Document:

Exhibit
10.8

 

Privileged
& Confidential 

 

Hayward
Holdings, INC.

 

second
Amended and Restated 2017 Equity Incentive Plan

 

		SECTION
                                         1.	GENERAL
                                         PURPOSE OF THE PLAN; DEFINITIONS

 

The
name of the plan is the Second Amended and Restated Hayward Holdings, Inc. 2017 Equity Incentive Plan (the “Plan”).
The purpose of the Plan is to encourage and enable the officers, employees, directors, Consultants, and other key Persons (including
prospective employees, but conditioned on their employment) of Hayward Holdings, Inc., a Delaware corporation (including any successor
entity, the “Company”) and any Subsidiary, upon whose judgment, initiative and efforts the Company largely
depends for the successful conduct of its business, to acquire a proprietary interest in the Company. It is anticipated that providing
such Persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those
of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire
to remain with the Company.

 

The
following terms shall be defined as set forth below:

 

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

 

“Affiliate”
has the meaning set forth in the Stockholders’ Agreement.

 

“Award”
or “Awards,” except where referring to a particular category of grant under the Plan, shall include Non-Qualified
Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing.

 

“Award
Agreement” means a written or electronic agreement setting forth the terms and provisions applicable to an Award granted
under the Plan. Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided,
however, that except to the extent explicitly provided to the contrary, in the event of any conflict in the
terms of the Plan and the Award Agreement, the terms of the Plan shall govern.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
means, with respect to a Participant, “Cause” as defined in such Participant’s Employment Agreement; provided,
that if such Participant does not have an Employment Agreement, “Cause” shall mean (i) conduct by such Participant
constituting a material act of misconduct in connection with the performance of his or her duties, including, without limitation,
misappropriation of funds or property of the Company or any of its Subsidiaries or Affiliates other than the occasional, customary
and de minimis use of Company property for personal purposes; (ii) the Participant’s conviction of a felony or a misdemeanor
involving fraud or any misconduct by the Participant that results in material injury or reputational harm to the Company or any
of its Subsidiaries and Affiliates; (iii) continued non-performance by the Participant of his or her duties (other than by reason
of the Participant’s physical or mental illness, incapacity or disability) which has continued for more than thirty (30)
days following written notice from the Board clearly delineating such non-performance; (iv) a material breach by the Participant
of any restrictive covenant by the Participant contained in any agreement between the Participant and the Company (including Exhibit
B or Appendix B, as applicable, to any Award Agreement); (v) a material violation by the Participant of the Company’s written
employment policies in effect from time to time; or (vi) failure to cooperate with a bona fide internal investigation or an investigation
by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or
failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail
to cooperate or to produce documents or other materials in connection with such investigation.

 

     

     

    

 

“Change
of Control” means a Liquidity Event as defined herein.

 

“Chief
Executive Officer” means the Chief Executive Officer of the Company or, if there is no Chief Executive Officer, then
the President of the Company.

 

“Class
A Common Stock” means the Class A Stock, par value $0.001 per share of the Company subject to adjustments pursuant to
SECTION 3.

 

“Class
B Common Stock” means the Class B Stock, par value $0.001 per share of the Company, subject to adjustments pursuant
to SECTION 3.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute as from time to time in effect, and related
rules, regulations and interpretations.

 

“Committee”
means the Committee referred to in SECTION 2.

 

“Consultant”
means any natural Person that provides bona fide services to the Company (including a Subsidiary), and such services are not
in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote
or maintain a market for the Company’s securities.

 

“Covered
Transaction” means any transaction in which (i) one or more classes of securities issued by the Company are converted
into, or exchanged for, securities in another form issued by the Company, any of its direct or indirect subsidiaries, a newly
formed parent or affiliated Persons or (ii) the Company merges or otherwise combines with one or more Affiliates of the Company
with the Company surviving any such merger or combination.

 

“Deferral
Period” means, with respect to a Restricted Stock Unit, the period of time between the date of grant of such Restricted
Stock Unit and the date on which such Restricted Stock Unit is due to be settled in accordance with its terms.

 

“Effective
Date” means the date on which the Plan is approved by the Board as set forth on the final page of the Plan.

 

“Employment
Agreement” means any existing or future employment, services, severance or similar agreement entered into between the
Company and/or any of its parent companies or Subsidiaries, or any Affiliates thereof, and a Participant.

 

    2

     

    

 

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

 

“Fair
Market Value” has the meaning set forth in the Stockholders’ Agreement.

 

“Hayward”
means Hayward Industries, Inc.

 

“IPO”
has the meaning set forth in the Stockholders’ Agreement.

 

“Liquidity
Event” has the meaning set forth in the Stockholders’ Agreement. Notwithstanding anything to the contrary herein,
an IPO shall not be deemed a Liquidity Event.

 

“Non-Qualified
Stock Option” means any Stock Option that is not an “incentive stock option” as defined in Section 422 of
the Code.

 

“Participant”
means an eligible employee or service provider (as provided in SECTION 4) who is granted an Award under the Plan.

 

“Permitted
Transferee” has the meaning set forth in the Stockholders’ Agreement.

 

“Person”
has the meaning set forth in the Stockholders’ Agreement.

 

“Option”
or “Stock Option” means any option to purchase shares of Class B Common Stock granted pursuant to SECTION
5.

 

“Restricted
Stock Award” means an Award granted pursuant to SECTION 6 entitling the recipient to acquire, at such purchase
price (which may be zero) as determined by the Committee, shares of Stock subject to such restrictions and conditions as the Committee
may determine at the time of grant, which purchase price (if applicable) shall be payable in cash or other form of consideration
acceptable to the Committee.

 

“Restricted
Stock Unit” means an Award of phantom stock units to a Participant, which may be settled in cash or stock as determined
by the Committee, pursuant to SECTION 8.

 

“Section
409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Stock”
means the Class A Stock and/or the Class B Stock of the Company (as applicable).

 

“Stockholders’
Agreement” means the Hayward Holdings, Inc. Stockholders’ Agreement, dated as of the date hereof, as it may be
amended, modified or amended and restated from time to time.

 

“Subsidiary”
means any corporation or other entity (other than the Company) in which the Company has more than a 50 percent interest, either
directly or indirectly.

 

“Unrestricted
Stock” means shares of Stock, free of any vesting restrictions, granted pursuant to an Unrestricted Stock Award.

 

    3

     

    

 

“Unrestricted
Stock Award” means an Award of Unrestricted Stock, granted pursuant to SECTION 7.

 

		SECTION
                                         2.	ADMINISTRATION
                                         OF PLAN; COMMITTEE AUTHORITY TO SELECT PARTICIPANTS AND DETERMINE AWARDS

 

(a)              
Administration of Plan. The Plan shall be administered by the Board, or at the discretion of the Board, by a committee
of the Board which shall be comprised of not less than two Directors. All references herein to the “Committee” shall
be deemed to refer to the group then responsible for administration of the Plan at the relevant time (i.e., either the Board or
a committee or committees of the Board, as applicable).

 

(b)              
Powers of Committee. The Committee shall have the power and authority to grant Awards consistent with the terms of the
Plan, including the power and authority:

 

(i)                 
to select the individuals to whom Awards may from time to time be granted;

 

(ii)                
to determine the time or times of grant, and the amount, if any, of Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted
Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more Participants;

 

(iii)              
to determine the class and the number of shares of Stock to be covered by any Award and, subject to the provisions of SECTION
5(a)(i) below, the price, exercise price, conversion ratio or other price relating thereto;

 

(iv)              
to determine and, subject to SECTION 11, to modify from time to time the terms and conditions, including restrictions,
not inconsistent with the terms of the Plan, of any Award (the terms and conditions of which may differ among individual Awards
and Participants), and to approve the form of written instruments evidencing the Awards;

 

(v)               
to accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)              
to impose any limitations on Awards granted under the Plan, including limitations on transfers, repurchase provisions and the
like, and to exercise repurchase rights or obligations;

 

(vii)             
to extend at any time the period in which Stock Options may be exercised;

 

(viii)            
to negotiate, enter into, execute and deliver any Award Agreement (and any amendments or modifications thereto); and

 

(ix)               
at any time to determine, amend, modify, waive, adopt, alter and repeal such rules, guidelines and practices for administration
of the Plan and for its own acts and proceedings as it shall deem necessary or advisable; to interpret the terms and provisions
of the Plan and any Award (including related written instruments); to make all determinations it deems advisable for the administration
of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the
Plan.

 

    4

     

    

 

All
decisions and interpretations of the Committee are conclusive and shall bind all Persons (including, without limitation, Participants
and their respective beneficiaries, successors or Permitted Transferees). For the avoidance of doubt, any Awards granted after
the date hereof shall be made by the Committee in consultation with the Chief Executive Officer.

 

(c)              
Award Agreement. Each Award under the Plan shall be evidenced by an Award Agreement that sets forth the terms, conditions
and limitations for such Award and may include, without limitation, the term of such Award and the provisions applicable in the
event employment or service terminates. Each Award under the Plan shall also be subject to the terms and conditions of the Stockholders’
Agreement. By accepting an Award, the Participant agrees to the terms of the applicable Award Agreement, the Plan and the Stockholders’
Agreement.

