ii) without implied limitation of schedule 2, results in proceeds distributable in respect of each Series A Share equal
                    to not less than the Return Threshold; or

                

        

      

       

      
        
          	

                	(b)	
                  a Deemed Liquidation Event that would result in a price per Series A Share equal to or greater than an amount equal to 150% of its Starting Price (taking into consideration for such purpose all dividends previously paid thereon) that
                    is approved by the Board and holders of a majority of the Shares;

                

        

      

       

    

    
      then, in any such case, each Shareholder shall: (i) following receipt of written notice from the Company (which the Company agrees to give) consent to, vote for, raise no
        objections to, waive any applicable rights in connection with such proposed Deemed Liquidation Event or Exit; and (ii) if the Deemed Liquidation Event is a Share Sale, comply with the remaining provisions of this clause 16, subject to first having
        received written notice from the Company containing the information set out in clause 16.2 (the “Sale Notice”).  For the avoidance of doubt, this clause 16 shall not apply to any holder of Series A Shares if
        (A) the Company is prohibited from consummating such Deemed Liquidation Event without the Series A Majority Consent and (B) such Series A Majority Consent has not been obtained.

       

    

    
      
        
          	16.2.	
                  The Sale Notice shall specify:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  that each Shareholder is required to transfer a proportionate portion of his, her or its Shares under this clause 16, which such proportionate portion shall be determined for each Shareholder by multiplying (i) the percentage of the
                    outstanding Shares held by such Shareholder immediately prior to such Deemed Liquidation Event by (ii) the aggregate number of outstanding Shares to be transferred to the Relevant Purchaser (as defined below) in such Deemed Liquidation
                    Event;

                

        

      

       

      
        
          	

                	(b)	
                  the person to whom the Shares are to be transferred (the “Relevant Purchaser”);

                

        

      

       

      
        
          	

                	(c)	
                  the consideration (whether in cash or otherwise) for which the Shares are to be transferred (such consideration to be allocated between the shares in accordance with the provisions of clause 4.1) (the “Consideration”);

                

        

      

       

      
        
          	

                	(d)	
                  the proposed date of transfer; and

                

        

      

       

      
        
          	

                	(e)	
                  the form of any sale agreement or form of acceptance or any other document of similar effect, such as a notarial deed of transfer and/or powers of attorney in relation to such deed, that the Shareholders are required to sign in
                    connection with such sale (the “Sale Agreement”);

                

        

      

       

    

    
      and, in the case of paragraphs (b) to (d) of this clause 16.2, whether actually specified or to be determined in accordance with a mechanism described in the Sale Notice.  No
        Sale Notice or Sale Document (as defined below) may require a Shareholder to agree to any terms except those specifically provided for in this clause 16.

       

    

    
      
        
          	16.3.	
                  The Sale Notice shall be irrevocable but will lapse if for any reason there is not a sale of the Shares pursuant to this clause 16 within one hundred twenty (120) days after the date of service of the Sale Notice. Subject to the
                    terms of clause 16.1 being satisfied, the Company shall be entitled to serve further Sale Notices following the lapse of any particular Sale Notice.

                

        

      

       

      
        26

        
          

      

      
        
          	16.4.	
                  In respect of a transaction that is the subject of a Sale Notice and with respect to any Sale Document, a Shareholder shall only be obliged to undertake to transfer such Shareholder’s Shares with full title guarantee in receipt of
                    the Consideration when due and shall not be obliged to (a) give warranties or indemnities except a warranty as to capacity to enter into the Sale Documents and the full title guarantee of the Shares held by such Shareholder or (b) agree
                    to any covenant not to compete, covenant not to solicit customers, employees or suppliers of any party to the Sale Agreement or other restrictive covenant, in each case unless such Shareholder is an individual and is employed by, or
                    provides services to, the Company or any of its Subsidiaries.

                

        

      

       

      
        
          	16.5.	
                  Within seven (7) days of the Company sending the Sale Notice to the Shareholders (or such later date as may be specified in the Sale Notice) (the “Sale Completion Date”), each Shareholder shall
                    deliver: (a) duly executed powers of attorney for the execution of the notarial deed of transfer in favour of the Relevant Purchaser; and (b) duly executed Sale Agreement, if applicable, in the form specified in the Sale Notice or as
                    otherwise specified by the Company (collectively, the “Sale Documents”).

                

        

      

       

      
        
          	16.6.	
                  On the Sale Completion Date, the Company shall pay or transfer to each Shareholder, on behalf of the relevant transferee, the Consideration that is due to the extent the relevant Purchaser has paid, allotted or transferred such
                    consideration to the Company.  The Company’s receipt of the Consideration shall be a good discharge to the Relevant Purchaser. Following the Company’s receipt of the Consideration, but pending its payment or transfer to the Shareholder,
                    the Company shall hold the Consideration in trust for each of the Shareholders without any obligation to pay interest.

                

        

      

       

      
        
          	16.7.	
                  To the extent that the Relevant Purchaser has not, on the Sale Completion Date, paid, allotted or transferred the Consideration that is due to the Company, the Shareholders shall be entitled to the immediate return of the Sale
                    Documents for the relevant Shares.

                

        

      

       

      
        
          	16.8.	
                  A Sale Notice shall be deemed to have been served on any person becoming a Shareholder following the issue of a Sale Notice (a “New Shareholder”) on the same terms as the previous Sale Notice
                    who shall then be bound to sell and transfer all Shares so acquired to the Relevant Purchaser and the provisions of this clause 16 shall apply with the necessary changes to the New Shareholder except that completion of the sale of the
                    Shares shall take place immediately on the Sale Notice being deemed served on the New Shareholder.

                

        

      

       

      

    

    
      
         
          	17.	
                  TAG-ALONG

                

        

      

       

    

    
      
        
          	17.1.	
                  No transfer (other than an Approved Issuance or Transfer, a transfer to the applicable Shareholder’s Permitted Transferee, or a transfer made pursuant to clause 16) of any Shares by a Shareholder (other than any Investor) may be made
                    or validly registered unless the relevant Shareholder and any Permitted Transferee of that Shareholder (each a “Selling Shareholder”) shall have observed the following procedures of this clause
                    17, unless the Series A Majority has determined in writing that this clause 17 shall not apply to such transfer.

                

        

      

       

      
        
          	17.2.	
                  After the Selling Shareholder has gone through the pre-emption process set out in clause 15, the Selling Shareholder shall give to each holder of Series A Shares who both (i) holds at least 3% of the outstanding Shares and (ii) has
                    not taken up their pre-emptive rights under clause 15 (the “Tagging Shareholders”), not less than twenty-one (21) days’ notice in advance of the proposed sale (a “Co-Sale

                      Notice”).  The Co-Sale Notice shall specify:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  the identity of the proposed purchaser (the “Buyer”);

                

        

      

       

      
        
          	

                	(b)	
                  the price per share which the Buyer is proposing to pay;

                

        

      

       

      
        
          	

                	(c)	
                  the manner in which the consideration is to be paid;

                

        

      

       

      
        27

        
          

      

      
        
          	

                	(d)	
                  the number of Shares which the Selling Shareholder proposes to sell; and

                

        

      

       

      
        
          	

                	(e)	
                  the address where the counter-notice should be sent.

                

        

      

      

      

    

    
      For the purposes of this clause 17.2, the price payable for each Share shall be calculated in accordance with clause 4 as if the consideration payable by the Buyer to the Selling
        Shareholder were used to determine the valuation of the entire issued share capital of the Company.

      

      

    

    
      
        
          	17.3.	
                  Each Tagging Shareholder shall be entitled within seven (7) days after receipt of the Co-Sale Notice, to notify the Selling Shareholder that it wishes to sell a certain number of Shares held by it at the proposed sale price, by
                    sending a counter-notice which shall specify the number of Shares which such Tagging Shareholder wishes to sell.  The maximum number of Shares which a Tagging Shareholder can sell under this procedure shall be a proportionate amount of
                    such Tagging Shareholders’ aggregate holding of Shares, such proportion to be calculated by dividing (a) the number of Shares being sold by the Selling Shareholder by (b) the aggregate number of Shares held by the Selling Shareholder.

                

        

      

       

      
        
          	17.4.	
                  Any Tagging Shareholder who does not send a counter-notice within such seven (7)-day period shall be deemed to have specified that they wish to sell no shares.

                

        

      

       

      
        
          	17.5.	
                  Following the expiry of seven (7) days from the date the Tagging Shareholder receive the Co-Sale Notice, the Selling Shareholder shall be entitled to sell to the Buyer on the terms notified to the Tagging Shareholder a number of
                    shares not exceeding the number specified in the Co-Sale Notice less any shares which the Tagging Shareholders have indicated they wish to sell; provided, however, that at the same time the Buyer (or another person) purchases from the
                    Tagging Shareholders the number of shares they have respectively indicated they wish to sell on terms no less favourable than those obtained by the Selling Shareholder from the Buyer.

                

        

      

       

      
        
          	17.6.	
                  No sale by the Selling Shareholder shall be made pursuant to any Co-Sale Notice more than three (3) months after service of that Co-Sale Notice.

