Document:

EX-10.12

 Exhibit 10.12 

PERSPECTUM GROUP LTD 

REGISTRATION RIGHTS AGREEMENT 

17 June 2021 
 THIS REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is entered into as of the date above, by and among: 
 PERSPECTUM GROUP LTD, a company incorporated
in England and Wales under company number 13449248 and having its registered office at Gemini One, John Smith Drive, Oxford Business Park South, Oxford, Oxfordshire OX4 2LL (the “Company”); 

PERSPECTUM LTD, a company incorporated in England and Wales under company number 08219473 and having its registered office at Gemini One, John Smith
Drive, Oxford Business Park South, Oxford, Oxfordshire OX4 2LL (“Perspectum Ltd”); and 
 THE INVESTORS listed on 0 hereto, referred
to hereinafter as the “Investors” and each individually as an “Investor.” 
 WHEREAS, in order to induce the
Investors to invest funds in Perspectum Ltd, the Investors and Perspectum Ltd entered into a registration rights agreement on 17 March 2020 (the “Perspectum Ltd Registration Rights Agreement”) governing the rights of the
Investors to cause Perspectum Ltd to register, in an initial public offering in the United States of, its ordinary shares or American Depositary Shares (“ADSs”) representing the Company’s ordinary shares (the “Proposed
IPO”); 
 WHEREAS on or around the date hereof the Investors, the Company and Perspectum Ltd (among others) entered into a share exchange
agreement (the “Share Exchange Agreement”) pursuant to which Perspectum Ltd will become a wholly-owned subsidiary of the Company and the Investors have become shareholders of the Company; and 

WHEREAS the Company, Perspectum Ltd and the Investors desire to enter into this Agreement to (a) set forth the registration rights of the
Investors that will be in effect after the consummation of the Proposed IPO and (b) terminate the Perspectum Ltd Registration Rights Agreement. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  

	1.	 GENERAL. 

  

	1.1.	 Effective Date. The effective date of this Agreement is the date set forth above. 

 

	1.2.	 Definitions. As used in this Agreement the following terms shall have the following respective meanings:

  

	 	(a)	 “ADSs” means American Depositary Shares, each representing one or more Ordinary Shares.

  

	 	(b)	 “Depositary” means the depositary, if any, engaged by the Company for the issuance and
transfer of ADSs. 

  

	 	(c)	 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

	 	(d)	 “Form F-3” means such form under the Securities Act as
in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the
Company with the SEC. 

  

	 	(e)	 “Holder” means any person owning of record Registrable Securities that have not been sold to
the public or any assignee of record of such Registrable Securities in accordance with Section 3.9 hereof. 

  

	 	(f)	 “IPO” means the Company’s first firm commitment underwritten public offering of its
securities registered under the Securities Act. 

  

	 	(g)	 “Ordinary Shares” refer to the ordinary shares in the issued share capital of the Company
following the closing of the IPO. 

  

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

 

	 	(i)	 “Registrable Securities” means (a) the Ordinary Shares issuable or issued upon conversion
of the Series B Preferred Shares (or any ADSs issued in respect of such Ordinary Shares) and (b) any Ordinary Shares issued or issuable (or any ADSs issued in respect of such Ordinary Shares) with respect to any shares described in
(a) above by way of a scrip dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalisation, consolidation, other reorganization or other
similar event with respect to the Ordinary Shares; provided, however, that Registrable Securities shall not include: (i) any Ordinary Shares or ADSs that have been registered under the Securities Act and disposed of pursuant to an
effective registration statement or otherwise transferred to a person who is not entitled to the registration and other rights hereunder; (ii) any Ordinary Shares or ADSs that have been sold or transferred by the Holder thereof pursuant to Rule
144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; and (iii) any Ordinary Shares or ADSs that cease to be outstanding
(whether as a result of repurchase and cancellation, conversion or otherwise). 

  

	 	(j)	 “Registrable Securities then outstanding” shall be the number of Ordinary Shares that are
Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

  

	 	(k)	 “Registration Expenses” shall mean all expenses incurred by the Company in complying with
Sections 3.2, 3.3 and 3.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to exceed fifty thousand dollars ($50,000)
of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in
any event by the Company). 

  

	 	(l)	 “SEC” or “Commission” means the Securities and Exchange Commission.

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

  

	 	(n)	 “Selling Expenses” shall mean all underwriting discounts, selling commissions, ADS- related fees or expenses, and stock transfer taxes applicable to the sale. 

  

	 	(o)	 “Shares” shall mean the Ordinary Shares held from time to time by the Investors listed on 0
hereto and their permitted assigns. 

  

	 	(p)	 “Special Registration Statement” shall mean (i) a registration statement relating to any
employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a transaction or
(iii) a registration related to shares issued upon conversion of debt securities. 

  

	2.	 TERMINATION OF THE PERSPECTUM LTD REGISTRATION RIGHTS AGREEMENT 

 

	2.1.	 Perspectum Ltd and the Investors agree that the Perspectum Ltd Registration Rights Agreement shall terminate
and be of no further force or effect upon the execution of this Agreement. 

  

	3.	 REGISTRATION; RESTRICTIONS ON TRANSFER 

 

	3.1.	 Demand Registration 

 

	 	(a)	 Subject to the conditions of this Section 3.1, if the Company receives written notice from Holders (who
together hold in aggregate not less than twenty five percent (25%) of the Registrable Securities then outstanding (the “Initiating Holders”)) requesting that the Company file a registration statement under the Securities Act
covering the registration of at least twenty five percent (25%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed
$10,000,000); then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders (the “Company Demand Registration Notice”) and give them the option to have some or all of
their Registrable Securities included in the same relevant registration statement under the Securities Act, and, subject to the limitations of this Section 3.1, effect, as expeditiously as reasonably possible, the registration under the
Securities Act of all Registrable Securities that all Holders (being both: (i) the Initiating Holders; and (ii) those other Holders who exercised the option to register some or all of their Registrable Securities in the same relevant
registration statement under the Securities Act) request to be registered. Written notice must be given by each such Holder to the Company within twenty (20) days of the date of the Company Demand Registration Notice is given, and in each case,
shall be subject to the limitations set forth herein. 

  

	 	(b)	 If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of
an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 3.1 or any request pursuant to Section 2.3 and the Company shall include such information in the written notice referred to in
Section 3.1(a) or Section 3.3(a), as applicable. The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority by interest of the Initiating Holders. In such event, the right of any Holder to include
its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the

	 	
underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding
any other provision of this Section 3.1 or Section 3.3, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company
shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a
pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.

  

	 	(c)	 The Company shall not be required to effect a registration pursuant to this Section 3.1:

  

	 	(i)	 prior to the date one hundred eighty (180) days following the effective date of the registration statement
pertaining to the IPO (or such longer period as may be determined pursuant to Section 3.9 hereof); 

  

	 	(ii)	 after the Company has effected two (2) registrations pursuant to this Section 3.1, and such
registrations have been declared or ordered effective; 

  

	 	(iii)	 if, within thirty (30) days of receipt of a written request from Initiating Holders pursuant to
Section 3.1(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than pursuant to a Special Registration Statement, within ninety (90) days;

  

	 	(iv)	 if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 3.1,
a certificate signed by the Chairman of the Board (or, in the absence of a Chairman of the Board, a lead independent director or director exercising a similar function) stating that in the reasonable and good faith judgment of the Board of Directors
of the Company, it would be seriously detrimental to the Company and its shareholders for such registration statement to be effected at such time, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under applicable law or a material agreement of the Company, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of
the request of the Initiating Holders; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period. 

 

	 	(v)	 if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately
registered on Form F-3 pursuant to a request made pursuant to Section 3.3 below; or 

  

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

	3.2.	 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing
promptly (and, in any event, at least fifteen (15) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration
statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable
Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within twenty (20) days after the above-described notice from the Company, so
notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter
filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its
securities, all upon the terms and conditions set forth herein. 

  

	 	(a)	 Underwriting. If the registration statement of which the Company gives notice under this
Section 3.2 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to this Section 3.2
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. The underwriter(s) shall be selected by the Company and shall be
reasonably acceptable to a majority in interest of the Initiating Holders. Notwithstanding any other provision of this Agreement, if the Company determines in good faith, based on the advice of the underwriter, that marketing factors require a
limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the
Holders; provided, however, that no such reduction shall reduce the amount of securities of the selling Holders included in the registration below thirty percent (30%) of the total amount of securities included in such registration,
unless such offering is the IPO and such registration does not include shares of any other selling shareholders, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding
clause. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of
the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company or corporation, the partners,
retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing person shall be
deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in
such “Holder,” as defined in this sentence. 

