Document:

Exhibit 10.3

 

AMENDED AND RESTATED HERTZ GLOBAL HOLDINGS,
INC.

SEVERANCE PLAN FOR SENIOR EXECUTIVES

 

WHEREAS, the Company
wishes to establish the Amended and Restated Hertz Global Holdings, Inc. Severance Plan for Senior Executives, as may be amended
from time to time (the “Plan”) as set forth herein, which shall replace the prior severance plan that was originally
adopted on February 1, 2008, as amended on each of November 14, 2012, February 11, 2013, February 25, 2016, and January 3, 2017
(the “Prior Plan”).

 

NOW, THEREFORE, the Company
establishes the Plan in accordance with the following terms:

 

Article
I

BACKGROUND, PURPOSE AND TERM OF PLAN

 

Section 1.01           
Purpose of the Plan. The purpose of the Plan is to provide Participants with certain compensation and benefits as set forth
in the Plan in the event the Participant’s employment with the Company or a Subsidiary is terminated in a Qualifying Termination.
The Plan is not intended to be an “employee pension benefit plan” or “pension plan” within
the meaning of Section 3(2) of ERISA. Rather, the Plan is intended to be a “welfare benefit plan” within the
meaning of Section 3(1) of ERISA and to meet the descriptive requirements of a plan constituting a “severance pay plan”
within the meaning of the United States Department of Labor regulations Section 2510.3-2(b), and shall be interpreted and administered
accordingly.

 

Section 1.02           
Term of the Plan. The Plan shall generally be effective as of the Effective Date and, with respect to Participants hereunder,
shall supersede the Prior Plan, any program or policy under which the Company or any Subsidiary provided severance benefits to
any Participant prior to the Effective Date of the Plan. The Plan shall continue until terminated pursuant to Article VII of the
Plan.

 

Article
II

DEFINITIONS

 

Section 2.01           
“Base Salary” shall mean, in the case of a Participant, such Participant’s highest annual base
salary in effect at any time within the 12-month period preceding the Participant’s Termination Date.

 

Section 2.02           
“Board” shall mean the Board of Directors of the Company, or any successor thereto.

 

Section 2.03           
“Bonus” shall mean, in the case of a Participant, the average annual bonus paid (or awarded, if different)
in respect of each of the three prior bonus years (exclusive of any special, retention, or prorated bonuses). If a Participant
has less than three years of bonus history, “Bonus” shall mean the average annual bonus of the actual years,
provided that if a Participant has not had an opportunity to earn or be awarded one full year’s bonus as of his Termination
Date, “Bonus” shall mean 100% of the participant’s target bonus for the year in which the Termination
Date occurs.

 

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Section
2.04        “Cause”
shall mean a Participant’s (i) failure to perform the Participant’s material duties with the Company (other than any
such failure resulting from the Participant’s incapacity as a result of physical or mental illness) after a written demand
for performance specifying the manner in which the Participant has not performed such duties is delivered to the Participant by
the person or entity that supervises or manages the Participant, (ii) engaging in serious misconduct that is injurious to the Company
or any of its Subsidiaries, (iii) one or more acts of fraud or personal dishonesty resulting in or intended to result in personal
enrichment at the expense of the Company or any of its Subsidiaries, (iv) abusive use of alcohol, drugs or similar substances that,
in the sole judgment of the Company, impairs the Participant’s job performance, (v) violation of any Company policy that
results in harm to the Company or any of its Subsidiaries or (vi) indictment for or conviction of (or plea of guilty or nolo contendere)
to a felony or of any crime (whether or not a felony) involving moral turpitude. A termination for “Cause” shall include
a determination by the Plan Administrator following a Participant’s termination of employment for any other reason that,
prior to such termination of employment, circumstances constituting Cause existed with respect to the Participant.

 

Section 2.05           
“COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and the regulations
thereunder.

 

Section 2.06           
“Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

Section 2.07           
“Committee” shall mean the Compensation Committee of the Board or such other committee appointed by the
Board to assist the Company in making determinations required under the Plan in accordance with its terms. The Committee may delegate
its authority under the Plan to an individual or another committee.

 

Section 2.08           
“Company” shall mean Hertz Global Holdings, Inc. and any successor to its business and/or assets as set
forth in Section 10.05 that assumes and agrees to perform the Plan by operation of law, or otherwise. Unless it is otherwise clear
from the context, Company shall generally include participating Subsidiaries.

 

Section 2.09           
“Effective Date” shall mean May 22, 2020.

 

Section 2.10           
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and regulations thereunder.

 

Section 2.11           
“Participant” shall mean any senior executive of the Company designated by the Committee as eligible
to participate in the Plan.

 

Section 2.12           
“Performance Bonus” shall mean such performance bonuses, as applicable, under and in accordance with
the Company’s Annual Incentive Plan, as the same may be amended from time to time, and any other performance bonus plan(s)
that the Company may adopt.

 

Section 2.13           
“Permanent Disability” shall mean a physical or mental disability or infirmity that prevents or is reasonably
expected to prevent the performance of a Participant’s employment-related duties for a period of six (6) months or longer
and, within thirty (30) days after the Company notifies the Participant in writing that it intends to terminate his or her employment,
the Participant shall not have returned to the performance of his employment-related duties on a full-time basis. The Company’s
judgment of Permanent Disability shall be final, binding and conclusive, provided that with respect
to any payments that constitute deferred compensation subject to Section 409A of the Code, “Disability” shall have
the meaning set forth in Section 409A(a)(2)(c) of the Code. Notwithstanding the foregoing, if the Participant
is a party to an employment agreement with the Company or any Subsidiary, “Permanent Disability” shall have the meaning,
if any, specified in such employment agreement.

 

Section 2.14           
“Plan” shall mean this Hertz Global Holdings, Inc. Severance Plan for Senior Executives as set forth
herein, and as the same may from time to time be amended.

 

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Section 2.15           
“Plan Administrator” shall mean the individual(s) appointed by the Committee to administer the terms
of the Plan as set forth herein and if no individual is appointed by the Committee to serve as the Plan Administrator for the Plan,
the Plan Administrator shall be the Senior Vice President of Human Resources (or the equivalent). Notwithstanding the preceding
sentence, in the event the Plan Administrator is entitled to Severance Benefits under the Plan, the Committee or its delegate shall
act as the Plan Administrator for purposes of administering the terms of the Plan with respect to the Plan Administrator. The Plan
Administrator may delegate all or any portion of its authority under the Plan to any other person(s).

 

Section 2.16           
“Prior Plan” shall mean the Hertz Global Holdings, Inc. Severance Plan for Senior Executives that was
originally adopted on February 1, 2008, as amended on each of November 14, 2012, February 11, 2013, February 25, 2016, and January
3, 2017.

 

Section 2.17           
“Qualifying Termination” shall mean a termination of the Participant’s employment initiated by
the Company or a Subsidiary for any reason other than Cause, Permanent Disability or death. For the avoidance of doubt, a Retirement
or any voluntary termination by a Participant shall not constitute a Qualifying Termination.

 

Section 2.18           
“Release” shall mean the Separation of Employment and General Release Agreement, which shall include
a written agreement to abide by the agreement to the confidentiality, non-solicitation, and non-competition provisions in Article
V for the periods provided for herein, in the form attached hereto as Exhibit A; provided that the Plan Administrator shall have
the discretion to modify the Release if necessary or appropriate under any applicable law to effect a complete and total release
of claims by the Participant as of the Termination Date.

 

Section 2.19           
“Restriction Period” shall mean the greater of 12 months or the Severance Period, if applicable.

 

Section 2.20           
“Retirement” shall mean a Participant’s voluntary termination of employment with the Company under
any of the Company’s retirement plans.

 

Section 2.21           
“Separation from Service Date” shall mean, in the case of a Participant, the date of the Participant’s
 “separation from service” within the meaning of Section 409A(a)(2)(i)(A) of the Code and determined in accordance
with the regulations promulgated under Section 409A of the Code.

 

Section 2.22           
“Severance Benefit” shall mean the benefits that a Participant is eligible to receive pursuant to Article
IV of the Plan, except for those benefits described in Section 4.01 of the Plan.

 

Section 2.23           
“Severance Factor” and “Severance Period” shall mean, in the case of a Participant,
the amount or period, as the case may be, set forth on Annex A opposite such Participant’s position.

 

Section 2.24           
“Specified Employee” shall mean a “specified employee” within the meaning of Section
409A(a)(2)(B)(1) of the Code, as determined in accordance with the uniform methodology and procedures adopted by the Company and
then in effect.

 

Section 2.25           
“Subsidiary” shall mean any corporation in which the Company owns, directly or indirectly, stock representing
50% or more of the combined voting power of all

 

classes of stock entitled
to vote, and any other business organization, regardless of form, in which the Company possesses, directly or indirectly, 50% or
more of the total combined equity interests in such organization.

 

Section 2.26           
“Termination Date” shall mean the date as of which the active employment of the Participant by the Company
and its Subsidiaries is severed.

 

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Article
III

ELIGIBILITY FOR BENEFITS

 

Section 3.01           
Eligibility. Each Participant in the Plan who incurs a Qualifying Termination and who satisfies the conditions of
Section 3.02 shall be eligible to receive the Severance Benefits described in the Plan, except that any such Participant who is
a party to an employment agreement or Change in Control Severance Agreement (or similar agreement) with the Company pursuant to
which such Participant is entitled to severance benefits shall not be eligible to receive the Severance Benefits described in the
Plan.

 

Section 3.02           
Conditions.

 

(a)               
Eligibility for any Severance Benefits is expressly conditioned on (i) execution by the Participant of the Release, and
lapsing of the revocation period for the Release, within 60 days after the Participant’s Termination Date (the “Release
Period”) and (ii) compliance by the Participant with all the material terms and conditions of such Release. If the Participant
has not fully complied with any of the applicable terms of Article V and/or the Release, the Plan Administrator may deny unpaid
Severance Benefits or discontinue the payment of the Participant’s Severance Benefit and may require the Participant, by
providing at least 10 days’ prior written notice of such repayment obligation to the Participant during which period the
Participant may cure such failure to comply (if capable of being cured), and if not so cured the Participant shall be obligated
to repay any portion of the Severance Benefit already received under the Plan. If the Plan Administrator notifies a Participant
that repayment of all or any portion of the Severance Benefit received under the Plan is required, such amounts shall be repaid
within thirty (30) calendar days of the date the written notice is sent. Any remedy under this subsection (a) shall be in addition
to, and not in place of, any other remedy, including injunctive relief, that the Company may have.

