Document:

Exhibit 10.1

 

Execution Version

 

FIRST AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT

 

BY AND AMONG

 

RIBBON COMMUNICATIONS INC.

 

AND

 

THE STOCKHOLDERS OF RIBBON COMMUNICATIONS
INC.

THAT ARE PARTIES HERETO

 

March 3, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	 	ARTICLE
    1 

    Definitions	 
	 	 	 
	Section
    1.01	Drafting
    Conventions; No Construction Against Drafter	2
	Section 1.02	Defined Terms	2
	Section 1.03	Effectiveness	8
	 	 	 
	 	ARTICLE
    2 

    Board Matters and Proxy
    Grant	 
	 	 	 
	Section 2.01	Board of Directors	9
	Section 2.02	Committees of the Board
    of Directors	15
	Section 2.03	Additional Management
    Provisions	16
	Section 2.04	Certain Transactions	18
	Section 2.05	Removal of Chairman	18
	Section 2.06	Irrevocable Proxy Grant	19
	 	 	 
	 	ARTICLE
    3 

    Standstill Provisions	 
	 	 	 
	Section 3.01	Standstill	19
	Section 3.02	Nonapplicability to
    Certain Affiliates	21
	Section 3.03	Nonintervention by
    Company	22
	 	 	 
	 	ARTICLE
    4 

    Transfer Restrictions	 
	 	 	 
	Section 4.01	Transfer Restrictions	22
	Section 4.02	Change of Control Transactions	24
	Section 4.03	Facilitation of Private
    Sales	24
	Section 4.04	Legend	24
	 	 	 
	 	ARTICLE
    5 

    Tag-Along Rights	 
	 	 	 
	Section 5.01	Tag-Along	25
	 	ARTICLE
    6 

    Preemptive Rights	 
	 	 	 
	Section 6.01	Preemptive Rights	26

 

    i

     

    

 

	 	ARTICLE
    7 

    Other Covenants	 
	 	 	 
	Section
    7.01	Most Favored
    Nation	28
	Section 7.02	Information and Access	28
	 	ARTICLE
    8 

    Miscellaneous Provisions	 
	 	 	 
	Section 8.01	Reliance	30
	Section 8.02	Amendment and Waiver;
    Actions of the Board of Directors	30
	Section 8.03	Notices	31
	Section 8.04	Counterparts	32
	Section 8.05	Remedies; Severability	33
	Section 8.06	Entire Agreement	33
	Section 8.07	Termination	33
	Section 8.08	Governing Law	33
	Section 8.09	Successors and Assigns;
    Beneficiaries	33
	Section 8.10	Consent to Jurisdiction;
    Specific Performance; WAIVER OF JURY TRIAL	34
	Section 8.11	Further Assurances;
    Company Logo	34
	Section 8.12	Competitive Opportunity	35
	Section 8.13	Recapitalization, Exchange,
    Etc. Affecting the Shares	35
	Section 8.14	No Recourse	35

 

EXHIBITS

 

Exhibit A: Form of Joinder Agreement

Exhibit B: Registration Rights Agreement

 

    ii

     

    

 

 

FIRST AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT

 

This First Amended
and Restated Stockholders Agreement (this “Agreement”) is made as of March 3, 2020 by and among (i) Ribbon
Communications Inc., a Delaware corporation (the “Company”), (ii) JPMC Heritage Parent LLC, a Delaware
limited liability company (“JPMC”), (iii) Heritage PE (OEP) III, L.P., a Cayman Islands exempted limited partnership
(“OEP III”, and together with JPMC, the “Initial OEP Stockholders”), (iv) ECI Holding
(Hungary) KFT, a company incorporated under the Laws of Hungary (the “Initial Swarth Stockholder”) and (v) any
other stockholder who from time to time becomes party to this Agreement by execution of a joinder agreement substantially in the
form of Exhibit ‎A (a “Joinder Agreement”).

 

RECITALS

 

The Initial OEP Stockholders
(or their predecessors in interest) and the Company entered into the Principal Stockholders Agreement (the “Original Agreement”),
dated October 27, 2017.

 

Effective as of the
Effective Time, the Company will issue shares of Common Stock to the Initial Swarth Stockholder pursuant to the Merger Agreement,
subject to the terms and conditions set forth therein.

 

On and following the
Effective Time, the Initial OEP Stockholders will continue to hold shares of Common Stock.

 

The Company and the
Initial OEP Stockholders desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement.

 

The parties hereto
desire to enter into this Agreement to agree upon certain of their respective rights and obligations from and after the Effective
Time with respect to the securities of the Company then or thereafter issued and outstanding and held by the parties to this Agreement
and certain matters with respect to their respective ownership in the Company.

 

AGREEMENT

 

Now therefore, in consideration
of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

    1

     

    

 

ARTICLE 1

Definitions

 

Section
1.01        Drafting Conventions; No Construction Against Drafter.

 

(a)               Except
where expressly stated otherwise in this Agreement, the following rules of interpretation apply to this Agreement: (i)
 “either” and “or” are not exclusive and “include,” “includes” and
 “including” are not limiting; (ii) “hereof,” “hereto,” “hereby,”
 “herein” and “hereunder” and words of similar import when used in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement; (iii) “date of this Agreement” refers
to the date set forth in the initial caption of this Agreement; (iv) “extent” in the phrase “to the
extent” means the degree to which a subject or other thing extends, and such phrase does not mean simply
 “if”; (v) the headings and table of contents included herein are included for convenience only and shall not
affect in any way the meaning or interpretation of this Agreement or any provision hereof; (vi) definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such terms; (vii) references to a contract or
agreement mean such contract or agreement as amended or otherwise supplemented or modified from time to time in accordance
with the terms hereof and thereof; (viii) references to a Person are also to its permitted successors and assigns; (ix)
references to an “Article,” “Section,” “Exhibit” or “Schedule” refer to an
Article or Section of, or an Exhibit or Schedule to, this Agreement; (x) references to “$” or otherwise to dollar
amounts refer to the lawful currency of the United States; and (xi) references to a federal, state, local or foreign law
include any rules, regulations and delegated legislation issued thereunder. If any date on which a party is required to make
a payment or a delivery or take an action, in each case, pursuant to the terms hereof is not a Business Day, then such party
shall make such payment or delivery or take such action on the next succeeding Business Day. Time shall be of the essence in
this Agreement. Unless specified otherwise, the words “party” and “parties” refer only to a party
named in this Agreement or one who joins this Agreement as a party pursuant to the terms hereof.

 

(b)              
The language used in this Agreement shall be deemed to be the language mutually chosen by the parties hereto to express
their mutual intent, and no rule of strict construction shall be applied against any party hereto. No summary of this Agreement
prepared by any party shall affect the meaning or interpretation of this Agreement.

 

Section
1.02        Defined Terms.

 

(a)              
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Merger
Agreement.

 

(b)              
The following capitalized terms, as used in this Agreement, shall have the meanings set forth below.

 

“Affiliate”
shall mean with respect to any specified Person, any other Person which, directly or indirectly, controls, is controlled by or
is under common control with the specified Person, including if the specified Person is a private equity fund, (i) any general
partner of the specified Person and (ii) any investment fund now or hereafter managed by, or which is controlled by or is under
common control with, one or more general partners of the specified Person; provided, however, that, for purposes
of this Agreement, (A) neither the Company nor any of its subsidiaries shall be deemed to be an Affiliate of any OEP Stockholder
or Swarth Stockholder, (B) no OEP Stockholder or Swarth Stockholder shall be deemed to be an Affiliate of the Company or any of
its subsidiaries, (C) each OEP Stockholder shall be deemed to be an Affiliate of each other OEP Stockholder; and (D) JPMorgan
Chase & Co. and its controlled Affiliates shall be 

deemed to be Affiliates of each of the
OEP Stockholders, provided, however, no other affiliates of JPMorgan Chase & Co. shall be deemed Affiliates of the OEP
Stockholders other than those Persons described in clauses (i) or (ii). For the purposes of this definition, “control”
(including, with its correlative meanings, the terms “controlled by” and “under common control with”),
as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct, or cause the direction
of the management and policies of such Person, whether through the ownership of securities, by contract or otherwise.

 

    2

     

    

 

“Baseline
Amount” shall mean, as of a particular date, in respect of the OEP Stockholders or the Swarth Stockholder, respectively,
the lesser of (i) the number of voting Shares held by the Initial OEP Stockholders or the Initial Swarth Stockholder, respectively,
at the Effective Time, and (ii) the weighted average number of voting Shares held in the aggregate by the OEP Stockholders or the
Swarth Stockholder, respectively, in the two hundred fifty (250) Business Days prior to such date.

 

“Beneficial
Ownership” by a Person of any securities means that such Person is a beneficial owner of such securities in accordance
with Rule 13d-3 adopted by the SEC under the Exchange Act (provided that, for purposes of calculating “Beneficial
Ownership” with respect to the restrictions set forth under Sections ‎3.01 and ‎4.01 and notwithstanding
anything to the contrary in Rule 13d-3, a Person shall additionally be deemed to Beneficially Own any Common Stock or other securities
(i) to which such Person is entitled and that are held in escrow pursuant to the terms of the Merger Agreement or (ii) that may
be acquired by such Person upon the conversion, exchange or exercise of any warrants, options, rights or other securities convertible
into Common Stock or other securities of the Company, whether such acquisition may be made within sixty (60) days or a longer period);
provided, however, that, for purposes of this Agreement, neither the OEP Stockholders nor the Swarth Stockholder
shall be deemed to Beneficially Own any Shares or other securities issued to any Investor Designee by the Company in his or her
capacity as such; provided, further, that no OEP Stockholder shall be deemed to Beneficially Own any Shares or other securities
owned by the Swarth Stockholder and the Swarth Stockholder shall not be deemed to Beneficially Own any Shares or other securities
owned by any OEP Stockholder; and provided, further, that, for purposes of calculating Beneficial Ownership by a Person,
Shares Beneficially Owned by such Person shall not be double-counted with Shares Beneficially Owned by such Person’s Affiliates
and any Group in which such Person is a member. The term “Beneficially Own” shall have a correlative meaning.

 

“Business
Day” means any day other than a Saturday, Sunday or a day on which all banking institutions in New York are authorized
or obligated by applicable Law or executive order to close.

 

“Bylaws”
shall mean the Company’s bylaws in effect as of the Effective Time, as amended from time to time.

 

    3

     

    

 

“Change
of Control Transaction” shall mean any of the following occurring after the Effective Time: (i) a recapitalization,
merger, share exchange, business combination or similar extraordinary transaction or series of related transactions as a
result of which, the Persons that Beneficially Own the voting Shares of the Company (immediately prior to the consummation of
such transaction or series of related transactions) would cease to (immediately after consummation of such transaction or
series of related transactions) Beneficially Own voting Shares entitling them to vote a majority or more of the voting Shares
in the elections of Directors at any annual or special meeting (or, if the Company is not the surviving or resulting entity,
the equivalent governing body of such surviving or resulting entity); (ii) a sale of all or substantially all of the assets
the Company (determined on a consolidated basis) in one transaction or series of related transactions; or (iii) the
acquisition (by purchase, merger or otherwise) by any Person of Beneficial Ownership of voting Shares of the Company
entitling that Person (together with its Affiliates and any Group in which such Person is a member) to vote a majority of the
voting Shares, except any acquisition in the open market by any OEP Stockholder or the Swarth Stockholder of voting Shares
permitted by ‎Section 3.01(b)(i).

 

“Charter”
shall mean the Company’s certificate of incorporation in effect as of the Effective Time, as amended from time to time.

 

“Common Stock”
shall mean the common shares, par value $0.001 per share, of the Company.

 

“Company”
shall have the meaning set forth in the preamble and shall include any successor thereto.

 

“Company Information”
shall mean the following Confidential Information: (i) financial information, financial projections and other financial estimates,
(ii) Confidential Information shared by an OEP Stockholder or the Swarth Stockholder (as applicable) as part of the general portfolio
information of Stockholder that does not identify the Company; (iii) Confidential Information that is aggregated as part of the
OEP Stockholder’s or the Swarth Stockholder’s (as applicable) normal internal reporting or review procedures, including
those of its parent entities; (iv) valuation projections and such other summary financial ratios and/or multiples calculated by
an OEP Stockholder or the Swarth Stockholder (as applicable) by reference to Confidential Information (without directly incorporating
such Confidential Information), and (v) the number and type of Shares to be distributed in connection with a proposed or planned
in-kind distribution and the value of such Shares at the time of distribution.

 

“Confidential
Information” shall mean all information relating to the Company or the business, products, condition (financial or other),
operations, assets, liabilities, results of operations, cash flows or prospects of the Company (whether prepared by the Company,
its advisors or otherwise) that is delivered, disclosed or furnished by or on behalf of the Company on or after the date hereof,
regardless of the manner in which it is delivered, disclosed or furnished.

 

“Director”
shall mean a member of the Board of Directors.

 

    4

     

    

 

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

 

“Group”
shall mean, with respect to a Person, such Person together with any syndicate or group deemed to be a “person”
under Section 13(d)(3) of the Exchange Act.

 

“Independent
Director” shall mean, regardless of whether designated by the OEP Stockholders or the Swarth Stockholder, a person nominated
for or appointed to the Board of Directors who, as of the time of determination is independent for purposes of the Nasdaq Rules
and the SEC rules.

 

“Merger Agreement”
shall mean the Agreement and Plan of Merger by and among the Company, the Swarth Stockholder, ECI Telecom Group Ltd. and the other
parties thereto, dated as of November 14, 2019.

 

“Nasdaq Rules”
shall mean the Nasdaq Stock Market Rules or other rules of a national securities exchange upon which the Company’s Common
Stock is listed or to which it is then subject.

 

“Necessary
Action” shall mean, with respect to a specified result, all actions necessary or desirable to cause such result, including
(i) attending meetings in person or by proxy for purposes of obtaining a quorum, (ii) voting or providing (or causing the voting
or providing of) a written consent or proxy with respect to all Shares then Beneficially Owned, (iii) causing the adoption of resolutions
and amendments to the organizational documents of the Company, (iv) executing agreements and instruments and (v) making, or causing
to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are
required to achieve such result.

 

“New
Shares” shall mean any voting Shares of the Company or any of its subsidiaries, including Common Stock, whether
authorized or not by the Board of Directors or any committee of the Board of Directors, and rights, options, or warrants to
purchase any voting Shares, and securities of any type whatsoever that are, or may become, convertible into any voting
Shares; provided, however, that the term “New Shares” shall not include: (i) Shares issued
to employees, consultants, officers and directors of the Company, pursuant to any arrangement approved by the Board of
Directors or the Compensation Committee of the Board of Directors; (ii) Shares issued as consideration in the acquisition of
another business or assets of another Person by the Company by merger or purchase of the assets or shares, reorganization or
otherwise; (iii) Shares issued pursuant to any rights or agreements, including convertible securities, options and
warrants, provided, that either (x) the Company shall have complied with ‎Section 6.01 with respect to
the initial sale or grant by the Company of such rights or agreements or (y) such rights or agreements existed prior to the
Effective Time (it being understood that any modification or amendment to any such pre-existing right or agreement subsequent
to the Effective Time with the effect of increasing the percentage of the Company’s fully-diluted Shares underlying
such rights agreement shall not be included in this clause (iii)); (iv) Shares issued in connection with any stock split,
stock dividend, recapitalization, reclassification or similar event by the Company; (v) warrants issued to a lender in a bona
fide debt financing; (vi) Shares registered under the Securities Act that are issued in an underwritten public offering;
(vii) any right, option, or warrant to acquire any security convertible into the securities excluded from the definition of
New Shares pursuant to clauses (i) through (vi) above; (viii) any issuance by a subsidiary of the Company to the Company or a
wholly-owned subsidiary of the Company; and (ix) any issuance as to which the OEP Majority Interest (on behalf of the OEP
Stockholders) or the Swarth Stockholder elect to waive their respective rights set forth in ‎Section 6.01.

 

    5

     

    

 

“OEP Majority
Interest” shall mean, at any given time, the OEP Stockholders holding a majority of the outstanding Shares held at that
specified time by all OEP Stockholders.

 

“OEP Stockholders”
shall mean (i) the Initial OEP Stockholders and (ii) any Permitted Transferee of any Initial OEP Stockholder described in clause
(i) of the definition of “Permitted Transferee” (x) which is issued Shares or becomes the Beneficial Owner of any Shares
or is Transferred any Shares by any other Person and (y) which becomes a party hereto by executing a Joinder Agreement; provided,
however, that no Shares Beneficially Owned by any Investor Designee or officer or employee of the Company or its subsidiaries
shall be deemed to be Beneficially Owned by the OEP Stockholders for the purposes of Articles ‎2, ‎3 and ‎4
of this Agreement.

 

“Permitted
Loans” shall mean any pledges, hypothecations or grants of a security interest in any Shares in respect of any bona fide
financing arrangements, including any bona fide purpose (margin) loan and any bona fide non-purpose loan, or the transfer of any
Shares upon the exercise of rights by any pledgee, hypothecatee or grantee of a security interest in any Shares; provided
that (x) the terms of such financing arrangement do not permit the pledgee, hypothecatee or grantee to a security interest in such
Shares to foreclose on such shares prior to the expiration of the Initial Lock-Up Period and (y) the initial loan-to-value (LTV)
ratio of such financing arrangement is no greater than 50%.

 

“Permitted
Transferee” shall mean, with respect to any Stockholder, (i) any Affiliate of such Stockholder or (ii) any direct or
indirect member or general or limited partner of such Stockholder that is the Transferee of Shares pursuant to a pro rata distribution
of Shares by such Stockholder to its partners or members, as applicable (or any subsequent Transfer of such Shares by the Transferee
to another Permitted Transferee), in each case that becomes a party to this Agreement by executing a Joinder Agreement.

 

“Person”
shall mean an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated
organization, government (or agency or political subdivision thereof) or any other entity.

 

“Registration
Rights Agreement” shall mean the Registration Rights Agreement, dated as of the date hereof, attached hereto as Exhibit
 ‎B.

 

    6

     

    

 

“Regulatory
Requirement” shall mean any set of facts or circumstances arising after the date hereof that has resulted, or, based
on the advice of legal counsel, would reasonably be expected by a Stockholder (or, in the case of an OEP Stockholder, JPMorgan
Chase & Co.) to result, in the Beneficial Ownership by such Stockholder or its Affiliates of any voting Shares causing (i)
a material violation of applicable Law by such Stockholder (or, in the case of an OEP Stockholder, JPMorgan Chase & Co.) or
its Affiliates, (ii) a limitation under applicable Law that will materially impair the ability of such Stockholder (or, in the
case of an OEP Stockholder, JPMorgan Chase & Co.) or any of its Affiliates to operate in the ordinary course business or engage
in their respective ordinary course business activities, or (iii) a requirement under applicable Law that such voting Shares be
Transferred to a third Person.

 

“SEC”
shall mean the Securities and Exchange Commission.

 

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

 

“Shares”
shall mean, at any time, (i) shares of Common Stock and (ii) any other voting equity securities now or hereafter issued by the
Company, together with any options thereon and any other shares of stock or other equity securities issued or issuable with respect
thereto (whether by way of a stock dividend, stock split or in exchange for or in replacement or upon conversion of such shares
or otherwise in connection with a combination of shares, recapitalization, merger, consolidation or other corporate reorganization).

 

“Stockholders”
shall mean the OEP Stockholders, the Swarth Stockholder and any other stockholders who from time to time become party to this Agreement
by execution of a Joinder Agreement.