 

(d)              
Indemnification. To the fullest extent permitted by law, the members and agents of the Committee (solely in their capacities
as such and not, for the avoidance of doubt, in their capacity as a Participant) shall not be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and
any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim,
loss, damage, expense, loss, action, suit, or proceeding (including, without limitation, reasonable attorneys’ fees) arising
or resulting therefrom to the fullest extent permitted by law and/or under the Company’s governing documents, including
its articles or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time
to time and/or any indemnification agreement between such individual and the Company. The foregoing right of indemnification shall
not be exclusive of any other rights of indemnification to which such persons may be entitled as a matter of law, or otherwise,
or any power that the Company may have to indemnify such persons or hold them harmless.

 

(e)              
Section 409A. Subject to SECTION 10, Awards under the Plan are intended to be exempt from, or comply with, the requirements
of Section 409A and shall be construed and administered accordingly. The Committee may establish rules and procedures, consistent
with Section 409A, setting forth the circumstances under which the distribution or the receipt of Stock and other amounts payable
with respect to an Award may be deferred either automatically or at the election of the Participant and whether and to what extent
the Company may pay or credit amounts constituting interest (at rates determined by the Committee) or dividends or deemed dividends
on such deferrals.

 

		SECTION
                                         3.	STOCK
                                         ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 

(a)              
Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 95,994.11
shares of Class B Common Stock and 2,949.49 shares of Class A Common Stock, which may be issued as Restricted Stock, subject to
adjustment as provided in SECTION 3(b). For purposes of this limitation, the shares of Stock underlying any Awards that
are forfeited, canceled, withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding,
reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise),
in each case shall be added back to the shares of Stock available for issuance under the Plan.

 

    5

     

    

 

(b)              
Changes in Stock. Subject to SECTION 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the
Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed
with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, or sale of all or
substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities
of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and equitable
or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the number and kind
of shares or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per share
subject to each outstanding Restricted Stock Award, and (iv) the exercise price for each share subject to any then outstanding
Stock Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number
of Stock Options) as to which such Stock Options remain exercisable. The adjustment by the Committee shall be final, binding and
conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Committee
in its discretion may make a cash payment in lieu of fractional shares.

 

(c)              
Liquidity Events.

 

(i)                
Subject to and effective immediately prior to the consummation of a Liquidity Event, except as the Committee may otherwise specify
with respect to particular Awards in the relevant Award Agreement, provision may be made in connection with the Liquidity Event
in the sole discretion of the parties to the Liquidity Event for the assumption or continuation by the successor entity of Awards
theretofore granted, or the substitution of such Awards with new awards on substantially equivalent terms of the successor entity
or parent thereof, with an equitable or proportionate adjustment as to the number and kind of shares and, if appropriate, the
per share exercise prices, as such parties shall agree (after taking into account any acceleration hereunder).

 

(ii)                
In the event of a Liquidity Event each Participant shall be permitted, within a specified period of time prior to the consummation
of such Liquidity Event as determined by the Committee, to exercise all outstanding Options held by such Participant, to the extent
such Options are vested, including those that will become vested and exercisable upon the consummation of such Liquidity Event;
provided, however, that the exercise of Options not exercisable prior to such Liquidity Event shall be subject to
the consummation of such Liquidity Event and shall be of no effect if the Liquidity Event is not consummated.

 

(iii)               
Notwithstanding anything to the contrary herein, the Company shall have the right, but not the obligation, in connection with
a Liquidity Event, to make or provide for a cash payment to Participants holding vested Options, in exchange for the cancellation
thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the consideration payable,
or otherwise to be received by stockholders, per share of Stock pursuant to such Liquidity Event multiplied by the number of shares
of Stock subject to outstanding Options (to the extent then exercisable, including by reason of vesting acceleration, at prices
not in excess of the applicable sale price for the Stock in such Liquidity Event) and (B) the aggregate exercise price of all
such outstanding Options (to the extent then exercisable, including by reason of vesting acceleration, at prices not in excess
of the per share sales price of such Liquidity Event), subject to the other terms and conditions of such Liquidity Event (such
as indemnification obligations and purchase price adjustments) to the extent provided by the parties; provided, that if
the value of (B) is greater than the value of (A) upon such Liquidity Event, such Options will be forfeited without consideration
by the Participant.

 

    6

     

    

 

(d)              
Substitute Awards. The Committee may grant Awards under the Plan in substitution for stock and similar stock-based awards
held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the
employing corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock
of the employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the
Committee considers appropriate in the circumstances. To the extent consistent with the requirements of applicable legal requirements
(including applicable stock exchange requirements), any substitute Awards granted under the Plan shall not count against the share
limitation set forth in SECTION 3(a), but notwithstanding anything in SECTION 3(a) to the contrary, if any substitute
award is settled in cash or expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company without
the issuance of Stock, the shares of Stock previously subject to such Award will not be available for future grants under the
Plan. The Committee will determine the extent to which the terms and conditions of the Plan apply to substitute awards, if at
all.

 

		SECTION
                                         4.	ELIGIBILITY

 

Participants
under the Plan will be such full or part-time officers and other employees, directors, Consultants, and key persons (including
prospective employees, but conditioned on their employment) of the Company and any Subsidiary who are selected from time to time
by the Committee in its sole discretion; provided, however, that eligibility for Stock Options is limited to individuals
described in the first sentence of this SECTION 4 who are providing direct services on the date of grant of the Stock Option
to the Company or to a Subsidiary that would be described in the first sentence of Treas. Regs. § 1.409A-1(b)(5)(iii)(E).

 

		SECTION
                                         5.	STOCK
                                         OPTIONS

 

Any
Stock Option granted under the Plan must be made pursuant to an Award Agreement in such form as the Committee may from time to
time approve. Award Agreements need not be identical.

 

Stock
Options granted under the Plan will be Non-Qualified Stock Options.

 

    7

     

    

 

All
Stock Options must be granted on Class B Common Stock, which Class B Common Stock qualifies as “service recipient stock”
under the Section 409A Treasury Regulations.

 

(a)              
Terms of Stock Options. The Committee in its discretion may grant Stock Options to eligible employees and key persons of
the Company or any Subsidiary. Stock Options granted pursuant to this SECTION 5(a) shall be subject to the following terms
and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee
shall deem desirable. If the Committee so determines, Stock Options may be granted in lieu of cash compensation, subject to such
terms and conditions as the Committee may establish.

 

(i)                
Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to SECTION 5(a)
shall be determined by the Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value
on the date of grant.

 

(ii)               
Option Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more
than ten years after the date the Stock Option is granted.

 

(iii)              
Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times, whether or not in
installments, as shall be determined by the Committee at or after the grant date. An optionee shall have the rights of a stockholder
only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. An optionee shall not
be deemed to have acquired any such shares unless and until a Stock Option shall have been exercised pursuant to the terms hereof,
the Company shall have issued and delivered a certificate representing the shares to the optionee, and the optionee’s name
shall have been entered on the books of the Company as a stockholder.

 

(iv)              
Method of Exercise; Payment. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving
written notice of exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may
be made by one or more of the following methods (or any combination thereof) to the extent provided in the Award Agreement:

 

(A)            
in cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to the Committee;

 

(B)             
by the optionee delivering to the Company a promissory note, if the Board has expressly authorized the loan of funds to the optionee
for the purpose of enabling or assisting the optionee to effect the exercise of such optionee’s Stock Options; provided,
that at least so much of the exercise price as represents the par value of the Stock shall be paid other than with a promissory
note if required by state law;

 

(C)             
if the IPO has occurred, through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by
the optionee on the open market or that are beneficially owned by the optionee and are not then subject to restrictions under
any Company plan; provided, that, to the extent required to avoid variable accounting treatment under ASC 718 or any successor
accounting standard or other applicable accounting rules, such surrendered shares if originally purchased from the Company shall
have been owned by the optionee for at least six months and one day; provided, further, that such surrendered shares
shall be valued at Fair Market Value on the exercise date;

 

    8

     

    

 

(D)            
if permitted by the Committee with respect to Stock Options, by a “net exercise” arrangement pursuant to which the
Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value that does not exceed the aggregate exercise price; and

 

(E)             
if permitted by the Committee, by the optionee delivering to the Company a properly executed exercise notice together with irrevocable
instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase
price; provided, that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the
broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Committee shall
prescribe as a condition of such payment procedure.

 

Payment
instruments will be received subject to collection. No certificates for shares of Stock so purchased will be issued to the optionee
until the Company has completed all steps required by law to be taken in connection with the issuance and sale of the shares,
including without limitation (i) receipt of a representation from the optionee at the time of exercise of the Option that such
optionee is purchasing the shares for the optionee’s own account and not with a view to any sale or distribution thereof,
(ii) the legending of any certificate representing the shares to evidence the foregoing restrictions, and (iii) obtaining from
the optionee payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of certificates
representing the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from
the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company
of the full purchase price for such shares and the fulfillment of any other requirements contained in the Award Agreement or applicable
provisions of laws. In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the
attestation method, the number of shares of Stock transferred to such optionee upon the exercise of the Stock Option shall be
net of the number of shares attested to.

 

(b)              
Non-Transferability of Stock Options. No Stock Option shall be transferable by the optionee otherwise than by will or by
the laws of descent and distribution and all Stock Options shall be exercisable, during the optionee’s lifetime, only by
the optionee, or by the optionee’s legal representative or guardian in the event of the optionee’s incapacity. Notwithstanding
the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement regarding a given Option that the optionee
may transfer, without consideration for the transfer, his or her Stock Options to members of his or her immediate family, to trusts
for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the
transferee agrees in writing with the Company to be bound by all of the terms and conditions of the Plan and the applicable Option.