 

(b)               
The Plan Administrator shall determine a Participant’s eligibility to receive Severance Benefits in its sole discretion.

 

Article
IV

DETERMINATION OF BENEFITS

 

Section 4.01           
Benefits Upon Any Termination of Employment. In the event of any termination of employment, regardless of whether
the Participant is eligible for benefits under the Plan, the Company shall pay or provide to the Participant the following benefits,
in each case to the extent vested and payable as provided in each applicable plan: (a) all earned but unpaid compensation through
the Termination Date and (b) any other payments or benefits pursuant to any other compensation plans, programs or employment agreements
then in effect.

 

Section 4.02           
Severance Benefits. Subject to the other provisions of the Plan, the Severance Benefits to be provided to each Participant
who meets the requirements for such benefits under the Plan (each an “Eligible Participant”) shall be the following:

 

(a)               
a pro rata portion of the Performance Bonus that would have been payable to the Eligible Participant, pro rated based on
the portion of the year ending on the Termination Date, such pro rata amount to be paid at the same time as such bonuses are otherwise
generally paid to the Company’s executives and in any event, no later than March 15 of the year following the end of the
performance period;

 

(b)               
an amount equal to (x) the sum of the Eligible Participant’s Base Salary plus such Eligible Participant’s
Bonus, multiplied by (y) such Eligible Participant’s Severance Factor, payable in equal installments over the Eligible
Participant’s Severance Period on the Company’s regular payroll cycles, commencing with the first payroll cycle ending
after the Release becomes effective (provided, however, if the Release Period crosses over two calendar years, payment shall commence
with the first payroll cycle following the later of the Release becoming effective or January 1st of the second calendar year);
and

 

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(c)               
all medical, health and accident insurance or other similar health care arrangements for the benefit of such Eligible Participant
and his dependents, at the same level and same cost as in effect immediately prior to the Termination Date, through such Eligible
Participant’s Severance Period (or, if earlier, the date such Eligible Participant becomes eligible for comparable benefits
provided by a subsequent employer).

 

Notwithstanding the
foregoing provisions of this Section 4.02, if, as of the Separation from Service Date, the Eligible Participant is a Specified
Employee, then, except to the extent that the Plan does not provide for a “deferral of compensation” within
the meaning of Section 409A of the Code, the following shall apply: (1) no payments shall be made and no benefits shall
be provided to Executive, in each case, during the period beginning on the Separation from Service Date and ending on the six-month
anniversary of such date or, if earlier, the date of the Eligible Participant’s death, and (2) on the first business
day of the first month following the month in which occurs the six-month anniversary of the Separation from Service Date or, if
earlier, the Eligible Participant’s death, the Company shall make a one-time, lump-sum cash payment to the Eligible Participant
(or his beneficiary, if applicable) in an amount equal to the sum of the amounts otherwise payable to the Eligible Participant
under the Plan during the period described in clause (1) above.

 

Section
4.03        Termination
for Cause. If any Participant’s employment terminates on account of termination by the Company for Cause, the Participant
shall not be entitled to receive Severance Benefits under the Plan except as provided under Section 4.01 and shall be entitled
only to those benefits that are legally required to be provided to the Participant. Notwithstanding any other provision of the
Plan to the contrary, if a Participant has engaged in conduct that constitutes Cause at any time prior to the Participant’s
Termination Date, the Plan Administrator may by written notice to the Participant determine that any Severance Benefit payable
to the Participant under Section 4.02 of the Plan shall immediately cease, and that the Participant shall be required to return
any Severance Benefits paid to the Participant prior to such determination. The Company may withhold paying Severance Benefits
under the Plan pending resolution of an inquiry that could lead to a finding resulting in Cause. If the Company has offset other
payments owed to the Participant under any other plan or program, it may, in its sole discretion, waive its repayment right solely
with respect to the amount of the offset so credited.

 

Section 4.04           
Reduction of Severance Benefits. The Plan Administrator reserves the right to make deductions in accordance with
applicable law for the stated amount of monies owed to the Company by the Participant or the value of Company property that the
Participant has retained in his/her possession. Any payment made pursuant to the Plan shall be subject to applicable withholding
obligations in an amount sufficient to satisfy U.S. or foreign federal, provincial, state and local or other applicable withholding
tax requirements.

 

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Section 4.05           
Other Arrangements. The Severance Benefits under the Plan are not additive or cumulative to severance or termination
benefits that a Participant might also be entitled to receive under the terms of a written employment agreement, a severance agreement,
a retention plan or agreement, or any other arrangement with the Company. As a condition of participating in the Plan, each individual
must expressly agree that the Plan supersedes all prior agreements, including, without limitation, the Prior Plan, and sets forth
the entire Severance Benefit to which he or she is entitled to while a Participant in the Plan. The provisions of the Plan may
provide for payments to the Participant under certain compensation or bonus plans under circumstances where such plans would not
provide for payment thereof. It is the specific intention of the Company that the provisions of the Plan shall supersede any provisions
to the contrary in such plans, to the extent permitted by applicable law, and such plans shall be deemed to have been amended to
correspond with the Plan without further action by the Company or the Board. However, if the Participant is a party to a Change
in Control Agreement (or similar agreement), such agreement, and not the Plan, shall apply under the circumstances described therein.
The Plan and the Severance Benefits provided pursuant to the Plan are being made available on a voluntary basis by the Company
and are not required by any legal obligation. Benefits under the Plan are not intended to duplicate other benefits. Any Severance
Benefit under this Plan may be in lieu of any severance pay, notice period or benefits required or provided under any federal,
state, or local law or ordinance. The Plan Administrator shall determine how to apply this provision, and may override other provisions
of the Plan in doing so.

 

Section 4.06           
Termination of Eligibility for Benefits. All Participants shall cease to be eligible to participate in the Plan,
and all Severance Benefit payments shall cease upon the occurrence of the earlier of:

 

(a)               
Subject to Article VII, termination or modification of the Plan;

 

(b)               
Completion of payment to the Participant of the Severance Benefit for which the Participant is eligible under Article IV;
or

 

(c)               
Upon reemployment by the Participant with the Company.

 

Article
V

CONFIDENTIALITY, COVENANT NOT TO COMPETE AND NOT TO SOLICIT

 

Section
5.01        Confidential
Information. At no time during the term of Participant’s Employment or at any time following Participant’s Termination
Date, shall the Participant, without the prior written consent of the Company, use, divulge, disclose or make accessible to any
other person, firm, partnership, corporation or other entity any Confidential Information pertaining to the business of the Company
or any of its affiliates, except (i) while employed by the Company, in the business of and for the benefit of the Company, or (ii)
when required to do so by a court of competent jurisdiction, by any governmental agency having supervisory authority over the business
of the Company, or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the
Participant to divulge, disclose or make accessible such information. For purposes of this Section 5.01, “Confidential
Information” shall mean any trade secret or other non-public information concerning the financial data, strategic business
plans, product development (or other proprietary product data), customer lists, marketing plans and other non-public, proprietary
and confidential information of the Company or its affiliates, that, in any case, is not otherwise available to the public (other
than by Participant’s breach of the terms hereof) or known to persons in the industry generally.

 

Section 5.02           
Non-Competition. The Participant agrees that, during the term of his or her employment with the Company, and thereafter
during the Restriction Period, he or she shall not directly or indirectly become associated, as an owner, partner, shareholder
(other than as a holder of not in excess of 5% of the outstanding voting shares of any publicly traded company), director, officer,
manager, employee, agent, consultant or otherwise, with (a) any car or equipment rental or comparable company, which competes with
the business, and for the customer base, of the Company and/or (b) any creditor, equityholder, or creditor committee member of,
or lender or financial advisor to, the Companies (a “Competitive Business”). This Section 5.02 shall not be
deemed to restrict (a) a Participant who is a lawyer from working for or being associated with a law firm as long as the Participant
does not provide legal services to a Competitive Business or (b) association with any enterprise that conducts unrelated business
or that has material operations outside of the geographic area that encompasses the Company’s customer base (or where the
Company had plans at the Termination Date to enter) for so long as the Participant’s role whether direct or indirect (e.g.,
supervisory), is solely with respect to such unrelated business or other geographic area (as the case may be).

 

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Section 5.03           
Non-Solicitation. The Participant agrees that, during the term of his or her employment with the Company, and thereafter
during the Restriction Period, he or she shall not directly or indirectly employ or seek to employ, or solicit or contact or cause
others to solicit or contact with a view to engage or employ, any person who is or was a managerial level employee of the Company
at the time of the Participant’s Termination Date or at any time during the 12-month period preceding such date. This Section
5.03 shall not be deemed to be violated solely by (a) placing an advertisement or other general solicitation or (b) serving as
a reference.

 

Section 5.04           
Non-Disparagement. The Participant agrees that he or she shall not at any time disparage the Company or any officer,
director, employee or greater than ten percent (10%) shareholder (or beneficial owner) of the Company, and shall not, without the
prior written consent of the Company, make any written or oral statement concerning the termination of his or her employment or
any circumstances, terms or conditions relating thereto. Nothing in this Section 5.04 shall prevent the lawful filing or prosecution
of any claim against the Company in any judicial, arbitration, governmental, or other appropriate forum for adjudication of disputes,
any response or disclosure by the Participant compelled by legal process or required by applicable law or any bona-fide exercise
by the Participant of any shareholder rights he or she may otherwise have.

 

Section 5.05           
Reasonableness. In the event the provisions of this Article V shall ever be deemed to exceed the time, scope or geographic
limitations permitted by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations,
as the case may be, permitted by applicable laws.

 

Section 5.06           
Acknowledgment. The Plan Administrator shall require, as a condition to a Participant’s participation in the
Plan, that such Participant enter into a written acknowledgment of the terms of this Article V (and such other provisions hereof
as the Plan Administrator determines appropriate), in such form as the Plan Administrator shall determine appropriate from time
to time.

 

Section 5.07           
Equitable Relief.