                

        

      

       

      
        
          	17.7.	
                  Sales made in accordance with this clause 17 shall not be subject to clause 15.

                

        

      

        

      

    

    
      
         
          	18.	
                  TAX MATTERS

                

        

      

       

    

    
      
        	18.1.	
                The Company shall make due inquiry with its tax advisors (which shall be a “big four” accounting firm or other tax advisors reasonably acceptable to the Series A Majority) on at least an annual basis regarding each Group Company’s
                  status as a “controlled foreign corporation” (“CFC”) within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended (the “Code”), and if
                  the Company is informed by its tax advisors that any Group Company has become a CFC, or that it is reasonably expected that any Group Company will become a CFC, the Company will provide written notice to the Investors. In addition, upon
                  an Investor’s written request, and to the extent permitted under applicable law, the Company will provide to such Investor such information reasonably requested by the Investor as is in any Group Company’s possession (or that the Group
                  Company can reasonably obtain) in order to assist such Investor in determining whether such Group Company is a CFC. If the Company or the Investor determines that any Group Company is a CFC and that the Investor (or any of its direct or
                  indirect owners) is a “United States shareholder” with respect to such Group Company within the meaning of Section 951(b) of the Code, the Company shall (and shall procure that each Group Company shall), at the Investor’s expense with
                  respect to reasonable third-party out of pocket costs (which costs shall, unless such services are provided by a “big four” accounting firm or other accounting firm approved by Series A Majority as set out above, be subject to prior
                  approval by the Series A Majority (such approval not to be unreasonably withheld, conditioned or delayed)), provide such Investor with any information reasonably requested by the Investor to comply with U.S. tax law, including information
                  necessary to calculate earnings and profits under U.S. federal income tax principles and including any information necessary to determine any income inclusion under Sections 951(a) and 951A of the Code. The Company shall make this
                  information available for any relevant year as soon as reasonably practicable following the end of each taxable year of such Investor (and shall request of its tax advisers to provide such information no later than forty five (45) days
                  following the end of each such taxable year). Each Shareholder shall cooperate with the Company in good faith (including by providing such information in its possession the delivery of which would not violate any applicable law or actual
                  or implied requirement of confidentiality) as reasonably requested by the Company and as is reasonably necessary in order to allow the Company to determine whether any Group Company is a CFC.

              

      

    

     

    
      28

      
        

    

    
      
        	18.2.	
                The Company shall make due inquiry with its tax advisors (which shall be a “big four” accounting firm or other tax advisors reasonably acceptable to the Series A Majority) on at least an annual basis regarding each Group Company’s
                  status as a “passive foreign investment company” within the meaning of Section 1297 of the Code (“PFIC”), and if the Company is informed by its tax advisors that any Group Company has become a PFIC,
                  or that it is reasonably expected that any Group Company will become a PFIC, the Company shall promptly notify the Investors of such status or risk, as the case may be, in each case requesting of its tax advisers to provide such
                  information no later than forty five (45) days following the end of the Company’s taxable year. In connection with a “qualified electing fund” election (a “QEF Election”) made by any Investor (or
                  any of its direct or indirect owners) pursuant to Section 1295 of the Code or a “Protective Statement” filed by an Investor (or any of its direct or indirect owners) pursuant to Section 1.1295-3 of the regulations promulgated by the
                  United States Department of the Treasury under the Code (“Treasury Regulations”), as amended (or any successor thereto), the Company shall, at the Investor’s expense with respect to reasonable
                  third-party out of pocket costs (which costs shall, unless such services are provided by a “big four” accounting firm or other accounting firm approved by Series A Majority as set out above, be subject to prior approval by the Series A
                  Majority (such approval not to be unreasonably withheld, conditioned or delayed)), provide such Investor with annual financial information in the form to the reasonable satisfaction of such Investor as soon as reasonably practicable
                  following the end of each taxable year of such Investor (and shall request of its tax advisers to provide such information no later than forty five (45) days following the end of each such taxable year), and shall, upon the reasonable
                  request in writing by such Investor, provide such Investor with access to such other information as is in any Group Company’s possession and reasonably available, in each case as may be required for purposes of filing U.S. federal income
                  tax returns in connection with such QEF Election or “Protective Statement”.

              

      

    

     

    
      
        	18.3.	
                The Company is currently treated as a corporation for U.S. federal income tax purposes and shall not file any election, or take any action, to be treated as other than a corporation for U.S. federal income tax purposes without Series A
                  Majority Consent.

              

      

    

     

    
      
        	18.4.	
                The Company intends that (a) Series A Shares shall be treated as stock that is not “preferred stock” within the meaning of Section 305 of the Code and the Treasury Regulations issued thereunder, and (b) no Investor shall be required to
                  include in income as a dividend for U.S. federal income tax purposes any income or gain in respect of such stock on account of the accrual of dividends thereon (including any deemed dividends or as a result of any discount) unless and
                  until such dividends are declared and paid in cash. The Company agrees to take no positions or actions inconsistent with such treatment, including on any IRS Form 1099.

              

      

    

      

    

    
      
         
          	19.	
                  CONFIDENTIALITY

                

        

      

       

    

    
      
        
          	19.1.	
                  Subject to clauses 19.2 and 19.4, each of the parties agrees to keep secret and confidential and not to use, disclose or divulge to any third party or to enable or cause any person to become aware of (except for the purposes of the
                    Company’s business) any Confidential Information.

                

        

      

       

    

    
      
        	19.2.	
                Each Investor shall be at liberty from time to time to make such disclosure:

              

      

    

     

    
      
        	

              	(a)	
                to its investment manager, management company, partners, trustees, shareholders, unitholders and other participants in the Investor (to the extent applicable);

              

      

    

    
      

      

      
        29

        
          

      

    

    
      
        	

              	(b)	
                as shall be required by applicable law or by any regulatory authority to which such Investor is subject or by the rules of any stock exchange or market upon which the securities of such Investor are listed or traded;

              

      

    

     

    
      
        	

              	(c)	
                to the Auditors and/or any other professional advisers of the Company;

              

      

    

     

    
      
        	

              	(d)	
                to the Investor’s professional advisers and to the professional advisers of any person to whom the Investor is entitled to disclose information pursuant to this clause 19.2; and

              

      

    

     

    
      
        	

              	(e)	
                to any person who is considering making an investment in the Company or purchasing Shares for the purposes of evaluating any such investment or purchase; provided, however, that such prospective purchaser is not a competitor of any
                  Group Company;

              

      

    

     

    
      in each case in relation to the business affairs and financial position of the Company as it may in its reasonable discretion think fit; provided, however, that the recipient is
        subject to an obligation to keep the disclosure confidential on the same basis as is required by the Investor.

       

    

    
      
        	19.3.	
                The Company and ICTS shall be at liberty from time to time to make such disclosure:

              

      

    

     

    
      
        	

              	(a)	
                to any Group Company;

              

      

    

    
      

      

    

    
      
        	

              	(b)	
                to any Shareholder;

              

      

    

     

    
      
        	

              	(c)	
                as shall be required by applicable law or by any regulatory authority to which the Company or ICTS is subject or by the rules of any stock exchange or market upon which the securities of ICTS are listed or traded, it being expressly
                  acknowledged that ICTS is quoted on the OTC Market in the United States and is subject to periodic reporting requirements and regulatory oversight; provided, however, the disclosing party shall give each Investor, if such disclosure
                  specifically relates to such Investor, the right to review such disclosure prior to making such disclosure, to the extent commercially practicable and to the extent permitted by law;

              

      

    

     

    
      
        	

              	(d)	
                to the Auditors and/or any other professional advisers of the Company;

              

      

    

     

    
      
        	

              	(e)	
                to the professional advisers and to the professional advisers of any person to whom the Company or ICTS is entitled to disclose information pursuant to this clause 19.3; and

              

      

    

     

    
      
        	

              	(f)	
                to any person who is considering making an investment in the Company or purchasing Shares for the purposes of evaluating any such investment or purchase;

              

      

    

     

    
      in each case in relation to the business affairs and financial position of the Company as it may in its reasonable discretion determine to be appropriate; provided, however, that
        the recipient is subject to an obligation to keep the disclosure confidential on the same basis as is required by the Company or ICTS.

       

    

    
      
        
          	19.4.	
                  For the purposes of this clause 19, “Confidential Information” means any information or know-how of a secret or confidential nature relating to the Company or of any Investor, including:

                

        

      

       

    

    
      
        
          	

                	(a)	
                  any information regarding this Agreement and the investment by the Investors in the Company pursuant to this Agreement;

                

        

      

       

      
        30

        
          

      

      
        
          	

                	(b)	
                  any financial information or trading information relating to the Company or of any Investor which a party may receive or obtain as a result of entering into this Agreement;

                

        

      

       

      
        
          	

                	(c)	
                  in the case of the Company, information concerning:

                

        

      

       

    

    
      
        
          	

                	(i)	
                  its finances and financial data, business transactions, dealings and affairs and prospective business transactions;

                

        

      

       

      
        
          	

                	(ii)	
                  any operational model, its business plans and sales and marketing information, plans and strategies;

                

        

      

       

      
        
          	

                	(iii)	
                  its customers, including, without limitation, customer lists, customer identities and contact details and customer requirements;

                

        

      

       

      
        
          	

                	(iv)	
                  any existing and planned product lines, services, price lists and pricing structures (including, without limitation, discounts, special prices or special contract terms offered to or agreed with customers);

                

        

      

       

      
        
          	

                	(v)	
                  its technology or methodology associated with concepts, products and services including research activities and the techniques and processes used for development of concepts, products and services;

                

        

      

       

      
        
          	

                	(vi)	
                  its computer systems and Software, including Software and technical information necessary for the development, maintenance or operation of websites;

                

        

      

       

      
        
          	

                	(vii)	
                  its current and prospective Intellectual Property;

                

        

      

       

      
        
          	

                	(viii)	
                  its Directors, officers, employees and shareholders (including salaries, bonuses, commissions and the terms on which such individuals are employed or engaged and decisions or contents of board meetings);

                

        

      

       

      
        
          	

                	(ix)	
                  its suppliers, licensors, licensees, agents, distributors or contractors including the identity of such parties and the terms on which they do business, or participate in any form of commercial co-operation with the Company;

                

        

      

       

      
        
          	

                	(x)	
                  information concerning or provided to third parties, in respect of which the Company owes a duty of confidence (in particular but without limitation, the content of discussions or communications with any prospective customers or
                    prospective business partner); and

                

        

      

       

      
        
          	

                	(xi)	
                  any other information which it may reasonably be expected would be regarded by a company as confidential or commercially sensitive;

                

        

      

       

    

    
      but shall not include any information which:

       

    

    
      
        
          	

                	(A)	
                  is, or which becomes (other than through a breach of this Agreement), available in the public domain or otherwise available to the public generally without requiring a significant expenditure of labour, skill or money;

                

        

      

       

      
        
          	

                	(B)	
                  is, at the time of disclosure, already known to the receiving party without restriction on disclosure;

                

        

      

       

      
        
          	

                	(C)	
                  is, or subsequently comes, into the possession of the receiving party without violation of any obligation of confidentiality;

                

        

      

       

      
        31

        
          

      

      
        
          	

                	(D)	
                  is independently developed by the receiving party without breach of this Agreement;

                

        

      

       

      
        
          	

                	(E)	
                  is explicitly approved for release by the written consent of an authorised representative of the disclosing party or the Investor to which the information relates, as applicable;

                

        

      

       

      
        
          	

                	(F)	
                  a party is required to disclose by law, by any securities exchange or market on which such party’s securities are listed or traded, by any regulatory or governmental or other authority with relevant powers to which such party is
                    subject or submits, whether or not the requirement has the force of law, or by any court order; or

                

        

      

       

    

    
      
        
          	

                	(G)	
                  is required by ICTS to be disclosed by virtue of the fact that ICTS is quoted on the OTC Market in the United States and is subject to periodic reporting requirements and regulatory oversight; provided, however, the disclosing party
                    shall give each Investor, if such disclosure specifically relates to such Investor, the right to review such disclosure prior to making such disclosure, to the extent commercially practicable and to the extent permitted by law.