 

“Swarth Stockholder”
shall mean (i) the Initial Swarth Stockholder and (ii) any Permitted Transferee of the Initial Swarth Stockholder described in
clause (i) of the definition of “Permitted Transferee” (x) which is issued Shares or becomes the Beneficial
Owner of any Shares or is Transferred any Shares by any other Person and (y) which becomes a party hereto by executing a Joinder
Agreement; provided, however, that no Shares Beneficially Owned by any Investor Designee or officer or employee of the Company
or its subsidiaries shall be deemed to be Beneficially Owned by the Swarth Stockholder for the purposes of Articles ‎‎2,
 ‎3 and ‎4 of this Agreement.

 

“Transfer”
shall mean any direct or indirect transfer, donation, sale, assignment, pledge, hypothecation, grant of a security interest
in or other disposal or attempted disposal (whether by merger, consolidation or otherwise by operation of law) of all or any
portion of a security, any interest or rights in a security, or any rights under this Agreement, including equity swaps, the
purchasing of puts or effecting similar transactions; provided, however, that any Transfer of equity securities
of any Person, including as a result of a change of control of such Person, that Beneficially Owns any equity securities of
any Stockholder shall not, by itself, be deemed a Transfer of Shares for the purposes of this Agreement, unless the equity
securities of such Stockholder constitute such Person’s primary asset or such Person was formed in contemplation of
such Transfer; provided, further, that (i) no Permitted Loan shall be deemed a Transfer of Shares for purposes of this
Agreement and (ii) no transfer, sale, assignment or other disposal of Shares by any Stockholder in order to comply with such
Stockholder’s indemnification obligations under the Merger Agreement shall be deemed a Transfer of Shares for purposes
of this Agreement.

 

    7

     

    

 

“Transferee”
shall mean the recipient of a Transfer.

 

(c)       Each
of the following terms is defined in the Section listed opposite such term:

 

	Terms 	Section
	Agreement	Preamble
	Board of Directors	‎2.01(a)
	CEO Director	‎2.01(a)(iv)(a)
	Company	Preamble
	Competitive Opportunity	‎8.12
	Delaware Courts	‎8.10(a)
	Indemnitors	‎2.01(h)
	Initial Lock-up Period	‎4.01(a)
	Initial OEP Stockholders	Preamble
	Initial Swarth Stockholder	Preamble
	Investor Designees	‎2.01(a)(iii)
	Joinder Agreement	Preamble
	JPMC	Preamble
	New Shares Notice	‎6.01(b)
	OEP III	Preamble
	OEP Designees	‎2.01(a)(ii)
	Original Agreement	Recitals
	Other Agreement	‎7.01
	Preemptive Right	‎6.01(a)
	Pro Rata Portion	‎6.01(a)
	Receiving Party	‎2.03(a)
	Selling Stockholders	‎5.01(a)
	Standstill Agreement	‎4.01(d)
	Superior Rights	‎7.01
	Swarth Designees	‎2.01(a)(iii)
	Tagging Stockholders	‎5.01(a)
	Tag-Along Notice	‎5.01(a)

 

Section
1.03        Effectiveness. This Agreement, and all rights and obligations
hereunder, shall become effective upon the occurrence of the Effective Time. In the event of any termination of the Merger Agreement
prior to the Effective Time, this Agreement shall be of no force or effect.

 

    8

     

    

 

 

 

ARTICLE 2

Board Matters and Proxy Grant

 

Section 2.01       
Board of Directors. From and after the Effective Time:

 

(a)          
Board Composition. The board of directors of the Company (the “Board of Directors”) shall be composed
as follows:

 

(i)                
Until the second anniversary of the Effective Time, the authorized number of directors on the Board of Directors shall be
established and remain at nine (9), except (A) if otherwise approved by the Board of Directors, acting with the approval of a majority
of the Independent Directors, in connection with the consummation of (x) an acquisition of another business or assets of another
Person by the Company by merger or purchase of the assets or shares, reorganization or otherwise or (y) an equity investment in
the Company or (B) as may otherwise be approved by the Board of Directors, acting with the approval of a majority of the Independent
Directors and the written consent of the OEP Stockholders and the Swarth Stockholder. Following the second anniversary of the Effective
Time, the Board of Directors, acting with the approval of a majority of the Independent Directors, may approve a different number
of directors that shall comprise the Board of Directors.

 

(ii)              (a)
At the Effective Time and for so long as the OEP Stockholders in the aggregate Beneficially Own at least forty-three percent
(43%) of the Shares held by the Initial OEP Stockholders at the Effective Time, the OEP Stockholders holding an OEP Majority
Interest shall have the right (but not the obligation) to designate as Directors, and the individuals nominated for election
as Directors by or at the direction of the Board of Directors or a duly-authorized committee thereof shall include, three (3)
designees of the OEP Stockholders (the “OEP Designees”), at least two (2) of whom must, in the good faith
determination of the Nominating and Corporate Governance Committee, qualify as Independent Directors; (b) from and after the
first time that (and for so long as) the OEP Stockholders in the aggregate Beneficially Own less than forty-three percent
(43%) and at least twenty-nine percent (29%) of the Shares held by the Initial OEP Stockholders at the Effective Time, the
number of OEP Designees permitted to be designated by the OEP Majority Interest (on behalf of the OEP Stockholders) pursuant
to the foregoing clause (a) shall be reduced to two (2) Directors, at least one (1) of whom must, in the good faith
determination of the Nominating and Corporate Governance Committee, qualify as an Independent Director; (c) from and after
the first time that (and for so long as) the OEP Stockholders in the aggregate Beneficially Own less than twenty-nine percent
(29%) and at least fourteen percent (14%) of the Shares held by the Initial OEP Stockholders at the Effective Time, the
number of Investor Designees permitted to be designated by the OEP Majority Interest (on behalf of the OEP Stockholders)
pursuant to the foregoing clause (a) shall be reduced to one (1) Director, who need not qualify as an Independent Director;
and (d) from and after the first time that the OEP Stockholders in the aggregate Beneficially Own less than fourteen percent
(14%) of the Shares held by the Initial OEP Stockholders at the Effective Time, the OEP Stockholders shall have no right to
designate any members of the Board of Directors.

 

    9

     

    

 

(iii)            
At the later of the Effective Time or the receipt of CFIUS Approval and for so long as the Swarth Stockholder Beneficially
Owns at least eighty-eight percent (88%) of the Shares held by the Swarth Stockholder at the Effective Time, the Swarth Stockholder
shall have the right (but not the obligation) to designate as Directors, and the individuals nominated for election as Directors
by or at the direction of the Board of Directors or a duly-authorized committee thereof shall include, three (3) designees (the
 “Swarth Designees” and together with the OEP Designees, the “Investor Designees”), at least
two (2) of whom must, in the good faith determination of the Nominating and Corporate Governance Committee, qualify as Independent
Directors; (a) from and after the first time that (and for so long as) the Swarth Stockholder Beneficially Owns less than eighty-eight
percent (88%) and at least fifty-eight percent (58%) of the Shares issued to the Swarth Stockholder at the Effective Time pursuant
to the Merger Agreement, the number of Swarth Designees permitted to be designated by the Swarth Stockholder pursuant to the foregoing
clause (a) shall be reduced to two (2) Directors, at least one (1) of whom must, in the good faith determination of the Nominating
and Corporate Governance Committee, qualify as an Independent Director; (b) and from and after the first time that (and for so
long as) the Swarth Stockholder Beneficially Owns less than fifty-eight percent (58%) and at least twenty-nine percent (29%) of
the Shares issued to the Swarth Stockholder at the Effective Time pursuant to the Merger Agreement, the number of Swarth Designees
permitted to be designated by the Swarth Stockholder pursuant to the foregoing clause (a) shall be reduced to one (1) Director,
who need not qualify as an Independent Director; and (c) from and after the first time that the Swarth Stockholder Beneficially
Owns less than twenty-nine percent (29%) of the Shares issued to the Swarth Stockholder at the Effective Time pursuant to the Merger
Agreement, the Swarth Stockholder shall have no right to designate any members of the Board of Directors.

 

(iv)            
In addition to the Investor Designees, the Nominating and Corporate Governance Committee shall designate as Directors (a)
the Company’s then-serving Chief Executive Officer (the “CEO Director”) and (b) the remaining number of
designees needed to be added to the Board of Directors so that the Board of Directors has no vacancies.

 

(b)         
Obligation to Vote. For as long as the OEP Stockholders or the Swarth Stockholder have a right to designate any
members of the Board of Directors pursuant to ‎Section 2.01(a):

 

(i)               The
Company shall take all Necessary Actions within its control to cause the individuals designated in accordance with ‎Section
2.01(a) to be nominated for election to the Board of Directors, shall solicit proxies in favor thereof, and at each
meeting of the stockholders of the Company at which Directors are to be elected, shall recommend that the stockholders of the
Company elect to the Board of Directors each such individual nominated for election at such meeting.

 

    10

     

    

 

(ii)             
Each OEP Stockholder shall take all Necessary Actions within its control to vote (a) all Shares affirmatively in favor of
the election of each Swarth Designee and (b) with respect to each Person nominated to serve as a Director by the Nominating and
Corporate Governance Committee (other than an Investor Designee), either (i) all Shares affirmatively in favor of the election
of such Person or (ii) in the same proportion as the Shares not Beneficially Owned by the OEP Stockholders are voted affirmatively
in favor of, or to withhold authority with respect to the election of, such Person.

 

(iii)           
The Swarth Stockholder shall take all Necessary Actions within its control to vote (a) all Shares affirmatively in favor
of the election of each OEP Designee and (b) with respect to each Person nominated to serve as a Director by the Nominating and
Corporate Governance Committee (other than an Investor Designee), either (i) all Shares affirmatively in favor of the election
of such Person or (ii) in the same proportion as the Shares not Beneficially Owned by the Swarth Stockholder are voted affirmatively
in favor of, or to withhold authority with respect to the election of, such Person.

 

(iv)            
The Company, each OEP Stockholder and the Swarth Stockholder shall take all Necessary Actions within its control to (a)
effect or cause any removal required pursuant to ‎Section 2.01(f), subject, in the case of a removal pursuant to clause
(a) or (e) of ‎Section 2.01(f)(i), to the prior direction or approval of the Nominating and Corporate Governance Committee,
and (b) cause an appropriate successor Director to be elected or appointed to fill such vacancy pursuant to ‎Section 2.01(a)(ii)
or ‎(a)(iii), as applicable.

 

(c)          
Nominee Qualifications.

 

(i)               
Each Director shall, at the time of his or her nomination or appointment as a Director and at all times thereafter until
such individual ceases to serve as a Director, meet and comply with, in the good faith determination of the Nominating and Corporate
Governance Committee, any qualification criteria adopted by the Nominating and Corporate Governance Committee, including without
limitation the requirements of applicable Law, the Nasdaq Rules, the SEC rules and corporate governance policies adopted by the
Board of Directors that are consistent with the terms set forth herein, all of which criteria shall be consistently applied by
the Nominating and Corporate Governance Committee.

 

(ii)             
In addition to the criteria set forth in ‎Section 2.01(c)(i), each Independent Director shall, at the time
of his or her nomination or appointment as a Director and at all times thereafter until such individual ceases to serve as a Director,
qualify as an Independent Director in the good faith determination of the Nominating and Corporate Governance Committee.

 

    11

     

    

 

(d)          
Initial Designees. The initial OEP Designees pursuant to the provisions of ‎Section 2.01(a)(ii) shall
be three individuals identified in writing by the OEP Stockholders to the other parties hereto on or prior to the date hereof.
The initial Swarth Designees pursuant to the provisions of ‎Section 2.01(a)(iii) shall be three individuals identified
in writing by the Swarth Stockholder to the other parties hereto on or prior to the date hereof. The Company shall take all Necessary
Actions to cause (i) the initial OEP Designees to be appointed to the Board of Directors at the Effective Time (to the extent not
already on the Board of Directors) and (ii) the initial Swarth Designees to be appointed to the Board of Directors at the later
of the Effective Time or the receipt of CFIUS Approval.

 

(e)          
Procedures for Election. Except as set forth herein, each Director shall be nominated for election and elected or
appointed as provided in the Charter and Bylaws.

 

(f)           
Removal and Vacancies.

 

(i)              
Except as provided in ‎Section 2.01(a)(ii), ‎Section 2.01‎(a)(iii) or as required by applicable
Law, the parties hereto agree that no Director designated pursuant to ‎Section 2.01(a)(ii) or ‎Section 2.01‎(a)(iii)
may be removed from office unless (a) such Director fails to meet the qualification criteria set forth in ‎Section 2.01(c);
(b) in the case of an OEP Designee, such removal is directed or approved by the OEP Majority Interest (on behalf of the OEP Stockholders);
(c) in the case of a Swarth Designee, such removal is directed or approved by the Swarth Stockholder; (d) in the case of the CEO
Director, pursuant to ‎Section 2.01(f)(iii) or (e) in the case of a Director designated pursuant to ‎Section
2.01‎(a)(iv), such removal is directed or approved by the Nominating and Corporate Governance Committee.

 

(ii)             
If at any time any Director ceases to serve on the Board of Directors (whether due to death, disability, resignation, removal
or otherwise), the Person or Persons that designated or nominated such Director pursuant to ‎Section 2.01(a)(ii),
‎Section 2.01‎(a)(iii) or ‎Section 2.01‎(a)(iv) shall designate or nominate a successor to
fill the vacancy created thereby on the terms and subject to the conditions of ‎Section 2.01(a)(ii), ‎Section
2.01‎(a)(iii) or ‎Section 2.01‎(a)(iv), respectively. In the event that (x) the OEP Stockholders do
not, pursuant to ‎Section 2.01(a)(ii), or (y) the Swarth Stockholder does not, pursuant to ‎Section 2.01‎(a)(iii),
in either case, have the right to designate an individual to fill such vacancy, then such vacancy may be filled as provided in
the Charter and the Bylaws.

 

(iii)            If
for any reason the CEO Director shall cease to serve as the Chief Executive Officer of the Company, the Company shall seek to
obtain the immediate resignation of the CEO Director as a Director of the Company contemporaneously with such CEO
Director’s termination of service to the Company as its Chief Executive Officer. In the event such resignation is not
effective within ten (10) days of such termination of service, upon the written request of the OEP Majority Interest (on
behalf of the OEP Stockholders) or the Swarth Stockholder, the Company shall call a special meeting of stockholders or seek
the written consents of stockholders, in each case to approve or consent to the removal of the CEO Director (if permitted by
applicable Law, the Charter and the Bylaws). Any employment agreement between the Company and any Chief Executive Officer of
the Company shall contain a requirement that the Chief Executive Officer of the Company resign as the CEO Director
contemporaneously with termination of his service as the Chief Executive Officer of the Company. Notwithstanding anything to
the contrary in the foregoing, an individual who formerly served as the CEO Director and/or Chief Executive Officer of the
Company may be nominated, designated, and/or elected as a Director of the Company other than the CEO Director in accordance
with Section ‎2.01(a) above.

 

    12

     

    

 

(iv)            
In the event that the OEP Stockholders cease to have the right to designate a person to serve as a Director pursuant to
‎Section 2.01(a)(ii), if requested by a majority of the Directors then serving on the Board of Directors (other than
any OEP Designees), that number of Directors for which the OEP Stockholders cease to have the right to designate to serve as a
Director shall resign within one (1) month or, if earlier, such time as such Director’s successor is appointed or elected
(provided that, subject to the requirements set forth in ‎Section 2.01(a)(ii), the OEP Majority Interest shall
have the authority to select which such particular Director or Directors will resign; provided, further, that no Director
designated by the OEP Stockholders shall be required to resign prior to the first anniversary of the Effective Time).

 

(v)              
In the event that the Swarth Stockholder ceases to have the right to designate a person to serve as a Director pursuant
to ‎Section 2.01‎(a)(iii), if requested by a majority of the Directors then serving on the Board of Directors
(other than any Swarth Designees), that number of Directors for which the Swarth Stockholder cease to have the right to designate
to serve as a Director shall resign within one (1) month or, if earlier, such time as such Director’s successor is appointed
or elected (provided that, subject to the requirements set forth in ‎Section 2.01‎(a)(iii), the Swarth
Stockholder shall have the authority to select which such particular Director or Directors will resign; provided further,
that no Director designated by the Swarth Stockholder shall be required to resign prior to the first anniversary of the Effective
Time).

 

(g)          
Compensation; Expenses. Each Investor Designee shall be entitled to the same retainer, equity compensation and other
fees or compensation that is paid to the non-executive directors of the Company for his or her service as a Director, including
any service on any committee of the Board of Directors. Each Director shall be entitled to reimbursement from the Company for his
or her reasonable out-of-pocket expenses (including travel) incurred in attending any meeting of the Board of Directors or any
committee thereof or governing body of any subsidiary of the Company or any committee thereof.

 

    13

     

    

 

(h)           Indemnification;
Insurance. The Company shall not alter, in any manner adverse to the Investor Designees, any rights to indemnification
and exculpation from liabilities currently afforded to members of the Board of Directors pursuant to the Charter, the Bylaws
or any indemnification agreement, in each case, as in effect as of the Effective Time. The Company shall use commercially
reasonable efforts to continue to maintain in effect directors’ and officers’ liability insurance and fiduciary
liability insurance with benefits, terms, conditions, retentions and levels of coverage that are at least as favorable, in
the aggregate, to the insureds as provided in the Company’s existing policies as of the Effective Time. The Company
hereby acknowledges that certain Investor Designees may have rights to indemnification, advancement of expenses and/or
insurance provided by Persons other than the Company and its subsidiaries (collectively, the
 “Indemnitors”). The Company hereby agrees that, with respect to an action, suit or proceeding brought
against an Investor Designee by reason of the fact that such Investor Designee is or was a director of the Company (a) the
Company and its subsidiaries are the indemnitor of first resort (i.e., their obligations to the Investor Designees are
primary and any obligation of the Indemnitors to advance expenses or to provide indemnification for the same expenses or
liabilities incurred by any Investor Designee are secondary), (b) the Company and its subsidiaries shall be required to
advance the full amount of expenses incurred by any Investor Designee and shall be liable for the full amount of all
expenses, judgments, penalties, fines and amounts paid in settlement, in each case, to the extent legally permitted and as
required by the terms of this Agreement, the Charter, the Bylaws, and certificate of incorporation, certificate of formation,
bylaws, limited partnership agreement or limited liability company agreement or comparable organizational documents of any of
the Company’s subsidiaries (or any other agreement between the Company or any of its subsidiaries and any such Investor
Designee related to indemnification), without regard to any rights such Investor Designee may have against the Indemnitors,
and, (c) the Company and its subsidiaries irrevocably waive, relinquish and release the Indemnitors from any and all claims
against the Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company
further agrees that no advancement or payment by an Indemnitor on behalf of an Investor Designee with respect to any claim
for which such Investor Designee has sought indemnification from the Company or its subsidiaries shall affect the foregoing
and the applicable Indemnitor shall have a right of contribution and/or be subrogated to the extent of such advancement or
payment to all of the rights of recovery of such Investor Designee against the Company and its subsidiaries.

 

(i)            
No Liability for Election of Recommended Directors. To the fullest extent permitted by applicable Law, none of the
OEP Stockholders or the Swarth Stockholder shall have any liability as a result of designating an individual for election as a
Director for any act or omission by such designated individual in his or her capacity as a Director of the Company, nor shall the
OEP Stockholders or the Swarth Stockholder have any liability as a result of voting for any such designee in accordance with the
provisions of this Agreement.

 

(j)           Eligible
Investor Shares. For the purpose of determining the number of the Investor Designees that the OEP Stockholders or the
Swarth Stockholder shall be entitled to designate pursuant to ‎Section 2.01(a)(ii) or ‎Section
2.01‎(a)(iii), respectively, the calculation of Shares held by the OEP Stockholders or the Swarth Stockholder,
respectively, shall exclude all Shares acquired by the OEP Stockholders or the Swarth Stockholder, respectively, after the
Effective Time, except for the Shares acquired by the OEP Stockholders or the Swarth Stockholder, respectively, after the
Effective Time pursuant to the Preemptive Rights under ‎Section 6.01.