 

(a)               
By participating in the Plan, the Participant acknowledges that the restrictions contained in this Article V are reasonable
and necessary to protect the legitimate interests of the Company, its Subsidiaries and its affiliates, that the Company would not
have established the Plan in the absence of such restrictions, and that any violation of any provision of this Article V will result
in irreparable injury to the Company. By agreeing to participate in the Plan, the Participant represents that his or her experience
and capabilities are such that the restrictions contained in this Article V will not prevent the Participant from obtaining employment
or otherwise earning a living at the same general level of economic benefit as is currently the case. The Participant further represents
and acknowledges that (i) he or she has been advised by the Company to consult his or her own legal counsel in respect of the Plan,
and (ii) that he or she has had full opportunity, prior to agreeing to participate in the Plan, to review thoroughly the Plan with
his or her counsel.

 

(b)               
The Participant agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity
of proving actual damages or posting any bond, and a court or arbitration may also order an equitable accounting of all earnings,
profits and other benefits arising from any violation of this Article V, which rights shall be cumulative and in addition to any
other rights or remedies to which the Company may be entitled.

 

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(c)               
The Participant and the Company irrevocably and unconditionally (i) agree that any suit, action or other legal proceeding
arising out of this Article V, including without limitation, any action commenced by the Company for preliminary and permanent
injunctive relief or other equitable relief, may be brought in the United States District Court whose jurisdiction includes Lee
County, Florida, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction
in Florida, (ii) consent to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and
(iii) waive any objection which Participant may have to the laying of venue of any such suit, action or proceeding in any
such court.

 

Section 5.08           
Survival of Provisions. The obligations contained in this Article V shall survive the termination of Participant’s
employment with the Company or a Subsidiary (or termination of the Plan) and shall be fully enforceable thereafter.

 

Article
VI

THE PLAN ADMINISTRATOR

 

Section 6.01           
Authority and Duties. It shall be the duty of the Plan Administrator, on the basis of information supplied to it
by the Company and the Committee, to properly administer the Plan. The Plan Administrator shall have the full power, authority
and discretion to construe, interpret and administer the Plan, to make factual determinations, to correct deficiencies therein,
and to supply omissions, and to make all other determinations deemed necessary or advisable for the Plan. The Plan Administrator
shall have the sole discretion to make decisions and take actions with respect to questions arising in connection with the Plan,
including but not limited to the determination of questions of eligibility and participation, and the amount, manner and timing
of benefits. All decisions, actions and interpretations of the Plan Administrator shall be subject only to determinations by the
Named Appeals Fiduciary (as defined in Section 9.04), with respect to denied claims for Severance Benefits, and in the event of
any judicial or arbitral proceeding shall be subject to de novo review. The Plan Administrator may adopt such rules and regulations
and may make such decisions as it deems necessary or desirable for the proper administration of the Plan. Notwithstanding anything
else herein to the contrary, all decisions, actions and interpretations of the Named Appeals Fiduciary shall be subject to de novo
review by the arbitrator pursuant to Section 9.05 hereof.

 

Section 6.02           
Compensation of the Plan Administrator. The Plan Administrator shall receive no compensation for services as such.
However, all reasonable expenses of the Plan Administrator shall be paid or reimbursed by the Company upon proper documentation.
The Plan Administrator shall be indemnified by the Company against personal liability for actions taken in good faith in the discharge
of the Plan Administrator’s duties.

 

Section 6.03           
Records, Reporting and Disclosure. The Plan Administrator shall keep a copy of all records relating to the payment
of Severance Benefits to Participants and former Participants and all other records necessary for the proper operation of the Plan.
All Plan records shall be made available to the Committee, the Company and to each Participant for examination during business
hours except that a Participant shall examine only such records as pertain exclusively to the examining Participant and to the
Plan. The Plan Administrator shall prepare and shall file as required by law or regulation all reports, forms, documents and other
items required by ERISA, the Code, and every other relevant statute, each as amended, and all regulations thereunder (except that
the Company, as payor of the Severance Benefits, shall prepare and distribute to the proper recipients all forms relating to withholding
of income or wage taxes, Social Security taxes, and other amounts that may be similarly reportable).

 

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Article
VII

AMENDMENT, TERMINATION AND DURATION

 

Section 7.01           
Amendment, Suspension and Termination. Except as otherwise provided in this Section 7.01, the Board or the Committee
or the delegee of the Board or the Committee shall have the right, at any time and from time to time, to amend, suspend or terminate
the Plan in whole or in part, for any reason or without reason, and without either the consent of or the prior notification to
any Participant, by a formal written action. Plan amendments may include, but are not limited to, elimination or reduction in the
level or type of benefits provided to a Participant and may be retroactive or prospective in nature. No such amendment shall give
the Company the right to recover any amount paid to a Participant prior to the date of such amendment or to cause the cessation
of Severance Benefits already approved for a Participant who has executed a Release as required under Section 3.02. Severance Benefits
provided under the Plan are at the discretion of the Company and are not a contractual obligation. Nothing in the Plan shall give,
or be construed to give, any Participant the vested right to any benefit under the Plan.

 

Section 7.02           
Duration. Unless terminated sooner by the Board or the Committee or the delegee of the Board or the Committee in
accordance with Section 7.01, the Plan shall continue in full force and effect until termination of the Plan pursuant to Section
7.01.

 

Article
VIII

DUTIES OF THE COMPANY, THE COMMITTEE AND THE PLAN ADMINISTRATOR

 

Section 8.01           
Records. The Company or a Subsidiary thereof shall supply to the Committee and the Plan Administrator, as the case
may be, all records and information necessary to the performance of the Committee’s and the Plan Administrator’s duties.

 

Section 8.02           
Payment. Payments of Severance Benefits to Participants shall be made by the Company in such amount as determined
by the Committee under Article IV, from the Company’s general assets or from a supplemental unemployment benefits trust,
in accordance with the terms of the Plan, as directed by the Committee.

 

Section 8.03           
Discretion. Any decisions, actions or interpretations to be made under the Plan by the Board, the Committee and the
Plan Administrator, acting on behalf of either, (i) shall be made in each of their respective sole discretion, not in any fiduciary
capacity, and (ii) need not be uniformly applied to similarly situated individuals. Notwithstanding anything else herein to the
contrary, all decisions, actions and interpretations of the Plan Administrator and the Named Appeals Fiduciary shall be accorded
deference by the arbitrator pursuant to Section 9.05 hereof and by a court of competent jurisdiction entering the award of such
arbitrator, in each case to the maximum extent permitted by applicable law.

 

Article
IX

CLAIMS PROCEDURES

 

Section 9.01           
Claim. Each Participant under the Plan may contest the administration of the Severance Benefits awarded by completing
and filing with the Plan Administrator a written request for review in the manner specified by the Plan Administrator. No person
may bring an action for any alleged wrongful denial of Plan benefits in a court of law unless the claims procedures described in
this Article IX are exhausted and a final determination is made by the Plan Administrator and/or the Named Appeals Fiduciary. No
person may bring legal action, including a lawsuit, either in law or equity, more than one year after a final decision is rendered
on a claim. In order to raise an issue in any legal action related to the claim, such person must have clearly raised such issue
during the claims and appeals procedure described herein.

 

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Section
9.02        Initial
Claim. Before the date on which payment of a Severance Benefit occurs, any claim relating to the administration of such Severance
Benefit must be supported by such information as the Plan Administrator deems relevant and appropriate. In the event that any such
claim is denied in whole or in part, the terminated Participant or his or her beneficiary (“Claimant”) whose
claim has been so denied shall be notified of such denial in writing by the Plan Administrator within ninety (90) days after the
receipt of the claim for benefits. This period may be extended an additional ninety (90) days if the Plan Administrator determines
such extension is necessary and the Plan Administrator provides notice of extension to the Claimant prior to the end of the initial
ninety (90) day period. The notice advising of the denial shall (i)
specify the reason or reasons for denial, (ii) make specific reference to the Plan provisions on which the determination
was based, (iii) describe any additional material or information necessary for the Claimant to perfect the claim (explaining
why such material or information is needed), and (iv) describe the Plan’s review procedures and the time limits applicable
to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following
an adverse benefit determination on review.

 

Section 9.03           
Appeals of Denied Administrative Claims. All appeals shall be made by the following procedure:

 

(a)               
A Claimant whose claim has been denied shall file with the Plan Administrator a notice of appeal of the denial. Such notice
shall be filed within sixty (60) calendar days of notification by the Plan Administrator of the denial of a claim, shall be made
in writing, and shall set forth all of the facts upon which the appeal is based. Appeals not timely filed shall be barred.

 

(b)               
The Named Appeals Fiduciary shall consider the merits of the Claimant’s written presentations, the merits of any facts
or evidence in support of the denial of benefits, and such other facts and circumstances as the Named Appeals Fiduciary shall deem
relevant.

 

(c)               
The Named Appeals Fiduciary shall render a determination upon the appealed claim which determination shall be accompanied
by a written statement as to the reasons therefor. The determination shall be made to the Claimant within sixty (60) days of the
Claimant’s request for review, unless the Named Appeals Fiduciary determines that special circumstances require an extension
of time for processing the claim. In such case, the Named Appeals Fiduciary shall notify the Claimant of the need for an extension
of time to render its decision prior to the end of the initial sixty (60) day period, and the Named Appeals Fiduciary shall have
an additional sixty (60) day period to make its determination. If the determination is adverse to the Claimant, the notice shall
(i) provide the reason or reasons for denial, (ii) make specific reference to the Plan provisions on which the determination
was based, (iii) include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits, and
(iv) state that the Claimant has the right to bring an action under Section 502(a) of ERISA, and such determination shall
be subject to de novo review by the arbitrator as provided in Section 9.05 hereof.

 

Section 9.04           
Appointment of the Named Appeals Fiduciary. The “Named Appeals Fiduciary” shall be the person
or persons named as such by the Board or Committee, or, if no such person or persons be named, then the person or persons named
by the Plan Administrator as the Named Appeals Fiduciary. Named Appeals Fiduciaries may at any time be removed by the Board or
Committee, and any Named Appeals Fiduciary named by the Plan Administrator may be removed by the Plan Administrator. All such removals
may be with or without cause and shall be effective on the date stated in the notice of removal. The Named Appeals Fiduciary shall
be a “Named Fiduciary” within the meaning of ERISA, and, unless appointed to other fiduciary responsibilities,
shall have no authority, responsibility, or liability with respect to any matter other than the proper discharge of the functions
of the Named Appeals Fiduciary as set forth herein.