                

        

      

        

      

    

    
      
         
          	20.	
                  ANNOUNCEMENTS

                

        

      

       

    

    
      
        
          	20.1.	
                  Except in accordance with clauses 19.2 or 20.2, the parties shall not make any public announcement or issue a press release or respond to any enquiry from the press or other media concerning or relating to this Agreement or its
                    subject matter (including with respect to the Investors’ investment in the Company) or any ancillary matter.

                

        

      

       

      
        
          	20.2.	
                  Notwithstanding clause 20.1:

                

        

      

       

    

    
      
        	

              	(a)	
                the Series A Majority and the Company shall mutually agree upon the form and substance of any press release confirming (among items that may be agreed upon) the fact that the Investor holds a Series A Majority as of the Completion Date
                  has made an investment in the Company and/or that it is a Shareholder;

              

      

    

     

    
      
        	

              	(b)	
                any party may make or permit to be made an announcement concerning or relating to this Agreement or its subject matter or any ancillary matter with the prior written approval of the Series A Majority and the Company;

              

      

    

     

    
      
        	

              	(c)	
                any party may make or permit to be made an announcement concerning or relating to this Agreement or its subject matter or any ancillary matter if and to the extent required by any:

              

      

    

     

    
      
        	

              	(i)	
                applicable law;

              

      

    

     

    
      
        	

              	(ii)	
                the rules, regulations or any order of any securities exchange on which such party’s securities are listed or traded;

              

      

    

     

    
      
        	

              	(iii)	
                any court order;

              

      

    

     

    
      
        	

              	(iv)	
                any Tax Authority in connection with the Tax affairs of either party (or as otherwise required to be disclosed by any Tax law); or

              

      

    

     

    
      
        
          	

                	(v)	
                  any regulatory or governmental or other authority with relevant powers to which such party is subject or submits, whether or not the requirement has the force of law.

                

        

      

       

      
        32

        
          

      

    

    
       

      
         
          	21.	
                  POWERS OF ATTORNEY

                

        

      

       

    

    
      
        	21.1.	
                In order to secure their obligations under clauses 13 and 16 of this Agreement, each Investor (other than TPG, which, for purposes of any provision of this clause 21, shall be excluded from any reference to an Investor) hereby
                  irrevocably, unconditionally and severally appoints each of the Directors (as appointed to the Board from time to time) (each, an “Attorney”) to act at any
                  time as his attorney with authority in the relevant Investor’s name and on his behalf to execute, deliver and sign any and all agreements, instruments, deeds or other papers and documents and to do all things in the relevant Investor’s
                  name as the Attorney may in its absolute discretion consider necessary or desirable to facilitate anything under clauses 13 and 16 and the Attorney shall be entitled to delegate (by resolution of the Board) the exercise of such authority
                  to any Director or the secretary of the Attorney from time to time, provided that such delegate shall not be authorised to delegate such authority further.

              

      

    

     

    
      
        	21.2.	
                Each Investor hereby declares that each power of attorney granted by him under this Agreement is conclusive and binding on him and that each act and every act and thing done by the applicable Attorney pursuant hereto shall be good and
                  effectual as if the same had been done by that Investor and such Investor hereby undertakes at all times hereafter to ratify and confirm whatsoever the applicable Attorney shall lawfully do or cause to be done by virtue of and in exercise
                  of the powers conferred by this power of attorney.

              

      

    

     

    
      
        	21.3.	
                Each Investor irrevocably and unconditionally undertakes at all times to indemnify and keep indemnified the applicable Attorney against all or any actions, proceedings, claims, costs, expenses and liabilities whatsoever arising from
                  the exercise or purported exercise of the powers conferred or purported to be conferred by this power of attorney.

              

      

    

     

    
      
        	21.4.	
                Each Investor declares that this power of attorney granted by him under this Agreement, having been given by such Investor to the applicable Attorney to secure the Investor’s obligations including under clauses 13 and 16, shall be
                  irrevocable in accordance with section 4 of the Powers of Attorney Act 1971.

              

      

    

     

    
      
        	21.5.	
                Each Investor agrees that the applicable Attorney is entitled at all times to take such action as the applicable Attorney considers necessary or appropriate in relation to such Investor’s obligations including under clauses 13 and 16.

              

      

    

     

    
      
        	21.6.	
                For the avoidance of doubt, no provision set forth in this clause 21 shall apply to or be deemed to apply to, or grant any or be deemed to grant any power of attorney by, ICTS or TPG.

              

      

    

      

    

    
      
         
          	22.	
                  COSTS AND EXPENSES

                

        

      

       

    

    
      
        
          	22.1.	
                  Save as expressly set forth in clauses 9.11, 9.15 or 10.6, or as otherwise agreed in any other legally binding documents in relation to the Investors’ investment in the Company, each party shall bear its own costs and disbursements
                    incurred in the negotiations leading up to and in the preparation of this Agreement and of matters incidental to this Agreement.

                

        

      

       

      
        
          	22.2.	
                  The costs for amending the Articles shall be borne and paid by the Company.

                

        

      

        

      

    

    
      
         
          	23.	
                  EFFECT OF CEASING TO HOLD SHARES

                

        

      

       

    

    
      A party shall cease to be a party to this Agreement for the purpose of receiving benefits and enforcing his, her or its rights with effect from the date he, she or it ceases to
        hold or beneficially own any Shares (but without prejudice to any benefits and rights accrued prior to such cessation).

        

      

      
        33

        
          

      

    

    
      
         
          	24.	
                  CUMULATIVE REMEDIES

                

        

      

       

    

    
      Unless otherwise expressly stated in this Agreement, the rights, powers, privileges and remedies conferred upon the Investors in this Agreement are cumulative and are not
        exclusive of any other rights, powers, privileges or remedies provided by law.

        

      

    

    
      
         
          	25.	
                  WAIVER

                

        

      

       

    

    
      The express or implied waiver by any party to this Agreement of any of its rights or remedies arising under this Agreement or by law shall not constitute a continuing waiver of
        the right or remedy waived or a waiver of any other right or remedy.

        

      

    

    
      
         
          	26.	
                  ENTIRE AGREEMENT

                

        

      

       

    

    
      
        
          	26.1.	
                  This Agreement and the documents referred to or incorporated in it (including, without limitation, the Articles and the Registration Rights Agreement) constitute the entire agreement between the parties relating to the subject matter
                    of this Agreement and supersede and extinguish any prior drafts, agreements, undertakings, representations, warranties and arrangements of any nature whatsoever, whether or not in writing, between the parties in relation to the subject
                    matter of this Agreement.

                

        

      

       

      
        
          	26.2.	
                  Each of the parties acknowledges and agrees that monetary damages alone may not be an adequate remedy for the breach of any of the undertakings or obligations as set out in this Agreement.  Accordingly, without prejudice to any other
                    rights and remedies the parties may have, the parties shall be entitled to seek the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of this Agreement.

                

        

      

       

      
        
          	26.3.	
                  Nothing contained in this Agreement or in any other document referred to or incorporated in it shall be read or construed as excluding any liability or remedy as a result of fraud.

                

        

      

        

      

    

    
      
         
          	27.	
                  VARIATION AND TERMINATION

                

        

      

       

    

    
      
        
          	27.1.	
                  Except with the prior express written approval of both (a) Shareholders holding not less than 66.67% of the outstanding Ordinary Shares and (b) Investors holding not less than 66.67% of the Series A Shares that are in issue as of the
                    date of this Agreement (clauses (a) and (b) of this clause 27.1, collectively, the “Requisite Approval”), no provision of this Agreement may be deleted, varied, supplemented, restated or otherwise
                    changed in any way, at any time, in any manner (other than the making of any immaterial amendments approved by the Board which will not adversely affect the rights of the Investors or ICTS).  Any change for which Requisite Approval has
                    been obtained shall be binding against all of the parties hereto except to the extent that such change would (i) impose any new material obligations on a party, (ii) materially and adversely vary an express contractual right of a party
                    under this Agreement, or (iii) materially increase any existing obligation of a party under this Agreement, which, in each such case, shall be binding on each affected party only if such change was approved by such party.

                

        

      

       

      
        
          	27.2.	
                  This Agreement may be terminated only with (a) the prior written consent of the Company and (b) the Requisite Approval, in which event such termination shall be binding against all of the parties hereto; provided, that, nothing in
                    this clause 27.2 shall release any party from liability for breaches of this Agreement which occurred prior to its termination.

                

        

      

       

      
        
          	27.3.	
                  This Agreement shall terminate and cease to have effect upon an IPO approved in accordance with clause 11 (Reserved Matters); provided, that, nothing in this clause 27.3 shall release any party from liability for breaches of this
                    Agreement which occurred prior to its termination.

                

        

      

       

      
        34

        
          

      

    

    
       

      
         
          	28.	
                  NO PARTNERSHIP

                

        

      

      

      

    

    
      Nothing in this Agreement is intended to or shall be construed as establishing or implying any partnership of any kind between the parties.