 

    14

     

    

 

Section 2.02       
Committees of the Board of Directors.

 

(a)          
From and after the Effective Time, the Company shall, and each of the OEP Stockholder and the Swarth Stockholder shall,
use its reasonable best efforts to, cause the Board of Directors to establish and maintain the following committees: (i) an Audit
Committee, (ii) a Compensation Committee and (iii) a Nominating and Corporate Governance Committee. The Board of Directors may
also establish and maintain any other committee as the Board of Directors shall determine in its discretion.

 

(b)          
For as long as the OEP Stockholders have the right to designate at least two (2) Directors:

 

(i)              
The Nominating and Corporate Governance Committee shall be comprised of three (3) Independent Directors, at least one (1)
of whom shall be an OEP Designee.

 

(ii)             
The Nominating and Corporate Governance Committee shall determine the size and membership of each of the Audit Committee,
the Compensation Committee and all other committees established by the Board of Directors, provided that (a) such determination
shall be subject in all cases to the Company’s obligation to comply with any applicable independence requirements under the
Nasdaq Rules and SEC rules (and in the case of the Nominating and Corporate Governance Committee, with such Investor Designees
otherwise being Independent Directors) and compliance with the requirements of Section 162(m) of the Internal Revenue Code to have
a compensation committee comprised solely of two (2) or more outside directors; and (b) if consistent with the foregoing clause
(a), for as long as the OEP Stockholders have the right to designate at least one (1) Director who is eligible to serve on such
committee under the applicable requirements described in clause (a), at least one (1) member of each such committee shall be an
OEP Designee.

 

(c)          
For as long as the Swarth Stockholder has the right to designate at least two (2) Directors:

 

(i)              
The Nominating and Corporate Governance Committee shall be comprised of three (3) Independent Directors, at least one (1)
of whom shall be a Swarth Designee.

 

(ii)              The
Nominating and Corporate Governance Committee shall determine the size and membership of each of the Audit Committee, the
Compensation Committee and all other committees established by the Board of Directors, provided that (a) such
determination shall be subject in all cases to the Company’s obligation to comply with any applicable independence
requirements under the Nasdaq Rules and SEC rules (and in the case of the Nominating and Corporate Governance Committee, with
such Investor Designees otherwise being Independent Directors) and compliance with the requirements of Section 162(m) of the
Internal Revenue Code to have a compensation committee comprised solely of two (2) or more outside directors; and (b) if
consistent with the foregoing clause (a), for as long as the Swarth Stockholder has the right to designate at least one (1)
Director who is eligible to serve on such committee under the applicable requirements described in clause (a), at least one
(1) member of each such committee shall be a Swarth Designee.

 

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(d)          
The Nominating and Corporate Governance Committee shall determine the size and membership of any committee of the Board
of Directors established to consider any transaction between any OEP Stockholder, any Swarth Stockholder or any of their respective
Affiliates, on the one hand, and the Company, on the other hand, provided that such determination shall be subject in all
cases to each member thereof being disinterested in the good faith determination of the Nominating and Corporate Governance Committee.

 

(e)          
No OEP Stockholder or Swarth Stockholder shall knowingly circumvent the director nominee process established by the Board
of Directors’ Nominating and Corporate Governance committee in accordance with the terms of this Agreement through proxy
solicitations or contests.

 

(f)          
For as long as the OEP Stockholders have the right to designate at least two (2) Directors under ‎Section 2.01(a)(ii),
(i) an OEP Designee shall be the Chairman of each of the Nominating and Corporate Governance Committee and the Compensation
Committee and (ii) only in the case that the Swarth Stockholder does not have the right to designate at least two (2) Directors
under ‎Section 2.01(a)(iii), an OEP Designee shall be the Chairman of the Audit Committee.

 

(g)          
For as long as the Swarth Stockholder has the right to designate at least two (2) Directors under ‎Section 2.01(a)(iii),
(i) a Swarth Designee shall be the Chairman of the Audit Committee and (ii) only in the case that the OEP Stockholders
do not have the right to designate at least two (2) Directors under ‎Section 2.01(a)(ii), a Swarth Designee shall
be the Chairman of each of the Nominating and Corporate Governance Committee and the Compensation Committee.

 

(h)          
Each provision of this ‎Section 2.02 shall (unless such provision otherwise expires earlier in accordance with
its terms) expire on such date as when neither the OEP Stockholders nor the Swarth Stockholder have a right to designate any OEP
Designees under ‎Section 2.01(a)(ii) or Swarth Designees under ‎Section 2.01(a)(iii), respectively.

 

Section 2.03       
Additional Management Provisions.

 

(a)           Each
OEP Stockholder, the Swarth Stockholder and the Company agrees and acknowledges that, subject to applicable Law (including
the Investor Designees’ fiduciary duties thereunder), the Investor Designees may not share Confidential Information
other than Company Information with the OEP Stockholders or the Swarth Stockholder, as applicable, and their respective
underlying direct or indirect members or controlling parent entities, or general or limited partners, each of whom have a
need to know such information (each such party for purposes of this Section, a “Receiving Party”) and
solely to be used in connection with such Stockholders’ management of their ownership of the Shares (and for no other
purpose). As a condition to sharing such Company Information to a Receiving Party, each OEP Stockholder or Swarth
Stockholder, as applicable, shall (i) require such Receiving Party to agree to be bound by confidentiality obligations
substantially similar to (and no less restrictive than) those set forth in ‎Section 2.03(b) as though it were a
party hereto, and (ii) advise any such Receiving Party that such Company Information is being provided subject to limitations
upon use and may include material non-public information and that applicable securities laws impose restrictions on trading
securities when in possession of such information and on communicating such information to any other person under
circumstances in which it is reasonably foreseeable that such person is likely to trade in such securities. For the purposes
of this ‎Section 2.03, the application of internal policies and procedures of the recipient Stockholder (or, in
the case of the OEP Stockholders, of JPMorgan Chase & Co.) regarding confidentiality shall satisfy the conditions of
sharing such Confidential Information under this ‎Section 2.03(a).

 

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(b)          Each
Receiving Party shall keep all Confidential Information confidential and will not, except as permitted below, without the
prior written consent of the Company, disclose any Confidential Information; provided, however, that such
Receiving Party may disclose Company Information only to the extent (and in the manner): (i) requested or required by
applicable Law or pursuant to judicial process (by oral questions, interrogatories, requests for information or documents in
legal proceedings, subpoena, civil investigative demand or other similar process including pursuant to regulations of any
applicable stock exchange), which such Receiving Party shall reasonably promptly notify the Company (if legally permitted) of
the nature, scope and contents of such disclosure; (ii) required pursuant to a routine examination by any regulatory
authority (including self-regulatory authority) not specifically targeted to the Company or the Company Information, which
such Receiving Party shall, to the extent practicable and legally permissible, as applicable, (a) reasonably promptly notify
the Company of the nature, scope and contents of such disclosure and (b) advise the applicable regulatory authority
(including self-regulatory authority) of the confidential nature of such Company Information; (iii) used by such Receiving
Party’s attorneys, auditors or professional consultants on behalf of the Receiving Party; or (iv) such information is
required to be disclosed in connection with any litigation or disputes involving that such Receiving Party. Notwithstanding
any other provision hereof, with respect to each Receiving Party, the terms Confidential Information and Company Information
shall not include information which (i) is or becomes generally available to the public other than as a result of a
disclosure by such Receiving Party in violation of this ‎Section 2.03(b), (ii) was within such Receiving
Party’s possession on a non-confidential basis prior to it being furnished or disclosed to such Receiving Party by or
on behalf of the Company, provided that such Receiving Party did not know that the source of such information was
bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of confidentiality to, the
Company with respect to such information, (iii) becomes available to such Receiving Party from a source other than the
Company or any of its representatives, provided that such Receiving Party did not know at the time of receipt of such
information that the source is bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation
of confidentiality to, the Company with respect to such information, or (iv) is independently developed by or on behalf such
Receiving Party without use of the Confidential Information of the Company. An OEP Stockholder shall be responsible for any
breach of this ‎Section 2.03(b) by any such Receiving Party to whom such OEP Stockholder provided Company
Information to the same extent as if such breach had been committed by such OEP Stockholder and a Swarth Stockholder shall be
responsible for any breach of this ‎Section 2.03(b) by any such Receiving Party to whom such Swarth Stockholder
provided Company Information to the same extent as if such breach had been committed by such Swarth Stockholder.

 

    17

     

    

 

(c)          
The OEP Stockholders, the Swarth Stockholder and the Company hereby agree, notwithstanding anything to the contrary in any
other agreement or at law or in equity, that, to the maximum extent permitted by applicable Law, when the OEP Stockholders or the
Swarth Stockholder take any action under this Agreement, in their respective capacities as stockholders of the Company, to give
or withhold its consent, the party taking such action shall have no duty (fiduciary or other) to consider the interests of the
Company or the other stockholders of the Company and may act exclusively in its own interest; provided, however,
that the foregoing shall in no way affect the obligations of the parties hereto to comply with the provisions of this Agreement.

 

(d)          
Each of the parties covenants and agrees to take all Necessary Actions within its control to ensure that the Charter and
the Bylaws do not, at any time, conflict with the provisions of this Agreement.

 

Section 2.04       
Certain Transactions.

 

(a)          
For as long as the OEP Stockholders have a right to designate any OEP Designees under ‎Section 2.01(a)(ii),
the Company shall not enter into any agreement or transaction (including any Change of Control Transaction) with any OEP Stockholder
or any of its Affiliates, without obtaining the prior approval of a majority of the disinterested Directors then serving on the
Board of Directors.

 

(b)          
For as long as the Swarth Stockholder has a right to designate any Swarth Designees under ‎Section 2.01(a)(iii),
the Company shall not enter into any agreement or transaction (including any Change of Control Transaction) with any Swarth Stockholder
or any of its Affiliates, without obtaining the prior approval of a majority of the disinterested Directors then serving on the
Board of Directors.

 

Section 2.05       
Removal of Chairman. The Chairman of the Board of Directors shall serve during the period beginning on the Effective
Time and ending on date of the Company’s first annual meeting of stockholders after the Effective Time. The Board of Directors
may elect a replacement Chairman of the Board of Directors in connection with or following the Company’s first annual meeting
of stockholders after the Effective Time, subject to the terms of this Agreement, the Charter and Bylaws.

 

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Section
2.06        Irrevocable
Proxy Grant. If the CFIUS Approval has not been
obtained prior to the Effective Time, then from the Effective Time until the receipt of the CFIUS Approval, the Swarth Stockholder
hereby irrevocably appoints as its proxy and attorney-in-fact, the Company and any person designated in writing by the
Company, each of them individually, with full power of substitution and resubstitution, to vote, in connection with any matters
with respect to which stockholders of the Company cast votes of Shares during such period, any and all Shares held by the Swarth
Stockholder that represent more than 9.99% of the consolidated voting power of all issued and outstanding Shares held by all stockholders
of the Company entitled to vote on such matters (and, for the avoidance of doubt, the proxy contemplated by this sentence shall
not be deemed granted with respect to any Shares held by the Swarth Stockholder that represent 9.99% or less of the consolidated
voting power of all issued and outstanding Shares held by all stockholders of the Company entitled to vote on such matters). The
Company and any person designated by it to exercise the proxy granted by this Section 2.06 shall vote or cause to be voted
the Shares subject to the proxy granted by this Section 2.06 on each matter with respect to which stockholders of the Company
cast votes of Shares pro rata in accordance with how the holders of Shares, other than the Swarth Stockholder, vote their Shares
on such matters. The Swarth Stockholder intends this proxy to be irrevocable and unconditional at all times prior to receipt of
the CFIUS Approval and coupled with an interest and will take such further action or execute such other instruments as may be
reasonably necessary to effect the intent of this proxy. The proxy grant in this Section 2.06 shall expire and be of no
force or effect immediately, and automatically and without any required action from any Person, upon such time as the CFIUS Approval
is obtained.

 

ARTICLE 3

Standstill Provisions

 

Section 3.01       
Standstill.

 

(a)           Except
as expressly permitted herein, no Stockholder nor any of its Affiliates shall: (i) effect, agree, seek or make any proposal
or offer with respect to, or announce any intention with respect to or cause or participate in or in any way assist,
facilitate or encourage any other Person to effect or seek, directly or indirectly, (a) any acquisition of Beneficial
Ownership of any Shares or any security that is convertible into Shares or any assets, indebtedness or businesses of the
Company or any of its subsidiaries, (b) any financing of the acquisition of any Shares or any security convertible into
Shares, (c) any tender or exchange offer, merger or other business combination involving the Company or any of its
subsidiaries or assets of the Company or any of its subsidiaries constituting a significant portion of the consolidated
assets of the Company and its subsidiaries, (d) any recapitalization, restructuring, liquidation, dissolution or Change of
Control Transaction, or (e) any “solicitation” of “proxies” (as such terms are used in the proxy
rules of the SEC) to vote any Shares or any consent solicitation or stockholder proposal, (ii) except in accordance with this
Agreement, form, join or in any way participate in “a group” (as defined under the Exchange Act) with respect to
the Company or enter into any voting agreement or otherwise act in concert with any Person or Group in respect of any voting
Shares, (iii) except in accordance with this Agreement, otherwise act, alone or in concert with others, to seek
representation on the Board of Directors (other than pursuant to non-public negotiations or discussions with the Company and
the Board of Directors that would not reasonably be expected to cause the Company to make a public announcement under
applicable Law regarding the subject matter thereof or any of the types of matters set forth in clause ‎(i) above);
(iv) take any action which would or would reasonably be expected to cause the Company to make a public announcement under
applicable Law regarding any of the types of matters set forth in clause ‎(i) above; (v) enter into any discussions or
arrangements with any Person with respect to any of the foregoing; or (vi) request that the Company amend or waive any
provision of this ‎Section 3.01(a).

 

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(b)          
‎Section 3.01(a) shall not prohibit or prevent:

 

(i)              
any acquisition of Beneficial Ownership of any Shares, or any security that is convertible into Shares, by any Stockholder
or its Affiliates if such acquisition would not result in such Stockholder and its Affiliates in the aggregate Beneficially Owning
a number of voting Shares that is greater than one hundred twenty percent (120%) of the Baseline Amount;

 

(ii)             
any acquisition of Beneficial Ownership of any Shares, or any security that is convertible into Shares, issued by the Company
to Stockholders or their Affiliates pursuant to any stock split, stock dividend or the like effected by the Company;

 

(iii)            
any acquisition of Beneficial Ownership of any Shares, or any security that is convertible into Shares, by any Stockholder
or its Affiliates pursuant to Transfers effected on the Nasdaq Stock Market or other nationally recognized securities exchange
following the issuance of any new voting Shares by the Company as consideration in the acquisition of another business or assets
of another Person by the Company by merger or purchase of the assets or shares, reorganization or otherwise; provided, that
immediately following such acquisition of Shares such Stockholder and its Affiliates, in the aggregate, do not Beneficially Own
a percentage of the total issued and outstanding voting Shares that is greater than the percentage of Shares Beneficially Owned
by such Stockholder and its Affiliates, in the aggregate, immediately prior to such issuance;

 

(iv)            
any acquisition of Beneficial Ownership of Shares issued (including pursuant to exercise of stock options granted) to any
Investor Designee or any officer or employee of the Company or its subsidiaries in respect of such Director’s service on
the Board of Directors or such officer’s or employee’s employment with the Company or its subsidiaries;

 

(v)              
any acquisition of Beneficial Ownership of any Shares pursuant to the exercise of Preemptive Rights under ‎Section
6.01;

 

    20

     

    

 

(vi)            
in the case of the Swarth Stockholder, any acquisition of Beneficial Ownership of Shares issued pursuant to the Merger Agreement;

 

(vii)           
Transfers of Shares permitted by and made in accordance with ‎ARTICLE 4;

 

(viii)          
any acquisition of Beneficial Ownership of any Shares, or any security that is convertible into Shares or any other action
that would otherwise be prohibited by ‎Section 3.01(a), by (A) any OEP Stockholder or any of its Affiliates, (B) any
Swarth Stockholder or any of its Affiliates, in each case, if approved in advance by a majority of the disinterested Directors
then serving on the Board of Directors (including pursuant to any merger, acquisition or other transaction that is approved in
advance by a majority of the disinterested Directors then serving on the Board of Directors).

 

(ix)            
any transaction, discussions, or arrangements solely between or among the OEP Stockholders and their Affiliates or between
or among the Swarth Stockholder and its Affiliates; or

 

(x)              
any Director who is an Investor Designee from engaging, in his or her capacity as such, in confidential discussions with
the Board of Directors regarding one or more transactions that would otherwise be prohibited by ‎Section 3.01(a) so
long as such discussions would not reasonably be expected to result in public disclosure by the OEP Stockholders, the Swarth Stockholder
or the Company under applicable Law, including requirements of the SEC or any applicable stock exchange.

 

(c)          
All of the restrictions set forth in this ‎Section 3.01 shall terminate upon the earlier to occur of (i) in
respect of the Stockholders and their Affiliates, the entry by the Company into a definitive agreement with any Person providing
for a Change of Control Transaction and (ii) (A)  in respect of the OEP Stockholders and their Affiliates, such date
as the OEP Stockholders no longer have a right to designate any Investor Designees under ‎Section 2.01(a)(ii) or (B) in
respect of the Swarth Stockholder and their Affiliates, such date as the Swarth Stockholder no longer has a right to designate
any Investor Designees under ‎Section 2.01(a)(iii).

 

(d)          
Notwithstanding anything to the contrary in ‎Section 8.02 and ‎Section 8.07, the provisions of this ‎ARTICLE 3
 may not be terminated, amended or modified unless such termination, amendment or modification is approved by (i) at least
six (6) Directors, or at least two-thirds of the members of the Board of Directors if the Board of Directors at such time does
not have nine (9) Directors, and (ii) a majority of the Independent Directors.

 

Section 3.02       
Nonapplicability to Certain Affiliates. Notwithstanding anything in this Agreement to the contrary, neither
the standstill restrictions in ‎Section 3.01(a) nor any other provision of this
Agreement nor any other agreement between any of the OEP Stockholders or their Affiliates, on the one hand, and the Company or
its subsidiaries, on the other, shall in any way restrict, prohibit or otherwise restrain JPMorgan Chase & Co. and its Affiliates,
from operating in the ordinary course of business or engaging in their respective ordinary course business activities, whether
through its corporate investment banking division, or asset and wealth management division, or otherwise.

 

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Section 3.03       
Nonintervention by Company. The Company shall not, and shall not permit any of its subsidiaries to, take any
action that would directly impair the ability of the Stockholders or their Affiliates to exercise their rights under ‎Section
3.01(b).

 

ARTICLE 4

Transfer Restrictions

 

Section 4.01       
Transfer Restrictions.

 

(a)          
Except as otherwise approved by a majority of the disinterested Directors then serving on the Board of Directors, beginning
at the Effective Time and during the period of one hundred and eighty (180) days thereafter (the “Initial Lock-Up Period”),
no OEP Stockholder or Swarth Stockholder may Transfer any voting Shares that it Beneficially Owns to any Person, other than a Permitted
Transferee or as may be required as a result of a Regulatory Requirement. Except as otherwise approved by a majority of the disinterested
Directors then serving on the Board of Directors, beginning at the expiration of the Initial Lock-Up Period and during the period
of one hundred and eighty (180) days thereafter, no OEP Stockholder or Swarth Stockholder may Transfer voting Shares (i) representing
more than fifty percent (50%) of the voting Shares that such Stockholder in the aggregate Beneficially Owns as of the Effective
Time to any Person and (ii) other than (A) pursuant to a Marketed Underwritten Public Offering (as defined in the Registration
Rights Agreement), (B) to a Permitted Transferee or (C) as may be required as a result of a Regulatory Requirement.