  

	 	(b)	 Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 3.2 before the effective date of such registration, whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to
include 

	 	
shares in such registration of such termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 3.4 hereof.

  

	3.3.	 Form F-3 Registration. In case the Company shall receive from
any Holder or Holders of Registrable Securities who together hold in aggregate not less than ten percent (10%) of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form F-3 (or any successor to Form F-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, the Company will: 

  

	 	(a)	 within ten (10) days give written notice of the proposed registration, and any related qualification or
compliance, to all other Holders of Registrable Securities; and 

  

	 	(b)	 as soon as practicable, and in any event within forty-five (45) days, effect such registration and all
such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together
with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within ten (10) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 3.3: 

 

	 	(i)	 if Form F-3 is not available for such offering by the Holders, or

  

	 	(ii)	 if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000), or 

 

	 	(iii)	 if, within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this
Section 3.3, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; 

 

	 	(iv)	 if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors (or,
in the absence of a Chairman of the Board, a lead independent director or director exercising a similar function) of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to
the Company and its shareholders for such Form F-3 registration to be effected at such time, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or
other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with
requirements under applicable law or a material agreement of the Company, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement for a period of not more
than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 3.3; provided, however, that the Company may not invoke this right more than once in any twelve (12) month
period; or 

	 	(v)	 if the Company has, within the twelve (12) month period preceding the date of such request, already
effected two (2) registrations on Form F-3 for the Holders pursuant to this Section 3.3, or 

  

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

  

	 	(c)	 Subject to the foregoing, the Company shall file a Form F-3
registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 3.3 shall not be
counted as demands for registration or registrations effected pursuant to Section 3.1. 

  

	3.4.	 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in
connection with any registration, filings, qualifications or compliance pursuant to Section 3.1, 3.2 or 3.3, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for
the Company; and the reasonable fees and disbursements, not to exceed fifty thousand dollars ($50,000), of one counsel for the selling holders (“Selling Holder Counsel”), shall be borne and paid by the Company. All Selling Expenses
incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares registered on their behalf. The Company shall not, however, be required to
pay for expenses of any registration proceeding begun pursuant to Section3.1 or 3.3, the request of which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning
the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders of a majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for
purposes of determining whether the Company shall be obligated pursuant to Section 3.1(c) or 3.3(b)(v), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders). If the Holders are
required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the
Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated
pursuant to Section 3.1(c) or 3.3(b)(v), as applicable, to undertake any subsequent registration. 

  

	3.5.	 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible: 

  

	 	(a)	 prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all
reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to one hundred
twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed
sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Initiating Holders hereby
agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or 

	 	
may be in existence material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a
Violation (as defined below). In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain
effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the
Registrable Securities registered under the applicable registration statement, which consent shall not be unreasonably withheld. If so directed by the Company, all Holders registering shares under such registration statement shall (i) not offer
to sell any Registrable Securities pursuant to the registration statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the
foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement other than a registration statement on Form F-3 that contemplates a
distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act 

  

	 	(b)	 Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above. 

  

	 	(c)	 Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

 

	 	(d)	 Use its reasonable efforts to register and qualify the securities covered by such registration statement under
such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions. 

  

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

  

	 	(f)	 Notify each Holder of Registrable Securities covered by such registration statement at any time when a
prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such
prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing. 

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

  

	3.6.	 Delay of Registration; Furnishing Information. 

 

	 	(a)	 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

  

	 	(b)	 It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections
3.1, 3.2 or 3.3 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the
registration of their Registrable Securities. 

  

	3.7.	 Indemnification. In the event any Registrable Securities are included in a registration statement under
Sections 3.1, 3.2 or 3.3: 

  

	 	(a)	 To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners,
members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other U.S. federal or state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, member,
officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that
the indemnity agreement contained in this Section 3.7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

	 	(b)	 To the extent permitted by law, each Holder, severally (and not jointly or jointly and severally), will, if
Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who
controls such Holder, against any losses, claims, damages or liabilities several to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such
other Holder may become subject under the Securities Act, the Exchange Act or other U.S. federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following
statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written information
furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company
or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action
if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 3.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 3.7 exceed the net proceeds from
the offering received by such Holder. 

  

	 	(c)	 Promptly after receipt by an indemnified party under this Section 3.7 of notice of the commencement of any
action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 3.7, deliver
to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be
paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified
party under this Section 3.7 to the extent, and only to the extent, prejudicial to its ability to defend such action, but 

	 	
the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 3.7.

  

	 	(d)	 If the indemnification provided for in this Section 3.7 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law
contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder
hereunder exceed the proceeds from the offering received by such Holder. 

  

	 	(e)	 Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

 

	 	(f)	 The obligations of the Company and Holders under this Section 3.7 shall survive completion of any offering
of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 3.7 would apply that is covered by a registration filed before termination of this Agreement. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

  

	 	(g)	 Notwithstanding any other provision in the Agreement and, for the avoidance of any doubt, the obligations
and/or liabilities of any Holder to indemnify the Company pursuant to this Section 3.7 or otherwise under the agreement are several (and not joint or joint and several). 

 

	3.8.	 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities
pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (a) directly or indirectly, controls, is controlled by, or is
under common control with such Holder, including any subsidiary, parent, general partner, limited partner, retired partner, member, retired member, officer, director, trustee of a Holder, or any venture capital fund or registered investment company
now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, a Holder that is a corporation, partnership or limited
liability company or (b) is a Holder’s family member or trust for the benefit of an individual Holder; provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company
written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this
Agreement. 

	3.9.	 Market Stand-Off Agreement. Each Holder hereby agrees that such
Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any ordinary shares (or other securities) of the
Company held by such Holder (other than those included in the registration) during the ninety (90) day period following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the
underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation); provided, that all officers and directors of the Company are bound by and have
entered into similar agreements. 

  

	3.10.	 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as may
be reasonably requested by the Company or the managing underwriters that are consistent with the Holder’s obligations under Section 3.9 or that are necessary to give further effect thereto. In addition, if requested by the Company or the
representative of the underwriters of the ordinary shares (or other securities) of the Company, each Holder shall provide, within five (5) days of such request, such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 3.9 and this Section 3.10 shall not apply to a
Special Registration Statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such ordinary shares (or other securities) until the end of such period. Each Holder agrees that any
transferee of any shares of Registrable Securities shall be bound by Sections 3.9 and 3.10. The underwriters of the Company’s shares are intended third party beneficiaries of Sections 3.9 and 2.10 and shall have the right, power and authority
to enforce the provisions hereof as though they were a party hereto. 

  

	3.11.	 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Section 3.1, 3.2 or 3.3 hereof shall terminate upon the earliest to occur of (i) such time after consummation of the IPO as soon as Rule 144 or another similar exemption under the
Securities Act is available for the sale of all of such Holder’s Registrable Securities without limitation during any three-month period without registration; and (ii) the fifth anniversary of the IPO. Upon such termination, such shares
shall cease to be “Registrable Securities” hereunder for all purposes. 

  

	3.12.	 Exchange of Ordinary Shares into ADSs. To the extent that the Company causes ADSs to be issued in an IPO
and to the extent permitted by applicable law, following an IPO and as requested by the Investors, the Company shall deliver any instruction, certificate, consent or other similar item reasonably requested by the Depositary to allow the Investors to
convert their Ordinary Shares to ADSs (for sale under this Agreement or otherwise), provided that the Investors shall not deposit such Ordinary Shares in exchange for ADSs at any time at which to do so would violate obligations under any lock-up agreement entered into in connection with an offering by the Company, including the IPO. For the avoidance of doubt, the forgoing shall not require the Company to pay any fee to the Depositary and is not a
guarantee or other assurance of performance by the Depositary. 

  

	3.13.	 Obligation to Register ADSs. Notwithstanding anything to the contrary herein, unless the Company has
previously caused the Ordinary Shares to be listed on a national securities exchange or trading system in the United States (it being acknowledged that the Company shall have no obligation to so list the Ordinary Shares) and a market in the United
States for 

	 	
Ordinary Shares not held in the form of ADSs exists, then in any registration pursuant to this Agreement any Registrable Securities registered and sold pursuant thereto shall be in the form of
ADSs. 