    

    
      

      

      
         
          	29.	
                  ASSIGNMENT AND TRANSFER

                

        

      

      

      

    

    
      
        
          	29.1.	
                  Subject to clause 29.3, this Agreement is personal to the parties and no party shall:

                

        

      

      

      

    

    
      
        
          	

                	(a)	
                  assign any of its rights under this Agreement;

                

        

      

       

      
        
          	

                	(b)	
                  transfer any of its obligations under this Agreement;

                

        

      

       

      
        
          	

                	(c)	
                  sub-contract or delegate any of its obligations under this Agreement; or

                

        

      

       

      
        
          	

                	(d)	
                  charge or deal in any other manner with this Agreement or any of its rights or obligations.

                

        

      

       

    

    
      
        
          	29.2.	
                  Any purported assignment, transfer, sub-contracting, delegation, charging or dealing in contravention of clause 29.1 shall be ineffective.

                

        

      

       

      
        
          	29.3.	
                  An Investor may assign the whole or part of any of its rights in this Agreement (subject to the express terms of this Agreement) to any person who has received a transfer of shares in the capital of the Company from such Investor in
                    accordance with this Agreement and the Articles and has executed a Deed of Adherence.

                

        

      

        

      

    

    
      
         
          	30.	
                  RIGHTS OF THIRD PARTIES

                

        

      

       

    

    
      
        
          	30.1.	
                  Subject to clause 30.2, this Agreement does not confer any rights on any person or party (other than the parties to this Agreement) pursuant to the Contracts (Rights of Third Parties) Act 1999.

                

        

      

       

      
        
          	30.2.	
                  The general partner of an Investor or the management company authorised from time to time to act on behalf of that Investor or another person or persons nominated by that Investor, shall be entitled to enforce all of the rights and
                    benefits under this Agreement at all times as if party to this Agreement.

                

        

      

       

      

    

    
      
         
          	31.	
                  CONFLICT BETWEEN AGREEMENTS

                

        

      

       

    

    
      Subject to any applicable law, in the event of any ambiguity or conflict between this Agreement and the Articles or the Registration Rights Agreement, the terms of this Agreement
        shall prevail as between the Shareholders and in such event the Shareholders shall procure such modification to the Articles or the Registration Rights Agreement, as applicable, as shall be necessary.

        

      

    

    
      
         
          	32.	
                  COUNTERPARTS; NO ORIGINALS

                

        

      

       

    

    
      This Agreement may be executed in any number of counterparts, each of which shall constitute an original, and all the counterparts shall together constitute one and the same
        Agreement.  The exchange of a fully executed version of this Agreement (in counterparts or otherwise) by electronic transmission in PDF format or by facsimile shall be sufficient to bind the parties to the terms and conditions of this Agreement and
        no exchange of originals is necessary.

       

      

      
        35

        
          

      

    

    
      
         
          	33.	
                  NOTICES

                

        

      

       

    

    
      
        	33.1.	
                Any notice or other communication to be given under or in connection with this Agreement (a “Notice”) shall be:

              

      

    

     

    
      
        	

              	(a)	
                in writing (which includes email) in the English language;

              

      

    

     

    
      
        	

              	(b)	
                signed by or on behalf of the party giving it; and

              

      

    

     

    
      
        	

              	(c)	
                delivered by hand, pre-paid first class post (or by airmail if overseas), courier using an internationally recognised commercial courier company or by email to the party to which it is being given.

              

      

    

     

    
      
        	33.2.	
                Each Notice to ICTS shall be sent to the following address, or such other person or address as ICTS may notify to the other parties from time to time:

              

      

    

     

    ICTS INTERNATIONAL N.V.

      Walaardt Sacrestraat 425‐5

      1117 BM Schiphol

      The Netherlands

      Attn: Menachem Atzmon and Alon Raich

    Email: mjatzmon@netvision.net.il; alon@ictsintl.com

     

    With a copy to (which shall not constitute notice):

     

    Dechert LLP

      160 Queen Victoria Street

      London EC4V 4QQ

    United Kingdom

      Attn: Douglas L. Getter

      Email: douglas.getter@dechert.com

     

    
      
        	33.3.	
                Each Notice to the Company shall be sent to the following address, or such other person or address as the Company may notify to the other parties from time to time:

              

      

    

     

    ABC TECHNOLOGIES B.V.

      Walaardt Sacrestraat 425‐5

      1117 BM Schiphol

      The Netherlands

      Attn: Ron Atzmon

    Email: ron.atzmon@au10tix.com

     

    With a copy to (which shall not constitute notice):

     

    Dechert LLP

      160 Queen Victoria Street

      London EC4V 4QQ

    United Kingdom

      Attn: Douglas L. Getter

      Email: douglas.getter@dechert.com

     

    
      36

      
        

    

    
      
        	33.4.	
                Each Notice to TPG shall be sent to the following address, or such other person or address as TPG may notify to the Company from time to time:

              

      

    

     

    TPG LUX 2018 SC I, S.A.R.L.

    c/o TPG Global, LLC

    345 California Street, Suite 3300

    San Francisco, California 94104

    United States of America

    Attn: Adam Fliss

    Email: afliss@tpg.com

     

    With a copy to (which shall not constitute notice):

     

    Weil Gotshal & Manges LLP

      201 Redwood Shores Parkway

      Redwood Shores, California 94065-1134

    United States of America

    Attn: Matt Stewart; Jonathan Wood

    Email: matt.stewart@weil.com; jonathan.wood@weil.com

     

    
      
        	33.5.	
                Each Notice to any Investor (other than TPG) shall be sent to the address, or such other person or address as such Investor may notify to the other parties from time to time, as set forth in schedule 1.

              

      

    

     

    
      
        	33.6.	
                In the absence of evidence of earlier receipt, any Notice served in accordance with clause 33.1 shall be deemed given:

              

      

    

     

    
      
        	

              	(a)	
                in the case of personal delivery by hand, at the time of delivery;

              

      

    

     

    
      
        	

              	(b)	
                in the case of delivery by a commercial courier, on the date and at the time of signature of the courier’s delivery receipt;

              

      

    

     

    
      
        	

              	(c)	
                in the case of first class post (other than airmail) or recorded delivery, at 10.00 am on the second (2nd) Business Day after posting;

              

      

    

     

    
      
        	

              	(d)	
                in the case of airmail, at 10.00 am on the fifth (5th) Business Day after posting; and

              

      

    

     

    
      
        	

              	(e)	
                in the case of email, on the Business Day on which it was sent (or if not sent on a Business Day at the open of business on the next Business Day).

              

      

    

     

    
      
        	33.7.	
                For the purposes of this clause 33:

              

      

    

     

    
      
        	

              	(a)	
                all times are to be read as local time in the place of deemed receipt; and

              

      

    

     

    
      
        	

              	(b)	
                if deemed receipt under this clause is not within business hours (meaning 9.00 am to 5.30 pm on Monday to Friday in the place of receipt on a day that is a Business Day), the Notice is deemed to have been received at the open of
                  business on the next Business Day.

              

      

    

     

    
      
        	33.8.	
                To prove delivery, it is sufficient to prove that, if sent by pre-paid first class post, the envelope containing the Notice or other communication was properly addressed and posted.

              

      

    

      

    

    
      
         
          	34.	
                  SEVERANCE

                

        

      

       

    

    
      
        
          	34.1.	
                  If any provision of this Agreement is held to be invalid or unenforceable by any judicial or other competent authority, all other provisions of this Agreement will remain in full force and effect and will not in any way be impaired.

                

        

      

       

      
        
          	34.2.	
                  If any provision of this Agreement is held to be invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted, the provision in question will apply with the minimum modifications necessary to
                    make it valid and enforceable.

                

        

      

       

      
        37

        
          

      

    

    
       

      
         
          	35.	
                  VOTES TO GIVE EFFECT TO THIS AGREEMENT

                

        

      

      

      

    

    Each party undertakes to each other party at all times (but subject always to compliance with law and its fiduciary duties) to exercise the votes that it controls at general
      meetings and/or board meetings of a Group Company to give effect to this Agreement.

    
       

      
         
          	36.	
                  GOVERNING LAW

                

        

      

      

      

    

    
      This Agreement (and any dispute or claim relating to it or its subject matter (including non-contractual claims)) is governed by and is to be construed in accordance with English
        law.

    

    
       

      
         
          	37.	
                  JURISDICTION

                

        

      

      

      

    

    
      The parties irrevocably agree that the English courts shall have exclusive jurisdiction to settle any claim, dispute or issue which may arise out of or in connection with this
        Agreement and, for these purposes, each party irrevocably submits to the exclusive jurisdiction of the courts of England. Each party waives (and agrees not to raise) any objection, whether on the ground of inconvenient forum or venue or on any
        other ground, which it might have to the bringing of proceedings in such courts.

    

    
      

      

      
         
          	38.	
                  CONFIRMATIONS

                

        

      

      

      

    

    
      
        
          	38.1.	
                  ICTS confirms to the Investors that, for the purposes of entering into the transactions contemplated by this Agreement:

                

        

      

      

      

    

    
      
        
          	

                	(a)	
                  it has entered into such transactions entirely on the basis of its own assessment of the risks and effect thereof;

                

        

      

       

      
        
          	

                	(b)	
                  it is owed no duty of care or other obligation by the Investors;

                

        

      

       

      
        
          	

                	(c)	
                  insofar as it is owed any such duty or obligation (whether in contract, tort or otherwise) by the Investors, it hereby waives, to the extent permitted by law, any rights (save in the case of any fraudulent misrepresentation) which it
                    may have in respect of such duty or obligation; and

                

        

      

       

      
        
          	

                	(d)	
                  compliance with the terms of this Agreement by each of the Company, ICTS and the Directors appointed pursuant to clause 9.2 does not and will not constitute a violation of any such person’s fiduciary duties.