 

(b)          
From and after the end of the Initial Lock-Up Period and until the third (3rd) anniversary of the Effective Time,
except as otherwise approved by a majority of the disinterested Directors then serving on the Board of Directors, no Stockholder
may Transfer any voting Shares that it Beneficially Owns to any Person, other than a Permitted Transferee or as may be required
as a result of a Regulatory Requirement, if:

 

(i)              
such Transfer (or series of related Transfers) involves more than fifteen percent (15%) of the then-outstanding voting Shares;
or

 

(ii)             
such Transferee (together with its Affiliates), to the knowledge of such Stockholder, would Beneficially Own, after giving
effect to such Transfer (or series of related Transfers), more than fifteen percent (15%) of the then outstanding voting Shares;
provided, that the foregoing restriction shall not apply to a Transfer made by such Stockholder in a block trade (without
knowledge by such Stockholder of the identity of the ultimate Transferee at the time of such Transfer) to a broker-dealer that
is instructed by such Stockholder to comply with the Transfer restrictions of this ‎ARTICLE 4 with respect to any
subsequent Transfer by such broker-dealer to the ultimate Transferee.

 

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(c)          
(A) Until such time as the OEP Stockholders no longer have a right to designate any Investor Designees under ‎Section
2.01(a)(ii), and except as otherwise approved by a majority of the disinterested Directors then serving on the Board of Directors,
no OEP Stockholder may Transfer pursuant to Rule 144 under the Securities Act (other than in a privately negotiated sale, including
block trades) any voting Shares that it Beneficially Owns if after giving effect to such Transfer (or series of related Transfers)
such Stockholder (together with its Affiliates), in the aggregate, would Transfer more than one percent (1%) of the then outstanding
voting Shares in any one (1) calendar quarter and (B) until such time as the Swarth Stockholder no longer has a right to designate
any Investor Designees under ‎Section 2.01(a)(iii), and except as otherwise approved by a majority of the disinterested
Directors then serving on the Board of Directors, the Swarth Stockholder may not Transfer pursuant to Rule 144 under the Securities
Act (other than in a privately negotiated sale, including block trades) any voting Shares that it Beneficially Owns if after giving
effect to such Transfer (or series of related Transfers) such Stockholder (together with its Affiliates), in the aggregate, would
Transfer more than one percent (1%) of the then outstanding voting Shares in any one (1) calendar quarter. For the avoidance
of doubt, the restrictions in this ‎Section 4.01(c) do not apply to Transfers in connection with a bona fide public
offering pursuant to an effective registration statement filed under the Securities Act, including pursuant to the Registration
Rights Agreement.

 

(d)          
The restrictions in ‎Section 4.01(b) shall not apply with respect to any Transferee that agrees in writing
to (and to cause any subsequent Transferee to) be bound by, and comply with, the terms and conditions of ‎Section 3.01
of this Agreement by executing a Joinder Agreement with respect to such Section or, in the alternative, enters into a separate
agreement with the Company (the “Standstill Agreement”) that contains standstill restrictions that are at least
as favorable to the Company as the terms of and conditions of ‎Section 3.01; provided, however, that
the terms and conditions of ‎Section 3.01 or the corresponding requirements of the Standstill Agreement, as applicable,
shall terminate and no longer apply with respect to any such Transferee (or subsequent Transferee, as the case may be) upon the
earlier of (i) the third (3rd) anniversary of the Effective Time and (ii) such date as when such Transferee (or subsequent Transferee,
as the case may be) and its Affiliates, in the aggregate, Beneficially Own not more than fifteen percent (15%) of the then outstanding
voting Shares. Upon notice given by an OEP Stockholder or the Swarth Stockholder, as applicable, to the Company that such OEP Stockholder
or the Swarth Stockholder, as applicable, is exploring a potential transfer of its Shares to a Transferee that will, together with
its Affiliates, in the aggregate, Beneficially Own fifteen percent (15%) or more of the then outstanding voting Shares, which notice
shall be given to the Company at least fifteen (15) days prior to any such proposed Transfer, the Company shall negotiate in good
faith and use its commercially reasonable efforts to enter into a customary confidentiality agreement with any potential Transferee
identified by an OEP Stockholder or the Swarth Stockholder, as applicable, to the Company and to enter a Standstill Agreement and
such other related and customary transfer documentation with a Transferee (as applicable).

 

(e)          
Notwithstanding any restrictions in this ‎Section 4.01 (but subject to ‎Section 2.04 and ‎Section
4.02), each Stockholder shall be permitted to tender any voting Shares it Beneficially Owns pursuant to a public tender offer
made to all holders of Shares so long as a majority of the disinterested Directors then serving on the Board of Directors has
recommended to the holders of Shares that they accept such tender offer and tender their Shares in such tender offer.

 

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Section 4.02       
Change of Control Transactions. Neither the OEP Stockholders nor the Swarth Stockholder shall enter into any
definitive agreement with any Person providing for a Change of Control Transaction or participate in or in any way support, assist,
facilitate or encourage any other Person to effect or seek, directly or indirectly, a Change of Control Transaction, including
by Transferring any Shares in connection with a public tender or similar takeover offer made to all holders of Shares for all
Shares, in each case, if as a result of such Change of Control Transaction the OEP Stockholders or the Swarth Stockholder, respectively,
or their respective Affiliates, would receive per Share consideration in excess of the per Share consideration to be received
by the other holders of Shares (provided, however, that if the holders of Shares are granted the right to elect
to receive one of two or more alternative forms of consideration, the foregoing provision shall be deemed satisfied if each holder
of Shares is granted identical election rights), except as otherwise approved by a majority of the disinterested Directors then
serving on the Board of Directors.

 

Section 4.03       
Facilitation of Private Sales. In connection with a proposed Transfer of Shares by any OEP Stockholder or the
Swarth Stockholder of at least five (5) percent of the outstanding Shares that is permitted by this Agreement, the Company shall
use all commercially reasonable efforts to facilitate such Transfer, including making available for review by the proposed purchasers
and their financing sources and other transaction participants, and their respective advisors, financial and other records, corporate
documents and documents relating to the business of the Company and its subsidiaries reasonably requested by the selling Stockholder
(subject to the execution of a customary confidentiality agreement), making available senior management of the Company for customary
management presentations, due diligence and drafting activity (in each case, upon reasonable notice and at such reasonable times
as such requesting Stockholder may request) and obtaining any required consents of third parties and governmental authorities;
provided, however, that the Company shall not be required to enter into any agreements including purchase and sale agreements
with the proposed purchasers, their financing sources or other transaction participants, or to provide any representations and
warranties in connection with such proposed Transfer; and provided, further, that the Transferring Stockholder shall (i)
indemnify the Company for any losses and (ii) reimburse the Company for any reasonable out-of-pocket expenses, in each case, incurred
by the Company in connection with any facilitation efforts pursuant to this Section ‎4.03.

 

Section 4.04       
Legend. Each OEP Stockholder and the Swarth Stockholder consents to the placement of the following legend on
any certificate representing Shares:

 

“THE SALE OR OTHER DISPOSITION
OF ANY OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY THE AMENDED AND RESTATED STOCKHOLDERS AGREEMENT,

 

    24

     

    

 

 

DATED AS OF MARCH 3, 2020, AS AMENDED
FROM TIME TO TIME, AMONG CERTAIN OF THE STOCKHOLDERS OF THIS CORPORATION AND THIS CORPORATION (THE “AGREEMENT”). A
COPY OF THE AGREEMENT IS AVAILABLE FOR INSPECTION DURING NORMAL BUSINESS HOURS AT THE PRINCIPAL EXECUTIVE OFFICE OF THIS CORPORATION.”

 

The Company may also place stop-transfer
instructions in respect of such Shares with respect to such legend.

 

ARTICLE 5

Tag-Along Rights

 

Section 5.01       
Tag-Along.

 

(a)              
During the three-year period beginning at the Effective Time in the event that any OEP Stockholder or any Swarth Stockholder
intends to Transfer voting Shares Beneficially Owned by such party representing five percent (5%) or more of the total issued and
outstanding voting Shares in a transaction (or series of related transactions) that is permitted pursuant to the terms of this
Agreement, including a privately negotiated sale or a non-underwritten block trade, such selling party (the “Selling Stockholder”)
shall notify each other Stockholder that, together with its Affiliates, Beneficially Owns five percent (5%) or more of the total
issued and outstanding voting Shares (the “Tagging Stockholders”), in writing, of such proposed Transfer (a
 “Tag-Along Notice”). Each Tag-Along Notice shall identify the number of Shares proposed to be sold by the Selling
Stockholder, the consideration for which the Transfer is proposed to be made and all other material terms and conditions of the
proposed Transfer, including the form of the proposed agreement, if any. Within five (5) Business Days of the date of the Tag-Along
Notice, each Tagging Stockholder shall notify the Selling Stockholder if it elects to participate in such Transfer. Any Tagging
Stockholder that fails to notify the Selling Stockholder within such five (5) Business Day period shall be deemed to have waived
its rights under this ‎Section 5.01 in respect of such Transfer. Each Tagging Stockholder that so notifies the Selling
Stockholder shall have the right to sell, at the same price and on the same terms and conditions as the Selling Stockholder, an
amount of Shares equal to the Shares the third party actually proposes to purchase multiplied by a fraction, the numerator of which
shall be the number of Shares Beneficially Owned by such Tagging Stockholder and the denominator of which shall be the aggregate
number of Shares Beneficially Owned by the Selling Stockholder and each Tagging Stockholder exercising its rights under this ‎Section
5.01‎(a).

 

(b)              
Upon the consummation of any proposed Transfer in respect of which any Tagging Stockholders have exercised their rights
under ‎Section 5.01‎(a), all of the Stockholders participating therein will receive the same form and amount
of consideration.

 

(c)               Each
Tagging Stockholder that has exercised its rights under ‎Section 5.01‎(a) shall (i) make only such
representations, warranties and covenants, provide such indemnities and enter into such definitive agreements as (A) are
customary for transactions of the nature of the proposed Transfer and (B) are (and solely to the extent) made, provided or
entered into, respectively, by the Selling Stockholder; provided that if the Tagging Stockholders are required to
provide any representations or indemnities in connection with such Transfer (other than representations and indemnities
concerning each Tagging Stockholder’s title to the Shares and authority, power and right to enter into and consummate
the Transfer without contravention of any law or agreement), liability for misrepresentation or indemnity shall (as to such
Tagging Stockholder) be expressly stated to be several but not joint and each Tagging Stockholder shall not be liable for
more than its pro rata share (based on the number of Shares Transferred) of any liability for misrepresentation or indemnity,
(ii) benefit from all of the same provisions of the definitive agreements as the Selling Stockholder and (iii) be required to
bear their proportionate share of any escrows, holdbacks or adjustments in purchase price; provided that the Selling
Stockholder and the Tagging Stockholders shall each bear their own expenses in connection with such transaction and in no
event shall any Tagging Stockholder be obligated to bear any expenses for any services, such as placement or transaction
fees, investment banking or investment advisory fees payable to the Selling Stockholder or any related Person of the Selling
Stockholder in connection with such transaction.

 

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(d)              
The Selling Stockholder shall have twenty days after expiration of such five (5) Business Day notice period to complete
the Transfer described in the Tag-Along Notice, at a price and on terms no more favorable to the Selling Stockholder than those
set forth in the Tag-Along Notice. During such period, the Selling Stockholder shall keep each Tagging Stockholder reasonably informed
of the status of the proposed Transfer, including any discussions with potential purchasers and/or broker-dealers and the terms
thereof, all to allow the Tagging Stockholders to participate in such Transfer as contemplated by this ‎Section 5.01.
If the Selling Stockholder does not consummate the sale in accordance with the terms of the Tag-Along Notice within such twenty
(20)-day period, then the Selling Stockholder may not sell such Shares unless it sends a new Tag-Along Notice and once again complies
with the provisions of this ‎Section 5.01 with respect to such Shares.

 

(e)              
The provisions of this ‎Section 5.01 shall not apply to (i) a Transfer to a Permitted Transferee, (ii)
a Transfer required as a result of a Regulatory Requirement, (iii) a Transfer in an underwritten public offering pursuant
to an effective registration statement under the Securities Act that includes a customary “road show” (including an
 “electronic road show”) or other substantial marketing effort by the Company and the underwriters or (iv) a Transfer
in connection with a merger, reorganization, consolidation, liquidation or winding up involving the Company.

 

ARTICLE 6

Preemptive Rights

 

Section
6.01       
Preemptive Rights.

 

(a)               For
as long as the OEP Stockholders or the Swarth Stockholder has (or would have, but for the lack of CFIUS Approval, in the case
of the Swarth Stockholder) a right to designate at least two (2) Investor Designees under ‎Section 2.01(a)(ii)
or ‎Section 2.01(a)(iii), as applicable, the OEP Stockholders and the Swarth Stockholder, respectively, shall
have the right to purchase, in accordance with the procedures set forth herein, its pro rata portion, calculated based on the
percentage of the total issued and outstanding voting Shares owned by the OEP Stockholders or the Swarth Stockholder,
respectively, immediately prior to issuance of the New Shares (“Pro Rata Portion”) of any New Shares that
the Company may, from time to time, propose to sell and issue (hereinafter referred to as the “Preemptive
Right”).

 

    26

     

    

 

(b)              
In the event that the Company proposes to issue and sell New Shares, the Company shall notify the OEP Stockholders and the
Swarth Stockholder in writing with respect to the proposed New Shares to be issued (the “New Shares Notice”).
Each New Shares Notice shall set forth: (i) the number of New Shares proposed to be issued by the Company and the purchase price
therefor; (ii) each OEP Stockholder’s and the Swarth Stockholder’s Pro Rata Portion of such New Shares; and (iii) any
other material term (including, if known, the expected date of consummation of the purchase and sale of the New Shares).

 

(c)              
The OEP Stockholders and the Swarth Stockholder shall be entitled to exercise their right to purchase New Shares by delivering
an irrevocable written notice to the Company within twenty (20) days from the date of receipt of any such New Shares Notice specifying
the number of New Shares to be subscribed, which in any event can be no greater than each OEP Stockholder’s or Swarth Stockholder’s
Pro Rata Portion of such New Shares at the price and on the terms and conditions specified in the New Shares Notice.

 

(d)              
If any OEP Stockholder or Swarth Stockholder does not elect within the applicable notice period described above to exercise
its Preemptive Rights with respect to any of the New Shares proposed to be sold by the Company, the Company shall have one hundred
twenty (120) days after expiration of such notice period to sell such unsubscribed New Shares proposed to be sold by the Company,
at a price and on terms no more favorable to the purchaser than those set forth in the New Shares Notice. If the Company does not
consummate the sale of the unsubscribed New Shares in accordance with the terms of the New Shares Notice within such one hundred
twenty (120)-day period, then the Company may not issue or sell such New Shares unless it sends a second New Shares Notice and
once again complies with the provisions of this ‎Section 6.01 with respect to such New Shares. A failure by any OEP
Stockholder or Swarth Stockholder to exercise its Preemptive Rights with respect to any of the New Shares shall not waive such
Stockholder’s Preemptive Rights with respect to future issuances of the New Shares.

 

(e)              
Each OEP Stockholder and the Swarth Stockholder, shall take up and pay for any New Shares that such Stockholder has elected
to purchase pursuant to the Preemptive Right upon closing of the issuance of the New Shares, and shall have no right to acquire
such New Shares if the issuance thereof is not consummated.

 

    27

     

    

 

ARTICLE 7

Other Covenants

 

Section
7.01       
Most Favored Nation. As of the Effective Time, the Company represents and warrants to the OEP Stockholders and
the Swarth Stockholder that neither the Company nor any of its Affiliates is a party to any stockholders agreement, side letter
agreement or other agreement with any OEP Stockholder, Swarth Stockholder or any of their respective Affiliate that grants rights
to such OEP Stockholder, Swarth Stockholder or Affiliate in addition to the rights hereunder (an “Other Agreement”),
other than this Agreement, the Merger Agreement and the agreements listed on Schedule III hereto. From and after the Effective
Time, the Company will not, and will not permit any of its Affiliates to, (A) enter into any Other Agreement that grants rights
to any OEP Stockholder, Swarth Stockholder or any of their respective Affiliates that are superior (the “Superior Rights”),
to those belonging to the Swarth Stockholder or the OEP Stockholders, respectively, under this Agreement, unless the Company offers
to enter into a corresponding agreement for the benefit of the Swarth Stockholder or the OEP Stockholders, respectively or (B)
waive any provision of this Agreement in a manner that benefits the OEP Stockholders or the Swarth Stockholder unless it offers
to grant a corresponding waiver for the benefit of the Swarth Stockholder or the OEP Stockholders, respectively; provided,
that (1) nothing in this ‎Section 7.01 shall prohibit the Company from entering into any agreements with, granting
any rights to, or waiving any provision of this Agreement in a manner that benefits, solely any Person other than the OEP Stockholders,
the Swarth Stockholder or their Affiliates and (2) this ‎Section 7.01 shall not apply to any commercial agreement
entered into between the OEP Stockholders, the Swarth Stockholder and any of their respective Affiliates, on the one hand, and
the Company or any of its Affiliates, on the other hand, in the ordinary course of business on arms-length terms and that is approved
by a majority of the disinterested Directors then serving on the Board of Directors.

 

Section 7.02       
Information and Access.

 

(a)              
For so long as the OEP Stockholders (in the aggregate) own, or the Swarth Stockholder owns, at least 5% of the outstanding
Shares, upon the request of either such Stockholder, the Company agrees to provide to such requesting Stockholder the following:

 

(i)                
reasonable access to the offices and the properties of the Company and its subsidiaries, including its and their books and
records, all upon reasonable notice and at such reasonable times and as often as such requesting Stockholder may reasonably request;
provided that any such access shall be conducted in a manner as not to interfere unreasonably with the conduct of the business
of the Company and its subsidiaries; and

 

(ii)             
information or documents relating to the Company that are reasonably required in connection with a tax filing of such requesting
Stockholder.

 

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Notwithstanding anything
to the contrary herein, prior to receipt of the CFIUS Approval, the Swarth Stockholder shall in no event be entitled or permitted
to (i) have any involvement, in each case whether pursuant to this Section 7.02(a) or otherwise, in decision-making relating
to the Company’s use, development, acquisition, or release of any “critical technologies” (as such term is defined
in 31 CFR § 801.204 or successor provisions promulgated by CFIUS), which, for the avoidance of doubt, shall be understood
to include decisions regarding any of the following with respect to such technologies: (1) licensing; (2) pricing, sales and specific
contracts; (3) supply arrangements; (4) corporate strategy and business development; (5) research and product development, including
budget allocation; (6) manufacturing locations; (7) access to such technology; (8) the storage or protection of such technology;
(9) appointment or removal of personnel or management with operational oversight; or (10) strategic partnerships; or (ii) have
any access, whether pursuant to this Section 7.02(a) or otherwise, to any “material nonpublic technical information”
(as such term is defined in 31 CFR § 801.208 or successor provisions promulgated by CFIUS) in the possession of the Company.