 

    9

     

    

 

		SECTION
                                         6.	RESTRICTED
                                         STOCK AWARDS

 

(a)              
 Nature of Restricted Stock Awards. The Committee shall determine the restrictions and conditions applicable to each Restricted
Stock Award at the time of grant. Conditions may be based on continuing employment (or other service relationship), achievement
of pre-established performance goals and objectives and/or such other criteria as the Committee may determine. The grant of a
Restricted Stock Award is contingent on the Participant executing an Award Agreement. The terms and conditions of each such Award
Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and Participants,
all of whom must be eligible Persons under SECTION 4 hereof.

 

(b)              
Rights as a Stockholder. Upon execution of an Award Agreement and payment of any applicable purchase price, a Participant
of Restricted Stock shall be considered the record owner of the shares of Restricted Stock, and shall be entitled to vote such
shares of Restricted Stock unless otherwise specified in the Company’s certificate of incorporation or the applicable Award
Agreement. Except as otherwise provided for in any Award Agreement or waiver letter, the Participant shall be entitled to receive
all dividends and any other distributions declared on the shares of Restricted Stock; provided, however, that the
Company shall not be obligated to declare any such dividends or to make any such distribution. The Award Agreement may require
or permit the immediate payment, waiver, deferral or investment of dividends paid on the Restricted Stock. Unless the Committee
shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such
Restricted Stock is vested as provided in SECTION 6(d), and the Participant shall be required, as a condition of the grant,
to deliver to the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe.

 

(c)             
Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except
as specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the
Award Agreement or, subject to SECTION 13 below, in writing after the Award Agreement is issued, if any, if a Participant’s
employment (or other service relationship) with the Company and any Subsidiary terminates, the Company or its assigns shall have
the right, as may be specified in the relevant instrument, to repurchase some or all of the Shares subject to the Restricted Stock
Award at such purchase price as is set forth in the Award Agreement.

 

(d)             
Vesting of Restricted Stock. The Committee at the time of grant shall specify the date or dates and/or the attainment of
pre-established performance goals, objectives and other conditions on which Restricted Stock shall become vested, subject to such
further rights of the Company or its assigns as may be specified in the Award Agreement.

 

(e)              
Section 83(b) Election. Except if provided otherwise in the Award Agreement, as a condition subsequent to the issuance
or transfer to the Participant of Restricted Stock, the Participant will be required within thirty (30) days following the grant
of a Restricted Stock Award to execute and deliver to the Internal Revenue Service, with a copy thereof to the Company, an
election under Section 83(b) of the Code (to the extent such Restricted Stock is subject to a substantial risk of forfeiture as
of the date of the Restricted Stock Award).

 

    10

     

    

 

		SECTION
                                         7.	UNRESTRICTED
                                         STOCK AWARDS

 

(a)             
 Grant or Sale of Unrestricted Stock. The Committee may, in its sole discretion, grant (or sell at par value or such higher
purchase price determined by the Committee) to a Participant under SECTION 4 hereof an Unrestricted Stock Award under the
Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation
due to such Participant.

 

(b)             
Requests to Receive Unrestricted Stock In Lieu of Compensation. Upon the request of an eligible Person under SECTION
4 hereof and with the consent of the Committee, to be approved in its sole discretion, each such Participant may, pursuant
to an advance written election delivered to the Company no later than the date specified by the Committee, receive a portion of
any cash compensation otherwise due to such Participant in the form of shares of Unrestricted Stock either currently or on a deferred
basis; provided, that any such request and election, if approved by the Committee, be structured to comply with or be exempt
from Section 409A of the Code.

 

(c)              
Restrictions on Transfers. The right to receive shares of Unrestricted Stock on a deferred basis may not be sold, assigned,
transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution.

 

		SECTION
                                         8.	RESTRICTED
                                         STOCK UNITS

 

(a)              
Nature of Restricted Stock Units. The Committee shall determine the restrictions and conditions applicable to each Restricted
Stock Unit at the time of grant. Conditions may be based on continuing employment (or other service relationship), achievement
of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. The grant of Restricted
Stock Unit(s) is contingent on the Participant executing an Award Agreement. The terms and conditions of each such Award Agreement
shall be determined by the Committee, shall be consistent with Section 409A, and such terms and conditions may differ among individual
Awards and Participants. At the end of the Deferral Period applicable to any Restricted Stock Unit, such Restricted Stock Unit,
to the extent vested, shall be settled in the form of cash or shares of Stock, as specified in the Award Agreement.

 

(b)             
Election to Receive Restricted Stock Units in Lieu of Compensation. The Committee may, in its sole discretion, permit a
Participant to elect to receive a portion of any future cash compensation otherwise due to such Participant in the form of a Restricted
Stock Unit. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified
by the Committee and in accordance with Section 409A and such other rules and procedures established by the Committee. Upon any
such election, any such future cash compensation shall be converted to a fixed number of Restricted Stock Unit(s) based on the
Fair Market Value of Stock on the date the compensation would otherwise have been paid to the Participant if such payment had
not been deferred through conversion into the Restricted Stock Unit(s). The Committee shall have the sole right to determine whether
and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as
the Committee deems appropriate.

 

(c)             
Rights as a Stockholder. A Participant shall have the rights of a stockholder only as to shares of Stock, if any, acquired
upon settlement of a Restricted Stock Unit. A Participant shall not be deemed to have acquired any such shares unless and until
a Restricted Stock Unit shall have been settled in Stock pursuant to the terms hereof, the Company shall have issued and delivered
a certificate representing the shares of Stock to the Participant, and the Participant’s name shall have been entered in
the books of the Company as a stockholder.

 

    11

     

    

 

(d)             
Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the
Award Agreement is issued, a Participant’s right in all Restricted Stock Units that have not vested shall automatically
terminate upon the Participant’s termination of employment (or cessation of service relationship) with the Company and any
Subsidiary for any reason.

 

		SECTION
                                         9.	TAX
                                         WITHHOLDING

 

(a)              
Payment by Participant. Each Participant shall, no later than the date as of which the value of an Award or of any Stock
or other amounts received thereunder first becomes includable in the gross income of the Participant for Federal income tax purposes,
pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes
of any kind required by law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to
the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.
The Company’s obligation to deliver stock certificates to any Participant is subject to and conditioned on any such tax
withholding obligations being satisfied by the Participant.

 

(b)              
Payment in Stock. Subject to approval by the Committee, a Participant may elect to have the Company’s minimum required
tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued
pursuant to any Award a number of shares of Stock with an aggregate Fair Market Value (as of the date the withholding is effected)
that would satisfy the minimum withholding amount due.

 

		SECTION
                                         10.	CODE
                                         SECTION 409A.

 

To
the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section
409A (a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by
the Committee from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable
upon a “separation from service” (within the meaning of Section 409A) to a Participant who is considered a “specified
employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier
of (i) six months and one day after the Participant’s date of separation from service, or (ii) the Participant’s death,
but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional
tax imposed pursuant to Section 409A.

 

		SECTION
                                         11.	Covered
                                         Transaction

 

(a)              
In the event of a Covered Transaction (including a Covered Transaction undertaken in connection with an IPO), outstanding Awards
shall be subject to the agreement or arrangement governing the terms of the Covered Transaction, which may provide, without limitation,
for (A) the assumption or substitution of Awards with awards on substantially equivalent terms by an acquiring or surviving entity
(which may include requiring Participants holding unvested Options, Restricted Stock Awards and/or Restricted Stock Units to exchange
or convert such unvested Award(s) for equity securities or other assets or rights that may include, but are not limited to, awards
to acquire the same consideration paid to or received by the stockholders or the Company, as the case may be, pursuant to the
Covered Transaction) or (B) a cash-out of Awards, based on the value ascribed to the Company’s equity securities in the
Covered Transaction (including for no payment if the Fair Market Value of an Award is zero at the time of the Covered Transaction).

 

    12

     

    

 

(b)              
The Committee may provide that Awards held by different Participants, or different portions of an Award or Awards held by a Participant,
shall be treated differently in connection with a Covered Transaction.

 

(c)              
Nothing in this SECTION 11 shall limit the rights of the Company or any of its Permitted Transferees under the Stockholders’
Agreement.

 

		SECTION
                                         12.	TRANSFER,
                                         LEAVE OF ABSENCE, ETC.

 

For
purposes of the Plan, the following events shall not be deemed a termination of employment:

 

(a)              
a transfer to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another;
or

 

(b)              
an approved leave of absence for military service, sickness or disability, or for any other purpose approved by the Company, if
the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Committee otherwise so provides in writing.

 

		SECTION
                                         13.	AMENDMENTS
                                         AND TERMINATION

 

The
Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award
(or provide substitute Awards at the same or a reduced exercise or purchase price or with no exercise or purchase price in a manner
not inconsistent with the terms of the Plan; provided, that such price, if any, must satisfy the requirements which would
apply to the substitute or amended Award if it were then initially granted under the Plan for the purpose of satisfying changes
in law or for any other lawful purpose), but no such action shall adversely affect rights under any outstanding Award without
the consent of the holder of the Award. The Committee may exercise its discretion to reduce the exercise price of outstanding
Stock Options or effect repricing through cancellation of outstanding Awards and by granting such holders new Awards in replacement
of the cancelled Awards. To the extent determined by the Committee to be required by applicable law, Plan amendments shall be
subject to approval by the Company stockholders entitled to vote at a meeting of stockholders.