  

	4.	 MISCELLANEOUS. 

 

	4.1.	 Governing Law. This Agreement and any dispute or claims relating to it or its subject matter (including
any non-contractual claims) shall be governed by and construed under the laws of England and Wales and each party irrevocably submits to the jurisdiction of the courts of England and Wales.

  

	4.2.	 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable
Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may
deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 

 

	4.3.	 Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the
parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party
expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. 

 

	4.4.	 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 

  

	4.5.	 Amendment and Waiver. 

 

	 	(a)	 Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the
Company and the rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of at least a majority of the then-outstanding Registrable Securities. 

 

	 	(b)	 For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights
hereunder, the Company shall be entitled to rely solely on the list of record holders of its shares as maintained by or on behalf of the Company. 

  

	4.6.	 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy
accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or
noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

	4.7.	 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Schedule 1 hereto or at such other address or electronic mail address as such party may designate by ten
(10) days advance written notice to the other parties hereto. 

  

	4.8.	 Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this
Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party
under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

 

	4.9.	 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience
of reference only and are not to be considered in construing this Agreement. 

  

	4.10.	 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. 

  

	4.11.	 Aggregation of Shares. All shares of Registrable Securities held or acquired by affiliated entities or
persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

 

	4.12.	 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 

  

	4.13.	 Termination. This Agreement shall terminate and be of no further force or effect upon a Sale (as such
term is defined in the Shareholders’ Agreement). 

 [Signature pages follow] 

 Schedule 1 

INVESTORS 

1.    BlueCross BlueShield Venture Partners III, LLC 

2.    Puhua Capital 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS AGREEMENT as of the date
set forth above. 
  

			
	Perspectum Group Ltd
		
	By:	 	 /s/ Rajarshi Banerjee

	Name:	 	Rajarshi Banerjee
	Title:	 	Director
	
	Perspectum Ltd
		
	By:	 	 /s/ Rajarshi Banerjee

	Name:	 	Rajarshi Banerjee
	Title:	 	Director

 [Signature page to the Registration Rights Agreement of Perspectum Group Ltd] 

 
			
	BlueCross BlueShield Venture Partners III, LLC, a Delaware limited liability company
		
	By:	 	 /s/ John Banta

	Name:	 	John Banta
	Title:	 	President and Managing Director

 [Signature page to the Registration Rights Agreement of Perspectum Group Ltd] 

 
			
	Puhua Capital Partners L.P.
		
	By:	 	 /s/ Qinhua Shen

	Name:	 	Qinhua Shen
	Title:	 	 Director

 [Signature page to the Registration Rights Agreement of Perspectum Group Ltd]EX-10.1

 Exhibit 10.1 

SHAREHOLDERS AGREEMENT 

BY AND AMONG 
 CC KDC CO-INVEST LP (CAYMAN) 
 AND 

CDP INVESTISSEMENTS INC. 

AND 
 UPPER INVEST LTD.

 AND 
 KNOWLTON
DEVELOPMENT CORPORATION, INC. 
 [●], 2021 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 INTERPRETATION
	  	 	1	 
			
	 Section 1.1
	 	Defined Terms	  	 	1	 
	 Section 1.2
	 	Gender and Number	  	 	5	 
	 Section 1.3
	 	Headings, etc.	  	 	5	 
	 Section 1.4
	 	Business Days	  	 	5	 
	 Section 1.5
	 	Certain Phrases, etc.	  	 	5	 
	 Section 1.6
	 	Statutory References	  	 	5	 
		
	 ARTICLE 2 IMPLEMENTATION OF AGREEMENT AND TERM
	  	 	6	 
			
	 Section 2.1
	 	Effectiveness	  	 	6	 
	 Section 2.2
	 	Conflicts	  	 	6	 
	 Section 2.3
	 	Corporation Consent	  	 	6	 
	 Section 2.4
	 	Term of Agreement	  	 	6	 
		
	 ARTICLE 3 GOVERNANCE MATTERS
	  	 	6	 
			
	 Section 3.1
	 	Board Composition and Representation	  	 	6	 
	 Section 3.2
	 	Designation of Nominees	  	 	7	 
	 Section 3.3
	 	Nomination Procedures	  	 	8	 
	 Section 3.4
	 	Appointments, Cessation, Resignations and Loss of Rights	  	 	8	 
	 Section 3.5
	 	Committee Appointments	  	 	9	 
	 Section 3.6
	 	Qualifications	  	 	9	 
	 Section 3.7
	 	Compensation, Indemnification	  	 	9	 
	 Section 3.8
	 	Written Consent or Resolutions	  	 	9	 
	 Section 3.9
	 	Quorum	  	 	10	 
	 Section 3.10
	 	Board Observers	  	 	10	 
		
	 ARTICLE 4 BOARD CHANGE AND RESERVED MATTERS
	  	 	10	 
			
	 Section 4.1
	 	Board Change and Reserved Matters	  	 	10	 
		
	 ARTICLE 5 CONFIDENTIALITY
	  	 	11	 
			
	 Section 5.1
	 	Confidentiality Obligation	  	 	11	 
	 Section 5.2
	 	Ownership of Confidential Information	  	 	13	 
		
	 ARTICLE 6 MISCELLANEOUS
	  	 	13	 
			
	 Section 6.1
	 	Authority; Effect	  	 	13	 
	 Section 6.2
	 	Notices	  	 	13	 
	 Section 6.3
	 	Time of the Essence	  	 	15	 
	 Section 6.4
	 	Third Party Beneficiaries	  	 	15	 
	 Section 6.5
	 	No Agency or Partnership	  	 	15	 
	 Section 6.6
	 	Expenses	  	 	15	 

  
 - i - 

							
	 Section 6.7
	 	Amendments	  	 	15	 
	 Section 6.8
	 	Waiver	  	 	15	 
	 Section 6.9
	 	Entire Agreement	  	 	16	 
	 Section 6.10
	 	Further Assurances	  	 	16	 
	 Section 6.11
	 	Successors and Assigns	  	 	16	 
	 Section 6.12
	 	Severability	  	 	16	 
	 Section 6.13
	 	Governing Law	  	 	16	 
	 Section 6.14
	 	Specific Performance	  	 	17	 
	 Section 6.15
	 	Counterparts	  	 	17	 

  
 - ii - 

 SHAREHOLDERS AGREEMENT 

This Shareholders Agreement is made effective as of [●], 2021. 

BY AND AMONG: 

KNOWLTON DEVELOPMENT CORPORATION, INC., a corporation governed by the laws of the Province of British Columbia; 

- and – 
 CC KDC CO-INVEST LP (CAYMAN), a limited partnership governed by the laws of the Cayman Islands (“Cornell”); 

- and – 
 CDP
INVESTISSEMENTS INC., a corporation governed by the laws of the Province of Québec (“CDPI”) 
 - and – 

UPPER INVEST LTD., a corporation governed by the laws of Guernsey (“Upper Invest”). 

WHEREAS on the date hereof, the Corporation (as defined herein) will consummate an underwritten initial public offering (the
“IPO”) of Common Shares (as defined herein) of the Corporation; and 
 WHEREAS Cornell, CDPI, Upper Invest
and the Corporation have agreed to enter into this Agreement to set forth certain agreements governing the relationship of the Parties (as defined herein) in relation to the Corporation and with respect to their ownership, directly or indirectly, of
the Shares (as defined herein) following the completion of the IPO. 
 NOW THEREFORE, in consideration of the above recitals and the
mutual agreements contained in this Agreement (the receipt and adequacy of which are acknowledged), the Parties agree as follows: 

ARTICLE 1 

INTERPRETATION 
  

	Section 1.1	 Defined Terms. 

As used in this Agreement, the following terms have the following meanings: 

“Act” means the Business Corporations Act (British Columbia). 

“Affiliate” means, with respect to any specified Person, any other Person which directly or indirectly through one or more
intermediaries Controls, is Controlled by or is under common Control with, such specified Person, provided, that the term “Affiliate” shall exclude any portfolio company of Cornell and CDPI or their respective Affiliates. 

“Agreement” means this shareholders agreement, as it may be amended, restated, replaced, supplemented or otherwise modified
from time to time in accordance with this Agreement. 