 

Section
9.05        Arbitration;
Expenses. In the event of any dispute under the provisions of the Plan, other than a dispute in which the primary relief sought
is an equitable remedy such as an injunction, the parties shall have the dispute, controversy or claim settled by arbitration in
Estero, Florida (or such other location as may be mutually agreed upon by the Employer and the Participant) in accordance with
the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a single
arbitrator selected by agreement of the parties (or, in the absence of such agreement, appointed by the American Arbitration Association).
Any award entered by the arbitrator shall be final, binding and nonappealable and judgment may be entered thereon by either party
in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable.
The arbitrator shall have no authority to modify any provision of the Plan or to award a remedy for a dispute involving the Plan
other than a benefit specifically provided under or by virtue of the Plan. If the Participant substantially prevails on any material
issue that is the subject of such arbitration or lawsuit, the Company shall be responsible for all of the fees of the American
Arbitration Association and the arbitrator and any expenses relating to the conduct of the arbitration (including the Company’s
and Participant’s reasonable attorneys’ fees and expenses). Otherwise, each party shall be responsible for its own
expenses relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the
fees of the American Arbitration Association.

 

    	 	10	 

     

    

 

Article
X

MISCELLANEOUS

 

Section 10.01       
Nonalienation of Benefits. None of the payments, benefits or rights of any Participant shall be subject to any claim
of any creditor of any Participant, and, in particular, to the fullest extent permitted by law, all such payments, benefits and
rights shall be free from attachment, garnishment (if permitted under applicable law), trustee’s process, or any other legal
or equitable process available to any creditor of such Participant. No Participant shall have the right to alienate, anticipate,
commute, plead, encumber or assign any of the benefits or payments that he may expect to receive, contingently or otherwise, under
the Plan, except for the designation of a beneficiary as contemplated in Section 10.02.

 

Section 10.02       
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries
(who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the
Plan is to be exercised in case of his or her death. Each designation will revoke all prior designations by the same Participant,
shall be in a form prescribed by the Plan Administrator, and will be effective only when filed by the Participant in writing with
the Plan Administrator during his lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s
death shall be paid to or exercised by the Participant’s surviving spouse, if any, or otherwise to or by his or her estate.

 

Section 10.03       
Notices. All notices and other communications required hereunder shall be in writing and shall be delivered personally
or mailed by registered or certified mail, return receipt requested, or by overnight express courier service. In the case of the
Participant, mailed notices shall be addressed to him or her at his or her most recent address as shown on the books and records
of the Company or Subsidiary employing the Participant. In the case of the Company, mailed notices shall be addressed to the Plan
Administrator, with copies to the Senior Vice President, Chief Human Resources Officer, and the General Counsel of the Company.

 

Section 10.04       
409A Compliance. The Plan is intended to be administered in a manner consistent with the requirements, where applicable,
of Section 409A of the Code. Where reasonably possible and practicable, the Plan shall be administered in a manner to avoid the
imposition on Participants of immediate tax recognition and additional taxes pursuant to such Section 409A. The Plan (and any payments)
may be amended (in accordance with Article VII of the Plan) in any respect deemed necessary or desirable (including retroactively)
by the Company with the intent to preserve exemption from or compliance with Section 409A of the Code. The preceding shall not
be construed as a guarantee of any particular tax effect for Plan payments.

 

    	 	11	 

     

    

 

Neither the Company
nor the Plan Administrator shall have any liability to any person in the event such Section 409A of the Code applies to any payments
or benefits hereunder in a manner that results in adverse tax consequences for the Participant or any of his beneficiaries. A Participant
(or his beneficiary, as applicable) is solely responsible and liable for the satisfaction of all taxes and penalties that may be
imposed on such person in connection with the Plan (including any taxes and penalties under Section 409A of the Code), and neither
the Company nor the Plan Administrator shall have any obligation to indemnify or otherwise hold such person harmless from any or
all of such taxes or penalties.

 

Section 10.05       
Successors and Assigns. The rights under the Plan are personal to the Participant and without the prior written consent
of the Company shall not be assignable by the Participant otherwise than by will or the laws of descent and distribution. The Plan
shall inure to the benefit of and be enforceable by the Participant’s legal representatives. The Plan shall inure to the
benefit of and be binding upon the Company and its successors and assigns. The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to assume expressly and agree to perform the Plan in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place (with a copy of such assumption provided to the Participant).

 

Section 10.06       
No Impact On Benefits. Except as may otherwise be specifically stated under any employee benefit plan, policy or
program, no amount payable under the Plan shall be treated as compensation for purposes of calculating a Participant’s right
under any such plan, policy or program.

 

Section 10.07       
Timing of Reimbursements; Effect on Other Payments. Except as otherwise provided in the Plan, no Participant shall
be entitled to any cash payments or other severance benefits under any of the Company’s then current severance pay policies
for a termination that is covered by the Plan for the Participant. Anything in the Plan to the contrary notwithstanding, no reimbursement
payable to Participant pursuant to any provisions of the Plan or pursuant to any plan or arrangement of the Company covered by
the Plan shall be paid later than the last day of the calendar year following the calendar year in which the related expense was
incurred, and no such reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar
year, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation”
within the meaning of Section 409A of the Code.

 

Section 10.08       
No Mitigation. A Participant shall not be required to mitigate the amount of any Severance Benefit provided for in
the Plan by seeking other employment or otherwise, nor shall the amount of any Severance Benefit provided for herein be reduced
by any compensation earned by other employment or otherwise or subject to offset except as otherwise expressly provided for herein.

 

Section 10.09       
No Contract of Employment. Neither the establishment of the Plan, nor any modification thereof, nor the creation
of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Participant or any person whosoever,
the right to be retained in the service of the Company.

 

Section 10.10       
Severability of Provisions. If any provision of the Plan shall be held invalid or unenforceable by a court of competent
jurisdiction, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed
and enforced as if such provisions had not been included.

 

Section 10.11       
Heirs, Assigns, and Personal Representatives. The Plan shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties, including each Participant, present and future.

 

    	 	12	 

     

    

 

Section 10.12       
Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not
be considered part of the Plan, and shall not be employed in the construction of the Plan.

 

Section 10.13       
Gender and Number. Where the context admits, words in any gender shall include any other gender, and, except where
otherwise clearly indicated by context, the singular shall include the plural, and vice versa.

 

Section 10.14       
Unfunded Plan. The Plan shall not be funded. No Participant shall have any right to, or interest in, any assets of
the Company that may be applied by the Company to the payment of Severance Benefits.

 

Section 10.15       
Payments to Incompetent Persons. Any benefit payable to or for the benefit of a minor, an incompetent person or other
person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party providing
or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Company, the Committee
and all other parties with respect thereto.

 

Section 10.16       
Lost Payees. A benefit shall be deemed forfeited if the Plan Administrator is unable to locate a Participant to whom
a Severance Benefit is due. Such Severance Benefit shall be reinstated if application is made by the Participant for the forfeited
Severance Benefit while the Plan is in operation.

 

Section 10.17       
Controlling Law. The Plan shall be construed and enforced according to the laws of the State of Florida to the extent
not superseded by Federal law.

 

    	 	13	 

     

    

 

Annex A

 

	Positions	Severance Factor	Severance Period
	Chief Executive Officer, Senior Executive Vice President, Executive Vice President, Chief Accounting Officer, President – International	1.0	12 months

 

    	 	1	 

     

    

 

Exhibit A

SEPARATION AGREEMENT

 

and

 

GENERAL RELEASE OF
ALL CLAIMS

 

This Separation Agreement
and General Release of All Claims (the “Agreement”) is entered into as of [●] by and among [●] (the
 “Executive”), Hertz Global Holdings, Inc. and The Hertz Corporation (hereinafter “Hertz”
or the “Companies”), duly acting under authority of their officers and directors.

 

WHEREAS, Executive
is a participant in the Amended and Restated Hertz Global Holdings, Inc. Severance Plan for Senior Executives (the “Plan”);

 

WHEREAS, Executive’s
employment with Hertz will end effective as of [●];

 

WHEREAS, in
connection with Executive’s separation from employment, Executive is entitled to certain payments and other benefits under
the Plan, so long as Executive executes and does not revoke this Agreement; and

 

WHEREAS, the
parties desire to fully and finally resolve any disputes, claims or controversies that have arisen or may arise with respect to
Executive’s employment with and subsequent separation from the Companies.

 

NOW, THEREFORE,
in consideration of the mutual promises, covenants and agreements stated herein and in the Plan, which Executive and the Companies
agree constitute good and valuable consideration, receipt of which is acknowledged, the parties stipulate and do mutually agree
as follows:

 

1.                
In exchange for receiving the payments and benefits described in Section 4 of the Plan, Executive does for himself and his
heirs, executors, administrators, successors, and assigns, hereby release, acquit, and forever discharge and hold harmless the
Companies and the divisions, subsidiaries and affiliated companies of each of the Companies, the officers, directors, shareholders,
employees, benefit and retirement plans (as well as trustees and administrators thereof), agents and heirs of each of the foregoing,
and the predecessors, assigns and successors, past and present of each of the foregoing, and any persons, firms or corporations
in privity with any of them (collectively, the “Company Released Parties”), of and from any and all actions, causes
of action, claims, demands, attorneys’ fees, compensation, expenses, promises, covenants, and damages of whatever kind or
nature, in law or in equity, which Executive has, had or could have asserted, known or unknown, at common law or under any statute,
rule, regulation, order or law, whether federal, state or local, or on any grounds whatsoever from the beginning of the world to
the date of execution of this Agreement, including, without limitation, (1) any and all claims for any additional severance pay,
vacation pay, bonus or other compensation; (2) any and all claims of discrimination or harassment based on race, color, national
origin, ancestry, religion, marital status, sex, sexual orientation, disability, handicap, age or other unlawful discrimination;
any claims arising under Title VII of the Federal Civil Rights Act; the Federal Civil Rights Act of 1991; the Americans with Disabilities
Act; the Age Discrimination in Employment Act; the New Jersey Law Against Discrimination; or under any other state, federal, local
law or regulation or under the common law; and (3) any and all claims with respect to any event, matter, damage or injury arising
out of his employment relationship with any Company Released Party, and/or the separation of such employment relationship, and/or
with respect to any other event or matter.