 

    13

     

    

 

		SECTION
                                         14.	STATUS
                                         OF PLAN

 

With
respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received
by a Participant, a Participant shall have no rights greater than those of a general creditor of the Company unless the Committee
shall otherwise expressly so determine in connection with any Award or Awards. In its sole discretion, the Committee may authorize
the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect
to Awards hereunder; provided, that the existence of such trusts or other arrangements is consistent with the foregoing
sentence.

 

		SECTION
                                         15.	GENERAL
                                         PROVISIONS

 

(a)             
No Distribution; Compliance with Legal Requirements. The Committee may require each Person acquiring Stock pursuant to
an Award to represent to and agree with the Company in writing that such Person is acquiring the shares of Stock without a view
to distribution thereof. No shares of Stock shall be issued pursuant to an Award until all applicable securities law and other
legal and stock exchange or similar requirements have been satisfied. The Committee may require the placing of such stop-orders
and restrictive legends on certificates for Stock and Awards as it deems appropriate.

 

(b)             
Delivery of Stock Certificates. Stock certificates to Participants under the Plan shall be deemed delivered for all purposes
when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed
to the Participant, at the Participant’s last known address on file with the Company.

 

(c)              
Other Compensation Arrangements; No Employment Rights. Nothing contained in the Plan shall prevent the Board from adopting
other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable
only in specific cases. The adoption of the Plan and the grant of Awards do not confer upon any Person any right to continued
employment or service relationship with the Company or any Subsidiary. No holder of an Award shall have any rights as a stockholder
except as to shares of Stock actually issued under the Plan.

 

(d)             
Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider
trading policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies
set by the Committee, from time to time.

 

(e)              
Loans to Award Recipients. The Company shall have the authority, to the extent permitted by law, to make loans to recipients
of Awards hereunder (including to facilitate the purchase of shares) and shall further have the authority to issue shares for
promissory notes hereunder.

 

(f)              
Designation of Beneficiary. Each Participant to whom an Award has been made under the Plan may designate a beneficiary
or beneficiaries to exercise any Award on or after the Participant’s death or receive any payment under any Award payable
on or after the Participant’s death. Any such designation shall be on a form provided for that purpose by the Committee
and shall not be effective until received by the Committee. If no beneficiary has been designated by a deceased Participant, or
if the designated beneficiaries have predeceased the Participant, the beneficiary shall be the Participant’s estate.

 

    14

     

    

 

(g)             
Waiver of Jury Trial. By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any
action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent,
instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees
that any such action, proceedings or counterclaim shall be tried before a court and not before a jury. By accepting an Award under
the Plan, each Participant certifies that no officer, representative, or attorney of the Company or any of its Affiliates has
represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek
to enforce the foregoing waivers.

 

(h)             
Limitation of Liability. Notwithstanding anything to the contrary in the Plan or any Award Agreement, none of the Company
or any of its Affiliates, or any Person acting on behalf of the Company or any of its Affiliates, shall be liable to any Participant,
to the estate, or any beneficiary or Permitted Transferee of any Participant or to any other Person by reason of any acceleration
of income, any additional tax, or any other tax or liability asserted by reason of the failure of an Award to satisfy the requirements
of Section 409A, by reason of Section 4999 of the Code, except if such failure is attributable to the gross negligence of the
Company, any of its Affiliates or any Person acting on behalf of the Company or any of its Affiliates.

 

(i)               
Coordination with Other Plans. Awards under the Plan may be granted in tandem with, or in satisfaction of or substitution
for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or its Subsidiaries.
For example, but without limiting the generality of the foregoing, awards under other compensatory plans or programs of the Company
or its Subsidiaries may be settled in Stock if the Committee so determines, in which case the shares of Stock delivered will be
treated as awarded under the Plan (and will reduce the number of shares of Stock thereafter available under the Plan in accordance
with the rules set forth in SECTION 3).

 

(j)               
Legend. Any certificate(s) representing shares of Stock shall carry substantially the following legend:

 

The
transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions
(including repurchase and restrictions against transfers) contained in the Hayward Holdings, Inc. 2017 Equity Incentive Plan and
any agreement entered into thereunder by and between the company and the holder of this certificate (a copy of which is available
at the offices of the company for examination).

 

		SECTION
                                         16.	EFFECTIVE
                                         DATE OF PLAN

 

The
Plan shall become effective upon approval of the Board in accordance with applicable state law and the Company’s bylaws
and certificate of incorporation. Stock Options and other Awards may only be granted hereunder on and after adoption of the Plan
by the Board. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the Effective Date.

 

    15

     

    

 

		SECTION
                                         17.	Establishment
                                         of Sub-Plans

 

The
Committee may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky,
securities, tax or other laws of any jurisdiction. The Committee will establish such sub-plans by adopting supplements to the
Plan setting forth (a) such limitations on the Committee’s discretion under the Plan as it deems necessary or desirable
and (b) such additional terms and conditions as it deems in good faith to be necessary or appropriate, which may supersede contrary
terms in the Stockholders’ Agreement, the Plan or an applicable Award Agreement. All supplements so established will be
deemed to be part of the Plan, but each supplement will apply only to Participants within the applicable jurisdiction (as determined
by the Committee).

 

		SECTION
                                         18.	Entire
                                         Agreement

 

The
Plan, any applicable Award Agreements and the Stockholders’ Agreement constitute the entire agreement with respect to the
subject matter hereof and thereof. In the event of any inconsistency between the Plan and an Award Agreement, the terms and conditions
of the Plan shall control.

 

		SECTION
                                         19.	GOVERNING
                                         LAW

 

This
Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed
in accordance with the General Corporation Law of the State of Delaware, without regard to conflict of law principles that would
result in the application of any law other than the law of the State of Delaware.

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:            August 4, 2017

 

DATE
AMENDED AND RESTATED BY THE BOARD OF DIRECTORS: November 22, 2019

 

    16Exhibit 10.10

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

UNDER THE SECOND Amended and restated Hayward HOLDINGS, Inc.

2017 Equity Incentive Plan

Name of Optionee:      [·] (the “Optionee”)

 

	No. of Option Shares of Stock: 	[l] Shares of Class B Common Stock
	Grant Date:   	[l]
(the “Grant Date”)
	Vesting Commencement Date:	[l] (the “Vesting Commencement Date”)
	Expiration Date:	[l] (the “Expiration Date”)1
	Option Exercise Price/Share:	$[●]2 (the “Option Exercise Price”)

 

Pursuant to the Second
Amended and Restated Hayward Holdings, Inc. 2017 Equity Incentive Plan (the “Plan”), Hayward Holdings, Inc.,
a Delaware corporation (together with all successors thereto, the “Company”), hereby grants to the Optionee,
who is an officer, employee, director, consultant or other key person of the Company or any of its Subsidiaries, an option (the
 “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein,
all or any part of the number of shares of Class B Common Stock, par value $0.001 per share of stock (“Stock”),
of the Company indicated above (the “Option Shares of Stock,” and such shares of stock once issued shall be
referred to as the “Issued Shares of Stock”), at the Option Exercise Price per share, subject to the terms and
conditions set forth in this Non-Qualified Stock Option Agreement (this “Agreement”) and in the Plan. This Stock
Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue
Code of 1986, as amended from time to time (the “Code”).

 

1.            
Definitions. For the purposes of this Agreement, the following terms shall have the following respective meanings.
All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan.

 

“Advisory
Agreement” means that certain Advisory Services and Monitoring Agreement, by and among the Company, Hayward Industries,
Inc., CCMP Capital Advisors, L.P. and MSD Partners, L.P., dated as of August 4, 2017, as the same may be amended from time to time.

 

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

 

“CCMP Investor”
means, collectively, CCMP Capital Investors III, L.P., CCMP Capital Investors III (Employee), L.P. and any of their respective
Affiliates that is a transferee of any CCMP Investor Shares or otherwise acquires equity securities of the Company.

 

 

1
Expiration date is 10 years from the Grant Date.

2 Current FMV is $272.92

 

     

     

    

 

“CCMP Investor
Shares” means the equity securities of the Company acquired by the CCMP Investor in connection with its investment in
the Company, whether acquired before, on or after the date hereof, and any additional securities received in respect thereof, as
a dividend on, or otherwise on account of, such equity securities.

 

“Disability”
means, with respect to any Optionee, the meaning set forth in such Optionee’s Employment Agreement. If such Optionee does
not have an Employment Agreement or “Disability” is not defined in such agreement, “Disability” shall mean
the failure or inability of the Optionee to perform duties with the Company or any of its Affiliates for a period of at least 180
consecutive days (or 180 days during any twelve (12) month period) by reason of any physical or mental condition, as determined
in good faith by the Company in its sole discretion; provided, that, if the Company’s long term disability plan contains
a definition of “Disability,” the definition in such plan will control.

 

“Investor
Shares” means with respect to the CCMP Investor, the CCMP Investor Shares, and with respect to the MSD Investor, the
MSD Investor Shares.

 

“Investors”
means the CCMP Investor and the MSD Investor.

 

“Liquidity
Threshold Price” means, at any time, the lowest average closing trading price for shares of common stock of the Company
over any ten (10) day trading period that would yield an MOI that is greater than or equal to 2.0 when multiplied by either (x)
the number of CCMP Investor Shares then held by the CCMP Investor and then added to the Proceeds received by the CCMP Investor
as of such time or (y) the number of MSD Investor Shares then held by the MSD Investor and then added to the Proceeds received
by the MSD Investor as of such time.

 

“Measurement
Date” means any date upon which Proceeds are received by the CCMP Investor and/or the MSD Investor.