  
 - 1 - 

 “Articles” means the articles of the Corporation, as in effect upon
completion of the IPO, and as such articles may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance with applicable Laws. 

“Authorized Recipient” has the meaning ascribed to such term in Section 5.1(1). 

“Board” means the board of directors of the Corporation as elected or appointed from time to time. 

“Board Observer” has the meaning ascribed to such term in Section 3.10. 

“Business Day” means any day on which banks are open for business in New York City, New York and Montreal, Québec
(which, for avoidance of doubt, shall not include Saturdays, Sundays and public holidays in any of the foregoing localities). 

“Canadian Securities Laws” means the securities legislation in each of the provinces and territories of Canada, including all
rules, regulations, instruments, policies, published policy statements and blanket orders thereunder or issued by one or more of the securities regulatory authority in each of the provinces and territories of Canada. 

“CDPI” has the meaning ascribed to such term in the recitals. 

“CDPI Group” means, collectively, CDPI and any CDPI Permitted Holder that holds Shares from time to time. 

“CDPI Nominee” means, in respect of a Director Election Meeting, such individual presented by CDPI for election as Director
at such meeting. 
 “CDPI Permitted Holder” means any Person that is Controlled or managed by CDPI or an Affiliate of CDPI.

 “Chief Executive Officer” means the President and Chief Executive Officer of the Corporation (or the equivalent
successor position). 
 “Common Shares” means the common shares in the capital of the Corporation, as contemplated under
the Articles. 
 “Confidential Information” has the meaning ascribed to such term in Section 5.1(1), subject to the
exclusions set forth in Section 5.1(3). 
 “Control” means (a) in relation to a Person that is a body corporate,
the beneficial ownership, directly or indirectly, of voting securities of such Person (or its successor entity resulting from any amalgamation, merger, arrangement or other reorganization) carrying more than 50% of the voting rights attached to all
voting securities of such Person (or its successor entity resulting from any amalgamation, merger, arrangement or other reorganization) or the right to elect or appoint a majority of the board of directors (or the equivalent) of such Person (or its
successor entity resulting from any amalgamation, merger, arrangement or other reorganization), and (b) in relation to a Person that is a partnership, limited partnership, business trust or other similar entity, (i) the ownership, directly
or indirectly, of voting securities of such Person carrying more than 50% of the voting rights attached to all voting securities of such Person (or its successor entity resulting from any amalgamation, merger, arrangement or other reorganization),
or (ii) the ownership, directly or indirectly, of voting securities or other interests of a Person (or its successor entity resulting from any amalgamation, merger, arrangement or other reorganization) (such as a general partner) or the holding
of a position (such as 

  
 - 2 - 

 
trustee) entitling the owner or holder thereof to exercise control and direction over the activities of such Person (or its successor entity resulting from any amalgamation, merger, arrangement
or other reorganization), and “Controls” and “Controlled” shall have corresponding meanings. 

“Cornell” has the meaning ascribed to such term in the recitals. 

“Cornell Director” has the meaning ascribed to such term in Section 3.9. 

“Cornell Group” means, collectively, Cornell and any Cornell Permitted Holder that holds Shares from time to time. 

“Cornell Nominee” means, in respect of a Director Election Meeting, such individual presented by Cornell for election as
Director at such meeting. 
 “Cornell Permitted Holder” means any funds managed or advised by Cornell or any of its
Affiliates, in each case provided that it is Controlled, managed or advised by Cornell or an Affiliate of Cornell. 

“Corporation” means Knowlton Development Corporation, Inc. and any of its successors and assigns, including any successor by
way of amalgamation, merger, arrangement or other reorganization. 
 “Director Election Meeting” means any meeting of
shareholders of the Corporation at which Directors are to be elected. 
 “Directors” means the Persons who are elected or
appointed as directors of the Corporation in accordance with this Agreement and applicable Law. 
 “Disproportionately
Adverse” means disproportionately adverse to the interests of a shareholder as compared to any other shareholder, and “Disproportionately Adversely” shall have a corresponding meaning. 

“Effective Date” has the meaning ascribed to such term in Section 2.1. 

“Exchange Act” means the United States Securities Exchange Act of 1934. 

“Governmental Entity” means (a) any governmental or public department, central bank, court, minister, governor-in-council, cabinet, commission, authority, tribunal, board, bureau, agency, commissioner or instrumentality, whether international, multinational, national, federal,
provincial, state, municipal, local, or other; (b) any subdivision or authority of any of the above; and (c) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of
any of the above. 
 “Headquarters” means a location where the Corporation’s and Knowlton’s management conducts
meetings related to functions such as strategic planning, finance, accounting, legal, business development and human resources. 

“Independent”, in reference to an individual Board nominee, including a CDPI Nominee, a Cornell Nominee or an Upper Invest
Nominee, means that such individual is “independent” as determined by the Board in accordance with Canadian Securities Laws and the rules of the NYSE, including subsection 1.2(1) of National Instrument
58-101 – Disclosure of Corporate Governance Practices (in Québec, Regulation 58-101 respecting Disclosure of Corporate Governance Practices)
and, as applied to any member of the audit committee of the Board only, Rule 10A-3 Listing Standards Relating to Audit Committees promulgated under the Exchange Act. 

  
 - 3 - 

 “IPO” has the meaning ascribed to such term in the recitals. 

“Knowlton” means kdc/one Development Corporation, Inc. and any of its successors and assigns, including any successor by way
of amalgamation, merger, arrangement or other reorganization. 
 “Laws” means: (a) all laws, statutes, codes,
ordinances, principles of common and civil law and equity, orders, decrees, rules, regulations and municipal by-laws, whether domestic, foreign or international, (b) judicial, arbitral, administrative,
ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Entity, and (c) policies, practices and guidelines of, or contracts with, any Governmental Entity, which,
although not actually having the force of law, are considered by such Governmental Entity as requiring compliance as if having the force of law, in each case binding on or affecting the Person, or the assets of the Person, referred to in the context
in which such word is used. 
 “Nominee” means, in respect of a Director Election Meeting, such individual presented by
management of the Corporation to its shareholders for election as Director at such meeting, including, for the avoidance of doubt, any Cornell Nominee, CDPI Nominee and Upper Invest Nominee. 

“Notice” has the meaning ascribed to such term in Section 6.2. 

“NYSE” means the New York Stock Exchange, and includes any successor stock exchange. 

“Parties” means, collectively, the Corporation, Cornell, CDPI and Upper Invest. 

“Person” means an individual, partnership, limited partnership, limited liability partnership, corporation, limited liability
company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity or Governmental Entity. 

“Proportionate Voting Interest” means, at any time, with respect to each Shareholder Group, such Shareholder Group’s
proportionate voting interest in the Shares expressed as a percentage, which percentage is determined by dividing: (a) the aggregate number of votes to which the Shares held by such Shareholder Group are entitled under the Articles, by
(b) the aggregate number of votes to which the total number of issued and outstanding Shares are entitled under the Articles. 

“Registration Rights Agreement” means the Registration Rights Agreement dated as of the Effective Date between the
Corporation, Cornell and CDPI, as it may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Representatives” means, collectively, with respect to any Person, that Person’s officers, directors, employees,
equityholders, consultants, advisors, agents, mandataries or other representatives (including counsel, accountants, investment bankers and financial advisors). 

“Shareholder Group” means any of: (a) the Cornell Group; (b) the CDPI Group, and (c) the Upper Invest Group,
and “Shareholder Groups” means all of them. 
 “Shares” means the Common Shares, as described in the
Articles, as well as any other voting shares in the capital of the Corporation which are issued in a class of shares that is added to the authorized capital of the Corporation pursuant to an amendment to the Articles approved in accordance with the
Act. 

  
 - 4 - 

 “Subsidiary” has the meaning ascribed to such term in the Act. 

“TSX” means the Toronto Stock Exchange, and includes any successor stock exchange. 

“Upper Invest” has the meaning ascribed to such term in the recitals. 

“Upper Invest Group” means, collectively, Upper Invest and any Upper Invest Permitted Holder that holds Shares from time to
time. 
 “Upper Invest Nominee” means, in respect of a Director Election Meeting, such individual presented by Upper Invest
for election as Director at such meeting; 
 “Upper Invest Permitted Holder” means any Person that is Controlled or managed
by Upper Invest or an Affiliate of Upper Invest. 
  