 

The only exceptions
to this Separation Agreement and General Release of All Claims are with respect to retirement benefits which may have accrued and
vested as of the date of Executive’s employment termination, COBRA rights, enforcement of Executive’s rights under
this Agreement and the Plan, and any claims under applicable workers’ compensation laws.

 

    	 	1	 

     

    

 

Nothing in this Agreement
shall be construed to prohibit Executive from filing any future charge or complaint with the U.S. Equal Employment Opportunity
Commission (the “EEOC”) or participating in any investigation or proceeding conducted by the EEOC, nor shall any provision
of this Agreement adversely affect Executive’s right to engage in such conduct. Notwithstanding the foregoing, Executive
waives the right to obtain any relief from the EEOC or recover any monies or compensation as a result of filing a charge or complaint.
In addition to agreeing herein not to bring suit against any Company Released Party, Executive agrees not to seek damages from
any Company Released Party by filing a claim or charge with any state or governmental agency.

 

2.                
Executive shall return to the Companies all Company property and Confidential Information (as defined in the Plan) of any
Company Released Party in Executive’s possession or control, including without limitation, business reports and records,
client reports and records, customer information, personally identifiable information relating to others, business strategies,
contracts and proposals, files, a listing of customers or clients, lists of potential customers or clients, technical data, testing
or research data, research and development projects, business plans, financial plans, internal memoranda concerning any of the
above, and all credit cards, cardkey passes, door and file keys, computer access codes, software, and other physical or personal
property which Executive received, had access to or had in his possession, prepared or helped prepare in connection with Executive’s
employment with any Company Released Party, and Executive shall not make or retain any copies, duplicates, reproductions, or excerpts
thereof. Executive acknowledges that in the course of employment with any one or more Company Released Party, Executive has acquired
Confidential Information and that such Confidential Information has been disclosed to Executive in confidence and for his use only
during and with respect to his employment with one or more of the Company Released Parties.

 

3.                
Executive acknowledges and agrees that he has agreed to be bound by the confidentiality provision in the Plan following
Executive’s separation of employment, the non-competition and non-solicitation covenants in the Plan for the greater of 12
months or the Severance Period (as defined in the Plan) and the non-disparagement covenant in the Plan at all times.

 

4.                
Executive declares and represents that he has not filed or otherwise pursued any charges, complaints, lawsuits or claims
of any nature against any Company Released Party arising out of or relating to events occurring prior to the date of this Agreement,
with any federal, state or local governmental agency or court with respect to any matter covered by this Agreement. In addition
to agreeing herein not to bring suit against any Company Released Party, Executive agrees not to seek damages from any Company
Released Party by filing a claim or charge with any state or governmental agency.

 

5.                
Executive further declares and represents that no promise, inducement, or agreement not herein expressed has been made to
him, that this Agreement contains the entire agreement between the parties hereto, and that the terms of this Agreement are contractual
and not a mere recital.

 

6.                 
Executive understands and agrees that this Agreement shall not be considered an admission of liability or wrongdoing by
any party hereto, and each of the parties denies any liability and agrees that nothing in this Agreement can or shall be used by
or against either party with respect to claims, defenses or issues in any litigation or proceeding except to enforce rights under
the Agreement itself or under the Plan.

 

7.                
Executive understands and agrees that should any provision of this Agreement be declared or be determined by any court to
be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby, and said invalid
part, term, or provision shall be deemed not a part of this Agreement.

 

    	 	2	 

     

    

 

8.               
Executive acknowledges that he understands that he has the right to consult with an attorney of his choice at his expense
to review this Agreement and has been encouraged by the Companies to do so.

 

9.                
Executive further acknowledges that he has been provided 21 days to consider and accept this Agreement from the date it
was first given to him, although Executive may accept it at any time within those 21 days.

 

10.              
Executive further understands that he has seven days after signing the Agreement to revoke it by delivering to the Senior
Vice President, Chief Human Resource Officer, The Hertz Corporation, 8501 Williams Road, Estero, Florida 33928, written notification
of such revocation within the seven day period. If Executive does not revoke the Agreement, the Agreement will become effective
and irrevocable by him on the eighth day after he signs it.

 

11.              
Executive acknowledges that this Agreement sets forth the entire agreement between the parties with respect to the subject
matters hereof and supersedes any and all prior agreements between the parties as to such matters, be they oral or in writing,
and may not be changed, modified, or rescinded except in writing signed by all parties hereto, and any attempt at oral modification
of this Agreement shall be void and of no force or effect.

 

12.              
Executive acknowledges that he has carefully read this Agreement and understands all of its terms, including the full and
final release of claims set forth above and enters into it voluntarily.

 

WITH EXECUTIVE’S
SIGNATURE HEREUNDER, EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS ALL OF ITS TERMS INCLUDING
THE FULL AND FINAL RELEASE OF CLAIMS SET FORTH ABOVE.

 

EXECUTIVE FURTHER
ACKNOWLEDGES THAT EXECUTIVE HAS VOLUNTARILY ENTERED INTO THIS AGREEMENT; THAT EXECUTIVE HAS NOT RELIED UPON ANY REPRESENTATION
OR STATEMENT, WRITTEN OR UNWRITTEN, NOT SET FORTH IN THIS AGREEMENT; THAT EXECUTIVE HAS BEEN GIVEN THE OPPORTUNITY TO HAVE THIS
AGREEMENT REVIEWED BY HIS ATTORNEY; AND THAT EXECUTIVE HAS BEEN ENCOURAGED BY THE COMPANIES TO DO SO.

 

EXECUTIVE ALSO ACKNOWLEDGES
THAT EXECUTIVE HAS BEEN AFFORDED 21 DAYS TO CONSIDER THIS AGREEMENT AND THAT EXECUTIVE HAS 7 DAYS AFTER SIGNING THIS AGREEMENT
TO REVOKE IT BY DELIVERING TO THE SENIOR VICE PRESIDENT, CHIEF HUMAN RESOURCES OFFICER, AS SET FORTH ABOVE, WRITTEN NOTIFICATION
OF EXECUTIVE’S REVOCATION.

 

    	 	3	 

     

    

 

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

 

	EXECUTIVE	 	Date:
	 	 	 
	THE HERTZ CORPORATION	 	HERTZ GLOBAL HOLDINGS, INC.
	 	 	 
	By:	            	 	By:	      
	 	 	 
	Date:	 	Date:

 

    	 	4EXHIBIT 10.1

      

       

        

       

      

      REGISTRATION RIGHTS AGREEMENT

       

      

       

      

      BY AND AMONG

      

       

      

       

      

      AGILYSYS, INC.,

       

      

      MAK CAPITAL FUND L.P.

      

       

      

       

      

      AND

       

      

       

      

      MAK CAPITAL DISTRESSED DEBT FUND I, LP

      

       

      

       

      

      Dated as of May 22, 2020

       

      

       

      

      
        
          

      

      TABLE OF CONTENTS

      Page

      
        	
                Article I Resale Shelf Registration

              	
                1

              
	 	 	 
	
                Section 1.1

              	
                Resale Shelf Registration Statement

              	
                1

              
	
                Section 1.2

              	
                Effectiveness Period

              	
                2

              
	
                Section 1.3

              	
                Subsequent Shelf Registration

              	
                2

              
	
                Section 1.4

              	
                Supplements and Amendments

              	
                2

              
	
                Section 1.5

              	
                Subsequent Holder Notice

              	
                2

              
	
                Section 1.6

              	
                Underwritten Offering

              	
                3

              
	 	 
	
                Article II Company Registration

              	
                3

              
	 	 	 
	
                Section 2.1

              	
                Notice of Registration

              	
                3

              
	
                Section 2.2

              	
                Underwriting

              	
                4

              
	
                Section 2.3

              	
                Right to Terminate Registration

              	
                4

              
	 	 
	
                Article III Additional Provisions Regarding Registration Rights

              	
                5

              
	 	 	 
	
                Section 3.1

              	
                Registration Procedures

              	
                5

              
	
                Section 3.2

              	
                Limitation on Subsequent Registration Rights

              	
                6

              
	
                Section 3.3

              	
                Expenses of Registration

              	
                6

              
	
                Section 3.4

              	
                Information by Holders

              	
                7

              
	
                Section 3.5

              	
                Rule 144 Reporting

              	
                8

              
	
                Section 3.6

              	
                “Market Stand-Off” Agreement

              	
                8

              
	
                Section 3.7

              	
                Insider Trading Policy

              	
                8

              
	 	 
	
                Article IV Indemnification

              	
                8

              
	 	 	 
	
                Section 4.1

              	
                Indemnification by Company

              	
                8

              
	
                Section 4.2

              	
                Indemnification by Holders

              	
                9

              
	
                Section 4.3

              	
                Notification

              	
                10

              
	
                Section 4.4

              	
                Contribution

              	
                11

              
	 	 
	
                Article V Transfer and Termination of Registration Rights

              	
                11

              
	 	 	 
	
                Section 5.1

              	
                Transfer of Registration Rights

              	
                11

              
	
                Section 5.2

              	
                Termination of Registration Rights

              	
                11

              
	 	 	 
	
                Article VI Miscellaneous

              	 	
                12

              
	 	 	 
	
                Section 6.1

              	
                Counterparts

              	
                12

              
	
                Section 6.2

              	
                Governing Law; Waiver of Jury Trial.

              	
                12

              
	
                Section 6.3

              	
                Entire Agreement; No Third Party Beneficiary

              	
                13

              
	
                Section 6.4

              	
                Expenses

              	
                13

              
	
                Section 6.5

              	
                Notices

              	
                13

              

        

        

        

        

        
          i

          
            

        

        

        

        	
                Section 6.6

              	
                Successors and Assigns

              	
                14

              
	
                Section 6.7

              	
                Headings

              	
                14

              
	
                Section 6.8

              	
                Amendments and Waivers

              	
                14

              
	
                Section 6.9

              	
                Interpretation; Absence of Presumption

              	
                14

              
	
                Section 6.10

              	
                Severability

              	
                15

              

      

    

     

      

     

      

    
      ii

      
        

    

    
      REGISTRATION RIGHTS AGREEMENT

       

        

      This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of May 22, 2020, by and among Agilysys, Inc., an Ohio corporation (including its successors and permitted assigns, the “Company”), and MAK Capital Fund L.P., a Bermuda Islands limited partnership and MAK Capital Distressed Debt Fund I, LP, a Delaware limited partnership (together, the “Investors”).  Capitalized terms used but not defined elsewhere herein are defined in Exhibit A.