 

“MOI”
means, with respect to an Investor, as of any Measurement Date, the quotient obtained by dividing (i) the sum of Proceeds
received by such Investor on such Measurement Date and all prior Measurement Dates by (ii) such Investor’s Principal Investment.

 

“MSD Investor”
means MSD Aqua Partners, LLC and any of its Affiliates that is a transferee of any MSD Investor Shares or otherwise acquires equity
securities of the Company.

 

“MSD Investor
Shares” means the equity securities of the Company acquired by the MSD Investor in connection with its investment in
the Company, whether acquired before, on or after the date hereof and any additional securities received in respect thereof, as
a dividend on, or otherwise on account of, such equity securities.

 

“Permitted
Transferee” means (i) any executor, administrator or testamentary trustee of the Optionee’s estate if such
Subscriber dies, (ii) any person or entity receiving Issued Shares of Stock by will, intestacy laws or the laws of descent or
survivorship, (iii) any trustee of a trust (including an inter vivos trust) of which there are no principal beneficiaries
other than such Optionee, the Optionee’s spouse or one or more of the Optionee’s lineal decedents or (iv) any
corporation, partnership, limited liability company or similar entity controlled by the Optionee (within the meaning of
 “Control” as defined in the Stockholders’ Agreement) and of which there are no principal beneficiaries or
owners other the Optionee, the Optionee’s spouse or one or more of the Optionee’s lineal decedents.

 

    2

     

    

 

“Principal
Investment” means, with respect to an Investor, the sum, without duplication, of: (i) the aggregate consideration paid
by such Investor to acquire such Investor’s Investor Shares, plus (ii) the amount of cash and the value (as determined by
the Board in good faith) of any property contributed by such Investor to the Company, whether contributed before, on or after the
date hereof.

 

“Proceeds”
means, with respect to an Investor, without duplication, all (i) cash proceeds actually received by such Investor from the
disposition of such Investor’s Investor Shares, net of Unreimbursed Transaction Expenses; (ii) cash dividends and other cash
distributions actually received by such Investor in respect of its Investor Shares; and (iii) the fair market value of any non-cash
consideration (including but not limited to marketable securities) received in exchange for or in respect of such Investor’s
Investor Shares (net of Unreimbursed Transaction Expenses) solely to the extent received in connection with a Change of Control;
for the avoidance of doubt, any Proceeds shall exclude any amounts payable pursuant to the Advisory Services Agreement.

 

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

 

“Service Relationship”
means any relationship as an employee, part-time employee, director or other key person (including consultants) of the Company
or any Subsidiary or any successor entity such that, for example, a Service Relationship shall be deemed to continue without interruption
in the event the Optionee’s status changes from full-time employee to part-time employee or consultant.

 

“Stockholders’
Agreement” means the Stockholders’ Agreement, dated August 4, 2017, as it may be amended, modified or amended and
restated from time to time.

 

“Unreimbursed
Transaction Expenses” means, with respect to an Investor, such Investor’s share of all reasonable legal, accounting
and investment banking fees that are not reimbursed by unrelated third parties (other than amounts paid to such Investor and its
Affiliates) in connection with the disposition of such Investor’s Investor Shares.

 

2.                 
Vesting, Exercisability and Termination. Fifty percent (50%) of this Stock Option shall be subject to time-based
vesting criteria (the “Time-Vesting Options”), and fifty percent (50%) of such Stock Option shall be subject
to performance-based vesting criteria (the “Performance-Vesting Options”). No portion of this Stock Option may
be exercised until such portion shall have vested. Except as set forth below, and subject to the terms and conditions set forth
in the Plan, determination of the Committee in its sole discretion to accelerate the vesting schedule hereunder, this Stock Option
shall become vested and exercisable as follows:

 

(a)              
Time-Vesting Options.

 

(i)                 General.
Subject to accelerated vesting as provided in Section 2(a)(iii) below, the Time-Vesting Options shall vest in five (5) equal
installments on each of [l, [l],
[l],[l], and [l],
if the Optionee remains in a continuous Service Relationship from the vesting commencement date to the applicable vesting
date.

 

    3

     

    

 

(ii)             
Initial Public Offering. In the event of an IPO which does not constitute a Change of Control, any unvested Time-Vesting
Options shall remain outstanding and remain subject to the same vesting schedule set forth herein.

 

(iii)           
Change of Control. Subject to and effective immediately prior to the consummation of a Change of Control, all Time-Vesting
Options shall be deemed vested, provided that the Optionee remains in a continuous Service Relationship from the vesting commencement
date to the date of the consummation of the Change of Control.

 

(b)              
Performance-Vesting Options.

 

(i)                
Prior to an Initial Public Offering. If prior to the occurrence of an IPO either the CCMP Investor or the MSD Investor
has received Proceeds on any Measurement Date resulting in an MOI that is greater than or equal to 2.0, the Performance-Vesting
Options shall vest in full on such Measurement Date, subject to the Optionee remaining in a continuous Service Relationship from
the vesting commencement date through the applicable Measurement Date.

 

(ii)             
Following an Initial Public Offering. In the event of an IPO which does not constitute a Change of Control, any unvested
Performance-Vesting Options shall remain outstanding and remain subject to the same vesting schedule set forth herein, and from
and after the date of an IPO, if the average closing trading price for shares of common stock of the Company on the exchange on
which such shares are then listed over any ten (10) day trading period equals or exceeds the Liquidity Threshold Price, then the
Performance-Vesting Options shall vest in full immediately following the end of such ten (10) day trading period, subject to the
Optionee remaining in a continuous Service Relationship from the vesting commencement date through the end of such period.

 

(iii)           
Change of Control. If any Performance-Vesting Options do not vest upon the first Change of Control to occur, any
such unvested Performance-Vesting Options will be cancelled for no additional consideration.

 

(c)              
Additional Vesting Upon Death or Disability. In the event that the Optionee’s Service Relationship terminates
by reason of such Optionee’s death or Disability, (I) the portion of the Optionee’s Time-Vesting Options that would
have vested had the Optionee continued his or her Service Relationship until the period ending one year after such termination
shall immediately vest and (II) the Optionee’s Performance-Vesting Options shall remain outstanding and eligible to vest
during the period ending one year after such termination; provided, that any Performance-Vesting Option that has not vested by
the end of such one-year period shall cease vesting and be cancelled for no additional consideration.

 

For purposes hereof,
the Committee’s good faith determination of the reason for termination of the Optionee’s Service Relationship shall
be conclusive and binding on the Optionee and his or her representatives or legatees or Permitted Transferees. Subject to Section
2(c) above, any portion of this Stock Option that is not exercisable on the date of termination of the Service Relationship shall
terminate immediately and be null and void.

 

    4

     

    

 

3.               
 Exercise of Stock Option.

 

(a)              
The Optionee may exercise this Stock Option, to the extent then vested, only in the following manner: Prior to the Expiration
Date, the Optionee may deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix
A hereto indicating his or her election to purchase some or all of the Option Shares of Stock with respect to which this Stock
Option is exercisable at the time of such notice. Such notice shall specify the number of Option Shares of Stock to be purchased.
Payment of the purchase price may be made by one or more of the methods described below (payment instruments will be received subject
to collection):

 

(i)              in cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to
the Committee in U.S. funds payable to the order of the Company in an amount equal to the purchase price of such Option Shares
of Stock;

 

(ii)             by
the Optionee delivering to the Company a promissory note if the Board has expressly authorized the loan of funds to the Optionee
for the purpose of enabling or assisting the Optionee to effect the exercise of his or her Stock Options; provided, that
at least so much of the exercise price as represents the par value of the Stock shall be paid other than with a promissory note
if otherwise required by state law; or

 

(iii)           
if the IPO has occurred, then (A) through the delivery (or attestation to ownership) of shares of Stock that have been purchased
by the Optionee on the open market or that are beneficially owned by the Optionee and are not subject to restrictions under any
plan of the Company; provided, that, to the extent required to avoid variable accounting treatment under ASC 718 or other
applicable accounting rules, such surrendered shares shall have been owned by the Optionee for at least six months, and in any
event with an aggregate Fair Market Value (as of the date of such exercise) equal to the option purchase price, (B) by the Optionee
delivering to the Company a properly executed Exercise Notice together with irrevocable instructions to a broker to promptly deliver
to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event
the Optionee chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment
procedure, or (C) a combination of (i), (ii), (iii)(A) and (iii)(B) above.

 

(b)               Certificates
for the Option Shares of Stock so purchased will be issued and delivered to the Optionee upon (i) compliance to the
satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and
(ii) delivery of an executed Joinder Agreement (as defined in the Stockholders’ Agreement) pursuant to which the
Optionee agrees to become a party to the Stockholders’ Agreement as a “Management Stockholder” and an
 “Other Stockholder” (in each case, as defined in the Stockholders’ Agreement). Until the Optionee shall
have complied with the requirements hereof and of the Plan, the Company shall be under no obligation to issue the Option
Shares of Stock subject to this Stock Option, and the determination of the Committee as to such compliance shall be final and
binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised
pursuant to the terms hereof, the Company shall have issued and delivered the Issued Shares of Stock to the Optionee, and the
Optionee’s name shall have been entered as a stockholder of record on the books of the Company. Thereupon, the Optionee
shall have full dividend and other ownership rights with respect to such Issued Shares of Stock, subject to the terms of this
Agreement and the Stockholders’ Agreement.

 

    5

     

    

 

(c)              
Upon the exercise of the Stock Option, Issued Shares of Stock shall be subject to the terms and conditions of the Stockholders’
Agreement.