 

 

 

(b)              
If requested by an OEP Stockholder or the Swarth Stockholder in connection with such Stockholder or an Affiliate thereof
obtaining any Permitted Loan, the Company agrees to:

 

(i)                
provide to such requesting Stockholder (and, if applicable, the lender in a Permitted Loan, subject to the execution of
a customary confidentiality agreement) (A) reasonable access to the offices and the properties of the Company and its subsidiaries,
including its and their books and records, all upon reasonable notice and at such reasonable times and as often as such requesting
Stockholder (or the lender in a Permitted Loan) may reasonably request and (B) information or documents relating to the Company
that are reasonably required in connection with obtaining any Permitted Loan; provided that any access shall be conducted
in a manner as not to interfere unreasonably with the conduct of the business of the Company and its subsidiaries; and provided,
further, that the Company shall not be required to enter into any purchase and sale agreements with the lenders or other participants
in a Permitted Loan, or to provide any representations and warranties in connection with such Permitted Loan; and provided,
further, that the requesting Stockholder shall (x) indemnify the Company for any losses and (y) reimburse the Company for any
reasonable out-of-pocket expenses, in each case, incurred by the Company in connection with any provision of access or information
pursuant to this ‎Section 7.02(b); and

 

(ii)              provide
the following cooperation in connection with such Stockholder or an Affiliate thereof obtaining any Permitted Loan: (A)
entering into issuer agreements, triparty agreements or similar agreements with each lender; provided, that the sole
obligations included in such agreements with respect to the Company or its subsidiaries shall be to (1) remove, or cause the
removal of, any restrictive legend placed on a stock certificate representing Shares held by such requesting Stockholder or
an Affiliate thereof and (2) replace, or cause the replacement of, certificates evidencing such requesting
Stockholder’s or its Affiliate’s Shares with certificates which do not bear such restrictive legends and (B) such
other reasonable cooperation and assistance as such Stockholder may reasonably request that will not unreasonably disrupt the
operation of the Company’s business; provided that the requesting Stockholder shall (x) indemnify the Company for any
losses and (y) reimburse the Company for any reasonable out-of-pocket expenses, in each case, incurred by the Company in
connection with any cooperation pursuant to this Section ‎7.02(b).

 

    29

     

    

 

(c)              
Notwithstanding anything to the contrary in this Section ‎7.02:

 

(i)                
The Company shall not be obligated to provide access or information to a requesting Stockholder or the lender in a Permitted
Loan to the extent the Company determines, in its reasonable judgment, that doing so would jeopardize the protection of an attorney-client
privilege, attorney work product protection or other similar legal privilege; and

 

(ii)             
The Company shall use commercially reasonable efforts to provide alternative means of access or information to enable such
requesting Stockholder to have the benefits contemplated by this ‎Section 7.02 without jeopardizing such privilege.

 

ARTICLE 8

Miscellaneous Provisions

 

Section 8.01       
Reliance. Each covenant and agreement made by a party in this Agreement or in any certificate, instrument or
other document delivered pursuant to this Agreement is material, shall be deemed to have been relied upon by the other parties
and shall remain operative and in full force and effect after the Effective Time regardless of any investigation by or on behalf
of any party. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties
hereto and their respective successors and permitted assigns.

 

Section 8.02       
Amendment and Waiver; Actions of the Board of Directors. Subject to ‎Section 7.01, any party may
waive in writing any provision hereof intended for its benefit. Except as provided in this Agreement, no action taken pursuant
to this Agreement, including any investigation by or on behalf of any party, or delay or omission in the exercise of any right,
power or remedy accruing to any party as a result of any breach or default hereunder by any other party shall be deemed to constitute
a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained
in this Agreement. The waiver by any party hereto of a breach of any provision hereunder shall not operate or be construed as
a waiver of any prior or subsequent breach of the same or any other provision hereunder. The remedies provided for herein are
cumulative and are not exclusive of any remedies that may be available to any party at law or in equity or otherwise. This Agreement
may be amended only with the prior written consent of the OEP Majority Interest, the Swarth Stockholder and the Company, acting
with the approval of a majority of the disinterested Directors then serving on the Board of Directors. Any consent given as provided
in the preceding sentence shall be binding on all parties. Further, with the prior written consent of the OEP Majority Interest
or the Swarth Stockholder, at any time hereafter Permitted Transferees of the OEP Stockholders or the Swarth Stockholder, respectively,
may be made parties hereto, with any such additional parties shall be treated as “OEP Stockholders” or “Swarth
Stockholders”, as applicable, for all purposes hereunder, by executing a counterpart signature page in the form attached
as Exhibit ‎A hereto, which signature page shall be attached to this Agreement and become a part hereof without any
further action of any other party hereto. Notwithstanding anything to the contrary in the foregoing sentences of this ‎Section
8.02, (a) no provision of this Agreement that requires approval by any specified number of Directors or Independent
Directors or portion of the Board of Directors may be amended, modified or waived without the approval of such specified number
of Directors or Independent Directors or portion of the Board of Directors, as applicable, and (b) without limitation of the foregoing,
no provision of this Agreement may be amended, modified or waived without the approval of a majority of the disinterested Directors
then serving on the Board of Directors.

 

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Section 8.03       
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly delivered and received hereunder (a) four (4) Business Days after being sent by registered or certified mail, return
receipt requested, postage prepaid, (b) one (1) Business Day after being sent for next Business Day delivery, fees prepaid, via
a reputable nationwide overnight courier service, or (c) immediately upon delivery by hand or by email (with a written or
electronic confirmation of delivery), if sent during normal business hours of the recipient, or if not sent during normal business
hours of the recipient, then on the recipient’s next Business Day, in each case to the intended recipient as set forth below:

 

If to the Company:

 

Ribbon Communications Inc.

4 Technology Park Drive

Westford, MA 01886

Attention: General Counsel

Email: legal@rbbn.com

 

With a copy (which
shall not constitute notice):

 

	Latham & Watkins LLP
	885 Third Avenue
	New York, New York 10022
	Attention:   	David Allinson
	 	Jane Greyf
	Email:	david.allinson@lw.com
	 	jane.greyf@lw.com

 

If to the OEP Stockholders:

 

c/o JPMC HERITAGE PARENT LLC

383 Madison Avenue

39th Floor

New York, NY 10179

Attn: Richard W. Smith

Email: rick.w.smith@jpmorgan.com

 

    31

     

    

 

With a copy (which
shall not constitute notice):

 

JPMorgan Chase Bank, N.A.
 4 New York Plaza
 8th floor
 New York, NY 10004
 Attn: Jordan A. Costa, Angela M. Liuzzi
 Email: jordan.a.costa@jpmchase.com, angela.m.liuzzi@jpmchase.com

 

If to the Swarth Stockholder:

 

	ECI Holding (Hungary) Korlátolt Felelősségű Társaság
	Dohany utca 12
	Budapest
	H-1074
	Hungary
	Attn:      	Suzanne Hart
	E-mail:	 Suzanne.hart@tsltd.biz

 

 

With a copy (which
shall not constitute notice):

 

	Davis Polk & Wardwell LLP
	450 Lexington Avenue
	New York, NY 10017
	Attention:      	William Aaronson
	 	Lee Hochbaum
	Email:	william.aaronson@davispolk.com
	 	lee.hochbaum@davispolk.com

 

If to any other Stockholder, at such Stockholder’s
address for notice as set forth in the books and records of the Company, or, as to each of the foregoing, at such other address
as shall be designated by a party in a written notice to other parties complying as to delivery with the terms of this ‎Section
8.03.

 

Section 8.04       
Counterparts. This Agreement may be executed in two or more counterparts, and delivered via email .pdf or other
electronic transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same
agreement. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all
of the parties hereto.

 

    32

     

    

 

Section
8.05          Remedies;
Severability. It is specifically understood and agreed that any breach of the provisions
of this Agreement by any party will result in irreparable injury to the other parties, that a remedy at law alone will be an inadequate
remedy for such breach, and that, in addition to any other legal or equitable remedies which they may have, such other parties
shall be entitled to enforce their respective rights by bringing actions for specific performance or injunctive relief. If any
provision (or part thereof) of this Agreement is invalid, illegal or unenforceable, that provision (or part thereof) will, to
the extent possible, be modified in such a manner as to be valid, legal and enforceable but so as to retain most nearly the intent
of the parties as expressed herein, and if such a modification is not possible, that provision (or part thereof) will be severed
from this Agreement, and in either case the validity, legality and enforceability of the remaining provisions (or parts thereof)
of this Agreement will not in any way be affected or impaired thereby. If any provision (or part thereof) of this Agreement is
so broad as to be unenforceable, the provision (or part thereof) shall be interpreted to be only so broad as is enforceable.

 

Section 8.06       
Entire Agreement. This Agreement, the Exhibits and any documents delivered by the parties in connection herewith
constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements
and understandings among the parties with respect thereto. No addition to or modification of any provision of this Agreement shall
be binding upon any party hereto unless made in writing and signed by all parties hereto.

 

Section 8.07       
Termination. This Agreement shall remain in effect until the earlier of (i) termination by written agreement
of the OEP Majority Interest, the Swarth Stockholder and the Company, acting with the approval of a majority of the disinterested
Directors then serving on the Board of Directors and (ii) with respect to either the OEP Stockholders or the Swarth Stockholder,
on the date that such Stockholder ceases to Beneficially Own two percent (2%) or more of the issued and outstanding Shares.

 

Section 8.08       
Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by and
construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision
or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Delaware.

 

Section 8.09       
Successors and Assigns; Beneficiaries. No party hereto may assign this Agreement, or any of its rights or obligations
under this Agreement, to any Person without the prior written consent of the other parties hereto; provided that the OEP
Stockholders or the Swarth Stockholder may assign their respective rights and obligations under Section 4.03 and Section
7.02 hereof to a Transferee of at least five percent (5%) of the outstanding Shares in a Transfer permitted by this Agreement
without the prior written consent of any other party hereto. Subject to the foregoing sentence, this Agreement shall be binding
upon and inure to the benefit of the parties and the respective successors and permitted assigns of the parties as contemplated
herein. Notwithstanding the expiration of the applicable restrictions in Section 4.01, no Stockholder shall be permitted
to Transfer any governance rights such Stockholder may have under this Agreement other than to such Stockholder’s Permitted
Transferees.

 

    33

     

    

 

Section 8.10       
Consent to Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL.

 

(a)              
Each of the parties hereby irrevocably agrees that any legal action or proceeding with respect to this Agreement, the transactions
contemplated hereby, and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect
of this Agreement, the transactions contemplated hereby and the rights and obligations arising hereunder brought by the other party
hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state
appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over
a particular matter, any state or federal court within the State of Delaware) (collectively with Delaware Court of Chancery, the
 “Delaware Courts”). Each of the parties hereto further agrees not to commence any litigation relating to this
Agreement or the transactions contemplated hereby except in the Delaware Courts, waives any objection to the laying of venue of
any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court that such litigation brought
therein has been brought in an inconvenient forum. The choice of forum set forth in this Section shall not be deemed to preclude
the enforcement of any judgment of a Delaware federal or state court, or the taking of any action under this Agreement to enforce
such a judgment, in any other appropriate jurisdiction.

 

(b)              
EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY MATTER ARISING OUT
OF THIS AGREEMENT AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY DEFENSE OR OBJECTION IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE OF ANY PROCEEDING UNDER THIS AGREEMENT BROUGHT IN THE DELAWARE COURTS AND ANY CLAIM THAT ANY PROCEEDING
UNDER THIS AGREEMENT BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY TO THIS AGREEMENT CERTIFIES
THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR INSTRUMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
SET FORTH ABOVE IN THIS ‎SECTION 8.10. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT
THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

 

Section 8.11       
Further Assurances; Company Logo. At any time or from time to time after the Effective Time, the parties hereto
agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents
and to take all such further action as any other party may reasonably request in order to evidence or effectuate the provisions
of this Agreement and to otherwise carry out the intent of the parties hereunder. The Company hereby grants the OEP Stockholders,
the Swarth Stockholder and their respective Affiliates permission to use the Company’s and its subsidiaries’ name
and logo in marketing materials.

 

    34

     

    

 

Section 8.12       
Competitive Opportunity. If any Stockholder or any of its Affiliates acquires knowledge of a potential transaction
or matter which may be an investment or business opportunity or prospective economic or competitive advantage in which the Company
could have an interest or expectancy (a “Competitive Opportunity”) or otherwise is then exploiting any Competitive
Opportunity, then, except with respect to any Competitive Opportunity described in the following sentence of this ‎Section
8.12, the Company shall have no interest in, and no expectation that, such Competitive Opportunity be offered
to it, any such interest or expectation being hereby renounced so that each Stockholder (other than any such Stockholder who is
bound by any employment, consulting, non-competition or other agreements that prohibit such actions) shall (i) have no duty to
communicate or present such Competitive Opportunity to the Company and (ii) have the right to hold any such Competitive Opportunity
for such Stockholder’s (and its agents’, partners’ or Affiliates’) own account and benefit or to recommend,
assign or otherwise transfer such Competitive Opportunity to Persons other than the Company or any Affiliate of the Company. Notwithstanding
the foregoing, as long as the OEP Stockholders or the Swarth Stockholder have a right to designate an Investor Designee and if
that the Company identifies a Competitive Opportunity to an Investor Designee that (i) the Investor Designee and the OEP Stockholders
or the Swarth Stockholder, as applicable, did not have knowledge of prior to receipt of such notice, (ii) the Board of Directors
resolves to cause the Company to pursue, and (iii) the Board of Directors determines the Company has or is reasonably capable
of obtaining the requisite funding to pursue, then no OEP Stockholder or Swarth Stockholder, as applicable, may seek the assistance
of such Investor Designee, and such Investor Designee shall not assist any OEP Stockholder or Swarth Stockholder, as applicable,
in pursuing such Competitive Opportunity until such time as the Company ceases to pursue such Competitive Opportunity. Notwithstanding
anything to the contrary contained in this Agreement or any other agreement, none of the provisions of this Agreement or any other
agreement shall in any way limit the activities of the OEP Stockholders or the Swarth Stockholder and their respective Affiliates
in their businesses unrelated to the Company and its subsidiaries or in making investments.

 

Section 8.13       
Recapitalization, Exchange, Etc. Affecting the Shares. The provisions of this Agreement shall apply, to the
full extent set forth herein, with respect to any and all Shares or equity securities of any successor or assign of the Company
(whether by merger, consolidation, sale of assets, conversion to a corporation or otherwise) that may be issued in respect of,
in exchange for, or in substitution of, the Shares and shall be appropriately adjusted for any dividends, splits, reverse splits,
combinations, recapitalizations, and the like occurring after the Effective Time.

 

Section 8.14       
No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each
Stockholder covenants, agrees and acknowledges that no recourse under this Agreement or any document or instrument delivered in
connection with this Agreement shall be had against any current or future director, officer, employee, agent, general or limited
partner, shareholder or member of any Stockholder or any Affiliate or assignee thereof, as such, whether by the enforcement of
any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law, it being
expressly acknowledged that no personal liability whatsoever shall attach to, be imposed upon or otherwise be incurred by any
current or future director, officer, employee, agent, general or limited partner, shareholder or member of any Stockholder or
any Affiliate or assignee thereof, as such, for any obligation of any Stockholder under this Agreement or any documents or instruments
delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

[Signature Page Follows]

 

    35

     

    

 

 

IN WITNESS WHEREOF,
the parties are signing this First Amended and Restated Stockholders Agreement as of the date first set forth above.

 

 

	 	COMPANY:
	 	 
	 	RIBBON COMMUNICATIONS INC.
	 	 
	 	By:	/s/ Daryl E. Raiford
	 	 	Name:          Daryl E. Raiford
	 	 	Title:            Executive Vice President and Chief Financial
Officer

 

[Signature Page to First Amended and Restated Stockholders Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties are signing this First Amended and Restated Stockholders Agreement as of the date first set forth above.

 

	 	INITIAL OEP STOCKHOLDERS:
	 	 
	 	JPMC HERITAGE PARENT LLC
	 	 
	 	By:	/s/ Richard W. Smith
	 	 	Name:          Richard W. Smith
	 	 	Title:            President
	 	 
	 	HERITAGE PE (OEP) III, L.P.
	 	 
	 	By:	/s/ Richard W. Smith
	 	 	Name:          Richard W. Smith
	 	 	Title:            President

 

[Signature Page to First Amended and Restated Stockholders Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties are signing this First Amended and Restated Stockholders Agreement as of the date first set forth above.

 

	 	SWARTH STOCKHOLDER:
	 	 
	 	ECI HOLDING COMPANY (HUNGARY) KFT
	 	 
	 	By:	/s/ Suzanne Hart
	 	 	Name:         Suzanne Hart
	 	 	Title:           Managing Director
	 	 
	 	By:	 /s/ Marta Kiri
	 	 	Name:         Marta Kiri
	 	 	Title:           Managing Director

 

[Signature Page to First Amended and Restated Stockholders Agreement]

 

     

     

    

 

Execution
Version

 

exhibit
A

 

Form of Joinder Agreement

 

By execution of this
Joinder Agreement, [●] hereby agrees to become a party to, and to be bound by the obligations of, and receive the benefits
of, that certain First Amended and Restated Stockholders Agreement, dated as of [●], 20[●], by and among Ribbon Communications
Inc., a Delaware corporation, JPMC Heritage Parent LLC, a Delaware limited liability company, Heritage PE (OEP) III, L.P., a Cayman
Islands exempted limited partnership, ECI Holding (Hungary) KFT, a [●], and certain other parties named therein, as amended
from time to time thereafter.

 

	 	[NAME]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Notice Address:
	 	 
	 	 

 

     

     

    

 

exhibit
B

 

Registration Rights Agreement

 

See attached.Exhibit 10.2

 

Execution Version

FIRST AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT

 

among

 

RIBBON COMMUNICATIONS INC.

 

and

 

THE STOCKHOLDERS OF RIBBON COMMUNICATIONS
INC.

THAT ARE PARTIES HERETO

 

Dated as of March 3, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

 

	 	Page
	 
	Article 1 
 General Provisions
	 
	Section 1.01. Defined Terms	 	 	1	 
	Section 1.02. Interpretation	 	 	4	 
	Section 1.03. Effectiveness	 	 	5	 
	 

                                                                                Article 2
 Registration Rights

	 
	Section 2.01. Demand Registration	 	 	5	 
	Section 2.02. Piggyback Rights	 	 	8	 
	Section 2.03. Shelf Registration	 	 	10	 
	Section 2.04. Withdrawal Rights	 	 	12	 
	Section 2.05. Lock-up Agreements	 	 	12	 
	Section 2.06. Registration Procedures	 	 	13	 
	Section 2.07. Registration Expenses	 	 	19	 
	Section 2.08. Miscellaneous	 	 	20	 
	Section 2.09. Indemnification	 	 	20	 
	 

                                                                                Article 3 
 Miscellaneous Provisions

	 
	Section 3.01. Termination	 	 	24	 
	Section 3.02. Notices	 	 	24	 
	Section 3.03. Severability	 	 	26	 
	Section 3.04. Entire Agreement	 	 	25	 
	Section 3.05. Amendments	 	 	25	 
	Section 3.06. Waivers	 	 	26	 
	Section 3.07. Assignment	 	 	26	 
	Section 3.08. Benefit	 	 	26	 
	Section 3.09. Governing Law; Consent to Jurisdiction	 	 	26	 
	Section 3.10. Counterparts	 	 	27	 
	Section 3.11. Enforcement of Agreement	 	 	28	 

 

    i

     

    

 

 

This AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 3, 2020, is made by and among (i) Ribbon
Communications Inc., a Delaware corporation (the “Company”), (ii) JPMC Heritage Parent LLC, a Delaware limited
liability company (“JPMC”), and Heritage PE (OEP) III, L.P., a Cayman Islands exempted limited partnership (together
with JPMC, the “OEP Stockholders”), (iii) ECI Holding (Hungary) KFT, a company incorporated under the Laws of
Hungary (the “Swarth Stockholder”), and (iv) any other stockholder who from time to time becomes a party to
this Agreement by execution of a joinder agreement in the form of Exhibit A hereto (a “Joinder Agreement”)
in accordance with ‎Section 3.07 (collectively, the “Stockholders”).