      The Company has entered into an Investment Agreement, dated as of May 11, 2020 (as amended from time to time, the “Investment
          Agreement”), with MAK Capital One L.L.C., a
          Delaware limited liability company, pursuant to which the Company is selling to the Investors, and the Investors are purchasing from the Company, 1,735,457 shares of the Series A Convertible Preferred Stock, which is convertible into
        shares of Common Stock.

      As a condition to each of the parties’ obligations under the Investment Agreement, the Company and the Investors are entering into this Agreement for the
        purpose of granting certain registration and other rights to the Investors.

      In consideration of the premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

      ARTICLE I

        RESALE SHELF REGISTRATION

      Section 1.1          Resale Shelf Registration Statement.  Subject to the
        other applicable provisions of this Agreement, the Company shall use its reasonable best efforts to file within three (3) months of the date hereof a registration statement covering the sale or distribution from time to time by the Holders, on a
        delayed or continuous basis pursuant to Rule 415 of the Securities Act of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, then such
        registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders) (the “Resale Shelf Registration Statement” and such registration, the “Resale Shelf Registration”), and if the Company is a WKSI as of the filing date, the Resale Shelf
        Registration Statement shall be an Automatic Shelf Registration Statement. If the Resale Shelf Registration Statement is not an Automatic Shelf Registration Statement, then the Company shall use its reasonable best efforts to cause such Resale
        Shelf Registration Statement to be declared effective by the Commission as promptly as practicable after the filing thereof, but in any event prior to the six (6) month anniversary of the date of this Agreement.  A Resale Shelf Registration
        Statement when declared effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain any
        untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading (and, in the case of any prospectus contained in such Resale Shelf Registration
        Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that a Resale Shelf Registration Statement becomes effective, but in

      
        
          

      

      any event within three (3) business days after such date, the Company shall provide the Holders with written notice of the effectiveness of such Resale Shelf Registration
        Statement.

      Section 1.2          Effectiveness Period.  Once declared effective, the
        Company shall, subject to the other applicable provisions of this Agreement, use its reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time as there are no longer any
        Registrable Securities (the “Effectiveness Period”).

      Section 1.3          Subsequent Shelf Registration.  If any Shelf
        Registration ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its reasonable best efforts to promptly cause such Shelf Registration to again become effective under the
        Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such cessation of effectiveness, amend such Shelf Registration in a
        manner reasonably expected to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration or, file an additional registration statement (a “Subsequent Shelf Registration”) for
        an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all securities that are Registrable Securities as of the time of such filing.  If a
        Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to (a) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after such filing, but
        in no event later than the date that is ninety (90) days after such Subsequent Shelf Registration is filed and (b) keep such Subsequent Shelf Registration (or another Subsequent Shelf Registration) continuously effective until the end of the
        Effectiveness Period.  Any such Subsequent Shelf Registration shall be a Registration Statement on Form S-3 to the extent that the Company is eligible to use such form, and if the Company is a WKSI as of the filing date, such Registration Statement
        shall be an Automatic Shelf Registration Statement.  Otherwise, such Subsequent Shelf Registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance
        with any reasonable method of distribution elected by the Holders. A Subsequent Shelf Registration Statement when declared effective (including the documents incorporated therein by reference) will comply as to form in all material respects with
        all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
        misleading (and, in the case of any prospectus contained in such Subsequent Shelf Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that a Subsequent Shelf
        Registration Statement becomes effective, but in any event within three (3) business days after such date, the Company shall provide the Holders with written notice of the effectiveness of such Subsequent Shelf Registration Statement.

      Section 1.4          Supplements and Amendments.  The Company shall
        supplement and amend any Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration or if required by the Securities Act or as reasonably requested by
        the Holders covered by such Shelf Registration.

      Section 1.5          Subsequent Holder Notice.  If a Person becomes a Holder
        of Registrable Securities after a Shelf Registration becomes effective under the Securities Act, the Company

      
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      shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included
        as a selling securityholder in the prospectus related to the Shelf Registration (a “Subsequent Holder Notice”):

      (a)          if required and permitted by applicable law, file with the Commission a
          supplement to the related prospectus or a post-effective amendment to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus in such a manner as to permit such Holder
          to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable law; provided, however, that the Company shall not be required to file more than one post-effective amendment or a supplement to the
          related prospectus for such purpose in any 45-day period;

      (b)          if, pursuant to Section 1.5(a), the Company shall have filed a
          post-effective amendment to the Shelf Registration, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is reasonably practicable, but in any event by the date that is
          ninety (90) days after the date such post-effective amendment is required by Section 1.5(a) to be filed; and

      (c)          notify such Holder as promptly as is reasonably practicable after the
          effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 1.5(a), but in any event within three (3) business days after such date.

      Section 1.6          Underwritten Offering.  The Holders of a majority of
        the Registrable Securities may on up to two (2) occasions after the Resale Shelf Registration Statement becomes effective deliver a written notice to the Company specifying that the sale of some or all of the Registrable Securities subject to the
        Shelf Registration, reasonably expected not to be less than fifteen million dollars ($15,000,000) offering amount of Registrable Securities, is intended to be conducted through an underwritten offering (the “Underwritten
          Offering”).  In the event of an Underwritten Offering:

      (a)          The Company and the Holders shall mutually select the managing underwriter or
          underwriters to administer the Underwritten Offering.

      (b)          Notwithstanding any other provision of this Section 1.6, if the
          managing underwriter or underwriters of a proposed Underwritten Offering advises the Board of Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in such Underwritten Offering
          exceeds the number which can be sold in such Underwritten Offering without adversely affecting the distribution of the Registrable Securities being offered, the Registrable Securities shall be included on a pro rata basis upon the number of
          securities that each Holder shall have requested to be included in such offering.  If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing
          underwriter or underwriters.

      ARTICLE II

        COMPANY REGISTRATION

      Section 2.1          Notice of Registration.  If at any time or from time to
        time the Company shall determine to file a registration statement for an underwritten public offering of its Common

      
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      Stock (for the avoidance of doubt, the following will not apply to any registration statement filed on a Form S-4, Form S-8 or any successor forms), the Company will:

      (a)          promptly give to each Holder written notice thereof; and

      (b)          subject to Section 2.2, include in such registration and underwritten
          offering (and any related qualification under blue sky laws or other compliance) all the Registrable Securities specified in a written request or requests made within ten (10) days after receipt of such written notice from the Company by any
          Holder.

      Section 2.2          Underwriting.  The right of any Holder to registration
        pursuant to Section 1.6 or this Article II shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein.  Each Holder
        proposing to distribute its securities through such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into and perform such Holder’s obligations under an underwriting
        agreement with the managing underwriter selected for such underwriting by the Company or by the stockholders of the Company who have the right to select the underwriters (such underwriting agreement to be in the form negotiated by the Company or
        such stockholders, as the case may be).  Notwithstanding any other provision of this Article II, if the managing underwriter or underwriters of a proposed underwritten offering with respect to which Holders of Registrable Securities have
        exercised their piggyback registration rights advise the Board of Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in the offering thereby and all other securities proposed to be
        sold in the offering exceeds the number which can be sold in such underwritten offering without adversely affecting the distribution of the securities proposed to be sold in the offering, the Registrable Securities and such other securities to be
        included in such underwritten offering shall be allocated, (a) first, (i) in the event such offering was initiated by the Company, up to the total number of securities that the Company has requested to be included in such registration and (ii) in
        the event such offering was initiated by the holders of securities (other than the Holders) who have exercised their demand registration rights, up to the total number of securities that such holders of such securities have requested to be included
        in such offering, (b) second, and only if all the securities referred to in clause (a) have been included, up to the total number of securities that the Holders and other holders of securities that have contractual rights to be included in such
        registration have requested to be included in such offering (pro rata based upon the number of securities that each of them shall have requested to be included in such offering) and (c) third, and only if all the securities referred to in clause
        (b) have been included, all other securities proposed to be included in such offering that, in the opinion of the managing underwriter or underwriters can be sold without having such adverse effect.  If any Holder disapproves of the terms of any
        such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters.  Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration.

      Section 2.3          Right to Terminate Registration.  The Company or the
        holders of securities who have caused a registration statement to be filed as contemplated by this Article II, as the case may be, shall have the right to have any registration initiated by it or them under this Article II
        terminated or withdrawn prior to the effectiveness thereof, whether or not any Holder has elected to include securities in such registration.

      
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      ARTICLE III

        ADDITIONAL PROVISIONS REGARDING REGISTRATION RIGHTS

      Section 3.1           Registration Procedures.  In the case of each
        registration effected by the Company pursuant to Article I or II, the Company will keep each Holder participating in such Registration reasonably informed as to the status thereof and, at its expense, the Company will:

      (a)          prepare and file with the Commission a registration statement with respect to
          such securities in accordance with the applicable provisions of this Agreement;

      (b)          prepare and file with the Commission such amendments, including
          post-effective 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 provisions of the Securities Act with respect to the
          disposition of all securities covered by such registration statement and as may be necessary to keep the registration statement continuously effective for the period set forth in this Agreement;

      (c)          furnish to the Holders participating in such registration and to their legal
          counsel copies of the registration statement proposed to be filed, provide such Holders and their legal counsel the reasonable opportunity to review and comment on such registration statement, and not file any registration statement or amendment
          or supplement thereto in a form to which legal counsel reasonably objects in writing. The Company shall not submit a request for acceleration of the effectiveness of a registration statement or any amendment or supplement thereto without the
          prior approval of legal counsel, which consent shall not be unreasonably withheld;

      (d)         furnish to the Holders participating in such registration and to the
          underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the such underwriters may reasonably request in order to facilitate the public offering
          of such securities;

      (e)          use reasonable best efforts to notify each Holder of Registrable Securities
          covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the Company’s knowledge of the happening of any event as a result of which the prospectus included in
          such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light
          of the circumstances then existing, and, subject to Section 3.1(j), at the request of any such Holder, prepare promptly and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may
          be necessary so that, as thereafter delivered to the purchaser of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
          statements therein not misleading or incomplete in the light of the circumstances then existing;

      (f)           use reasonable best 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 Holders; provided, however, that the Company shall not be

      
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      required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or
        jurisdictions;

      (g)          in the event that the Registrable Securities are being offered in an
          underwritten public offering, enter into and perform its obligations under an underwriting agreement in accordance with the applicable provisions of this Agreement;

      (h)          use reasonable best efforts to furnish, on the date that such Registrable
          Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the legal counsel representing the Company for the purposes of such registration, in form and
          substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter dated as of such date, from the independent certified public accountants of the Company, in form and
          substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters;

      (i)          use reasonable best efforts to cause all Registrable Securities covered by an
          effective Registration Statement to be listed on any securities exchange on which the Common Stock is then listed; and

      (j)          notwithstanding any other provision of this Agreement, if the Board of
          Directors of the Company has determined in good faith that the disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially detrimental to the Company, the Company shall have the right not
          to file or not to cause the effectiveness of any registration covering any Registrable Securities and to suspend the use of the prospectus and the registration statement covering any Registrable Security for such period of time as its use would
          be materially detrimental to the Company by delivering written notice of such suspension to all Holders listed on the Company’s records; provided, however, that in any 12-month period the Company may exercise the right to such
          suspension not more than twice.  From and after the date of a notice of suspension under this Section 3.1(j), each Holder agrees not to use the prospectus or registration statement until the earlier of (i) notice from the Company that
          such suspension has been lifted or (ii) the day following the ninetieth (90th) day of suspension within any 12-month period.