	Section 1.2	 Gender and Number. 

Any reference in this Agreement to gender includes all genders. Words importing the singular number only include the plural and vice versa.

  

	Section 1.3	 Headings, etc. 

The provision of a Table of Contents, the division of this Agreement into Articles and Sections and the insertion of headings are for
convenient reference only and do not affect its interpretation. 
  

	Section 1.4	 Business Days. 

If any date on which any action is required to be taken under this Agreement is not a Business Day, such action will be required to be taken on
the next succeeding Business Day. 
  

	Section 1.5	 Certain Phrases, etc. 

In this Agreement, (a) the words “including”, “includes” and “include” mean “including (or includes or
include), without limitation”, (b) the words “the aggregate of”, “the total of”, “the sum of”, or a phrase of similar meaning means “the aggregate (or total or sum), without duplication, of” and
(c) the words “hereof”, “herein”, “hereunder”, “hereto” and similar expressions to this Agreement as a whole and the words “Article” and “Section” refer to an Article of or
Section of this Agreement, unless specified otherwise. In the computation of periods of time from a specified date to a later specified date, unless otherwise expressly stated, the word “from” means “from but excluding” and
the words “to” and “until” each mean “to and including”. 
  

	Section 1.6	 Statutory References. 

Except as otherwise provided in this Agreement, any reference in this Agreement to a statute refers to such statute and all rules and
regulations made under it as they may have been or may from time to time be amended, re-enacted or replaced. 

  
 - 5 - 

 ARTICLE 2 

IMPLEMENTATION OF AGREEMENT AND TERM 
  

	Section 2.1	 Effectiveness. 

This Agreement shall become effective immediately upon consummation of the IPO and the termination of that certain Shareholders Agreement dated
as of December 21, 2018, as amended on January 23, 2020, by and among the Corporation and the shareholders party thereto (the “Effective Date”). 
  

	Section 2.2	 Conflicts. 

In the event of any conflict between the provisions of this Agreement and the provisions of the Articles, the provisions of this Agreement
prevail to the extent permitted by Law. 
  

	Section 2.3	 Corporation Consent. 

The Corporation undertakes to carry out and be bound by the provisions of this Agreement to the full extent that it has the capacity and power
at Law to do so. 
  

	Section 2.4	 Term of Agreement. 

 

	(1)	 Subject to Section 2.4(2), this Agreement terminates on the earliest of: 

 

	 	(a)	 the date on which all Shareholder Groups cease to have any right to designate any Nominee under this Agreement
pursuant to 
Section 3.2(1); 

  

	 	(b)	 the date on which this Agreement is terminated by written agreement of the Parties; and 

 

	 	(c)	 the dissolution or liquidation of the Corporation. 

 

	(2)	 The obligations of the Parties in Article 1 (Interpretation), Article 5 (Confidentiality)
and Article 6 (Miscellaneous) shall continue in full force and effect after the date of termination of this Agreement. The termination of this Agreement shall not affect or prejudice any rights or obligations that have accrued or arisen
under this Agreement before the time of termination and such rights and obligations shall survive the termination of this Agreement. 

ARTICLE 3 

GOVERNANCE MATTERS 
  

	Section 3.1	 Board Composition and Representation. 

 

	(1)	 As of the Effective Date, the Board shall consist of eleven (11) Directors. The initial Directors shall be
Jacques Bougie, Kevin Chance, Justine Cheng (Chair), Joanna Coles, Steven Lin, Marie Josée Lamothe, Pierre Pirard, Valarie Sheppard, Stephen Trevor, Nicholas Whitley and Timothy Thorpe. 

 

	(2)	 Subject to compliance with the Act, Canadian Securities Laws and the rules of the NYSE and the TSX, a majority
of the Directors shall be Independent, it being understood that the CDPI Nominees shall be independent of CDPI and any of its Affiliates.  

  
 - 6 - 

	Section 3.2	 Designation of Nominees. 

 

	(1)	 The designation of the Nominees by the Board will be determined as follows: 

 

	 	(a)	 the Chief Executive Officer; 

 

	 	(b)	 as long as a Shareholder Group owns, controls or directs, directly or indirectly, at least 40% of the
Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), such Shareholder Group shall be entitled to designate 40% of the Nominees, rounding down to the nearest whole
number; 

  

	 	(c)	 as long as a Shareholder Group owns, controls or directs, directly or indirectly, at least 30% (but less than
40%) of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), such Shareholder Group shall be entitled to designate 30% of the Nominees, rounding down to the nearest
whole number; 

  

	 	(d)	 as long as a Shareholder Group owns, controls or directs, directly or indirectly, at least 20% (but less than
30%) of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), such Shareholder Group shall be entitled to designate 20% of the Nominees, rounding down to the nearest
whole number; 

  

	 	(e)	 as long as a Shareholder Group owns, controls or directs, directly or indirectly, at least 10% (but less than
20%) of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), such Shareholder Group shall be entitled to designate 10% of the Nominees, rounding down to the nearest
whole number; 

  

	 	(f)	 notwithstanding Section 3.2(1)(b) through Section 3.2(1)(e), as long as the CDPI Group owns, controls
or directs, directly or indirectly, at least 15% of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), the CDPI Group shall be entitled to designate two
(2) Nominees; 

  

	 	(g)	 notwithstanding Section 3.2(1)(b) through Section 3.2(1)(e), as long as the Upper Invest Group owns,
controls or directs, directly or indirectly, at least 10% of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), the Upper Invest Group shall be entitled to
designate one (1) Nominee, and shall not have any additional right to designate a Nominee hereunder; and 

  

	 	(h)	 the other Nominees be designated by the Board or any committee thereof pursuant to Section 3.2(3).

  

	(2)	 For the avoidance of doubt, upon the first instance where any Shareholder Group owns, controls or directs,
directly or indirectly, less than 10% of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), such Shareholder Group shall no longer be entitled to designate any
Nominee hereunder. 

  

	(3)	 Subject to Section 4.1, the selection of Nominees, other than the Cornell Nominees, the CDPI Nominees and
the Upper Invest Nominee pursuant to Section 3.2(1) (including when any right to designate a Nominee granted to Cornell, CDPI or Upper Invest has not been exercised pursuant thereto), shall rest with the Board, or any committee thereof, if so
determined by the Board. 

  
 - 7 - 

	Section 3.3	 Nomination Procedures. 

 

	(1)	 The Corporation shall timely notify each Shareholder Group having a right to designate one or more Nominee
under Section 3.2 of its intention to hold any Director Election Meeting and, in any event, at least 45 days before the date on which the Board approves the proxy circular relating to such Director Election Meeting, which date shall be
specified in such notice. 

  

	(2)	 Each Shareholder Group having a right to designate one or more Nominees under Section 3.2 may timely
notify the Corporation of its designated Nominee(s) at least 15 days before the date on which the Board approves the proxy circular relating to the Director Election Meeting. If, prior to the Director Election Meeting, the Nominee of a Shareholder
Group is unable or unwilling to serve as a Director, then such Shareholder Group will be entitled to designate a replacement Nominee as soon as reasonably practicable, except where such Shareholder Group would have otherwise ceased to be entitled to
designate such Nominee pursuant to Section 3.2. 

  

	(3)	 For so long as a Shareholder Group has the right to designate one or more Nominees under Section 3.2, the
Corporation shall: (a) nominate for election and include in any management information circular, proxy statement and form of proxy relating to a Director Election Meeting (or submit to the shareholders of the Corporation by written consent if
applicable) each individual designated as Nominee of such Shareholder Group; (b) solicit proxies from the shareholders of the Corporation in favour of the election of the Nominees of such Shareholder Group in a manner no less favorable than the
manner in which the Corporation solicits proxies in favour of the election of other Nominees at any such meting; and (c) take all steps which may be necessary or appropriate to recognize, enforce and comply with the rights of any Shareholder
Group under Article 3 (Governance Matters). 

  

	(4)	 Notwithstanding anything in this Agreement to the contrary, a failure by any Shareholder Group to designate any
Nominee that it is entitled to designate pursuant to Section 3.2 at any time shall not restrict the ability of such Shareholder Group to (a) designate a Nominee to be appointed by the Board pursuant to Section 3.4(1), or
(b) designate any Nominee that it is entitled to designate pursuant to Section 3.2 at any future Director Election Meeting. 