 

WHEREAS, the OEP Stockholders
(or their predecessors in interest) and the Company entered into the Registration Rights Agreement (the “Original Agreement”),
dated October 27, 2017;

 

WHEREAS, at the Effective
Time, the Company will issue Shares to the Swarth Stockholder pursuant to the Merger Agreement;

 

WHEREAS, at and following
the Effective Time, the OEP Stockholders will continue to hold shares of Common Stock;

 

WHEREAS, the Company
and the OEP Stockholders desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement; and

 

WHEREAS, the parties
hereto desire to enter into this Agreement to agree upon certain of their respective rights and obligations from and after the
Effective Time with respect to the securities of the Company then or thereafter issued and outstanding and held by the parties
to this Agreement and certain matters with respect to their respective ownership in the Company.

 

NOW, THEREFORE, in
consideration of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

Article
1

General Provisions

 

Section 1.01.     
Defined Terms.

 

(a)           
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Merger
Agreement.

 

(b)           
In this Agreement, the following terms shall have the meanings set forth below:

 

    1

     

    

 

“Affiliate”
means with respect to any specified Person, any other Person which, directly or indirectly, controls, is controlled by or is
under common control with the specified Person, including if the specified Person is a private equity fund, (i) any general
partner of the specified Person and (ii) any investment fund now or hereafter managed by, or which is controlled by or is
under common control with, one or more general partners of the specified Person; provided, however, that, for
purposes of this Agreement, (A) neither the Company nor any of its Subsidiaries shall be deemed to be an Affiliate of the OEP
Stockholders or the Swarth Stockholder, (B) no OEP Stockholder or Swarth Stockholder shall be deemed to be an Affiliate of
the Company or any of its Subsidiaries, and (C) each OEP Stockholder shall be deemed to be an Affiliate of each other OEP
Stockholder. For the purposes of this definition, “control” (including, with its correlative meanings, the terms
 “controlled by” and “under common control with”), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct, or cause the direction of the management and policies of such
Person, whether through the ownership of securities, by contract or otherwise.

 

“Beneficial
Ownership” by a Person of any securities means that such Person is a beneficial owner of such securities in accordance
with Rule 13d-3 adopted by the Commission under the Exchange Act. The term “Beneficially Own” shall have a correlative
meaning; provided, however, that, for purposes of this Agreement, no OEP Stockholder shall be deemed to Beneficially
Own any securities owned by the Swarth Stockholder and the Swarth Stockholder shall not be deemed to beneficially own any securities
owned by any OEP Stockholder.

 

“Blackout
Period” means (i) the period of any lock-up period that may apply to the Stockholders participating in the registration
pursuant to which such Stockholders are not permitted to trade or (ii) in the event that the Board determines in good faith and
in its reasonable judgment that the registration would reasonably be expected to materially and adversely affect or materially
interfere with any bona fide material financing of the Company or any material transaction (including an acquisition, disposition
or recapitalization or change in senior management) involving the Company that is under consideration by the Company, a period
of up to 100 days from the date such deferral commenced; provided such period shall end upon the earlier to occur of (1)
the expiration of the 100-day period and (2) upon (x) the filing by the Company of a Form 8-K with respect to such financing or
transaction or (y) the cessation of consideration of such financing or transaction by the Company, as reasonably determined by
the Company.

 

“Board”
means the board of directors of the Company.

 

“Commission”
means the United States Securities and Exchange Commission or any successor agency.

 

“Company Equity
Securities” means the Shares and any other equity securities of the Company.

 

“equity security”
shall have the meaning given to such term in Rule 405 under the Securities Act.

 

    2

     

    

 

“Merger Agreement”
means the Agreement and Plan of Merger by and among the Company, the Swarth Stockholder, ECI Telecom Group Ltd. and the other parties
thereto, dated as of November 14, 2019.

 

“Permitted
Transferee” means any Transferee in any Transfer of Shares, where such Transfer of such Shares to such Transferee does
not constitute a breach or violation of the Stockholders Agreement by the Transferor.

 

“Person”
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
government (or agency or political subdivision thereof) or any other entity or group (as defined in Section 13(d) of the Exchange
Act).

 

“Public Offering”
means an offering of Company Equity Securities pursuant to an effective registration statement under the Securities Act.

 

“Registrable
Amount” means Registrable Securities representing 2.5% of the Shares outstanding.

 

“Registrable
Securities” means any Shares held by the Stockholders and any other securities issued or issuable with respect to any
Share held by a Stockholder, including by way of merger, exchange or similar event. As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities of a Stockholder when (i) a registration statement registering the offer
and sale of such securities under the Securities Act has been declared effective and such securities have been sold or otherwise
Transferred by the holder thereof pursuant to such effective registration statement or (ii) such securities have been sold, or
are capable of being sold, by such Stockholder in accordance with Rule 144 (or any successor provision) promulgated under the Securities
Act without the restriction as to the number of securities that can be sold during any time period.

 

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

 

“Shares”
means shares of common stock, par value $0.0001 per share, of the Company.

 

“Stockholders
Agreement” means the Amended and Restated Stockholders Agreement, dated as of the date hereof, among the Company, the
OEP Stockholders and the Swarth Stockholder.

 

“Transfer”
means any direct or indirect transfer, donation, sale, assignment, pledge, hypothecation, grant of a security interest in or
other disposal or attempted disposal, whether by merger, consolidation or otherwise by operation of law, of all or any
portion of a security, any interest or rights in a security, or any rights under the Stockholders Agreement; provided, however,
that any Transfer of equity securities of any Person, including as a result of a change of control of such Person, that
Beneficially Owns any equity securities of any Stockholder shall not, by itself, be deemed a Transfer of Shares for the
purposes of this Agreement, unless the equity securities of such Stockholder constitute such Person’s primary asset or
such Person was formed in contemplation of such Transfer.

 

“Transferee”
means a Person acquiring Company Equity Securities through a Transfer.

 

“Transferor”
means a Person Transferring any Company Equity Securities.

 

“Underwritten
Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

 

    3

     

    

 

(c)           
Each of the following terms is defined in the Section listed opposite such term:

 

	Term	Section
	Agreement	Preamble
	Company	Preamble
	Delaware Courts	‎3.09
	Demand	‎2.01(a)
	Demand Participating Stockholders	‎2.01(b)
	Demand Selling Stockholders	‎2.01(b)
	Demand Registration	‎2.01(a)
	Demand Right Holders	‎2.01(a)
	Final Prospectus Filing Date	‎2.05
	Form S-3	‎2.03(a)
	Free Writing Prospectus	‎2.06(a)(iv)
	Joinder Agreement	Preamble
	JPMC	Preamble
	Marketed Underwritten Shelf Offering	‎2.03(e)
	Maximum Amount	‎2.01(g)
	OEP Stockholders	Preamble
	Original Agreement	Preamble
	Other Demand Rights	‎2.02(b)
	Other Demanding Sellers	‎2.02(b)
	Piggyback Notice	‎2.02(a)
	Piggyback Registration	‎2.02(a)
	Piggyback Seller	‎2.02(a)
	Registration Expenses	‎2.07
	Requested Information	‎2.06(d)
	Requesting Stockholders	‎2.01(a)
	Selling Holders	‎2.06(a)(i)
	Shelf Notice	‎2.03(a)
	Shelf Offering	‎2.03(e)
	Shelf Registration Statement	‎2.03(a)
	Stockholders	Preamble
	Swarth Stockholder	Preamble
	Take-Down Notice	‎2.03(e)

 

    4

     

    

 

Section 1.02.     
Interpretation. Except where expressly stated otherwise in this Agreement, the following rules of interpretation
apply to this Agreement: (i) “either” and “or” are not exclusive and “include,” “includes”
and “including” are not limiting; (ii) “hereof,” “hereto,” “hereby,” “herein”
and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not
to any particular provision of this Agreement; (iii) “date of this Agreement” refers to the date set forth in the initial
caption of this Agreement; (iv) “extent” in the phrase “to the extent” means the degree to which a subject
or other thing extends, and such phrase does not mean simply “if”; (v) the headings and table of contents included
herein are included for convenience only and shall not affect in any way the meaning or interpretation of this Agreement or any
provision hereof; (vi) definitions contained in this Agreement are applicable to the singular as well as the plural forms of such
terms; (vii) references to a contract or agreement mean such contract or agreement as amended or otherwise supplemented or modified
from time to time in accordance with the terms hereof and thereof; (viii) references to a Person are also to its permitted successors
and assigns; (ix) references to an “Article,” “Section” or “Exhibit” refer to an Article or
Section of, or an Exhibit to, this Agreement; (x) references to “$” or otherwise to dollar amounts refer to the lawful
currency of the United States; and (xi) references to a federal, state, local or foreign law include any rules, regulations and
delegated legislation issued thereunder. The language used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction shall be applied against any party hereto. No summary
of this Agreement prepared by any party shall affect the meaning or interpretation of this Agreement. If any date on which a party
is required to make a payment or a delivery or take an action, in each case, pursuant to the terms hereof is not a Business Day,
then such party shall make such payment or delivery or take such action on the next succeeding Business Day. Time shall be of the
essence in this Agreement. Unless specified otherwise, the words “party” and “parties” refer only to a
party named in this Agreement or one who joins this Agreement as a party pursuant to the terms hereof.

 

Section 1.03.     
Effectiveness. This Agreement, and all rights and obligations hereunder, shall become effective upon the occurrence
of the Effective Time. In the event of any termination of the Merger Agreement prior to the Effective Time, this Agreement shall
be of no force or effect.

 

Article
2

Registration Rights

 

Section
2.01.      Demand
Registration. (a) Registration. Subject to the terms hereof and of the Stockholders Agreement, at any time after
the 180th day following the Closing Date, any Stockholder or group of Stockholders holding at least 2.5% of the
outstanding Shares (collectively, the “Demand Right Holders”) shall be entitled to make a written request
of the Company (a “Demand” and any Demand Right Holders that makes such written request, the
 “Requesting Stockholders”) for registration under the Securities Act of an amount equal to or greater than
the Registrable Amount (a “Demand Registration”) and thereupon the Company will, subject to the terms of
this Agreement, use its reasonable best efforts to effect, as promptly as reasonably practicable, the registration under the
Securities Act of:

 

    5

     

    

 

(i)           
the Registrable Securities which the Company has been so requested to register by the Requesting Stockholders for disposition
in accordance with the intended method of disposition stated in such Demand;

 

(ii)           
all other Registrable Securities which the Company has been requested to register pursuant to ‎Section
2.01(b), but subject to ‎Section 2.01(g); and

 

(iii)           
all Shares which the Company may elect to register in connection with any offering of Registrable Securities pursuant to
this ‎Section 2.01, but subject to ‎Section 2.01(g);

 

all to the extent necessary to permit the
disposition (in accordance with the intended distribution methods in such request) of the Registrable Securities and the additional
Shares, if any, to be so registered.

 

(b)           
Demands; Demand Participation. A Demand shall specify: (i) the aggregate number of Registrable Securities requested
to be registered in such Demand Registration, (ii) the intended method of disposition in connection with such Demand Registration,
to the extent then known, and (iii) the identity of the Requesting Stockholder(s). Within five Business Days after receipt of a
Demand, the Company shall give written notice of such Demand to each other Stockholder that holds any Registrable Securities. Subject
to ‎Section 2.01(g), the Company shall include in such registration all Registrable Securities with respect to which
the Company has received a written request for inclusion therein within ten Business Days after the Company’s notice required
by this paragraph has been given (such participating Stockholders, the “Demand Participating Stockholders” and,
together with the Requesting Stockholders, the “Demand Selling Stockholders”). Such written notice shall include
the same information included in the written request of the Requesting Stockholder(s) delivered pursuant to this ‎Section
2.01(b).

 

(c)           
Number of Demands. The Demand Right Holders (collectively) shall be entitled to unlimited Demand Registrations during
the term of this Agreement.

 

(d)            Effective
Registration Statement. A Demand Registration shall not be deemed to have been effected and shall not count as a Demand
(i) unless a registration statement with respect thereto has become effective and has remained effective for a period of at
least 120 days (or three years in the case of a Shelf Registration Statement) or such shorter period in which all Registrable
Securities included in such registration statement have actually been sold thereunder (provided that such period shall be
extended for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities
included in the effective registration statement at the request of the Company or the lead or co-managing underwriter(s)
pursuant to the provisions of this Agreement), (ii) if, after it has become effective, but before any of the circumstances in
clause ‎(i) are satisfied, such registration statement becomes subject to any stop order, injunction or other
order or requirement of the Commission or other Governmental Authority for any reason, or (iii) if the conditions to closing
specified in the purchase agreement or underwriting agreement entered into in connection with such registration statement are
not satisfied, other than by reason of some act or omission by such Requesting Stockholders.

 

    6

     

    

 

(e)           
Registration Statement Form. Demand Registrations shall be on such appropriate registration form of the Commission
as shall be selected by the Company and shall be reasonably acceptable to the Demand Selling Stockholders.

 

(f)            
Restrictions on Demand Registrations. The Company shall not be obligated to (i) maintain the effectiveness of a registration
statement under the Securities Act, filed pursuant to a Demand Registration, for a period longer than 120 days (or, in the case
of a Shelf Registration Statement, three years), or (ii) effect any Demand Registration (A) within 90 days of a “firm commitment”
underwritten registration in which all Stockholders holding a Registrable Amount were given piggyback rights pursuant to ‎Section
2.02 (subject to ‎Section 2.02(b)) and at least 80% of the number of Registrable Securities requested by such Stockholders
to be included in such registration statement were included, (B) within three months of any other Demand Registration, or (C) if,
in the Company’s reasonable judgment, it is not feasible for the Company to proceed with the Demand Registration because
of the unavailability of audited financial statements. In addition, the Company shall be entitled to postpone the filing of a registration
statement or the facilitation of a registered offering (upon written notice to all Stockholders) in the event of a Blackout Period
until the expiration of the applicable Blackout Period. The Company may not postpone the filing of a registration statement or
the facilitation of a registered offering more than twice in any period of 12 consecutive months, except if required by Applicable
Law; provided that if the Company has previously postponed the filing of a registration statement or the facilitation of
a registered offering, the Company may not again postpone the effectiveness of such registration statement until 30 days after
the expiration of the previous postponement. If the Company postpones the filing or effectiveness of a registration statement for
a Demand Registration, the holders of a majority of Registrable Securities held by the Requesting Stockholder(s) shall have the
right to withdraw such Demand in accordance with ‎Section 2.04.

 

(g)            Participation
in Demand Registrations. The Company shall not include any securities other than Registrable Securities in a Demand
Registration, except (i) for that the Company proposes to sell for its own account and (ii) with the written consent (such
consent not to be unreasonably withheld, delayed or conditioned) of Stockholders participating in such Demand Registration
that hold a majority of the Registrable Securities in such Demand Registration. If, in connection with a Demand Registration,
the lead managing or co-managing underwriter(s) advise(s) the Company, in writing, that, in its opinion, the inclusion of all
of the securities, including securities of the Company that are not Registrable Securities, sought to be registered in
connection with such Demand Registration would adversely affect the distribution of the Registrable Securities sought to be
sold pursuant thereto, then the Company shall include in such registration statement only such securities as the Company is
advised by such underwriter(s) can be sold without such adverse effect (the “Maximum Amount”) as follows
and in the following order of priority:

 

    7

     

    

 

(i)           
first, the number of Registrable Securities requested to be included in such registration by the Demand Selling Stockholders
up to the Maximum Amount, allocated pro rata among such Demand Selling Stockholders on the basis of the number of such securities
requested to be included by such Stockholders;

 

(ii)           
second, Shares that the Company proposes to sell which, taken together with the Registrable Securities under clause ‎(i)
above, do not exceed the Maximum Amount; and

 

(iii)           
third, all other securities of the Company duly requested to be included in such registration statement, pro rata on the
basis of the amount of such other securities requested to be included or such other method determined by the Company, to the extent,
when taken together with clause ‎(i) and ‎(ii) such number of securities does not exceed
the Maximum Amount.

 

(h)           
Selection of Underwriters. In connection with a Demand Registration, the Requesting Stockholder(s) may elect to have
Registrable Securities sold in an Underwritten Offering. Anytime that a Demand Registration involves an Underwritten Offering,
the Requesting Stockholder(s) may select the investment banker or investment bankers and managers that will serve as lead and co-managing
underwriters with respect to the offering of such Registrable Securities, subject to the prior written consent of the Company,
which consent shall not be unreasonably withheld, delayed or conditioned. In connection with any Underwritten Offering under this
‎Section 2.01, each Demand Participating Stockholder shall be obligated to accept the terms of the underwriting as
agreed upon between the Requesting Stockholder(s) and the lead or co-managing underwriters on terms no less favorable to such Demand
Participating Stockholders than the Requesting Stockholder(s). In the event of a disagreement among the Requesting Stockholders,
the decision of the Stockholder(s) holding a majority of the Registrable Securities shall govern for purposes of this Section 2.01(h).
Notwithstanding the foregoing, if the Demand Selling Stockholders include both any OEP Stockholder and the Swarth Stockholder,
then such OEP Stockholder and Swarth Stockholder shall jointly select the investment banker or investment bankers and managers
that will serve as lead and co-managing underwriters with respect to the offering of Registrable Securities, subject to the prior
written consent of the Company, which consent shall not be unreasonably withheld, delayed or conditioned, and shall jointly agree
upon the terms of the underwriting with the lead or co-managing underwriters.

 

(i)            
Demand Withdrawal. The Requesting Stockholder or the Requesting Stockholders (with the consent of the Requesting
Stockholder(s) holding a majority of the Registrable Securities), as the case may be, shall have the right to withdraw a Demand
in accordance with ‎Section 2.04.

 

    8

     

    

 

Section 2.02.     
Piggyback Rights. (a) Subject to the terms and conditions hereof and the Stockholders Agreement, whenever the Company proposes
to register any of its securities under the Securities Act (other than a registration by the Company (i) on a registration statement
on Form S-4 or any successor form, a registration statement on Form S-8 or any successor form or (ii) pursuant to ‎Section
2.01 or ‎2.03) (a “Piggyback Registration”), the Company shall give the Stockholders prompt written
notice thereof (but not less than ten Business Days prior to the filing by the Company with the Commission of any registration
statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number
of securities proposed to be registered, the proposed date of filing of such registration statement with the Commission, the proposed
means of distribution, the proposed lead or co-managing underwriter(s) (if any and if known), and a good faith estimate by the
Company of the proposed minimum offering price of such securities. Upon the written request of a Stockholder (a “Piggyback
Seller”) (which written request shall specify the number of Registrable Securities then presently intended to be disposed
of by such Stockholder) given within ten days after such Piggyback Notice is sent to such Stockholder, the Company, subject to
the terms and conditions of this Agreement, shall use its reasonable best efforts to cause all such Registrable Securities held
by Stockholders with respect to which the Company has received such written requests for inclusion to be included in such Piggyback
Registration on the same terms and conditions as the Company’s securities being sold in such Piggyback Registration.

 

(b)           
Priority on Piggyback Registrations. If, in connection with a Piggyback Registration, the lead or co-managing underwriter(s)
advise(s) the Company, in writing, that, in its opinion, the inclusion of all the securities sought to be included in such Piggyback
Registration by the Company, by others who have sought to have Registrable Securities registered pursuant to any rights to demand
registration (other than pursuant to so called “piggyback” or other incidental or participation registration rights
described herein) (such demand rights being “Other Demand Rights” and such Persons being “Other Demanding
Sellers”), by the Piggyback Sellers and by any other proposed sellers, as the case may be, would adversely affect the
distribution of the securities sought to be sold pursuant thereto, then the Company shall include in the registration statement
applicable to such Piggyback Registration only such securities as the Company is so advised by such lead or co-managing underwriter(s)
can be sold without such an effect, as follows and in the following order of priority:

 

(i)           
if the Piggyback Registration is in connection with an offering for the Company’s own account, then (A) first, such
number of securities to be sold by the Company as the Company, in its reasonable judgment and acting in good faith and in accordance
with sound financial practice, shall have determined, (B) second, Registrable Securities of Piggyback Sellers, pro rata on the
basis of the amount of such Registrable Securities sought to be registered by such Piggyback Sellers, (C) third, other Shares of
the Company sought to be registered by the Other Demanding Sellers and (D) fourth, other shares held by any other proposed sellers;
and

 

(ii)           
if the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first, Registrable
Securities of Piggyback Sellers pro rata on the basis of the amount of such Registrable Securities sought to be registered by such
Piggyback Sellers, (B) second, such number of Registrable Securities sought to be registered by each Other Demanding Seller, pro
rata in proportion to the number of securities sought to be registered by all such Other Demanding Sellers, (C) third, Shares to
be sold by the Company and (D) fourth, other shares of the Company held by any other proposed sellers.