                

        

      

       

    

    
      
        
          	38.2.	
                  Each Investor acknowledges to the other Investors that such Investor is not relying upon any person, firm, or corporation, other than the Company and its officers and Directors (other than the Investor Director), in making its
                    investment or decision to invest in the Company. Each Investor agrees that no Investor, no respective Affiliates of any Investor, and the Investor Director shall not be liable to any of the other Investors, or any of the Investors in
                    the case of the Investor Director, for any action taken or omitted to be taken by any of them in connection with the transactions described or contemplated in this Agreement.

                

        

      

       

      
        
          	38.3.	
                  Each party (by its execution of this Agreement or a Deed of Adherence) waives, except in the case of fraud, any claim it may have now or in the future against TPG, the Investors or the Investor Director relating to or otherwise
                    connected with any act or valid exercise of any right or discretion by TPG, the Investors or such Investor Director, as applicable, under a provision of this Agreement.

                

        

      

       

    

    
      [Remainder of Page Left Blank Intentionally]

       

      
        38

        
          

      

    

    
      

      

      

    

    

    
      This Agreement has been executed and delivered as a deed on the date shown on the first page.  This Agreement has been executed on the date shown on the first page.

      

      

    

    
      INVESTORS:

      

      

    

    
      TPG LUX 2018 SC I, S.A.R.L.

      

      

      
        
          	
                   By: 

                  

                	/s/ Alexandra Cabete Matias

                	 

          	
                   

                	
                  Name: Alexandra Cabete Matias

                	 
	
                   

                	
                  Title: Manager

                  

                	 

        

      

    

     
    
      ICTS:

      

      

    

    
      ICTS INTERNATIONAL N.V.

       

      
        
          	
                   By: 

                  

                	/s/ Ran Langer

                	 

          	
                   

                	
                  Name: Ran Langer

                
	
                   

                	
                  Title: Director

                  

                

           

        THE COMPANY:

        

        

      

    

    
      ABC TECHNOLOGIES B.V.

    

    
       

      
        
          	
                   By: 

                  

                	/s/ Ran Langer	 

          	
                   

                	
                  Name: ICTS INTERNATIONAL N.V.

                
	 	Title: Director

                
	 	Name: R.Langer

                
	 	Title: Director

                

        

        

        

        
          
            [SIGNATURE PAGE TO SHAREHOLDERS AGREEMENT]

          

        

        

      

    

  

  39Exhibit 4.4

  

  

  

  REGISTRATION RIGHTS AGREEMENT

  

  

  THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made as of July 3,
    2019 by and among ABC TECHNOLOGIES B.V., a besloten vennootschap met beperkte aansprakelijkheid incorporated under the laws of the Netherlands whose registered office is
    at Walaardt Sacrestraat 425-5, 1117 BM Schiphol-Oost, the Netherlands, registered with the Trade Register of the Dutch Chamber of commerce with trade register number 72273917 (“Company”), ICTS INTERNATIONAL N.V., a naamloze vennootschap incorporated under the
    laws of the Netherlands whose registered office is at Walaardt Sacrestraat 425-5, 1117 BM Schiphol-Oost, the Netherlands, registered with the Trade Register of the Dutch Chamber of commerce with trade register number 33279300 (“ICTS”), and each investor listed on Schedule A hereto and any additional investor that becomes a party to this Agreement in accordance with Section 4.9 (each, an “Investor” and, collectively, the “Investors”).

   

  RECITALS

   

  WHEREAS, the Company, ICTS and TPG (as defined below) are party to that certain
    Series A Preferred Shares Subscription Agreement Relating to the Company, dated of even date herewith (the “Subscription Agreement”); and

   

  WHEREAS, in order to induce the Investors to invest funds in the Company
    pursuant to the Subscription Agreement, TPG, ICTS and the Company are hereby agreeing to enter into this Agreement to provide for, among other things, the rights of the Investors to cause the Company to register shares of Common Stock issuable to the
    Investors and certain other matters as set forth in this Agreement.

   

  NOW, THEREFORE, the parties hereby agree as follows:

   

  1.            Definitions.  For purposes of this Agreement:

   

  “Affiliate” means: (a) with respect to any Person, any other Person who,
    directly or indirectly, controls, is controlled by, or is under common control with such first Person, including, without limitation, any general partner, managing member, officer or director of such Person or any venture capital or other fund now or
    hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management or advisory company with, such Person; and (b) with respect to ICTS, each Person described in clause (a) of this definition and
    any other Person who, directly or indirectly, controls, is controlled by, or is under common control with ICTS or any family member of the majority shareholder of ICTS or any of its directors or officers, including, without limitation, any general
    partner, managing member, officer or director of such Person or any venture capital or other fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management or advisory company
    with, such Person.

   

  “Articles of Association” means the Articles of Association of the Company, as
    amended or superseded from time to time.

   

  
  “Block Trade” means an offering and/or sale of Registrable Securities by one or
    more of the Holders on a block trade or underwritten basis (whether firm commitment or otherwise) without substantial marketing efforts prior to pricing, including, without limitation, a same day trade, overnight trade or similar transaction.

  
    
      

  

  “Board of Directors” means the board of directors (or similar governing
    authority) of the Company.

   

  “Common Stock” means, collectively and as applicable, (a) Ordinary Shares, (b)
    any securities convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares, including, but not limited to, (i) securities for which the Ordinary Shares have been converted or exchanged of a successor corporation or
    other entity into which the Company is converted or merged, (ii) securities of a corporation or other entity otherwise formed by the Company for the purpose of effecting an IPO that are issued or issuable for the Ordinary Shares, or (iii) securities
    that are convertible into, or exchangeable or exercisable for, the common stock or other equity securities of a corporation or other entity otherwise formed by the Company for the purpose of an IPO that are issued or issuable for the Ordinary Shares.

   

  “Company” has the meaning set forth in the Preamble of this Agreement and shall
    be deemed to include any successor entity formed in connection with any IPO Reorganization.

   

  “Control” (or “control”) (including,
    with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly,
    of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise.

   

  “Damages” means any loss, damage, claim or liability (joint or several) to
    which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (a) any untrue
    statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (b) an omission or
    alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (c) any violation or alleged violation by the indemnifying party (or
    any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

   

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

   

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

   

  “Excluded Registration” means: (a) a registration relating to the sale or grant
    of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (b) a registration relating to an SEC Rule 145 transaction; (c) a registration on any form that does not include
    substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (d) a registration in which the only Common Stock being registered is Common Stock issuable upon
    conversion of debt securities that are also being registered.

   

  “FINRA” means the Financial Industry Regulatory Authority, Inc.

   

  “Form F-1” means such form under the Securities Act as in effect on the date
    hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

   

  “Form F-3” means such form under the Securities Act as in effect on the date
    hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

  
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  “Form S‐1” means such form under the Securities Act as in effect on the date
    hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

   

  “Form S‐3” means such form under the Securities Act as in effect on the date
    hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC.

   

  “Holder” means any holder of Registrable Securities that is a party to this
    Agreement.

   

  “Immediate Family Member” means a child, stepchild, grandchild, parent,
    stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of
    a natural person referred to herein.

   

  “Initiating Holders” means, collectively, the Holders who properly initiate a
    registration request under this Agreement.

   

  “IPO” means the Company’s first underwritten public offering of its Common
    Stock under the Securities Act.

   

  “IPO Reorganization” has the meaning
    set forth in Section 3.1.

   

  “Ordinary Shares” means Ordinary Shares of €0.01 each in the capital of the
    Company from time to time (as presently constituted and subject to subsequent adjustments for stock dividends, stock splits, reverse stock splits, combinations of shares, reorganizations, recapitalizations, reclassifications, exchanges for the capital
    stock or equity interests (or similar ownership interests) of another entity, or other similar events).

   

  “Person” means any individual, bodies corporate, unincorporated associations,
    partnerships, limited liability company, firm, joint venture, association, joint-stock company, trust, unincorporated organization, governmental authority or regulatory body or other entity, in each case whether or not having a separate legal
    personality.

   

  “Registrable Securities” means, collectively and as applicable: (a) the Common
    Stock issuable or issued upon conversion of the Series A Shares; (b) any Common Stock, or any Common Stock issued or issuable (directly

    or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired

    by the Investors after the date hereof; and (c) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or
    in replacement of, the shares referenced in clauses (a) and (b) of this definition, excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are
    not assigned pursuant to Section 4.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Section 2.12.

   

  “Registrable Securities then outstanding” means (a) the number of shares of
    outstanding Common Stock that are Registrable Securities, plus (b) the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are
    Registrable Securities.

   

  “SEC” means the Securities and Exchange Commission.

  
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  “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

   

  “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

   

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

   

  “Selling Expenses” means all underwriting discounts, selling commissions, and
    stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 2.6.

   

  “Selling Holder Counsel” has the meaning set forth in Section 2.6.

   

  “Shareholders Agreement” means that certain Shareholders Agreement, relating to
    the Company, dated on or around the date hereof, by and among the Company, ICTS, the Investor and the other parties thereto (if any).

   

  “Shelf Registrable Securities” has the meaning set forth in Section 2.1(c).

   

  “Shelf Registration Statement” has the meaning set forth in Section 2.1(c).

   

  “Shelf Underwriting” has the meaning set forth in Section 2.1(d).

   

  “Shelf Underwriting Notice”  has the meaning set forth in Section 2.1(d).

   

  “Shelf Underwriting Request” has the meaning set forth in Section 2.1(d).

   

  “Series A Shares” means Series A Shares of €0.01 each in the capital of the
    Company from time to time (as presently constituted and subject to subsequent adjustments for stock dividends, stock splits, reverse stock splits, combinations of shares, reorganizations, recapitalizations, reclassifications, exchanges for the capital
    stock or equity interests (or similar ownership interests) another entity, or other similar events).

   

  “Series A Majority Consent” means the prior written consent of the Series A
    Majority.

   

  “TPG” has the meaning specified in the Shareholders Agreement.