  

	Section 3.4	 Appointments, Cessation, Resignations and Loss of Rights. 

 

	(1)	 If any Shareholder Group fails to designate any Nominee that it is entitled to designate pursuant to
Section 3.2 prior to a Director Election Meeting, then such Shareholder Group may, subject to having provided prior notice to the Corporation no later than the times by which a Nominee would have needed to be designated under
Section 3.3(2), designate one (1) Nominee to be appointed by the Board as soon as reasonably practicable and to the extent permitted by the Articles and the Act, for a term ending at the close of such next following Direction Election
Meeting, except where such Shareholder Group would have otherwise ceased to be entitled to designate such Nominee pursuant to Section 3.2. 

  

	(2)	 If any Nominee of a Shareholder Group resigns, is removed, or is unable to serve for any reason prior to the
expiration of his or her term as a Director, then such Shareholder Group shall be entitled to designate a replacement to be appointed by the Board as soon as reasonably practicable, except where such Shareholder Group would have otherwise ceased to
be entitled to designate such Nominee pursuant to Section 3.2. 

  

	(3)	 Any Shareholder Group shall cease to have any rights or obligations under this Article 3 (Governance
Matters) immediately upon ceasing to have the right to designate any Nominee pursuant to the terms of Section 3.2. 

  
 - 8 - 

	Section 3.5	 Committee Appointments. 

 

	(1)	 Each Party acknowledges and agrees that, subject to applicable Laws (including applicable U.S. securities laws,
Canadian Securities Laws and the requirements of the NYSE and the TSX) the Board may, by resolution, constitute one or more committees, each of which shall be comprised of two (2) or more Directors with appropriate qualifications (as determined
by the Board from time to time). The Board may dissolve any committee or remove any member of a committee at any time. Subject to Section 3.5(2), all members of the committees of the Board shall be selected by the Board. 

 

	(2)	 For so long as the Cornell Group is entitled to nominate Nominees under Section 3.2, Cornell shall be
entitled, but not obligated, to designate at least one Cornell Nominee for appointment to each of the committees of the Board, other than the audit committee of the Board, subject to compliance with applicable independence requirements under
Canadian Securities Laws, the rules of the NYSE and the TSX and the Act. 

  

	Section 3.6	 Qualifications. 

Notwithstanding anything to the contrary in this Agreement, all Directors (including Directors designated by a Shareholder Group in accordance
with Section 3.2) shall, at all times while serving on the Board, meet the qualification requirements to serve as a director under the Act, Canadian Securities Laws and the rules of the NYSE and the TSX. Neither Shareholder Group shall nominate
any individual to be a Director who it believes does not meet the requirements for director nominees as set forth in the applicable policies relating to director qualifications adopted by the Corporation from time to time. 

 

	Section 3.7	 Compensation, Indemnification. 

 

	(1)	 The Directors shall be entitled to such compensation as the Board may determine, from time to time, including
pursuant to any equity or equity-based compensation plan of the Corporation. Each Director is entitled to be reimbursed for reasonable out-of-pocket expenses incurred in
attending meetings of the Board and any committees thereof, including without limitation, travel, lodging and meal expenses, and in performing other duties of directors. 

 

	(2)	 The Corporation will purchase or procure and at all times maintain customary director and officer liability
insurance for the benefit of the Directors and officers of the Corporation against such liabilities, in such amounts and on such terms as the Board determines and as are permitted by Law. 

 

	(3)	 The Corporation will indemnify any Director to the fullest extent permitted by the Act. Nothing in this
Agreement limits the right of any Director to claim indemnity apart from the provisions of this Agreement, if the Director is entitled to such indemnity. 

  

	Section 3.8	 Written Consent or Resolutions. 

The provisions of this Article 3 (Governance Matters) applicable to Director Election Meetings shall apply mutatis mutandis
to any written consent or resolutions of shareholders relating to the election of Directors. 

  
 - 9 - 

	Section 3.9	 Quorum. 

As long as Cornell has the right to designate at least three (3) Nominees under Section 3.2, and except where no Director is a
Cornell Director, the quorum for a meeting of Directors shall require, in addition to all applicable requirements of the Articles, the presence of at least one Director that is a Cornell Nominee designated and elected or appointed pursuant to
Section 3.2 (a “Cornell Director”), and the Parties hereto agree not to transact any business at such meeting of Directors except in compliance with this Section 3.9. If the quorum requirements are not met at the
initial meeting and such meeting needs to be adjourned, subject to all applicable requirements of the Articles and provided that the Cornell Directors have been given reasonable notice of the adjourned meeting, any Directors present at the adjourned
meeting will constitute a quorum, whether or not a Cornell Director is present at such adjourned meeting. 
  

	Section 3.10	 Board Observers. 

Separate from its rights to designate one or more CDPI Nominees as set forth in Section 3.2(1), for so long as the CDPI Group owns,
controls or directs, directly or indirectly, at least 10% of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), CDPI shall have the right to designate one
(1) individual as a non-voting observer to the Board (a “Board Observer”), which Board Observer shall be (as of the Effective Date) [●]. The Board Observer designated by CDPI
may only be removed and replaced with the prior consent of CDPI. For the avoidance of doubt, such Board Observer need not be independent of CDPI. The Board Observer shall be entitled to attend meetings of the Board and to receive all information
provided to the members of the Board (including notices and minutes of previous meetings of the Board); provided, that (a) the Board Observer shall be entitled to attend executive sessions and meetings of any committee of the Board and to
receive all information provided in connection with such sessions and meetings to the members of the Board or its committees (including minutes of previous sessions or meetings), in each case, only if invited by the chairperson of the Board or
applicable body or committee; (b) the Board Observer shall not be entitled to vote on any matter submitted to the Board or any of its committees nor to offer any motions or resolutions to the Board or such committees; (c) the Corporation
may withhold information or materials from the Board Observer and exclude the Board Observer from any meeting or portion thereof if, as determined by the Board in good faith, access to such information or materials or attendance at such meeting
would (i) adversely affect the attorney-client or work product privilege between the Corporation and its counsel; or (ii) result in a conflict of interest or is otherwise required to avoid any disclosure that is restricted by any agreement
with another Person; and (d) the Board Observer shall be subject to the same obligations as the Directors with respect to confidentiality, conflicts of interest and misappropriation of corporate opportunities (and shall provide, prior to
attending any meetings or receiving any information or materials, such agreements, undertakings or assurances to such effect as may be reasonably requested by the Corporation). For the avoidance of doubt, the Board Observer shall not be subject to
any fiduciary duty to the Corporation or any duty or personal liability imposed on directors or officers under applicable Law as it relates to salaries, wages or otherwise with respect to the Corporation or any of its Subsidiaries. 

ARTICLE 4 
 BOARD
CHANGE AND RESERVED MATTERS 
  

	Section 4.1	 Board Change and Reserved Matters. 

 

	(1)	 Board Change. As long as the Cornell Group owns, controls or directs, directly or indirectly, at least
10% of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), notwithstanding anything to the contrary herein or in the Articles, to the extent permitted by the Act
and Canadian Securities Laws, in addition to any other approval required by Law, the Corporation shall not make a decision about, take action on or implement an increase or decrease in the authorized number of Directors serving on the Board on or
after the Effective Date without the approval of Cornell, taking into consideration the best interests of the Corporation and not to be unreasonably withheld, conditioned or delayed. 

  
 - 10 - 

	(2)	 Reserved Matters. 

 

	 	(a)	 Except in connection with actions expressly authorized by this Agreement and subject to Section 4.1(2)(b),
in addition to any other approval required by Law and until the earlier of (i) the date on which the CDPI Group owns, controls or directs, directly or indirectly, less than 10% of the Proportionate Voting Interest in the issued and outstanding
Shares (on a non-diluted basis), and (ii) the date of the fifth (5th) anniversary of the Effective Date, the Corporation agrees to consult CDPI
prior to taking any action on or implementing any material change in the operations at the Québec-based facilities of the Corporation and its Subsidiaries (in operation as of the Effective Date), which,
for purposes of this Agreement, shall mean any material reduction in the number of full-time employees in Québec. 