 

    9

     

    

 

(c)           
Terms of Underwriting. In connection with any offering under this ‎Section 2.02 involving an underwriting
for the Company’s account, the Company shall not be required to include a holder’s Registrable Securities in the underwritten
offering if, after the Company consults with such holder and considers such holder’s positions in good faith, such holder
refuses to agree to the terms of the underwriting as agreed upon between the Company and the lead or co-managing underwriter(s)
whether secured by the Company or otherwise.

 

(d)           
Withdrawal by the Company. If, at any time after giving written notice of its intention to register any of its securities
as set forth in this ‎Section 2.02 and prior to the time the registration statement filed in connection with such
registration is declared effective, the Company shall determine for any reason not to register such securities, the Company may,
at its election, give written notice of such determination to each Stockholder and thereupon shall be relieved of its obligation
to register any Registrable Securities in connection with such particular withdrawn or abandoned registration (but not from its
obligation to pay the Registration Expenses in connection therewith as provided herein); provided that any participating Demand
Right Holders may continue the registration as a Demand Registration pursuant to ‎Section 2.01.

 

Section 2.03.     
Shelf Registration. (a) Subject to the terms hereof and of the Stockholders Agreement, and further subject to the
availability of a registration statement on Form S-3 or any successor form (“Form S-3”) to the Company, the
Company agrees to file as soon as practicable (but no earlier than the 180th day following the Closing Date), and to
use reasonable best efforts to cause to be declared effective by the Commission as soon as practicable, a Form S-3 providing for
an offering to be made on a continuous or delayed basis pursuant to Rule 415 under the Securities Act relating to the offer and
sale, from time to time, of the Registrable Securities Beneficially Owned by the Stockholders holding any Registrable Securities
who elect to participate therein as provided in ‎Section 2.03(b) in accordance with the plan and method of distribution
set forth in the prospectus included in such Form S-3 (the “Shelf Registration Statement”).

 

(b)           
Prior to filing the Shelf Registration Statement, the Company will deliver written notice thereof to each Stockholder holding
any Registrable Securities. Each Stockholder may elect to participate in the Shelf Registration Statement in accordance with the
plan and method of distribution set forth in such Shelf Registration Statement by delivering to the Company a written request to
so participate within ten Business Days after the Shelf Notice is given to any such Stockholders.

 

    10

     

    

 

(c)           
Subject to ‎Section 2.03(d), the Company will use reasonable best efforts to keep the Shelf Registration Statement
continuously effective until the earlier of (i) three years after the Shelf Registration Statement has been declared effective
and (ii) the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in
accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or
otherwise.

 

(d)           
The Company shall be entitled, from time to time, by providing written notice to the Stockholders who elected to participate
in the Shelf Registration Statement, to require such Stockholders to suspend the use of the prospectus for sales of Registrable
Securities under the Shelf Registration Statement for any Blackout Period, but the Blackout Periods shall not last for more than
150 days in the aggregate during any consecutive 12 month period. Immediately upon receipt of such notice, the Stockholders covered
by the Shelf Registration Statement shall suspend the use of the prospectus until the requisite changes to the prospectus have
been made as required below. After the expiration of any Blackout Period and without any further request from a Stockholder, the
Company shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration
Statement or the prospectus, or any document incorporated therein by reference, or file any other required document so that, as
thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to be stated in order to make the
statements made, in light of the circumstances under which they were made, not misleading.

 

(e)           
At any time that a Shelf Registration Statement is effective, if any Demand Right Holder delivers a notice to the Company
(a “Take-Down Notice”) stating that it intends to sell all or part of its Registrable Securities included by
it on the Shelf Registration Statement in an Underwritten Offering (a “Shelf Offering”), then, the Company shall
as promptly as reasonably practicable amend or supplement the Shelf Registration Statement as may be necessary in order to enable
such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account, solely in connection with a
Marketed Underwritten Shelf Offering (as defined below), the inclusion of Registrable Securities by any other holders pursuant
to this ‎Section 2.03(e)). In connection with any Shelf Offering that is an Underwritten Offering and where the plan
of distribution set forth in the applicable Take-Down Notice includes a customary “road show” (including an “electronic
road show”) or other substantial marketing effort by the Company and the underwriters (a “Marketed Underwritten
Shelf Offering”):

 

(i)           
the Company shall forward the Take-Down Notice to all other holders of Registrable Securities included on the Shelf Registration
Statement and the Company and such proposing Demand Right Holder shall permit each such holder to include its Registrable Securities
included on the Shelf Registration Statement in the Marketed Underwritten Shelf Offering if such holder notifies the proposing
Demand Right Holder and the Company within five Business Days after delivery of the Take-Down Notice to such holder; and

 

    11

     

    

 

(ii)           
if the lead or co-managing underwriter(s) advises the Company and the proposing Demand Right Holder that, in its opinion,
the inclusion of all of the securities sought to be sold in connection with such Marketed Underwritten Shelf Offering would adversely
affect the distribution thereof, then there shall be included in such Marketed Underwritten Shelf Offering only such securities
as the proposing Demand Right Holder is advised by such lead or co-managing underwriter(s) can be sold without such adverse effect,
and such number of Registrable Securities shall be allocated in the same manner as described in ‎Section 2.01(g).
Except as otherwise expressly specified in this ‎Section 2.03, any Marketed Underwritten Shelf Offering shall
be subject to the same requirements, limitations and other provisions of this ‎Article 2 as would be applicable
to a Demand Registration (i.e., as if such Marketed Underwritten Shelf Offering were a Demand Registration), including ‎Section
2.01(f) and ‎Section 2.01(g).

 

Notwithstanding anything in this ‎Section
2.03 to the contrary, the Company shall not be required to participate in more than two Marketed Underwritten Shelf Offerings per
fiscal year.

 

Section 2.04.     
Withdrawal Rights. Any Stockholder having notified or directed the Company to include any or all of its Registrable
Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with
respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to
the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall
not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable
Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the
Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal
shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then
the Company shall as promptly as practicable give each holder of Registrable Securities sought to be registered notice to such
effect and, within ten Business Days following the mailing of such notice, such holder of Registrable Securities still seeking
registration shall, by written notice to the Company, elect to register additional Registrable Securities, when taken together
with elections to register Registrable Securities by its Affiliates, to satisfy the Registrable Amount or elect that such registration
statement not be filed or, if theretofore filed, be withdrawn. During such ten Business Day period, the Company shall not file
such registration statement or, if such registration statement has already been filed, the Company shall not seek, and shall use
reasonable best efforts to prevent, the effectiveness thereof. Any registration statement withdrawn or not filed (a) in accordance
with an election by the Company, (b) in accordance with an election by the Requesting Stockholder in the case of a Demand Registration
or with respect to a Shelf Registration Statement or (c) in accordance with an election by the Company subsequent to the effectiveness
of the applicable Demand registration statement because any post-effective amendment or supplement to the applicable Demand registration
statement contains information regarding the Company which the Company deems adverse to the Company, shall not be counted as a
Demand.

 

    12

     

    

 

Section 2.05.     
Lock-up Agreements. In connection with any Underwritten Offering, each Stockholder agrees to enter into customary
agreements to not effect any public sale or distribution (including sales pursuant to Rule 144) of Company Equity Securities (a)
for a Public Offering (other than a Demand Registration or Piggyback Registration), during the period between the date specified
by the Company to such Stockholder in its notice of intention to commence a Public Offering (such date to be the Company’s
best estimate as to the date that is 10 days prior to the date of the filing of the “final” prospectus or “final”
prospectus supplement if the Underwritten Offering is made pursuant to a Shelf Registration Statement, the “Final Prospectus
Filing Date”) and 120 days following the Final Prospectus Filing Date or (b) for a Demand Registration or Piggyback
Registration, during the period between the date specified by the Company to such Stockholder in its notice of intention to commence
an Underwritten Offering (such date to be the Company’s best estimate as to the date that is 10 days prior to the Final
Prospectus Filing Date) and 90 days following the Final Prospectus Filing Date. For the avoidance of doubt, the lock-up restrictions
pursuant to any underwriting agreement to be entered into with the underwriters shall not exceed the time limits on the lock-up
restrictions set forth herein without the written consent (such consent not to be unreasonably withheld, delayed or conditioned)
of each Demand Right Holder. The Company also shall cause its executive officers and directors (and managers, if applicable) and
shall use its reasonable best efforts to cause other holders of Shares who Beneficially Own any of the Shares participating in
such offering (including the Company, if applicable), to enter into lockup agreements that contain restrictions that are no less
restrictive than the restrictions contained herein. Notwithstanding anything in this Agreement to the contrary, no provision of
this Agreement nor any other agreement between any of the OEP Stockholders or their Affiliates, on the one hand, and the Company
or its subsidiaries, on the other, shall in any way restrict, prohibit or otherwise restrain JPMorgan Chase & Co. and its
Affiliates from operating in the ordinary course business or engaging in their respective ordinary course business activities,
whether through its investment banking division or otherwise.

 

Section 2.06.     
Registration Procedures. (a) Registration. If and whenever the Company is required to use reasonable best
efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Sections ‎2.01,
‎2.02, and ‎2.03, the Company shall as promptly as reasonably practicable:

 

(i)            prepare
and file with the Commission a registration statement to effect such registration within 45 days (but no earlier than the
180th day following the Closing Date) and thereafter use reasonable best efforts to cause such registration
statement to become and remain effective, pursuant to the terms of this Agreement; provided, however, that the
Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the
effective date of the registration statement relating thereto; provided, further, however, that at least
five Business Days prior to filing any registration statement or any amendments thereto, the Company will furnish to the
counsel selected by the holders of Registrable Securities which are to be included in such registration (“Selling
Holders”) copies of all such documents proposed to be filed, which documents will be subject to the review of such
counsel (such review to be conducted with reasonable promptness) and other documents reasonably requested by such counsel,
including any comment letter from the Commission, and if reasonably requested by such counsel, provide such counsel
reasonable opportunity to participate in the preparation of such registration statement and each prospectus included therein
and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including
reasonable access upon reasonable notice during normal business hours to the Company’s books and records, officers,
accountants and other advisors, so long as such access or request does not unreasonably disrupt the normal operations of the
Company and its subsidiaries. The Company shall not file such registration statement or any amendments thereto if the Selling
Holders shall in good faith reasonably object in writing to the filing of such documents, unless, in the good faith opinion
of the Company, such filing is necessary to comply with Applicable Law; provided, however, that the Selling
Holders shall (and shall cause their representatives to) keep confidential any such information that is not generally
publicly available at the time of delivery of such information;

 

    13

     

    

 

(ii)           
prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used
in connection therewith as may be necessary (A) to keep such registration statement effective, (B) to comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such registration statement and (C) to not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to be stated
in order to make the statements made, in light of the circumstances under which they were made, not misleading, until the earlier
of such time as all of such securities have been disposed of in accordance with the intended methods of disposition by Selling
Holders thereof set forth in such registration statement or the expiration of 120 days (or three years in the case of a Shelf Registration
Statement) after such registration statement becomes effective;

 

(iii)           
if requested by the lead or co-managing underwriters, if any, or the holders of a majority of the then outstanding Registrable
Securities being sold in connection with an underwritten offering, as promptly as reasonably practicable include in a prospectus
supplement or post-effective amendment such information as the lead or co-managing underwriters, if any, and such holders may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus
supplement or such post-effective amendment as soon as practicable after the Company has received such request; provided,
however, that the Company shall not be required to take any actions under this ‎Section 2.06(a)(iii)
that are not, in the good faith opinion of the Company, in compliance with Applicable Law;

 

(iv)            furnish
to each Selling Holder and each underwriter, if any, of the securities being sold by such Selling Holder such number of
conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all
exhibits), such number of copies of the prospectus contained in such registration statement (including each preliminary
prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a
 “Free Writing Prospectus”) utilized in connection therewith and any other prospectus filed under Rule 424
under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling
Holder and underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the
Registrable Securities owned by such Selling Holder;

 

    14

     

    

 

(v)           
use reasonable best efforts to register or qualify or cooperate with the Selling Holders, the underwriters, if any, and
their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Securities covered by such registration statement under such other securities laws or blue sky laws of such
jurisdictions as any Selling Holder and any underwriter of the securities being sold by such Selling Holder shall reasonably request
and to keep each such registration or qualification (or exemption therefrom) effective during the period such registration statement
is required to be kept effective hereunder, and take any other action which may be reasonably necessary or advisable to enable
such Selling Holder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such Selling Holder, except that the Company shall not for any such purpose be required to qualify generally to do business as
a foreign corporation in any jurisdiction wherein it would not, but for the requirements of this subdivision ‎(v),
be obligated to be so qualified, to subject itself to taxation in any such jurisdiction or to file a general consent to service
of process in any such jurisdiction;

 

(vi)           
use reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which the same
securities issued by the Company are then listed;

 

(vii)           
use reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the Selling Holder(s) thereof
to consummate the disposition of such Registrable Securities;

 

(viii)           
use reasonable best efforts to provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the effective date of such registration statement;

 

(ix)            make,
in accordance with customary practice and upon reasonable notice during normal business hours, available for inspection by
representatives of the Selling Holders, any underwriters and any counsel or accountant retained by the Selling Holders or
underwriters all relevant financial and other records, pertinent corporate documents and properties of the Company and cause
appropriate officers, managers, employees, outside counsel and accountants of the Company to supply all information
reasonably requested by any such representative, underwriter, counsel or accountant in connection with their due diligence
exercise, including through in-person meetings, but subject to the recipients of such information executing customary
confidentiality agreements and to customary privilege constraints and so long as such access or request does not unreasonably
disrupt the normal operations of the Company and its subsidiaries.

 

    15

     

    

 

(x)           
in connection with an Underwritten Offering, obtain for each Selling Holder and underwriter:

 

(A)           
an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such Selling Holder and underwriters,

 

(B)           
a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of
a “comfort” letter specified in Statement on Auditing Standards No. 72, an “agreed upon procedures” letter)
signed by the independent public accountants who have certified the Company’s financial statements and, to the extent required,
any other financial statements included in such registration statement, covering the matters customarily covered in “comfort”
or “agreed upon procedures” letters in connection with underwritten offerings; and

 

(C)           
to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with the Selling
Holders providing for, among other things, the appointment of a representative as agent for the Selling Holders for the purpose
of soliciting purchases of shares, which agreement shall be customary in form, substance and scope and shall contain customary
representations, warranties and covenants;

 

(xi)           
as promptly as reasonably practicable notify, in writing, each Selling Holder and the underwriters, if any, of the following
events:

 

(A)           
the filing of the registration statement, the prospectus or any prospectus supplement related thereto or post-effective
amendment to the registration statement or any Free Writing Prospectus utilized in connection therewith, and, with respect to the
registration statement or any post-effective amendment thereto, when the same has become effective;

 

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(B)           
any request by the Commission or any other U.S. or state-governmental authority for amendments or supplements to the registration
statement or the prospectus or for additional information;

 

(C)           
the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or the initiation
of any proceedings by any Person for that purpose; and

 

(D)           
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose;

 

(xii)           
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, upon discovery that, or upon the happening of any event as a result of which, the registration statement, the prospectus included
in such registration statement or any document incorporated or deemed to be incorporated therein by reference, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
be stated in order to make the statements therein, not misleading, and, at the request of any Selling Holder, as promptly as reasonably
practicable prepare and furnish to such Selling Holder a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to be stated in order to make the statements made, in light of the circumstances under which they were made, not misleading;

 

(xiii)           
make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of the registration statement
and to prevent or obtain the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction as any Selling Holder and any underwriter of the securities being sold by such Selling
Holder shall reasonably request at the earliest date reasonably practicable;

 

(xiv)           
otherwise use reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make available
to Selling Holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months, but not
more than 18 months, beginning with the first day of the Company’s first full quarter after the effective date of such registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

(xv)            cooperate
with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with the Financial Industry
Regulatory Authority, Inc.;

 

    17

     

    

 

(xvi)           
prior to the date on which the pricing of the relevant offering is expected to occur, provide a CUSIP number for the Registrable
Securities;

 

(xvii)           
use its reasonable best efforts to assist Stockholders who made a request of the Company to provide for a third party “market
maker” for the Shares; provided, however, that the Company shall not be required to serve as such “market
maker”; and

 

(xviii)           
have appropriate officers of the Company prepare and make presentations at any “road shows” and before analysts
and rating agencies, as the case may be, and otherwise use its reasonable best efforts to cooperate as reasonably requested by
the underwriters in the offering, marketing or selling of the Registrable Securities.

 

(b)           
Agreements. Without limiting any of the foregoing, the Company agrees to, in connection with registration of any
Registrable Securities under this ‎Article 2, enter into an underwriting agreement in form, scope and substance as
is customary in underwritten offerings including indemnification provisions and procedures substantially to the effect set forth
in ‎Section 2.09 hereof with respect to all parties to be indemnified pursuant thereto. In connection with any offering
of Registrable Securities registered pursuant to this Agreement, the Company shall (i) furnish to the underwriter, if any (or,
if no underwriter, the sellers of such Registrable Securities), unlegended (unless otherwise required by Applicable Law) certificates
representing ownership of the Registrable Securities being sold under the registration statement, in such denominations and registered
in such names as requested by the lead or co-managing underwriters or sellers, (ii) make available to the Company’s transfer
agent prior to the effectiveness of such registration statement a supply of such certificates and (iii) instruct any transfer agent
and registrar of the Registrable Securities to release any stop transfer order with respect thereto.

 

(c)            Return
of Prospectuses. Each Selling Holder agrees that upon receipt of any notice from the Company of the happening of any
event of the kind described in clauses ‎(B) through ‎(D) of ‎Section 2.06(a)(xi) or in ‎Section
2.06(a)(xii), such Selling Holder shall forthwith discontinue such Selling Holder’s disposition of Registrable
Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by ‎Section
2.06(a)(xi) or until it is advised in writing by the Company that the use of the applicable prospectus may be resumed, and
has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference
in such prospectus and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies,
other than permanent file copies, then in such Selling Holder’s possession of the prospectus current at the time of
receipt of such notice relating to such Registrable Securities. If the Company shall give such notice, any applicable 120 day
or three year period during which such registration statement must remain effective pursuant to this Agreement shall be
extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of
the kind described in ‎Section 2.06(a)(xi) or ‎Section 2.06(a)(xii) to the date when all such
Selling Holders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the
Commission.

 

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(d)           
Requested Information. Not less than five Business Days before the expected filing date of each registration statement
pursuant to this Agreement, the Company shall notify each Selling Holder of the information, documents and instruments from such
Selling Holder that the Company or any underwriter reasonably requests in connection with such registration statement, including
to a questionnaire, custody agreement, power of attorney, lock-up letter and underwriting agreement (the “Requested Information”).
If the Company has not received, on or before the second day before the expected filing date, the Requested Information from such
Selling Holder, the Company may file the registration statement without including Registrable Securities of such Selling Holder.
The failure to so include in any registration statement the Registrable Securities of a Selling Holder (with regard to that registration
statement) shall not in and of itself result in any liability on the part of the Company to such Selling Holder. In the event that,
either immediately prior to or subsequent to the effectiveness of any registration statement, any Stockholder shall distribute
Registrable Securities to its stockholders, partners or members, such Stockholder shall so advise the Company and provide such
information as shall be necessary or advisable to permit an amendment to such registration statement or supplement to any prospectus
to provide information with respect to such stockholders, partners or members, in their capacity as selling security holders (it
being understood that no such distribution of any Shares may be effectuated following the pricing of an Underwritten Offering that
includes such Shares). As soon as reasonably practicable following receipt of such information, the Company shall file an appropriate
amendment to such registration statement or supplement to any prospectus reflecting the information so provided.