      Section 3.2          Limitation on Subsequent Registration Rights.  From and
        after the date hereof, the Company shall not enter into any agreement granting any holder or prospective holder of any securities of the Company registration rights with respect to such securities that conflict with the rights granted to the
        Holders herein, without the prior written consent of Holders of a majority of the Registrable Securities.  It is agreed that the granting of pro rata registration rights to any other investor in the Company shall not be considered to conflict with
        the rights granted to the Holders herein.

      Section 3.3          Expenses of Registration.  All Registration Expenses
        incurred in connection with any registration pursuant to Article I or II shall be borne by the Company.  All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of the registered
        securities included in such registration. The Company shall also reimburse the Holders for the fees and disbursements of legal counsel in connection with registration, filing or

      
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      qualification pursuant to Article I or II of this Agreement which amount shall be limited to twenty-five thousand dollars ($25,000) for each such registration,
        filing or qualification or, in the case of an underwritten offering, fifty thousand dollars ($50,000).

      Section 3.4           Information by Holders.  The Holder or Holders of
        Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them and the distribution proposed by such Holder or Holders
        and their Affiliates as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement.  It is understood and agreed that the obligations of the
        Company under Article I or II are conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with
        the following:

      (a)          such Holder or Holders will, and will cause their respective Affiliates to,
          cooperate with the Company in connection with the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will and will cause their
          respective Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and
          such other information as may be required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the applicable Registrable Securities owned by such Holder or Holders and to maintain the
          currency and effectiveness thereof;

      (b)        during such time as such Holder or Holders and their respective Affiliates may
          be engaged in a distribution of the Registrable Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act,
          and, to the extent required by such laws, will, and will cause their Affiliates to, among other things: (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws; (ii) distribute
          the Registrable Securities acquired by it solely in the manner described in the applicable registration statement; and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable
          Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by
          reference therein as may be required by such agent, broker-dealer or offeree;

      (c)          such Holder or Holders shall, and they shall cause their respective
          Affiliates to, permit the Company and its representatives and agents to examine such documents and records and will supply in a timely manner any information as they may be reasonably request to provide in connection with the offering or other
          distribution of Registrable Securities by such Holder or Holders; and

      (d)          on receipt of written notice from the Company of the happening of any of the
          events specified in Section 3.1(i), or that requires the suspension by such Holder or Holders and their respective Affiliates of the distribution of any of the Registrable Securities owned by

      
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      such Holder or Holders, then such Holders shall, and they shall cause their respective Affiliates to, cease offering or distributing the Registrable Securities
        owned by such Holder or Holders until the offering and distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable law.

      Section 3.5           Rule 144 Reporting.  With a view to making available
        the benefits of Rule 144 to the Holders, the Company agrees that, for so long as a Holder owns Registrable Securities, the Company will use reasonable best efforts to:

      (a)          file with the Commission in a timely manner all reports and other documents
          required of the Company under the Exchange Act; and

      (b)          so long as a Holder owns any Restricted Securities, furnish (i)  to the
          Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act and (ii) unless otherwise available via the Commission’s EDGAR filing system (or any successor
          system), to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation
          of the Commission allowing such Holder to sell any such securities without registration.

      Section 3.6          “Market Stand-Off”
            Agreement.  The Holders shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to, any Common
        Stock (or other securities of the Company) held by the Holders (other than those included in the registration) for a period specified by the representatives of the managing underwriter or underwriters of Common Stock (or other securities of the
        Company convertible into Common Stock) not to exceed ten (10) days prior and ninety (90) days following any registered public sale of securities by the Company in which the Company gave the Holders an opportunity to participate in accordance with Article
          II.  Each of the Holders also shall execute and deliver any “lock-up” agreement reasonably requested by the representatives of any underwriters of the Company; provided, that, notwithstanding the foregoing, the duration of the foregoing
        restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the Company or the officers, directors or any other Affiliate of the Company on whom a restriction is imposed.

      Section 3.7          Insider Trading Policy.  So long as any designee or
        nominee of the Holders or their Affiliates sits on the Board of Directors of the Company, the Holders shall, and shall cause their Affiliates, to comply with the Company’s insider trading policy, including by not trading in the Company’s securities
        during any “black-out” or “closed window” imposed thereunder.

      ARTICLE IV

        INDEMNIFICATION

      Section 4.1          Indemnification by Company.  To the extent permitted by
        applicable law, the Company will, with respect to any Registrable Securities as to which registration or qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify each Holder, each Holder’s
        current and former officers, directors, partners

      
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      and members, and each Person controlling such Holder within the meaning of Section 15 of the Securities Act, and each underwriter thereof, if any, and each Person who controls
        any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), against all expenses, claims, losses, damages and liabilities, joint or several,
        (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other document, or
        any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
        therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities laws applicable to the Company in
        connection with any such registration, and the Company will reimburse each of the Company Indemnified Parties for any reasonable legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such
        claim, loss, damage, liability or action, as such expenses are incurred.  The indemnity agreement contained in this Section 4.1 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement
        is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Company be liable to a Holder in any such case for any such loss, claim, damage, liability or
        action (a) to the extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged
        omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by or on behalf of any Holder or (b) in the case of a
        sale directly by a Holder of Registrable Securities (including a sale of such Registrable Securities through any underwriter retained by such Holder engaging in a distribution solely on behalf of such Holder), such untrue statement or alleged
        untrue statement or omission or alleged omission was corrected in a final or amended prospectus, and such Holder failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities
        to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required by the Securities Act.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
        such Company Indemnified Party, and shall survive the transfer of such securities by such Holder.

      Section 4.2          Indemnification by Holders.  To the extent permitted by
        applicable law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and
        not jointly, the Company, each of its directors, officers, partners and members, each underwriter, if any, of the Company’s securities covered by such a registration, each Person who controls the Company or such underwriter within the meaning of
        Section 15 of the Securities Act, and each other Holder and each of such Holder’s officers, directors, partners and members and each Person controlling such Holder within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all expenses, claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement
        (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto incident to any such registration,
        qualification or compliance or based on any

      
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      omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in
        which they were made, not misleading, or any violation by such Holder of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities law applicable to such Holder, and will reimburse each of the Holder Indemnified
        Parties for any reasonable legal or any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but
        only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written
        information furnished to the Company by such Holder and stated to be specifically for use therein, provided, however, that in no event shall any indemnity under this Section 4.2
        payable by a Holder exceed the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims
        and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation.  The indemnity agreement contained in this Section 4.2 shall not apply to amounts
        paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the
        Holder be liable for any such loss, claim, damage, liability or action where such untrue statement or alleged untrue statement or omission or alleged omission was corrected in a final or amended prospectus, and the Company or the underwriters
        failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required
        by the Securities Act

      Section 4.3          Notification.  Each party entitled to indemnification
        under this Article IV (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after
        such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided, however,
        that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld, conditioned or delayed), and the Indemnified Party
        may participate in such defense at such party’s expense; provided, further, however, that an Indemnified Party (together with all other Indemnified Parties) shall have the right to retain one (1) separate counsel, with the
        reasonable 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 conflicting interests between such Indemnified Party and
        any other party represented by such counsel in such proceeding.  The failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Article IV, only to the extent that,
        the failure to give such notice is materially prejudicial or harmful to an Indemnifying Party’s ability to defend such action.  No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of
        each Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or
        plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation.  The indemnity agreements contained in this Article IV shall not apply to amounts paid in settlement of

      
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      any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably
        withheld, conditioned or delayed.  The indemnification set forth in this Article IV shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have.

      Section 4.4          Contribution.  If the indemnification provided for in
        this Article IV is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability or action referred to therein, then, subject to the
        limitations contained in Article IV, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such claim, loss, damage,
        liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the actions that resulted in such claims, loss, damage,
        liability or action, as well as any other relevant equitable considerations.  The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue
        statement of a material fact or the omission to state a material fact related 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.  The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were based solely upon the number of entities from whom contribution was
        requested or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 4.4.  In no event shall any Holder's contribution obligation under this Section 4.4 exceed
        the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such
        Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation.  No Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) shall be entitled to
        contribution from any Person who was not guilty of such fraudulent misrepresentation.

      ARTICLE V

        TRANSFER AND TERMINATION OF REGISTRATION RIGHTS

      Section 5.1          Transfer of Registration Rights.  The rights to cause
        the Company to register securities granted to a Holder under this Agreement may be assigned to one or more transferees or assignees of Registrable Securities in connection with any transfer or assignment of Registrable Securities in accordance with
        the Investment Agreement; provided, however, that (a) such transfer may otherwise be effected in accordance with applicable securities laws, (b) prior written notice of such assignment is
        given to the Company, and (c) such transferee or assignee agrees in writing to be bound by, and subject to, this Agreement as a “Holder” pursuant to a written instrument in form and substance reasonably acceptable to the Company.