   

  2.             Registration Rights. 
    The Company covenants and agrees as follows:

   

   2.1         Demand Registration.

   

   (a)          Long-Form Demand.  If at any time after the earlier of (i) the date TPG is entitled to cause the Company to consummate an IPO pursuant to clause 13.7 of the Shareholders
      Agreement or (ii) 180 days after the effective date of the registration statement for the IPO, the Company receives a request from the Holders of a majority of the Registrable Securities then outstanding that the Company file a Form S-1 or Form F-1
      with respect to any Registrable Securities then outstanding and the Registrable Securities subject to such request have an anticipated aggregate offering price, net of Selling Expenses, of at least $20,000,000 in the case of an IPO or $10,000,000 in
      any other case, then the Company shall (A) within 10 days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders and (B) as soon as
      practicable (and in any event within 75 days after the date such request is given by the Initiating Holders), file a Form S-1 or Form F-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders
      requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 10
      days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 2.1(e) and 2.3.  The Investors shall be limited to an aggregate of three demand registrations pursuant to this Section
        2.1(a).

  
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   (b)          Short-Form Demand.  If at any time when the Company is eligible to use Form S-3 or Form F-3, the Company receives a request from the the Holders of a majority of the Registrable Securities then outstanding that the Company file
      a Form S-3 or Form F-3 with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $10,000,000, then the Company shall: (i) within 10 days after the date such
      request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable (and in any event within 60 days after the date such request is given by the Initiating Holders), file a Form S-3 or Form F-3
      registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 10 days of the date the
      Demand Notice is given, and in each case, subject to the limitations of Sections 2.1(e) and 2.3. The Investors shall be limited to an aggregate of two demand registrations pursuant to this Section 2.1(b) in any
      12-month period.

    

  

   (c)          Shelf Registration Statement.  Notwithstanding anything to the contrary herein, at such time as the Company shall have
      qualified for the use of Form S-3 or Form F-3 and in the event that the Company files a shelf registration statement under Rule 415 of the Securities Act pursuant to a demand pursuant to Section 2.1(b) and such shelf registration
      statement on Form S-3 or Form F-3 becomes effective (such registration statement, a “Shelf Registration Statement”), the Holders of a majority of the Registrable Securities then outstanding shall have
      the right at any time or from time to time to elect to sell, pursuant to an underwritten offering, Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”),

      in each case so long as the Shelf Registration Statement remains in effect and only if the method of distribution set forth in such shelf registration allows for sales pursuant to an underwritten offering.

   

   (d)          Shelf Underwriting Request.  Any election pursuant to Section 2.1(c) shall be made by delivering to the Company a written request (a “Shelf Underwriting Request”) for such underwritten offering to the Company specifying the number of Shelf Registrable Securities that the Holders desire to sell pursuant to such underwritten offering (the “Shelf Underwriting”). As promptly as practicable, but no later than seven days after receipt of a Shelf Underwriting Request, the Company shall give notice (the “Shelf Underwriting Notice”) of such Shelf Underwriting Request to all other Holders of record of Shelf Registrable Securities. The Company, subject to the limitations of Sections 2.1(e) and 2.3,
      shall include in such Shelf Underwriting (i) the Registrable Securities of the Initiating Holders and (ii) the Shelf Registrable Securities of any other Holder of Shelf Registrable Securities that shall have made a written request to the Company for
      inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within five days after the receipt of the Shelf Underwriting Notice. The Company shall, as
      expeditiously as reasonably possible (and in any event within 20 days after the receipt of a Shelf Underwriting Request), but subject to Section 2.3, use its commercially reasonable efforts to facilitate such Shelf Underwriting.
      Notwithstanding the foregoing, if an Initiating Holder wishes to engage in a Block Trade off of a Shelf Registration Statement (either through filing an automatic shelf registration statement or through a take-down from an already existing Shelf
      Registration Statement), then, notwithstanding the foregoing time periods, the Initiating Holder shall notify the Company of the Block Trade at least three days prior to the date the offering is to commence and the Company is not required to notify
      any other Holder of Registrable Securities that did not initiate such Block Trade. The Company shall as expeditiously as reasonably possible use its commercially reasonable efforts to facilitate such shelf offering (which may close as early as
      two business days after the date it commences), provided, that, in the case of such Block Trade, only the Initiating Holders shall have a right to notice and to participate, and provided, further, that the Initiating Holders
      requesting such Block Trade shall use its commercially reasonable efforts to work with the Company and the underwriters prior to making such request in order to facilitate preparation of offering documents related to the Block Trade. For the
      avoidance of doubt, no other Holders shall be entitled to receive notice of, or to elect to participate in, a Block Trade or any Shelf Registration Statement or prospectus to be used in connection with such Block Trade. The Company shall, at the
      request of any Initiating Holder or any other Holder of Registrable Securities registered on such Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration
      statement, any post-effective amendments, and otherwise take any action necessary to include therein, all disclosure and language deemed necessary or advisable by the Company to effect such Shelf Underwriting. Once a Shelf Registration Statement has
      been declared effective, the Holders of a majority of the Registrable Securities then outstanding may request, and the Company shall be required to facilitate, an unlimited number of Shelf Underwritings with respect to such Shelf Registration
      Statement; provided, however, that the Company shall not be required to facilitate a Shelf Underwriting until at least 90 days after the later of the date of the underwriting agreement in any prior Shelf Underwriting effected pursuant to this Section
      2.1(d) and the effective date of any previous demand registration statement pursuant to this Section 2.1. Notwithstanding anything to the contrary in this Section 2.1(d), each Shelf Underwriting must include, in the aggregate (based on
      the Common Stock included in such Shelf Underwriting by all Holders participating in such Shelf Underwriting), shares of Common Stock having an aggregate market value of at least $10,000,000. The Company agrees to use commercially reasonable efforts
      to keep each Shelf Registration Statement filed pursuant to Section 2.1(b) continuously effective until the earliest to occur of (A) the three-year anniversary of the effective date of the Shelf Registration Statement, (B) the day
      after the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement, and (C) the first date on which there shall cease to be any Registrable Securities covered
      by such Shelf Registration Statement.

  
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   (e)          Delay.  Notwithstanding the foregoing, if the Company furnishes to Holders requesting a registration pursuant to this Section 2.1 a certificate signed by the Company’s chief
      executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as
      such registration statement otherwise would be required to remain effective, because such action would: (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii)
      require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act; then, in
      such case, the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, in each case for a period of not more than 90 days
      after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any 12-month period; and provided further that the Company shall not register any
      securities for its own account or that of any other stockholder during such 90-day period, other than an Excluded Registration.

   

   (f)          Limitations. 

      The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(a)(i): (i) during the period that is 60 days before the Company’s good faith estimate of the date of
      filing of, and ending on a date that is 180 days after the effective date of, a Company-initiated registration; provided, however, that the Company is actively employing in good faith commercially reasonable efforts to cause such
      registration statement to become effective; or (ii) (ii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 or Form F-3 pursuant to a request made pursuant to Section
        2.1(b).  The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(b): (A) during the period that is 30 days before the Company’s good faith estimate of
      the date of filing of, and ending on a date that is 90 days after the effective date of, a Company-initiated registration; provided, however, that the Company is actively employing in good faith commercially reasonable efforts to
      cause such registration statement to become effective; or (B) if the Company has effected three registrations pursuant to Section 2.1(b) within the 12-month period immediately preceding the date of such request.  A registration
      shall not be counted as “effected” for purposes of this Section 2.1(f) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such
      registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.6, in which case such withdrawn registration statement shall be counted as
      “effected” for purposes of this Section 2.1(f); provided, however, that if such withdrawal is during a period the Company has deferred taking action pursuant to Section 2.1(c), then the Initiating Holders may
      withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Section 2.1(f).

  
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  2.2          Company Registration. 
    If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its Common Stock securities under the Securities Act in connection with the public offering of such
    securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration.  Upon the request of each Holder given within 20 days after such notice is given by the
    Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration.  The Company shall have the right to
    terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration.  The expenses
    (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.6.

   

  2.3           Underwriting Requirements.

   

   (a)          Inclusion. 

      If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a
      part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice.  The underwriter(s), which shall be (an) investment banking firm(s) of national reputation, will be selected, as
      applicable, (i) in the event of an offering that includes a primary offering, by the Company and shall be reasonable acceptable to a the Holders of a majority of the Registrable Securities then outstanding, and (ii) in the event of an offering that
      solely includes a secondary offering or a distribution of any Registrable Securities under a shelf registration statement filed pursuant to Rule 415 promulgated under the Securities Act, by the Holders of a majority of the Registrable Securities then
      outstanding, which shall be reasonably acceptable to the Company.  In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned only upon such Holder’s participation in such
      underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in
      Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriters selected for such underwriting, which underwriting agreement shall be reasonably acceptable in form and substance to the Company. 
      Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the
      Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of
      Registrable Securities, including the Initiating Holders, as follows: (i) first, to TPG (if it is an Initating Holder) until all Registrable Securities held by TPG that TPG requested be included in such underwriting are included in such underwriting;
      and (ii) thereafter, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder (other than TPG) or in such other proportion as shall mutually be agreed to by all such selling Holders (excluding, for
      purposes of this clause (ii), TPG); provided, however, that the number of Registrable Securities held by such Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely
      excluded from the underwriting.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares.

  
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   (b)          Underwriter

        Cutback.  In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in
      such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success
      of the offering by the Company.  If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the
      underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the
      underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.  If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such
      offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other
      proportions as shall mutually be agreed to by all such selling Holders.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the
      nearest one 100 shares.  Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely
      excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below 30% of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may
      be excluded further if the underwriters make the determination described above in this Section 2.3(b) and no other stockholder’s securities are included in such offering.  For purposes of the provision in this Section 2.3(b)
      concerning apportionment, for any selling Holder that is a partnership, limited liability company or corporation, the partners, members, retired partners, retired members, stockholders and Affiliates of such Holder, as applicable, or the estates and
      Immediate Family Members of any such partners, members, retired partners and retired members, and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder”, and any pro rata reduction with respect to
      such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder”, as defined in this sentence.

   

   (c)          Registration

        Not Effected.  For purposes of Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than 50% of the total
      number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.