  

	 	(b)	 Notwithstanding anything to the contrary in Section 4.1(2)(a), CDPI acknowledges and agrees that global
expansion has been and remains an essential part of the Corporation’s strategic plan, and to facilitate such expansion, it is possible that the Corporation or any of its Subsidiaries will need to establish regional Headquarters. Accordingly,
senior executives of the Corporation have resided and will continue to reside where they can best exercise their functions, and senior executives have been recruited and retained, and will continue to be recruited and retained, based on business
needs and individual skills assessment irrespective of the location of such senior executives’ residence or main business office. One of the by-products of the Corporation’s global expansion has been
and will continue to be its ability to increase employment at the Québec operations of the Corporation and its Subsidiaries and as such, the Corporation plans to maintain its global corporate Headquarters in Québec, with principal
executive offices in Québec and the United States. Although the Corporation does not intend to transfer outside of Québec its global corporate Headquarters or cease to maintain one of its principal executive offices in Québec, it is
understood that until the earlier of (i) the date on which the CDPI Group owns, controls or directs, directly or indirectly, less than 10% of the Proportionate Voting Interest in the issued and outstanding Shares (on a non-diluted basis), and (ii) the date of the fifth (5th) anniversary of the Effective Date, CDPI’s written consent shall be requested by the
Corporation prior to doing so, and CDPI undertakes that its decision in this regard will be based on commercial principles. 

  

	 	(c)	 Notwithstanding Section 4.1(2)(b), the Board will be entitled to approve the transfer outside of
Québec of the Corporation’s global corporate Headquarters (and/or approve that a principal executive office cease to be maintained in Québec) without the prior written consent of CDPI, provided that it determines in good faith,
after (i) having reasonably discussed such matter with CDPI, and (ii) receipt of written advice from the Corporation’s external counsel to be addressed to the Board (with copy thereof to be communicated to CDPI), that failure from doing so would be incompatible with the fiduciary duties of the Directors under applicable Laws. 

ARTICLE 5 

CONFIDENTIALITY 
  

	Section 5.1	 Confidentiality Obligation. 

 

	(1)	 Each Party agrees to hold in strict confidence all Confidential Information and to procure that its Affiliates
hold in strict confidence the Confidential Information. Subject to applicable Law, a 

  
 - 11 - 

	 	
Party may disclose any Confidential Information to any of its Representatives but only to the extent that they need to know the Confidential Information, they have been informed of the
confidential nature of the Confidential Information and provided that such Party shall be responsible for the compliance of such Representatives with this Article 5 and applicable U.S. securities laws and Canadian Securities Laws in respect of
“insider trading” and “tipping” or such Representatives shall have entered into a confidentiality undertaking for the benefit of the Corporation to hold any such information in strict confidence in accordance with this
Article 5 (any such recipient, an “Authorized Recipient”). For purposes hereof, “Confidential Information” means all proprietary, confidential and other non-public
information, know-how and data, regardless of the manner in which it is furnished (orally, in writing, electronically or otherwise), relating to or concerning the disclosing Party or its respective businesses,
directors, officers or employees (including without limitation, agreements to which any of such Persons is a party, information and material concerning the disclosing Party’s past, present or future customers, suppliers, technology, business
methods, industrial secrets, systems, practices, strategies, financial conditions, assets, liabilities, operations, plans, potential financings or transactions or other activities), that is furnished to the other Parties pursuant to this Agreement
and/or the Registration Rights Agreement on or after the Effective Date. 

  

	(2)	 Notwithstanding the foregoing, Confidential Information can be disclosed (a) by Cornell as it deems
reasonably relevant to its direct or indirect shareholders and investors for the purpose of its reporting obligations to such Persons or in connection with the solicitation of prospective investors that may invest in Cornell or one or more of its
Affiliates, and (b) by CDPI to any of its Representatives for the purpose of its reporting obligations, provided in each case that any such Confidential Information shall be marked as confidential and the Persons to whom such Confidential
Information is disclosed are informed of their confidentiality obligations with respect to such Confidential Information. 

  

	(3)	 Confidential Information shall not include any information that (a) is or becomes generally available to
the public other than as a result of an unauthorized disclosure by such Party, (b) is or becomes available to a Party or any of its Authorized Recipients on a non-confidential basis from a third party
source other than any other Party or its Representatives, which source (after reasonable inquiry) is not bound by a duty of confidentiality to any Party or its Representatives, or (c) is independently developed by any Party without the benefit
of any other Confidential Information. If any Party or any of its Authorized Recipients is required by Law, a Governmental Entity or any legal or judicial process to disclose any Confidential Information, such Party shall as promptly as reasonably
practicable notify the Corporation of such requirement so that the Corporation may, in consultation with the applicable Parties to the extent practicable under the circumstances, at its own expense, oppose such requirement or seek a protective order
and request confidential treatment thereof. If such Party or such Authorized Recipient is nonetheless required to disclose any such Confidential Information, such Party or Authorized Recipient may disclose only such portion of such Confidential
Information that, in its opinion, after having consulted with its counsel, is legally required to be disclosed without liability hereunder. Notwithstanding anything herein to the contrary, nothing in this Section 5.1 shall (x) prohibit any
Party from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Exchange Act or Section 806 of the
United States Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulation or under applicable Canadian Securities Laws, or (y) require notification or prior approval by any Party
of any reporting described in clause (x). 

  
 - 12 - 

	Section 5.2	 Ownership of Confidential Information. 

Nothing in this Agreement or in the disclosure of any Confidential Information will confer any interest in the Confidential Information on a
receiving Party. The Parties share a common legal and commercial interest in all Confidential Information which is and remains subject to all applicable privileges, including solicitor-client privilege, anticipation of litigation privilege, work
product privilege and privilege in respect of “without prejudice” communications. No waiver of any privilege is implied by the disclosure of Confidential Information to any Party pursuant to the terms of this Agreement. 

ARTICLE 6 

MISCELLANEOUS 
  

	Section 6.1	 Authority; Effect. 

Each Party hereto represents and warrants to and agrees with each other Party that the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly authorized on behalf of such Party and do not violate any agreement or other instrument applicable to such Party or by which its assets are bound. 

 

	Section 6.2	 Notices. 

Any notice, consent or other communication required or permitted to be given pursuant to this Agreement (each a “Notice”)
shall be in writing and shall be sent electronically, hand delivered or sent by prepaid registered mail, in each case addressed as follows: 
  

	 	(a)	 if to the Corporation at: 

 

	 	    	 375 Boulevard Roland-Therrien, Suite 210 

	 	    	 Longueuil, Québec 

	 	    	 J4H 4A6 

  

	 	    	 Attention:        Knowlton Development Corporation, Inc. (c/o Nicolas
Beugnot) 

	 	    	 Email:              nbeugnot@kdc-one.com

  

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

 

	 	    	 Davis Polk & Wardwell LLP 

	 	    	 450 Lexington Avenue 

	 	    	 New York, New York 10017 

 

	 	    	 Attention:        Roshni Banker Cariello and Pedro J. Bermeo

	 	    	
Email:              roshni.cariello@davispolk.com and
pedro.bermeo@davispolk.com 

  

	 	    	 and to: 

  

	 	    	 Stikeman Elliott LLP 

	 	    	 1155 René-Lévesque Boulevard West, 41st Floor

	 	    	 Montréal, Québec 

	 	    	 H3B 3V2 

  

	 	    	 Attention:        Warren Silversmith and David Tardif

	 	    	
Email:              wsilversmith@stikeman.com and dtardif@stikeman.com

  

	 	(b)	 if to Cornell at: 

  

	 	    	 Cornell Capital LLC 

	 	    	 499 Park Avenue, 21st Floor 

  
 - 13 - 

	 	    	 New York, NY 10022 

  

	 	    	 Attention:        Justine Cheng and Richard Drucker

	 	    	
Email:              justine@cornellcapllc.com; richard@cornellcapllc.com

  

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

 

	 	    	 Davis Polk & Wardwell LLP 

	 	    	 450 Lexington Avenue 

	 	    	 New York, New York 10017 

 

	 	    	 Attention:        Roshni Banker Cariello and Pedro J. Bermeo

	 	    	
Email:              roshni.cariello@davispolk.com and
pedro.bermeo@davispolk.com 

  

	 	(c)	 if to CDPI at: 

  

	 	    	 Caisse de dépôt et placement du Québec 

	 	    	 1000, Place Jean-Paul Riopelle 

	 	    	 Montreal, Québec 

	 	    	 H2Z 2B3 

  

	 	    	 Attention:         Alexandre Décary, Managing Director

	 	    	 Email:              adecary@cdpq.com

  