 

(e)           
No Requirement to Participate. Neither the Company nor any Stockholder shall be required to participate in any Public
Offering.

 

(f)            
Rule 144. The Company covenants that it will use its reasonable best efforts to (i) file in a timely fashion the
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission
thereunder (or, if it is not required to file such reports, it will, upon the request of any holder of Registrable Securities,
make publicly available other information so long as necessary to permit sales in compliance with Rule 144 under the Securities
Act), (ii) furnish to any holder of Registrable Securities, as promptly as reasonably practicable upon request, a written statement
by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Exchange Act,
and (iii) take such further reasonable action, to the extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission.

 

    19

     

    

 

 

Section 2.07.     
Registration Expenses. All expenses incident to the Company’s performance of, or compliance with, its obligations
under this Agreement including (a) all registration and filing fees, all fees and expenses of compliance with securities and blue
sky laws (including the reasonable and documented fees and disbursements of counsel for the underwriters in connection with blue
sky qualifications of the Registrable Securities pursuant to ‎Section 2.06), (b) all printing and copying expenses
(including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the Depository
Trust Company and of printing prospectuses as requested by any holder of Registrable Securities), (c) all messenger and delivery
expenses, (d) all fees and expenses of the Company’s independent certified public accountants and counsel (including, with
respect to “comfort” letters and opinions) and (e) all reasonable fees and disbursements of one single primary outside
counsel and one outside local counsel for each jurisdiction that Registrable Securities shall be distributed for the holders thereof,
which counsels shall be selected by the holders of a majority of the Registrable Securities being sold (or, if the holders of
Registrable Securities being sold includes both any OEP Stockholder and the Swarth Stockholder, selected jointly by the OEP Stockholders
and the Swarth Stockholder) (collectively, the “Registration Expenses”) shall be borne by the Company. The
Registration Expenses shall be borne by the Company regardless of whether or not any registration statement is filed or becomes
effective. The Company will pay its internal expenses (including all salaries and expenses of its officers and employees performing
legal or accounting duties, the expense of any annual audit and the expense of any liability insurance), the expenses and fees
for listing the securities to be registered on each securities exchange and included in each established over-the-counter market
on which similar securities issued by the Company are then listed or traded and any expenses of the Company incurred in connection
with any “road show”. Each Selling Holder shall pay its pro rata portion (based on the number of Registrable Securities
registered) of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Holder’s
Registrable Securities pursuant to any registration.

 

Section 2.08.      
Miscellaneous. The Company may grant demand, piggyback or shelf registration rights to third parties, provided that,
without the prior written consent of the OEP Stockholders and the Swarth Stockholder the terms of such rights shall not be senior
to and shall not conflict with the rights granted to the holders of Registrable Securities hereunder.

 

Section 2.09.      
Indemnification. (a) The Company shall indemnify and hold harmless each Selling Holder and their respective Affiliates,
member, partners, directors, officers and employees and each Person, if any, who controls any Selling Holder within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act and each of their respective representatives as follows:

 

(i)            against
any and all losses, liabilities, claims, damages, judgments and reasonable expenses whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment
thereto) pursuant to which Registrable Securities were registered under the Securities Act, including all documents
incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue
statement of a material fact contained in any prospectus (or any amendment or supplement thereto) including all documents
incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

    20 

     

    

 

(ii)           
against any and all losses, liabilities, claims, damages, judgments and reasonable expenses whatsoever, as incurred, to
the extent of the aggregate amount paid in settlement of any litigation, investigation or proceeding by any governmental agency
or body, commenced or threatened, or of any other claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and

 

(iii)           
against any and all reasonable expense whatsoever, as incurred (including, subject to ‎Section 2.09(c),
fees and disbursements of counsel) incurred in investigating, preparing or defending against any litigation, investigation or proceeding
by any governmental agency or body, commenced or threatened, in each case whether or not such Person is a party, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such
expense is not paid under subparagraph (i) or (ii) above;

 

provided, however, that this
indemnity agreement does not apply to any Selling Holder with respect to any loss, liability, claim, damage, judgment or expense
to the extent arising out of any untrue statement or omission or alleged untrue statement or omission (A) made in reliance upon
and in conformity with written information furnished to the Company by any Selling Holder expressly for use in a Registration Statement
(or any amendment thereto) or any related prospectus (or any amendment or supplement thereto) or (B) if such untrue statement or
omission or alleged untrue statement or omission was corrected in an amended or supplemented Registration Statement or prospectus
and the Company had furnished copies thereof to the Person asserting such loss, liability, claim, damage, judgment or expense purchased
the securities that are the subject thereof prior to the date of sale by such Selling Holder to such Person.

 

(b)            Indemnification
by Selling Holders. Each Selling Holder shall severally (but not jointly) indemnify and hold harmless the Company, and
each other Selling Holder, and each of their respective Affiliates, members, partners, directors, officers and employees
(including each officer of the Company who signed the Registration Statement) and each Person, if any, who controls the
Company, or any other Selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
and each of their respective representatives, against any and all losses, liabilities, claims, damages, judgments and
expenses described in the indemnity contained in ‎Section 2.09(a) (provided that any settlement of the type
described therein is effected with the written consent of such Selling Holder) as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in a Registration Statement (or any amendment or
supplement thereto) in reliance upon and in conformity with written information furnished to the Company by such Selling
Holder expressly for use in such Registration Statement (or any amendment thereto) or such prospectus (or any amendment or
supplement thereto); provided, however, that an indemnifying Selling Holder shall not be required to provide
indemnification in any amount in excess of the amount by which (x) the total price at which the Registrable Securities sold
by such indemnifying Selling Holder and its Affiliates and distributed to the public were offered to the public exceeds (y)
the amount of any damages which such indemnifying Selling Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. The Company shall be entitled, to the extent customary, to
receive indemnification and contribution from underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, to the same extent as provided above with respect to information so
furnished in writing by such Persons specifically for inclusion in any prospectus or Registration Statement.

 

    21 

     

    

 

(c)            Conduct
of Indemnification Proceedings. Each indemnified party or parties shall give reasonably prompt notice to each
indemnifying party or parties of any action or proceeding commenced against it in respect of which indemnity may be sought
hereunder, but failure to so notify an indemnifying party or parties shall not relieve it or them from any liability which it
or they may have under this indemnity agreement, except to the extent that the indemnifying party is materially prejudiced by
such failure to give notice. If the indemnifying party or parties so elects within a reasonable time after receipt of such
notice, the indemnifying party or parties may assume the defense of such action or proceeding at such indemnifying
party’s or parties’ expense with counsel chosen by the indemnifying party or parties and approved by the
indemnified party defendant in such action or proceeding, which approval shall not be unreasonably withheld; provided, however,
that, if such indemnified party or parties reasonably determine that a conflict of interest exists and that therefore it is
advisable for such indemnified party or parties to be represented by separate counsel or that, upon advice of counsel, there
may be legal defenses available to it or them which are different from or in addition to those available to the indemnifying
party, then the indemnifying party or parties shall not be entitled to assume such defense and the indemnified party or
parties shall be entitled to separate counsel (limited in each jurisdiction to one counsel for all indemnified parties under
this Agreement) at the indemnifying party’s or parties’ expense. If any indemnifying party or parties are not so
entitled to assume the defense of such action or do not assume such defense, after having received the notice referred to in
the first sentence of this paragraph, the indemnifying party or parties will pay the reasonable fees and expenses of counsel
for the indemnified party or parties (limited in each jurisdiction to one counsel for all indemnified parties under this
Agreement). In such event, however, no indemnifying party or parties will be liable for any settlement effected without the
written consent of such indemnifying party or parties (which consent shall not be unreasonably withheld or delayed); provided, however,
that if at any time an indemnified party or parties shall have requested an indemnifying party or parties to reimburse the
indemnified party or parties for fees and expenses of counsel as contemplated by this paragraph, the indemnifying party or
parties shall be liable for any settlement of any proceeding effected without the written consent of such indemnifying party
or parties if (x) such settlement is entered into more than 15 business days after receipt by such indemnifying party or
parties of the aforesaid request accompanied by supporting documents reasonably satisfactory to the indemnifying party or
parties and (y) such indemnifying party or parties shall not have reimbursed the indemnified party or parties in accordance
with such request prior to the date of such settlement. If an indemnifying party is entitled to assume, and assumes, the
defense of such action or proceeding in accordance with this paragraph, such indemnifying party or parties shall not, except
as otherwise provided in this ‎Section 2.09(c), be liable for any fees and expenses of counsel for the
indemnified parties incurred thereafter in connection with such action or proceeding.

 

    22 

     

    

 

(d)           
Contribution. (i) In order to provide for just and equitable contribution in circumstances in which the indemnity
agreement provided for in this ‎Section 2.09 is for any reason held to be unenforceable by the indemnified parties
although applicable in accordance with its terms in respect of any losses, liabilities, claims, damages, judgments and expenses
suffered by an indemnified party referred to therein, each applicable indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, claims,
damages, judgments and expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand,
and of the liable Selling Holders (including, in each case, that of their respective officers, directors, employees and agents),
on the other, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages, judgments
or expenses, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of
the liable Selling Holders (including, in each case, that of their respective officers, directors, employees and agents), on the
other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or
by or on behalf of the Selling Holders, on the other, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses,
liabilities, claims, damages, judgments and expenses referred to above shall be deemed to include, subject to the limitations set
forth in ‎Section 2.09(c), any legal or other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim.

 

(ii)            The
Company and each Selling Holder agree that it would not be just and equitable if contribution pursuant to this ‎Section
2.09(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the
equitable considerations referred to in sub-paragraph (i) above. Notwithstanding this ‎Section 2.09(d),
in the case of distributions to the public, an indemnifying Selling Holder shall not be required to contribute any amount in
excess of the amount by which (A) the total price at which the Registrable Securities sold by such indemnifying Selling
Holder and its Affiliates and distributed to the public were offered to the public exceeds (B) the amount of any damages
which such indemnifying Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.

 

    23 

     

    

 

(iii)           
For purposes of this Section, each Person, if any, who controls a Selling Holder within the meaning of Section 15 of the
Securities Act shall have the same rights to contribution as such Selling Holder; and each director of the Company, each officer
of the Company who signed the Registration Statement, and each Person, if any, who controls the Company within the meaning of Section
15 of the Securities Act, shall have the same rights to contribution as the Company.

 

Article
3

Miscellaneous Provisions

 

Section 3.01.     
Termination. This Agreement (other than ‎Section 2.07 and ‎Section 2.09) will terminate
on the date on which all Shares cease to be Registrable Securities.

 

Section 3.02.     
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
delivered and received hereunder (a) four Business Days after being sent by registered or certified mail, return receipt requested,
postage prepaid, (b) one Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide
overnight courier service, or (c) immediately upon delivery by hand or by email (with a written or electronic confirmation of delivery),
if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the
recipient’s next Business Day, in each case to the intended recipient as set forth below:

 

If to the Company, addressed to it at:

 

Ribbon Communications Inc.

4 Technology Park Drive

Westford, MA 01886

Attention: General Counsel

Email: legal@rbbn.com

 

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

 

	 	Latham & Watkins LLP
	 	885 Third Avenue
	 	New York, New York 10022
	 	Attention:	David Allinson
	 	 	Jane Greyf
	 	Email:	david.allinson@lw.com
	 	 	jane.greyf@lw.com

 

    24 

     

    

 

If to the OEP Stockholders:

 

c/o JPMC HERITAGE PARENT LLC

383 Madison Avenue

39th Floor

New York, NY 10179

Attn: Richard W. Smith

Email: rick.w.smith@jpmorgan.com

 

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

 

JPMorgan Chase Bank, N.A.

4 New York Plaza

8th floor

New York, NY 10004

Attn: Jordan A. Costa, Angela M. Liuzzi

Email: jordan.a.costa@jpmchase.com, angela.m.liuzzi@jpmchase.com

 

If to the Swarth Stockholder:

 

ECI Holding (Hungary) Korlátolt Felelősségű
Társaság

Dohany utca 12

Budapest

H-1074

Hungary

	 	Attn:	Suzanne Hart
	 	E-mail:	Suzanne.hart@tsltd.biz

 

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

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

	 	Attention:	William Aaronson
	 	 	Lee Hochbaum
	 	Email:	william.aaronson@davispolk.com
	 	 	lee.hochbaum@davispolk.com

 

If to any other Stockholder, addressed to
it at:

 

The address for such Stockholder
reflected in the stock record books of the Company.

 

    25 

     

    

 

Section
3.03.       Severability.
If any provision (or part thereof) of this Agreement is invalid, illegal or unenforceable, that provision (or part thereof)
will, to the extent possible, be modified in such a manner as to be valid, legal and enforceable but so as to retain most
nearly the intent of the parties as expressed herein, and if such a modification is not possible, that provision (or part
thereof) will be severed from this Agreement, and in either case the validity, legality and enforceability of the remaining
provisions (or parts thereof) of this Agreement will not in any way be affected or impaired thereby. If any provision (or
part thereof) of this Agreement is so broad as to be unenforceable, the provision (or part thereof) shall be interpreted to
be only so broad as is enforceable.

 

Section 3.04.      
Entire Agreement. This Agreement, and any documents delivered by the parties in connection herewith constitute the
entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and understandings
among the parties with respect thereto. No addition to or modification of any provision of this Agreement shall be binding upon
any party hereto unless made in writing and signed by all parties hereto.

 

Section 3.05.     
Amendments. Any provision of this Agreement may be amended if, and only if, such amendment is in writing and signed
by the Company, the OEP Stockholders and the Swarth Stockholder; provided that (a) any amendment that would have a material adverse
effect on a Stockholder relative to the OEP Stockholders or the Swarth Stockholder shall require the written consent of that Stockholder
and (b) this ‎Section 3.05 may not be amended without the prior written consent of the Stockholders (other than the
OEP Stockholders and the Swarth Stockholder) holding a majority of the outstanding Registrable Securities of such Stockholders.

 

Section 3.06.     
Waivers. Except as provided in this Agreement, no action taken pursuant to this Agreement, including any investigation
by or on behalf of any party, or delay or omission in the exercise of any right, power or remedy accruing to any party as a result
of any breach or default hereunder by any other party shall be deemed to constitute a waiver by the party taking such action of
compliance with any representations, warranties, covenants or agreements contained in this Agreement. The waiver by any party hereto
of a breach of any provision hereunder shall not operate or be construed as a waiver of any prior or subsequent breach of the same
or any other provision hereunder.

 

Section 3.07.     
Assignment. No Stockholder shall assign any of its rights under this Agreement, in whole or in part, to any Person,
without first obtaining the prior written consent of the Company; provided, that, without the consent of the Company, a
Stockholder may assign its rights under this Agreement with respect to any Registrable Securities to any Permitted Transferee of
such Registrable Securities, or to any other Person to which a Stockholder transfers Registrable Securities as permitted by the
Stockholders Agreement, who executes a Joinder Agreement prior to or concurrently with the Transfer of such Registrable Securities
to such Permitted Transferee, and any assignment in contravention hereof shall be null and void. This Agreement will be binding
upon, inure to the benefit of and be enforceable by the parties and their respective permitted successors and assigns.

 

Section
3.08.      Benefit.
Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, expressed or implied, is
intended to confer on any person other than the parties hereto or their respective successors and permitted assigns any
rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

    26 

     

    

 

Section 3.09.     
Governing Law; Consent to Jurisdiction. This Agreement and the rights and obligations of the parties hereto shall
be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Delaware. Each of the parties hereby irrevocably agrees that any legal action or proceeding
with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment
in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors
or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom
within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any
state or federal court within the State of Delaware) (collectively with Delaware Court of Chancery, the “Delaware Courts”).
Each of the parties hereto further agrees not to commence any litigation relating to this Agreement except in the Delaware Courts,
waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any
Delaware Court that such litigation brought therein has been brought in an inconvenient forum. EACH PARTY TO THIS AGREEMENT IRREVOCABLY
WAIVES THE RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY MATTER ARISING OUT OF THIS AGREEMENT AND, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY DEFENSE OR OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY PROCEEDING UNDER THIS AGREEMENT
BROUGHT IN THE DELAWARE COURTS AND ANY CLAIM THAT ANY PROCEEDING UNDER THIS AGREEMENT BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

 

Section 3.10.     
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each
counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all of the parties hereto.

 

    27 

     

    

 

Section
3.11.      Enforcement
of Agreement. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with its specific terms or if this Agreement was otherwise breached and that
monetary damages, even if available, would not be an adequate remedy hereunder. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms
and provisions hereof in any Delaware Court without proof of actual damages and each party hereto waives any requirement for
the securing or posting of any bond in connection with such remedy, this being in addition to any other remedy to which they
are entitled at law or in equity. The parties further agree not to assert that a remedy of specific enforcement is
unenforceable, invalid, contrary to Applicable Law or in equity for any reason, nor to assert that a remedy of monetary
damages would provide an adequate remedy for such breach.

 

[Signature Pages Follow]

 

    28 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed and delivered by their authorized representatives as of the date first above
written.

 

	 	COMPANY:
	 	 
	 	RIBBON COMMUNICATIONS INC.
	 	 	 
	 	By: 	 /s/ Daryl E. Raiford
	 	 	Name:   Daryl E. Raiford
	 	 	Title:     Executive Vice President and Chief Financial Officer

 

[Signature Page to First Amended and
Restated Registration Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed and delivered by their authorized representatives as of the date first above
written.

 

	 	 	OEP STOCKHOLDERS:
	 	 	 
	 	 	JPMC HERITAGE PARENT LLC
	 	 	 
	 	By: 	 /s/ Richard W. Smith
	 	 	Name:   Richard W. Smith
	 	 	Title:     President

 

	 	 	HERITAGE PE (OEP) III, L.P.
	 	 	 
	 	By: 	/s/ Richard W. Smith
	 	 	Name:   Richard W. Smith
	 	 	Title:     President

 

[Signature Page to First Amended and
Restated Registration Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed and delivered by their authorized representatives as of the date first above
written.

 

	 	SWARTH STOCKHOLDER:
	 	 
	 	ECI HOLDING COMPANY (HUNGARY) KFT
	 	 	 
	 	By: 	/s/ Marta Kiri
	 	 	Name:   Marta Kiri
	 	 	
        Title:     Managing Director

	 	 	
	 	By:	/s/ Suzanne Hart
	 	 	Name:   Suzanne Hart
	 	 	
        Title:     Managing Director

 

[Signature Page to First Amended and
Restated Registration Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

Joinder Agreement

 

By execution of this
joinder agreement, [ ] hereby agrees to become a party to, and to be bound by the obligations of a Stockholder, and receive the
benefits of a Stockholder, under that certain Amended and Restated Registration Rights Agreement, dated as of [●], 20[●],
by and among Ribbon Communications Inc., a Delaware corporation, JPMC Heritage Parent LLC, a Delaware limited liability company,
Heritage PE (OEP) III, L.P., a Cayman Islands exempted limited partnership, ECI Holding (Hungary) KFT, a company incorporated under
the Laws of Hungary, and the other Stockholders who become parties thereto from time to time, as amended from time to time thereafter.

 

	 	[NAME]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Notice Address:

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