      Section 5.2           Termination of Registration Rights.  The rights of
        any particular Holder to cause the Company to register securities under Articles I and II shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.

      
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      ARTICLE VI

        MISCELLANEOUS.

      Section 6.1          Counterparts.  This Agreement may be executed in one or
        more counterparts, all of which shall be considered one and the same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties.  Copies of executed counterparts transmitted by
        telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 6.1, provided that receipt of copies of such counterparts is confirmed.

      Section 6.2          Governing Law; Waiver of Jury Trial.

      (a)          This Agreement shall be governed by, and construed in accordance with, the
          laws of the state of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the state of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
          than the state of New York.

      (b)          Any dispute relating hereto shall be heard first in any state or federal
          court located in the state of New York (each a “Chosen Court” and collectively, the “Chosen Courts”), and the parties agree to the exclusive jurisdiction and venue of
          the Chosen Courts.  Such Persons further agree that any proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby or by any matters related
          to the foregoing (the “Applicable Matters”) shall be brought exclusively in a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have
          arisen from a transaction of business in the state of New York, and each of the foregoing Persons hereby irrevocably consents to the jurisdiction of such Chosen Courts in any such proceeding and irrevocably and unconditionally waives, to the
          fullest extent permitted by law, any objection that such Person may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such Chosen Court or that any such proceeding brought in any such Chosen Court has
          been brought in an inconvenient forum.

      (c)          Such Persons further covenant not to bring a proceeding with respect to the
          Applicable Matters (or that could affect any Applicable Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court.

      (d)          Process in any such proceeding may be served on any Person with respect to
          such Applicable Matters anywhere in the world, whether within or without the jurisdiction of any such Chosen Court.  Without limiting the foregoing, each such Person agrees that service of process on such party as provided in Section 6.5
          shall be deemed effective service of process on such Person.

      (e)        Waiver of Jury Trial.  EACH PARTY HERETO, FOR ITSELF AND ITS
          AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
          RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS

      
        12

        
          

      

      AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

      Section 6.3          Entire Agreement; No Third Party Beneficiary.  This
        Agreement and the other Transaction Documents (as defined in the Investment Agreement) contain the entire agreement by and among the parties with respect to the subject matter hereof and all prior negotiations, writings and understandings relating
        to the subject matter of this Agreement.  Except as provided in Article IV, this Agreement is not intended to confer upon any Person not a party hereto (or their successors and permitted assigns) any rights or remedies hereunder.

      Section 6.4          Expenses.  Except as provided in Section 3.3,
        all fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby, including accounting and legal fees shall be paid by the party incurring such expenses.

      Section 6.5          Notices.  All notices, requests, demands and other
        communications under this Agreement shall be in writing and shall be deemed to have been duly given or made as follows:  (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by
        nationally recognized overnight air courier, one (1) business day after mailing; (c) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in Section 6.5(a) or (b), when transmitted and
        receipt is confirmed; and (d) if otherwise actually personally delivered, when delivered, provided, that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any
        party shall provide by like notice to the other Parties to this Agreement:

      If to the Company, to:

      Agilysys, Inc.

        1000 Windward Concourse

      Suite 250

      Alpharetta, Georgia 30005

        Attention:  Kyle C. Badger

      Email: kyle.badger@agilysys.com

       

        

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

      Paul, Weiss, Rifkind, Wharton & Garrison LLP

        1285 Avenue of the Americas

      New York, New York 10019-6064

        Attention: Ross A. Fieldston

            Jeffrey D. Marell

      Email:  rfieldston@paulweiss.com

      jmarell@paulweiss.com

      

      

      If to a Purchaser, to:

      MAK Capital One L.L.C.

      Attn: Michael A. Kaufman

      E-mail: kaufman@makcap.com

      
        13

        
          

      

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

      Akin Gump Strauss Hauer & Feld LLP

        1111 Louisiana Street, 44th Floor

      Houston, TX 77002-5200

        Attention:  Christopher E. Centrich

      E-mail:  ccentrich@akingump.com

        

      

      Section 6.6          Successors and Assigns.  This Agreement will be binding
        upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Except as provided in Section 5.1, no assignment of this Agreement or of any rights or obligations hereunder may be made by any
        party hereto without the prior written consent of the other parties hereto. Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio.

      Section 6.7           Headings.  The Section, Article and other headings
        contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement.

      Section 6.8          Amendments and Waivers.  This Agreement may not be
        modified or amended except by an instrument or instruments in writing signed by the Company and the Holders of a majority of the Registrable Securities outstanding at the time of such amendment.  Any party hereto may, only by an instrument in
        writing, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with.  No failure or delay of any party in exercising any right or remedy
        hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise
        of any other right or power.  The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach.  The rights and remedies of the parties hereunder are cumulative and are not
        exclusive of any rights or remedies that they would otherwise have hereunder.

      Section 6.9           Interpretation; Absence of Presumption.

      (a)          For the purposes hereof:  (i) words in the singular shall be held to include
          the plural and vice versa and words of one gender shall be held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to
          refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs in this Agreement unless otherwise specified; (iii) the word “including” and words
          of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; and (iv) the word “or” shall not be exclusive.

      (b)          With regard to each and every term and condition of this Agreement, the
          parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any

      
        14

        
          

      

      such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted or requested any term or condition of this
        Agreement.

      Section 6.10          Severability.  Any provision hereof that is held to be
        invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof, provided,
        however, that the parties will attempt in good faith to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent.

      (The next page is the signature page)

      

      

      
        15

        
          

      

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

      
         

      

      
        
          	
                   

                	
                  AGILYSYS, INC.

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                  By:

                	 /s/ Kyle C. Badger 	
                   

                
	
                   

                	
                   

                	
                  Name: Kyle C. Badger

                	
                   

                
	
                   

                	
                   

                	
                  Title: SVP, General Counsel

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                  MAK Capital Fund L.P.

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  By:

                	
                  /s/ Michael A. Kaufman

                	
                   

                
	
                   

                	 	
                  Name: Michael A. Kaufman

                	
                   

                
	
                   

                	
                   

                	
                  Title: Chief Executive Officer

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                  MAK Capital Distressed Debt Fund I, LP

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	
                  By:

                	
                  /s/ Michael A. Kaufman

                	
                   

                
	
                   

                	
                   

                	
                  Name: Michael A. Kaufman

                	
                   

                
	
                   

                	
                   

                	
                  Title: Chief Executive Officer

                	
                   

                

        

        
          

          

        

        
          

          

        

         

        

        [Signature Page to Registration Rights Agreement]

      

      
        
          

      

      EXHIBIT A

        DEFINED TERMS

      The following capitalized terms have the meanings indicated:

      “Affiliate” of any Person means any Person, directly or indirectly, controlling, controlled by or under common
        control with such Person.

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

      “Commission” means the Securities and Exchange Commission.

      “Common Stock” means the Company’s common stock, without par value.

       “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and
        the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time.

      “Holder” means (a) any Investor holding Registrable Securities and (b) any transferee or assignee to which the rights
        under this Agreement have been transferred in accordance with Section 5.1.

      “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
        unincorporated organization, other legal entity, or any government or governmental agency or authority.

      “register”, “registered” and “registration”
        refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement.

      “Registration Expenses” means all expenses incurred by the Company in complying with Articles I and II,
        including, without limitation, all registration, qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, and the expense of any special audits incident
        to or required by any such registration; provided, however, that Registration Expenses shall not include any Selling Expenses.

      “Registrable Securities” means (a) any shares of Common Stock actually issued upon conversion of the Series A
        Convertible Preferred Stock, and (b) any Common Stock or other securities actually issued in respect of the securities described in clause (a) above or this clause (b) upon any stock split, stock dividend, recapitalization, reclassification,
        merger, consolidation or similar event or otherwise; provided, however, that the securities described in clauses (a) and (b) above shall only be treated as Registrable Securities until the earliest of:  (i) the date on which such
        security has been registered under the Securities Act and disposed of in accordance with an effective Registration Statement relating thereto; (ii) the date on which such security has been sold pursuant to Rule 144 and the security is no longer a
        Restricted Security; (iii) the date on which all Registrable Securities owned by the Holder thereof may be resold without volume or other restrictions during any and all three-month periods pursuant to Rule 144; or (iv) the date on which

      
        A-1

        
          

      

      such security is transferred in a transaction pursuant to which the registration rights are not also assigned in accordance with Section 5.1.

      “Restricted Securities” means any Common Stock required to bear the legend set forth in Section 4.2(a) of the
        Investment Agreement.

      “Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision.

      “Rule 405” means Rule 405 promulgated under the Securities Act and any successor provision.

      “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder
        or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

      “Selling Expenses” means (a) all underwriting discounts, selling commissions and stock transfer taxes applicable to
        the securities registered by the Holders, and (b) the fees and expenses of any counsel to the Holders in excess of those fees set forth in Section 3.3.

      “Series A Convertible Preferred Stock” means the Company’s Series A Serial Preferred Shares, without par value.

      “Shelf Registration” means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable.

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

      
        A-2

        
          

      

      The following terms are defined in the Sections of this Agreement indicated:

      INDEX OF TERMS

      

      

      	
              Term

            	
              Section

            
	
              Agreement          

            	
              Preamble

            
	
              Applicable Matters          

            	
              6.2(b)

            
	
              Chosen Courts          

            	
              6.2(b)

            
	
              Company          

            	
              Preamble

            
	
              Company Indemnified Parties          

            	
              4.1

            
	
              Effectiveness Period          

            	
              1.2

            
	
              Holder          

            	
              5.1

            
	
              Holder Indemnified Parties          

            	
              4.2

            
	
              Indemnified Party          

            	
              4.3

            
	
              Indemnifying Party          

            	
              4.3

            
	
              Investor          

            	
              Preamble

            
	
              Investment Agreement          

            	
              Preamble

            
	
              Market Stand-Off          

            	
              3.6

            
	
              Resale Shelf Registration          

            	
              1.1

            
	
              Resale Shelf Registration Statement          

            	
              1.1

            
	
              Subsequent Holder Notice          

            	
              1.5

            
	
              Subsequent Shelf Registration          

            	
              1.3

            
	
              Underwritten Offering          

            	
              1.6

            

      

      

      A-3

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