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

 

	 	    	 affairesjuridiques@cdpq.com 

 

	 	    	 and to: 

  

	 	    	 Davies Ward Phillips & Vineberg LLP 

	 	    	 1501 McGill College Avenue, 26th Floor

	 	    	 Montreal, Québec 

	 	    	 H3A 3N9 

  

	 	    	 Attention:        Franziska Ruf and Nicolas Morin

	 	    	 Email:              fruf@dwpv.com and
nmorin@dwpv.com 

  

	 	(d)	 if to Upper Invest at: 

 

	 	    	 PO Box 634 

	 	    	 Frances House 

	 	    	 Sir William Place 

	 	    	 St Peter Port 

	 	    	 Guernsey 

	 	    	 GY1 3DR 

  

	 	    	 Attention:        Philip Hunt, Director - Client Services

	 	    	
Email:              philiphunt@equiomgroup.com 

 

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

 

	 	    	 Karlin & Peebles, LLP 

	 	    	 5900 Wilshire Boulevard, Suite 500 

	 	    	 Los Angeles, California 90036 

 

	 	    	 Attention:        Thomas M. Giordano-Lascari 

	 	    	
Email:              tgiordano@karlinpeebles.com 

 

	 	    	 and to: 

  

	 	    	 McDermott Will & Emery LLP 

	 	    	 The McDermott Building 

	 	    	 500 North Capitol Street, NW 

	 	    	 Washington, DC 20001 

 

	 	    	 Attention:        Thomas P. Conaghan 

	 	    	 Email:              tconaghan@mwe.com

  
 - 14 - 

 Notice is deemed to be given and received if sent by personal delivery, courier or
electronic mail, on the date of delivery or transmission (as the case may be) if it is a Business Day and the delivery or transmission (as the case may be) was made prior to 4:00 p.m. (local time in place of receipt) and otherwise on the
next Business Day. A Party may change its address for service from time to time by providing a Notice in accordance with the foregoing. Any subsequent Notice must be sent to the Party at its changed address. Any element of a Party’s address
that is not specifically changed in a Notice will be assumed not to be changed. 
  

	Section 6.3	 Time of the Essence. 

Time is of the essence in this Agreement in all respects. 
  

	Section 6.4	 Third Party Beneficiaries. 

The Parties intend that this Agreement will not benefit or create any right or cause of action in favour of any Person, other than the Parties.
No Person, other than the Parties, is entitled to rely on the provisions of this Agreement in any action, suit, proceeding, hearing or other forum. The Parties reserve their right to vary or rescind the rights at any time and in any way whatsoever,
if any, granted by or under this Agreement to any Person who is not a Party, without notice to or consent of that Person. 
  

	Section 6.5	 No Agency or Partnership. 

Nothing contained in this Agreement makes or constitutes any Party, or any of its directors, officers or employees, the trustee, fiduciary,
representative, agent, principal, partner, joint venturer, of any other Party. It is understood that no Party has the capacity to make commitments of any kind or incur obligations or liabilities binding upon any other Party. 

 

	Section 6.6	 Expenses. 

Except as otherwise expressly provided in this Agreement, each Party will pay for its own costs and expenses incurred in connection with this
Agreement and the transactions contemplated by it. The fees and expenses referred to in this Section are those which are incurred in connection with the negotiation, preparation, execution and performance of this Agreement, and the transactions
contemplated by this Agreement, including the fees and expenses of legal counsel, investment advisers and accountants. 
  

	Section 6.7	 Amendments. 

This Agreement may only be amended, supplemented or otherwise modified by written agreement signed by all of the Parties. 

 

	Section 6.8	 Waiver. 

No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar). No waiver of any
provision of this Agreement or of any default, breach or non-compliance under this Agreement will be binding unless executed in writing by the Party to be bound by the waiver, and then only in the specific
instance and for the specific purpose for which it has been given. A Party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a
Party from any other or further exercise of that right or the exercise of any other right. The waiver by a Party of any default, breach or non-compliance under this Agreement will not operate as a waiver of
that Party’s rights under this Agreement in respect of any continuing or subsequent default, breach or non-observance (whether of the same or any other nature). 

  
 - 15 - 

	Section 6.9	 Entire Agreement. 

This Agreement and the Registration Rights Agreement together constitute the entire agreement between the Parties with respect to the matters
contemplated by this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties related to such matters. There are no representations, warranties, covenants, conditions or
other agreements, express or implied, collateral, statutory or otherwise, between the Parties in connection with the subject matter of this Agreement, except as specifically set forth in this Agreement. The Parties have not relied and are not
relying on any other information, discussion or understanding in entering into this Agreement. 
  

	Section 6.10	 Further Assurances. 

Each of the Parties agrees to execute and deliver such further and other documents, to cause such meetings to be held, resolutions to be passed
and articles to be enacted, to exercise their votes, and to influence and perform, and/or cause to be performed, such further and other acts and things, as may be necessary or desirable in order to give full effect to this Agreement and every part
hereof. 
  

	Section 6.11	 Successors and Assigns. 

 

	(1)	 This Agreement becomes effective only when executed by all of the Parties. After that time, it is binding on
and enures to the benefit of the Parties and their respective successors and permitted assigns, including any successor by way of amalgamation, merger, arrangement or other reorganization, or by any operation of Law. 

 

	(2)	 Except as otherwise provided in this Agreement, neither this Agreement nor any of the rights or obligations
under this Agreement are assignable or transferable by any Party without the prior written consent of the other Parties, provided however that each of Cornell, CDPI and Upper Invest may assign its rights and obligations hereunder to another member
of its respective Shareholder Group, whether or not such assignment is accompanied by a transfer of Shares to such member, provided that such assignee (if not already a party hereto) executes a joinder to this Agreement. For the avoidance of doubt,
the transfer by Cornell, CDPI or Upper Invest to another member of its respective Shareholder Group shall not relieve any member of such Shareholder Group from its obligations hereunder. 

 

	Section 6.12	 Severability. 

If any provision of this Agreement is determined to be illegal, invalid or unenforceable, by an arbitrator or any court of competent
jurisdiction from which no appeal exists or is taken, that provision will be severed from this Agreement and the Parties shall substitute for the invalid provision a valid provision which most closely approximates the intent and economic effect of
the invalid provision. 
  

	Section 6.13	 Governing Law. 

 

	(1)	 This Agreement is governed by, and will be interpreted and construed in accordance with, the laws of the
Province of British Columbia and the federal laws of Canada applicable therein. 

  

	(2)	 Each Party irrevocably attorns and submits to the exclusive jurisdiction of the British Columbia courts
situated in the City of Vancouver, and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum. 

  
 - 16 - 

	Section 6.14	 Specific Performance. 

The Parties agree that irreparable damage would occur in the event any provision of this Agreement is not performed in accordance with the
terms hereof, which may not be calculated or fully or adequately compensated by recovery of damages alone, and that the Parties shall be entitled to interim and permanent injunctive relief, specific performance and other equitable remedies in
addition to any other relief to which they may entitled at law or in equity. 
  

	Section 6.15	 Counterparts. 

This Agreement may be executed by the Parties in separate counterparts, including counterparts by electronic transmission, each of which when
so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

[Signature page follows.] 

  
 - 17 - 

 IN WITNESS WHEREOF the Parties have executed this Shareholders Agreement as of the
date and year first written above. 
  

			
	KNOWLTON DEVELOPMENT CORPORATION, INC.

 
			
		
	By:	 	      

		 	 Name:

		 	Tilte:

  
 [Signature Page to
Shareholders Agreement] 

 
			
	 CC KDC CO-INVEST LP

By: CC Co-Invest GP LLC, its General Partner

By: Cornell Capital GP LP, its Sole Member
 By: Cornell Capital GP
GP LLC, its General Partner

		
	By:	 	      

		 	 Name: Richard A. Drucker

		 	Title: Authorized Signatory

  
 [Signature Page to
Shareholders Agreement] 

 
			
	CDP INVESTISSEMENTS INC.

 
			
		
	By:	 	      

		 	 Name:

		 	Title:
		
		 	      

		 	 Name:

		 	Title:

  
 [Signature Page to
Shareholders Agreement] 

 
			
	UPPER INVEST LTD.
		
	By:	 	      

		 	 Name:

		 	Title:
		
		 	      

		 	 Name:

		 	Title:

  
 [Signature Page to
Shareholders Agreement]

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