 

(d)              
Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the
Expiration Date.

 

(e)              
Timing of Exercise.

 

(i)               Termination
Due to Death or Disability. If the Optionee’s Service Relationship terminates by reason of such Optionee’s death
or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee,
the Optionee’s legal representative or legatee for a period of 12 months from the later of (A) the date of death or Disability
of such Optionee or (B) the date such Stock Option vests, or until the Expiration Date, if earlier.

 

(ii)             Other
Termination. If the Optionee’s Service Relationship terminates for any reason other than death or Disability, and unless
otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination,
for a period of 90 days following termination and, to the extent not exercised within such period, shall automatically terminate
in all respects; provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option,
whether vested or unvested, shall terminate immediately upon the date of such termination.

 

4.                 Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and
governed by all the terms and conditions of the Plan.

 

5.                 Transferability
of Stock Option. This Agreement is personal to the Optionee and is not transferable by the Optionee in any manner other than
by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only
by the Optionee (or by the Optionee’s guardian or personal representative in the event of the Optionee’s incapacity).
The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company,
and may revoke or change such designation at any time by filing written notice of revocation or change with the Company; such
beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein.
If the Optionee does not designate a beneficiary, or if the designated beneficiary predeceases the Optionee, the legal representative
of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death.

 

6.                  Effect
of Certain Transactions. In the case of a Liquidity Event (as defined in the Plan), provision may be made in connection
with such transaction, in the sole discretion of the parties thereto, for the continuation or assumption by the successor
entity of this Stock Option heretofore granted, or the substitution of this Stock Option with a new Stock Option of the
successor entity or a parent thereof; provided that any such substitution must be on substantially equivalent terms of the
successor entity or parent thereof, with an equitable or proportionate adjustment as to the number and kind of shares, and,
if appropriate, the per share exercise prices, as such parties shall agree.

 

    6

     

    

 

7.                 Withholding
Taxes. The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event for
federal income tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment of any federal,
state and local taxes required by law to be withheld on account of such taxable event. Subject to approval by the Committee, the
Optionee may elect to have the minimum tax withholding obligation satisfied, in whole or in part, by authorizing the Company to
withhold from shares of Stock to be issued or transferring to the Company, a number of shares of Stock with an aggregate Fair
Market Value that would satisfy the minimum withholding amount due. The Optionee acknowledges and agrees that the Company or any
Subsidiary of the Company has the right to deduct from payments of any kind otherwise due to the Optionee, or from the Option
Shares of Stock to be issued in respect of an exercise of this Stock Option, any federal, state or local taxes of any kind required
by law to be withheld with respect to the issuance of Option Shares of Stock to the Optionee.

 

8.                 
Restrictions on Transfer of Issued Shares of Stock. None of the Issued Shares of Stock acquired upon exercise of
the Stock Option shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or
encumbered, whether voluntarily or by operation of law, unless such transfer is in compliance with all applicable securities laws
(including, without limitation, the Act), the terms and conditions of Sections 8 and 9 hereof and the terms and conditions
of the Stockholders’ Agreement and such disposition does not cause the Company to become subject to the reporting requirements
of the Exchange Act. In connection with any transfer of Issued Shares of Stock, the Company may require the transferor to provide
at the Optionee’s own expense an opinion of counsel to the transferor, satisfactory to the Company that such transfer is
in compliance with all foreign, federal and state securities laws (including, without limitation, the Act). Any attempted disposition
of Issued Shares of Stock not in accordance with the terms and conditions of Sections 8 and 9 hereof and the Stockholders’
Agreement shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Issued
Shares of Stock as a result of any such disposition, shall otherwise refuse to recognize any such disposition and shall not in
any way give effect to any such disposition of any Issued Shares of Stock. Subject to the foregoing general provisions, Issued
Shares of Stock may be transferred pursuant to the following specific terms and conditions:

 

(a)                Transfers
to Permitted Transferees. The Optionee may sell, assign, transfer or give away any or all of the Issued Shares of Stock to
Permitted Transferees; provided, however, that such Permitted Transferee(s) shall, as a condition to any such transfer,
agree to be subject to the provisions of this Agreement to the same extent as the Optionee (including, without limitation, the
provisions of Sections 8, 9, 11 and 12) and shall have delivered a written acknowledgment to that
effect to the Company.

 

(b)                Transfers
Upon Death. Upon the death of the Optionee, any Issued Shares of Stock then held by the Optionee at the time of such
death and any Issued Shares of Stock acquired thereafter by the Optionee’s legal representative pursuant to this
Agreement shall be subject to the provisions of Sections 8, 9, 10, 11 and 12, if
applicable, and the Optionee’s estate, executors, administrators, personal representatives, heirs, legatees and
distributees shall be obligated to convey such Issued Shares of Stock to the Company or its assigns under the terms
contemplated hereby.

 

    7

     

    

 

 

9.                 
Company’s Right of Repurchase.

		 	 

(a)              
Right of Repurchase. Upon a Termination Event (as defined below), the Issued Shares of Stock held or subsequently
acquired upon exercise of this Stock Option in accordance with the terms hereof by the Optionee (or any Permitted Transferee) shall
be subject to the repurchase rights set forth in Section 2.5 of the Stockholders’ Agreement (the “Repurchase Right”).

 

(b)              
Company’s Right to Exercise Repurchase Right. The Company shall have the Repurchase Right in the event that
the following event shall occur (the “Termination Event”): the termination of the Optionee’s Service Relationship
for any reason whatsoever, regardless of the circumstances thereof, and including without limitation upon death, Disability, retirement,
discharge or resignation for any reason, whether voluntarily or involuntarily.

 

10.             
Escrow Arrangement.

 

(a)              
Escrow. In order to carry out the provisions of Sections 8, 9 and 11 of this Agreement more
effectively, the Company shall hold any Issued Shares of Stock in escrow together with separate stock powers executed by the Optionee
in blank for transfer, and any Permitted Transferee shall, as an additional condition to any transfer of Issued Shares of Stock,
execute a like stock power as to such Issued Shares of Stock. The Company shall not dispose of the Issued Shares of Stock except
as otherwise provided in this Agreement. In the event of any repurchase by the Company (or any of its assigns), the Company is
hereby authorized by the Optionee and any Permitted Transferee, as the Optionee’s and each such Permitted Transferee’s
attorney-in-fact, to date and complete the stock powers necessary for the transfer of the Issued Shares of Stock being purchased
and to transfer such Issued Shares of Stock in accordance with the terms hereof. At such time as any Issued Shares of Stock are
no longer subject to the Company’s repurchase and drag along rights, the Company shall, at the written request of the Optionee,
deliver to the Optionee (or the relevant Permitted Transferee) a certificate representing such Issued Shares of Stock with the
balance of the Issued Shares of Stock to be held in escrow pursuant to this Section 10.

 

(b)               Remedy.
Without limitation of any other provision of this Agreement or other rights, in the event that the Optionee, any Permitted
Transferees or any other Person is required to sell the Optionee’s Issued Shares of Stock pursuant to the provisions of Sections
9 and 11 of this Agreement and in the further event that he or she refuses or for any reason fails to deliver to
the Company or its designated purchaser of such Issued Shares of Stock the certificate or certificates evidencing such Issued
Shares of Stock together with a related stock power, the Company or such designated purchaser may deposit the applicable
purchase price for such Issued Shares of Stock with a bank designated by the Company, or with the Company’s independent
public accounting firm, as agent or trustee, or in escrow, for the Optionee, any Permitted Transferees or other Person, to be
held by such bank or accounting firm for the benefit of and for delivery to him, her, them or it, and/or, in its discretion,
pay such purchase price by offsetting any indebtedness then owed by the Optionee as provided above. Upon any such deposit
and/or offset by the Company or its designated purchaser of such amount and upon notice to the Person who was required to
sell the Issued Shares of Stock to be sold pursuant to the provisions of Sections 9 and 11, such Issued Shares
of Stock shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, the holder
thereof shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if
applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner.

 

    8

     

    

 

11.             
Drag Along Right. If the Investors at any time propose that the Company consummate (or commit to consummate), in
one transaction or a series of related transactions, a Change of Control (as defined in the Plan), the Optionee’s Issued
Shares of Stock (including for this purpose all of such Optionee’s or his or her Permitted Transferee’s Issued Shares
of Stock that presently or as a result of any such transaction may be acquired upon the exercise of options (following the payment
of the exercise price therefor)) shall be subject to the drag-along rights set forth in Section 2.4 of the Stockholders’
Agreement.

 

12.             
Lockup Provision. If the Company at any time shall register an offering and sale of shares common stock of the Company
under the Securities Act in an Underwritten Offering (as defined in the Stockholders’ Agreement), the Optionee agrees to
be subject to the holdback obligations set forth in Section 5.5 of the Stockholders’ Agreement. The Optionee agrees, if requested
by the underwriter engaged by the Company, to execute a separate letter reflecting the agreement set forth in this Section 12.

 

13.             
Restrictive Covenants. As a further condition to the issuance of this Stock Option pursuant to this Agreement, and
as partial consideration for the grant of the Stock Option, the Optionee agrees to be bound by the Non-Competition, Non-Solicitation,
Confidentiality and Assignment Agreement attached hereto as Appendix B.