   

  2.4          Obligations of the Company. 
    Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

   

   (a)          prepare

      and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective as promptly as reasonably practicable, and, upon the
      request of the Holders of a majority of the Registrable Securities then outstanding, keep such registration statement effective for a period of up to 120 days or, if earlier, until the distribution contemplated in the registration statement has been
      completed; provided, however, that (i) such 120-day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from
      selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 or Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable
      SEC rules, such 120-day period shall be extended for up to 60 days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;

  
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   (b)          prepare

      and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of
      all securities covered by such registration statement;

   

   (c)          furnish

      to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their
      Registrable Securities;

   

   (d)          use
      its commercially reasonable efforts to 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; provided,
      however, that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except
      as may be required by the Securities Act;

   

   (e)          in the
      event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

   

   (f)          use
      its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which
      similar securities issued by the Company are then listed;

   

   (g)          provide

      a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

   

   (h)          promptly

      make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by
      the selling Holders and bound by customary confidentiality obligations, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants
      to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct
      appropriate due diligence in connection therewith;

   

   (i)          use
      its commercially reasonable efforts to (i) obtain an opinion from the Company’s counsel and a “cold comfort” letter and updates thereof from the independent public accountants who have certified the Company’s financial statements (and/or any other
      financial statements) included or incorporated by reference in such registration statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and “cold comfort” letters (including, in the case of
      such “cold comfort” letter, events subsequent to the date of such financial statements) delivered to underwriters in underwritten public offerings, which opinion and letter shall be dated the dates such opinions and “cold comfort” letters are
      customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and to the participating Holders, and (ii) furnish to each participating Holder upon its request and to each underwriter, if any, a copy of such opinion and letter
      addressed to such underwriter;

  
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   (j)          notify
      each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

   

   (k)          after
      such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus;

    

  

   (l)          use
      its commercially reasonable efforts to prevent the issuance of, or obtain the withdrawal of, any order suspending the effectiveness of the registration statement, or the lifting of any suspension of the qualification of any Registrable Securities for
      sale in any jurisdiction, in each case, as promptly as reasonably practicable;

   

   (m)          use
      its commercially reasonable efforts to make available its employees and personnel for participation in “road shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account, in each case, the
      needs of the businesses of the Company, any subsidiary, and, in each case, any successor thereto, and the requirements of the marketing process) in the marketing of Registrable Securities in any underwritten offering;

   

   (n)          promptly

      prior to the filing of any document which is to be incorporated by reference into the registration statement or the prospectus (after the initial filing of such registration statement), and prior to the filing or use of any free writing prospectus,
      provide copies of such document to counsel for each participating Holder and to each managing underwriter, if any, and make the representatives of the Company, any subsidiary, and, in each case, any successor thereto, reasonably available for
      discussion of such document and make such changes in such document concerning the participating Holders prior to the filing thereof as counsel for such participating Holders or underwriters may reasonably request; provided, however,
      that, notwithstanding the foregoing, in no event shall the Company be required to file any document with the SEC which in the view of the Company or its counsel contains an untrue statement of a material fact or omits to state a material fact
      required to be stated therein or necessary to make any statement therein not misleading);

   

   (o)          cooperate

      with the participating Holders and the managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such
      Registrable Securities to be issued in such denominations and registered in such names in accordance with the underwriting agreement at least two business days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten
      offering, in accordance with the instructions of the participating Holders at least two business days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer
      orders in respect thereof (and, in the case of Registrable Securities registered on a Shelf Registration Statement, at the request of any Holder, prepare and deliver certificates representing such Registrable Securities not bearing any restrictive
      legends and deliver or cause to be delivered an opinion or instructions to the transfer agent in order to allow such Registrable Securities to be sold from time to time);

   

   (p)          use
      its commercially reasonable efforts to cause the Registrable Securities covered by the applicable registration statement to be registered with or approved by such other governmental agencies, authorities or self-regulatory bodies (including any
      filings as may be required to be made with FINRA) as may be necessary by virtue of the business and operations of the Company, any subsidiary, and, in each case, any successor thereto, to enable the participating Holders or the underwriters, if any,
      to consummate the disposition of such Registrable Securities, in accordance with the intended method or methods of disposition thereof; and

   

   (q)          take
      all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of Registrable Securities (taking into account the needs of the business of the Company, any subsidiary, and any successor
      thereto, and the requirements of the marketing process).

  
    10

    
      

  

  In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of
    securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

   

  2.5          Furnish Information. 
    It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such
    information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.

   

  2.6          Expenses of Registration. 
    All expenses (other than Selling Expenses) incurred in connection with registrations, filings or qualifications pursuant to Section 2, including all registration, filing and qualification fees; printers’ and accounting fees, fees and
    disbursements of counsel for the Company, and the reasonable and documented out-of-pocket fees and disbursements of one firm of counsel for the selling Holders plus any required local counsel (“Selling Holder Counsel”) shall be borne and paid by the
    Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 if the corresponding registration request is subsequently withdrawn
    at the request of the Holders of a majority of the Registrable Securities then outstanding (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn
    registration), unless the Holders of a majority of the Registrable Securities then outstanding agree to forfeit their right to one registration pursuant to Sections 2.1(a) or 2.1(b), as applicable; provided further
    that, if, at the time of such withdrawal, the selling Holders shall have learned of a material adverse change in the condition, business or prospects of the Company from that actually known to the Holders at the time of their request and have withdrawn
    the request with reasonable promptness after obtaining actual knowledge of such information, then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Sections 2.1(a)
    or 2.1(b), as applicable.  All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities
    registered on their behalf.

   

  2.7           Delay of Registration. 
    No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this
    Section 2.

   

  2.8           Indemnification. 
    If any Registrable Securities are included in a registration statement under this Section 2, then:

   

   (a)          Company

        Indemnification.  To the fullest extent permitted by law, the Company shall indemnify and hold harmless each selling Holder, and the partners, members, officers, directors and stockholders of each such Holder, the legal counsel and accountants
      for each such Holder, each underwriter (as defined in the Securities Act) for each such Holder, and each Person, if any, who controls such Holder or underwriter, in each case against all Damages incurred by any such Person, and the Company shall pay
      to each such Holder, underwriter, controlling Person or other aforementioned Person, all legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as and
      when such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
      is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, and the Company shall not be liable for any Damages to the extent that they arise out of or are based upon actions or omissions
      made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person or other aforementioned Person expressly for use in connection with such registration.

  
    11

    
      

  

   (b)          Selling

        Holder Indemnification.  To the extent permitted by law, each selling Holder, severally and not jointly, shall indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each
      Person (if any), who controls the Company, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
      underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such
      selling Holder expressly for use in connection with such registration; and each such selling Holder shall pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
      or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid
      in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further that in no event shall the
      aggregate amounts payable by any Holder by way of indemnity or contribution under Sections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such
      Holder), except in the case of fraud or willful misconduct by such Holder.

   

   (c)          Procedures. 

      Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to
      indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying party notice of the commencement thereof.  The
      indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with
      counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one 
      separate counsel, with the fees and expenses to be 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 in such action.  The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party
      of any liability to the indemnified party under this Section 2.8 only to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action.  The failure to give notice to the indemnifying party
      will not relieve it of any liability that it may have to any indemnified party except as expressly set forth in this Section 2.8.

  
    12

    
      

  

   (d)          Contribution. 

      To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8
      but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such
      case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under
      this Section 2.8, then, and in any such case, such parties will contribute to the aggregate losses, claims, damages, liabilities or expenses to which they may be subject (after contribution from others) in such proportion as is
      appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions or other actions or inactions that resulted in such loss, claim, damage, liability or expense, as well
      as to reflect any other relevant equitable considerations.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, without limitation, whether the untrue or allegedly untrue statement of a
      material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct
      or prevent such statement or omission; provided, however, that:

   

   (i)          in any
      such case, (A) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (B) no Person guilty of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person that was not guilty of such fraudulent misrepresentation;

   

   (ii)          in no
      event shall a Holder’s liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder
      (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

   

   (e)          Underwriting

        Agreement Controls.  Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 2.8 shall survive the
      completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

   

   (f)           Survival. 

      Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering
      of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement or any provisions of this Agreement.

   

  2.9           Reports Under Exchange Act.  With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or
    pursuant to a registration on Form S‐3 of Form F-3, the Company shall:

   

   (a)          make
      and keep available adequate current public information, as understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;

  
    13

    
      

  

   (b)          use
      commercially reasonable 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 the Company has become subject to such reporting
      requirements); and

   

   (c)          furnish

      to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request” (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90
      days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a
      registrant whose securities may be resold pursuant to Form S‐3 or Form F-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that
      permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S‐3 or Form F-3 (at any time after the Company so qualifies to
      use such form).

   

  2.10         Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the
      Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would (a) allow such holder or prospective holder to include such securities in any registration unless,
      under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders
      that are included, or (b) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder unless the Holders are entitled to include their Registrable Securities in such
      registration on a pro rata basis with such holder or prospective holder; provided, however, that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with Section

      4.9.

   

  2.11         Limitation on Sale or Distributions of Other Securities.

   

   (a)          Each
      Holder agrees, to the extent requested in writing by a managing underwriter, if any, of any underwritten public offering pursuant to a registration or offering effected pursuant to Section 2.1 or Section 2.2, not to
      sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Common Stock during the time period reasonably requested by the managing underwriter, not to exceed 90 days or such shorter period as the
      managing underwriter shall agree to (other than in the case of the IPO, which time period shall be no more than 180 days); provided, however, that (i) such shorter period shall apply to all Holders who are subject to such period and
      (ii) if a managing underwriter of an offering releases any Holder of its obligations under this Section 2.11(a), all other Holders shall be concurrently released from their obligations under this Section 2.11(a), on a
      pro rata basis, in accordance with the number of Registrable Securities held by them at such time (and the Company hereby also so agrees (except that the Company may effect any sale or distribution of any such securities pursuant to an Excluded
      Registration Statement which then in effect), to use its commercially reasonable efforts to cause each holder of any equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from
      the Company at any time other than in a public offering so to agree).

   

   (b)          The
      Company hereby agrees that, in connection with an underwritten offering pursuant to Section 2.1 or Section 2.2, the Company shall not, without the prior written consent of the managing underwriter for such underwritten
      offering, sell, transfer or otherwise dispose of, any Common Stock (other than pursuant to an Excluded Registration Statement which is then in effect) during the time period reasonably requested by the managing underwriter, not to exceed 90 days or
      such shorter period as the managing underwriter shall agree to (other than in the case of the IPO, which time period shall be no more than 180 days).

  
    14

    
      

  

   (c)          The
      foregoing provisions of this Section 2.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement for such underwritten offering, and shall be
      applicable to the Holders only if all officers, directors and stockholders individually owning more than 1% of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Series A Shares) are
      similarly bound.  For purposes of this Section 2.11, the term “Company” shall include any wholly-owned subsidiary of the Company into which the Company merges or consolidates.  In order to enforce the foregoing covenant, the Company
      shall have the right to place restrictive legends on the certificates (if any) representing its Common Stock or other share capital that is subject to this Section 2.11 and to impose stop transfer instructions with respect to such
      Common Stock or other share capital until the end of such period.  The underwriters in connection with such registration are intended third‐party beneficiaries of this Section 2.11 and shall have the right, power and authority to
      enforce the provisions of this Section 2.11 as though they were a party hereto.  Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent
      with this Section 2.11 or that are necessary to give effect thereto.  Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to all Holders subject
      to such agreements pro rata based on the number of shares subject to such agreements.

   

  2.12         Termination of Registration Rights.  The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Sections 2.1 or 2.2 shall terminate upon the earliest to occur of:

   

   (a)          the
      closing of a Liquidation Event (as defined in the Shareholders Agreement); or

   

   (b)          such time after consummation of the IPO as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without regard to volume or manner of sale limitations during a three-month period without registration.

   

  3.          IPO Conversion.

   

  3.1           IPO Reorganization.  In the event that at any time after the execution of this Agreement, the Board of Directors shall determine that it shall
      undertake an IPO, the Company and the Board of Directors shall make such changes as are determined necessary by the Board of Directors (with Series A Majority Consent) to (a) the Articles of Association, (b) this Agreement and/or (c) the structure of
      the Company in order to give effect to such IPO, in each case for the express purpose of an offering of the securities of the Company for sale to the public in a registered public offering pursuant to the Securities Act (any of the foregoing, an “IPO Reorganization”).

   

  3.2           Cooperation.  In connection with any proposed IPO Reorganization and the other transactions contemplated by this Section 3 effected,
      in each case, in a manner consistent with the provisions hereof, each Holder shall take such actions as may be reasonably required by the Board of Directors (with Series A Majority Consent) and otherwise cooperate in good faith with the Board of
      Directors, including taking all actions reasonably required in connection with consummating the IPO Reorganization and the other transactions contemplated by this Section 3 (including, if and as may be necessary, to effect a
      liquidation of the Company and creation of a new entity, amendment to this Agreement or otherwise) as necessary to implement such IPO Reorganization and the other transactions contemplated by this Section 3 and taking any other
      actions, executing and delivering all agreements, instruments and documents, reasonably required in order to effectuate an IPO Reorganization and the other transactions contemplated by this Section 3.

  
    15

    
      

  

  4.           Miscellaneous.

   

  4.1          Successors and Assigns. 
    The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that: (a) is an Affiliate of such Holder; (b) is an Immediate Family
    Member of such Holder or a trust established for the benefit of such individual Holder or one or more of such individual Holder’s Immediate Family Member(s); or (c) after such transfer, holds at least 2% of the Registrable Securities (subject to
    appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); in each case if and only if: (i) the Company is, prior to such transfer, furnished with notice of the name and address of such transferee and the
    Registrable Securities with respect to which such rights are being transferred; and (ii) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the
    provisions of Section 2.11.  For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (A) that is an Affiliate or stockholder of such Holder, (B) who is an
    Immediate Family Member of such Holder, or (C) that is a trust established for the benefit of an individual Holder or such individual Holder’s Immediate Family Member(s) shall be aggregated together and with those of such transferring Holder; provided further
    that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action
    under this Agreement.  The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon
    any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

   

  4.2           Governing Law. 
    This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.

   

  4.3         Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
    instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have
      been duly and validly delivered and be valid and effective for all purposes.

   

  Interpretation.  The titles and subtitles used in this Agreement are for
    convenience only and are not to be considered in construing or interpreting this Agreement.  Except where the context specifically requires otherwise, words importing one gender shall be treated as importing any gender, words importing individuals
    shall be treated as importing corporations and vice versa, words importing the singular shall be treated as importing the plural and vice versa, and words importing the whole shall be treated as including a reference to any part thereof.

   

  4.5           Notices.

   

   (a)          All
      notices, requests and other communications given, made or delivered pursuant to this Agreement shall be in writing and shall be deemed effectively given, made or delivered upon the earlier of actual receipt or: (a) personal delivery to the party to
      be notified; (b) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (c) five days after having been sent by
      registered or certified mail, return receipt requested, postage prepaid; or (d) one business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written
      verification of receipt.

  
    16

    
      

  

   (b)          All
      communications shall be addressed:

   

   (i)          if to
      TPG, to such Investor’s address, facsimile number or electronic mail address shown on Schedule A hereto, as may be updated in accordance with the provisions hereof, with a copy (which shall not constitute notice) to Matt Stewart, Weil,
      Gotshal & Manges LLP, 201 Redwood Shores Parkway, Redwood Shores, California 94065 and by email at Matt.Stewart@weil.com;

   

   (ii)          if to
      the Company, to the Chief Executive Officer of the Company at Walaardt Sacrestraat 425-5, 1117 BM Schipol, The Netherlands, as may be updated in accordance with the provisions hereof, with a copy (which shall not constitute notice) to Douglas L.
      Getter, Dechert LLP, 160 Queen Victoria Street, London EC4V 4QQ UK, Attn: Douglas L. Getter, and by email at Douglas.Getter@dechert.com; and

   

   (iii)          if
      to ICTS, to Walaardt Sacrestraat 425-5, 1117 BM Schipol, The Netherlands, as may be updated in accordance with the provisions hereof, with a copy (which shall not constitute notice) to Douglas L. Getter, Dechert LLP, 160 Queen Victoria Street, London
      EC4V 4QQ UK, Attn: Douglas L. Getter, and by email at Douglas.Getter@dechert.com.

   

  4.6           Amendments and Waivers. 
    Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of
    the Company, ICTS and TPG; provided, however, that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party.  Notwithstanding the foregoing, Schedule A hereto may
    be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be amended by the Company after
    the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Section 4.9.  The Company shall give prompt notice of any
    amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver.  Any amendment, modification, termination or waiver effected in accordance
    with this Section 4.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.  No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances,
    shall be deemed to be or construed as a further or continuing waiver of any such term, condition or provision.

   

  4.7           Severability.  In
    case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement,
    and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

   

  4.8           Aggregation of Stock. 
    All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among
    themselves in any manner they deem appropriate.

  
    17

    
      

  

  4.9           Additional Investors. 
    Notwithstanding anything to the contrary contained herein, if the Company issues additional Series A Shares after the date hereof, any purchaser of such shares of Series A Shares may become a party to this Agreement by executing and delivering an
    additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder.  No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor,
    so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.

   

  4.10         Entire Agreement. 
    This Agreement (including any Schedules and Exhibits hereto) and the documents referred to or incorporated in it (including, without limitation, the Articles of Associatoin and the Shareholders Agreement) constitutes the full and entire understanding
    and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.

   

  4.11         Dispute Resolution.  The parties hereby (a) irrevocably
    and unconditionally submit to the jurisdiction of the federal or state courts located in the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit,
    action or other proceeding arising out of or based upon this Agreement except in the federal or state courts located in the State of Delaware, and (c) waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit,
    action or proceeding, any claim that a party is not subject to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution based upon judgment or order of such court(s), that any suit, action or
    proceeding arising out of or based upon this Agreement commenced in the federal or state courts located in the State of Delaware is brought in an inconvenient forum, that the venue of such suit, action or proceeding is improper or that this Agreement
    or the subject matter hereof may not be enforced in or by such court.  Should any party commence a suit, action or other proceeding arising out of or based upon this Agreement in a forum other than the federal or state courts located in the State of
    Delaware, or should any party otherwise seek to transfer or dismiss such suit, action or proceeding from such court(s), such party shall indemnify and reimburse the other parties for all legal costs and expenses incurred in enforcing this provision.

   

  4.12         Jury Trial.  EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED
      TO THIS AGREEMENT.

   

  4.13         Attorneys’ Fees. 
    If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable attorneys’
    fees.

   

  4.14        Delays or Omissions. 
    No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such nonbreaching or nondefaulting
    party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or
    default theretofore or thereafter occurring.  All remedies, whether under this Agreement, available at law or in equity, or otherwise afforded or available to any party, shall be cumulative and not alternative.

   

  [Remainder of Page Intentionally Left Blank]

  
    18

    
      

  

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

   

  

  
    	 	ABC Technologies B.V.	 
	 	 	 	 
	
            

            

          	
            By: 

          	/s/ Ran Langer

          	 
	 	 Name:

          	ICTS International N.V. 	 
	 	Title:

          	Director

          	 
	 	Name:

          	R.Langer	 
	 	Title:

          	Director	 
	 	 	 	 

  

  
    	 	ICTS International N.V.	 
	 	 	 	 
	
            

            

          	
            By: 

          	/s/ Ran Langer 	 
	 	Name:   

          	Ran Langer 	 
	 	Title:   

          	Director 	 
	 	 	 	 

  

  
    	 	TPG Lux 2018 SC I, S.a.r.l.	 
	 	 	 	 
	
            

            

          	
            By: 

          	/s/ Alexandra Cabete Matias

          	 
	 	Name: 	Alexandra Cabete Matias 	 
	 	Title:   

          	Manager

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