 

14.             
Miscellaneous Provisions.

 

(a)              
Termination. The Company’s repurchase rights pursuant to Section 9 and the drag along obligations pursuant
to Section 11 shall terminate upon the closing of the Company’s IPO or upon consummation of any Liquidity Event (as
defined in the Plan), in either case as a result of which shares of the Company (or successor entity) of the same class as the
Issued Shares of Stock are registered under Section 12 of the Exchange Act and publicly traded on any national securities exchange.

 

(b)             
Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions
of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions
of this Agreement.

 

(c)             
Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Stock, the outstanding shares
of Stock are increased or decreased or are exchanged for a different number or kind of shares of the Company’s stock, the
restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received
by the Optionee in exchange for, or by virtue of his or her ownership of, Issued Shares of Stock.

 

    9

     

    

 

(d)               Change and Modifications. This Agreement may not be orally changed, modified, amended or terminated, nor shall any
oral waiver of any of its terms be effective. This Agreement may be changed, modified, amended or terminated only by an agreement
in writing signed by the Company and the Optionee.

 

(e)              
Accredited Investor Questionnaire. As a further condition to the issuance of this Stock Option pursuant to this Agreement,
the Optionee agrees to accurately complete the Accredited Investor Questionnaire attached hereto as Appendix C.

 

(f)               
Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of
the State of Delaware without regard to conflict of law principles that would result in the application of any law other than the
law of the State of Delaware.

 

(g)              
Headings. The headings are intended only for convenience in finding the subject matter and do not constitute part
of the text of this Agreement and shall not be considered in the interpretation of this Agreement.

 

(h)              
Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination
shall in no manner affect the legality or enforceability of any other provision hereof.

 

(i)                
Notices. All notices, amendments, waivers or other communications pursuant to this Agreement shall be in writing
and shall be deemed to have been duly given if personally delivered, sent by e-mail or sent by nationally recognized overnight
courier to the parties hereto at the following addresses (or at such other address for any party hereto as shall be specified by
like notice):

 

if to the Company:

 

Hayward Holdings, Inc.

400 Connell Drive, Suite 6100

Berkeley Heights, NJ 07922

Attention: Kevin Holleran, CEO

Email: kholleran@hayward.com

 

if to the Optionee, as set forth
underneath the Optionee’s signatures below

 

or to such other address
as the party to whom notice is to be given may have furnished to each other party in writing in accordance herewith. Any such notice
or communication shall be deemed to have been given and received (w) when delivered, if personally delivered; (x) upon machine
generated acknowledgement of receipt after transmittal by electronic mail if so acknowledged to have been received before 5:00
p.m. on a Business Day at the location of receipt and otherwise on the next following Business Day; (y) on the next Business Day
after dispatch, if sent by nationally recognized overnight courier guaranteeing next Business Day delivery; and (z) on the fifth
Business Day following the date on which the piece of mail containing such communication is posted, if sent by mail.

 

    10

     

    

 

(j)                Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto,
their respective successors, permitted assigns, and legal representatives. The Company has the right to assign this Agreement,
and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment.

 

(k)              
Dispute Resolution.

 

(i)             Except as provided below, any dispute arising out of or relating to this Agreement or the breach, termination or validity
hereof shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive
Arbitration Rules and Procedures. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§1-16,
and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration
shall be New York, New York.

 

(ii)            The
parties covenant and agree that the arbitration shall commence within 60 days of the date on which a written demand for arbitration
is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the
production of documents by each party and any third-party witnesses. In addition, each party may take up to three depositions
as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving
party. However, the arbitrator shall not have the power to order the answering of interrogatories or the response to requests
for admission. In connection with any arbitration, each party shall provide to the other, no later than seven Business Days before
the date of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that
may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision
and award shall be made and delivered within six months of the selection of the arbitrator. The arbitrator’s decision shall
set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages
in excess of actual compensatory damages and shall not multiply actual damages or award punitive damages or any other damages
that are specifically excluded under this Agreement, and each party hereby irrevocably waives any claim to such damages.

 

(iii)           The
parties covenant and agree that they will participate in the arbitration in good faith. This Section 14(k) applies equally
to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive
relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable
harm.

 

    11

     

    

 

(iv)          Each
of the parties hereto (x) hereby irrevocably submits to the jurisdiction of any United States District Court of competent
jurisdiction for the purpose of enforcing the award or decision in any such proceeding and (y) hereby waives, and agrees not
to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court, and hereby waives and agrees not to seek any review by any court of any other jurisdiction
which may be called upon to grant an enforcement of the judgment of any such court. Each of the parties hereto hereby
consents to service of process by registered mail at the address to which notices are to be given. Each of the parties hereto
agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for
the express benefit of the other parties hereto. Final judgment against any party hereto in any such action, suit or
proceeding may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner
provided by or pursuant to the laws of such other jurisdiction.

 

(l)                Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

 

(m)            
Entire Agreement. The Plan, this Agreement and the Stockholders’ Agreement constitute the entire agreement
with respect to the subject matter hereof and thereof. In the event of any inconsistency between the Plan and this Agreement, the
terms and conditions of the Plan shall control.

 

[SIGNATURE PAGE FOLLOWS]

 

    12

     

    

 

The foregoing Agreement
is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

 

	 	HAYWARD HOLDINGS, INC.
	 	 
	 	By:	           
	 	Name:
	 	Title:

 

[Signature Page to Non-Qualified Stock Option Agreement]

 

     

     

    

 

The foregoing Agreement
is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

 

	 	OPTIONEE:
	 	 
	 	 
	 	Name: [l]
	 	 
	 	Address:
	 	 
	 	 
	 	 

 

[Signature Page to Non-Qualified Stock Option Agreement]

 

     

     

    

 

DESIGNATED BENEFICIARY:

 

	 	 
	 	 
	 	Beneficiary’s Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

[Signature Page to Non-Qualified Stock Option Agreement]

 

     

     

    

 

[Signature Page to Stock Option Exercise Notice]

 

     

     

    

 

Appendix A

 

STOCK OPTION EXERCISE NOTICE

 

Hayward Holdings, Inc.

400 Connell Drive, Suite 6100

Berkeley Heights, NJ 07922

Attention: Kevin Holleran, CEO

Email: kholleran@hayward.com

 

Pursuant to the terms
of my stock option agreement dated [●], [●] (the “Agreement”) under the Second Amended and Restated Hayward
Holdings, Inc. 2017 Equity Incentive Plan, I, [l], hereby [Circle One] partially/fully
exercise such option by including herein payment in the amount of $______ representing the purchase price for [Fill in number of
Option Shares of Stock] ______ Option Shares of Stock. I have chosen the following form(s) of payment

 

[ ]      1.      Cash

[ ]      2.      Certified
or bank check payable to Hayward Holdings, Inc.

[ ]      3.      Other
(as described in the Agreement (please describe))

 

As required by the Agreement, I will also
pay to Hayward Holdings, Inc. the amount required (as determined by Hayward Holdings, Inc.) for payment of any federal, state and
local taxes required by law to be withheld on account of such exercise. I understand that any payments made to me with respect
to any repurchase of exercised Option Share will be in an amount equal to (i) the Fair Market Value of the Option Share at the
time of such repurchase minus (ii) the Option Exercise Price minus (iii) any applicable withholding for federal,
state and local taxes required by law to be withheld on account of such exercise.

 

In connection with
my exercise of the option as set forth above, I hereby represent and warrant to Hayward Holdings, Inc. as follows:

 

(i)              
I am purchasing the Option Shares of Stock for my own account for investment only, and not for resale or with a view to
the distribution thereof.

 

(ii)             
I have had such an opportunity as I have deemed adequate to obtain from Hayward Holdings, Inc. such information as is necessary
to permit me to evaluate the merits and risks of my investment in Hayward Holdings, Inc. and have consulted with my own advisers
with respect to my investment in Hayward Holdings, Inc.

 

(iii)             I
have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase
of the Option Shares of Stock and to make an informed investment decision with respect to such purchase.

 

     

     

    

 

(iv)            
 I can afford a complete loss of the value of the Option Shares of Stock and am able to bear the economic risk of holding
such Option Shares of Stock for an indefinite period of time.

 

I understand that the
Option Shares of Stock may not be registered under the Securities Act of 1933 (it being understood that the Option Shares of Stock
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue
sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement
under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the
registration requirement thereof). I further acknowledge that certificates representing Option Shares of Stock will bear restrictive
legends reflecting the foregoing.

 

	 	Sincerely yours,
	 	 
	 	 
	 	Name:
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 

 

     

     

    

 

Appendix B

 

Restrictive Covenants

 

(See attached.)

 

     

     

    

 

Non-Competition, Non-Solicitation, Confidentiality
and Assignment Agreement

 

This Non-Competition,
Non-Solicitation, Confidentiality and Assignment Agreement (the “Agreement”) is made as of the [l]
day of [l], [●], between Hayward Holdings, Inc. (“Hayward”), along
with its direct and indirect Subsidiaries (together with Hayward, the “Company”), and me, [l].

 

In consideration of
the equity award granted to me pursuant to the equity award agreement executed herewith to which this exhibit is attached (the
 “Award”), as well as my employment or continuing employment with the Company and the compensation, benefits and other
valuable consideration received by me, and the Company’s disclosure or potential disclosure of confidential and proprietary
information to me, the Company and I hereby agree as follows:

 

1.                 
Purpose. I acknowledge and agree that the purpose of this Agreement is to recognize my significant contributions
to the overall financial performance and success of the Company and to protect the Company’s business interests through the
addition of restrictive covenants.

 

2.                 
Non-Competition. During my employment with the Company and for a period of one (1) year thereafter (the “Non-Compete
Period”), I shall not engage, directly or indirectly, whether as principal, agent, employee, consultant, distributor, representative,
five percent (5%) or greater stockholder or otherwise, in any business activities in the United States of America or any other
jurisdiction in which the Company operates, which are in any way competitive with the business conducted by the Company during
my employment with the Company.

 

3.                 
Non-Solicitation. During my employment with the Company and for a period of two (2) years thereafter (the
 “Non-Solicitation Period” and together with the Non-Compete Period, the “Restricted Period”), I shall not,
directly or indirectly, whether alone or jointly with another, (i) solicit for employment, hire, employ, or engage any person who,
at any time during the Non-Solicitation Period, is an officer or employee of the Company; provided, however, that the preceding
sentence does not prohibit me from (x) soliciting or hiring any person whose employment, or engagement for services, was terminated
by the Company at least twelve (12) months prior to the date of such solicitation or hire; and provided, further, that such termination
was not encouraged by me, or (y) engaging in any general solicitation not targeted at any employee of the Company, including non-directed
executive search or placing general advertisements for employees in newspapers or other media of general circulation so long as
such employee is not hired, directly or indirectly, by me or any of my controlled Affiliates, or (ii) solicit business from any
customer or solicit products or services from any vendor of the Company that interferes with or jeopardizes the business or relationships
of the Company with any such customer or vendor.

 

4.                  Non-Disparagement.
During my employment with the Company and for the two-year period thereafter, I agree not to make public statements or
communications, or statements or communications that, at the time made, are intended or reasonably likely to become public,
that disparage or criticize the Company or any of its direct or indirect parents, or any of their respective businesses,
services or products or their current, former or future equityholders, directors or executive officers (in their capacities
as such). For purposes of this Section 4, “public” as used in reference to a statement or communication
means the public generally, including the current, former or future equityholders, directors or executive officers of the
Company and any Subsidiary of the Company, and the customers, vendors or other business partners of the Company and any
Subsidiary of the Company. The foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in
connection with such proceedings).

 

     

     

    

 

5.                 
Confidentiality. I acknowledge and agree that the business, financial and other non-public information of
the Company and its direct and indirect parents is of a confidential and proprietary nature. I hereby further acknowledge and agree
that, during the course of my employment by the Company, I will have received, developed or learned of confidential and proprietary
information of the Company and its direct and indirect parents not previously known to me and not known or used generally. I hereby
agree that, I will keep in strict secrecy and confidence, and treat as the property of the Company or any of its direct or indirect
parents, as the case may be, and will not use for my own benefit or for the benefit of others any and all information, knowledge
and other data relating to the business and affairs of the Company or any of its direct or indirect parents (whether or not such
information, knowledge or other data is in written form) that I may acquire, receive, develop or learn in the course of my employment
by the Company.

 

6.                 
Assignment. I hereby assign to the Company my entire right, title and interest in and to any and all inventions,
trade secrets, improvements, plans and specifications (i) which I, alone or in conjunction with others, may make, conceive or develop
during the period of my employment with the Company which relate to the business of the Company, or (ii) which I, alone or in conjunction
with others, may make or conceive within a period of one (1) year after the date of termination of my employment with the Company
which derive in substantial part from any confidential or proprietary information, knowledge or other data with respect to which
I have become informed by reason of my engagement by the Company. I further agree that I will promptly disclose fully to the Company
my aforesaid inventions, trade secrets, improvements, plans and specifications and will at any time during and after my employment
with the Company render to the Company such cooperation and assistance as the latter may deem to be advisable in order to obtain
copyrights or patents, as the case may be, on or otherwise perfect or defend the Company’s rights in each such invention,
trade secret, improvement, plan or specification, including, but not limited to, the execution of any and all applications for
copyrights or patents, assignments of copyrights or patents and other instruments in writing which the Company, its officers or
attorneys reasonably may deem necessary or desirable, and the aforesaid obligation shall be binding on my assigns, executors, administrators
and other legal representatives.

 

I hereby
constitute and appoint the Company, its successors and assigns my true and lawful attorney or attorneys with full power of
substitution, for me and in my name and stead or otherwise, but at the sole expense and on behalf of and for the benefit of
the Company, its successors and assigns, to institute and prosecute from time to time, any proceedings at law, in equity or
otherwise, that the Company, its successors or assigns, may deem proper in order to assert or enforce any claim, right or
title of any kind in and to the inventions, trade secrets and improvements described under this Section 6 of this
Agreement, to defend and compromise any and all actions, suits or proceedings in respect of any of said inventions, trade
secrets and improvements and, generally to do any and all such acts and things in relation thereto as the Company, its
successors or assigns, shall deem advisable, including, but not limited to, execution of any and all applications,
assignments and instruments contemplated under this Section 6. I declare that the appointment hereby made and the
powers hereby granted are coupled with an interest and shall be irrevocable by me.

 

     

     

    

 

7.                 
Remedies upon Breach. I acknowledge and agree that my obligations under this Agreement are of a special, unique
and extraordinary nature, that there can be no adequate remedy at law for any breach thereof, that any such breach may allow third
parties to compete unfairly with the Company or its direct or indirect parents, resulting in irreparable harm to the Company or
its direct or indirect parents, as the case may be, and therefore, that upon any such breach or any threat thereof, the Company
will, upon an appropriate showing, be entitled to mandatory or negative injunctive relief in addition to whatever remedies it might
have at law. I also agree that the Company shall have the right to enforce all of the rights of its direct or indirect parents
hereunder.

 

8.                 
Reasonableness of Restrictions. I acknowledge and agree that I have carefully read and considered the provisions
of this Agreement, and having done so, agree that the restrictions set forth herein, including, but not limited to, the time period
of the restrictions, the geographic areas of the restrictions, and the scope of the restrictions are fair and reasonable, are supported
by sufficient and valid consideration, and the restrictions do not impose any greater restraint than is necessary to protect the
goodwill and other legitimate business interests of the Company. I acknowledge that these restrictions will not prevent me from
obtaining gainful employment or cause me undue hardship; that there are numerous other employment and business opportunities available
to me that are not affected by these restrictions; and that my ability to earn a livelihood without violating such restrictions
is a material condition to my employment or engagement with the Company.

 

9.                 
Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced
to the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, in the event that any provision of this Agreement is determined by a court in any jurisdiction to be invalid, prohibited
or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction. If it is determined by a court of competent jurisdiction
in any state that any restriction in this Agreement is excessive in duration or scope or is unreasonable or unenforceable under
the laws of that state, it is the intention of the parties hereto that such restriction may be modified or amended by such court
to render it enforceable to the maximum extent permitted by the law of that state. Each of the covenants in this Agreement shall
be construed as an agreement independent of any other provisions in this Agreement.

 

10.              Governing
Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware without regard to conflict of law principles that would result in the application of any law other than the law of
the State of Delaware.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

  

I UNDERSTAND THAT
THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND
IT COMPLETELY.

 

IN WITNESS WHEREOF,
the undersigned has executed this agreement as a sealed instrument as of the date set forth below.

 

	Signed:		 

 

Type or print name: [l]

 

	Date		 

 

     

     

    

  

Appendix C

 

Optionee represents
and warrants that he or she is an “accredited investor” as defined in Rule 501(a) promulgated under Regulation
D of the Securities Act, because he or she meets at least one of the following criteria (please initial each applicable item):

 

		_____	Optionee is a natural person whose individual net worth, or joint net worth with his or her spouse,
exceeds $1,000,000 at the time of the Optionee’s subscription, excluding the value of the primary residence of such natural
person, calculated by subtracting from the estimated fair market value of the property the amount of debt secured by the property,
up to the estimated fair market value of the property; or

 

		_____	Optionee is a natural person who had an individual income in excess of $200,000 in each of the
two most recent years (2018 and 2019) or joint income with the Optionee’s spouse in excess of $300,000 in each of those years
and who reasonably expects to reach the same income level in the current year (2020); or

 

		_____	Optionee is a corporation, or similar business trust, partnership or an organization described
in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the Parent Shares, with total
assets in excess of $5,000,000; or

 

		_____	Optionee is either (i) a bank as defined in Section 3(a)(2) of the Securities Act, or any savings
and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual
or fiduciary capacity, (ii) a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended,
(iii) an insurance company as defined in Section 2(13) of the Securities Act, (iv) an investment company registered under the Investment
Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of such Act, (v) a Small Business
Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment
Act of 1958, (vi) a plan established or maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000
or (vii) an employee benefit plan within in the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which plan fiduciary is either a
bank, savings and loan association, insurance company or registered investment adviser, or if the employee benefit plan has total
assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited
investors; or

 

		_____	Optionee is a private business development company as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940, as amended; or

 

		_____	Optionee is a director or executive officer of Parent; or

 

     

     

    

  

	_____	Optionee is a trust, with total assets in excess of $5,000,000, not formed for the specific purpose
of acquiring the Parent Shares, the purchase of which is directed by a sophisticated person as described in Rule 506(b)(2)(ii)
of Regulation D promulgated under the Securities Act; or

 

	_____	Optionee is an entity in which all of the equity owners are accredited investors. (Please submit a copy of this page countersigned
by each such equity owner if relying on this item).

 

	 	Optionee represents and warrants that he or she is not
an “accredited investor” as defined in Rule 501(a) promulgated under Regulation D of the Securities Act (please
initial the non-accredited investor election below):

 

	_____	Optionee is not an “accredited investor”

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