Document:

Exhibit 4.2

 

REGISTRATION RIGHTS AGREEMENT

 

     

     

    

 

TABLE OF CONTENTS

 

 

 

	 	Page
	 	 
	Article 1
	DEFINITIONS
	 	 
	Section 1.01.  Defined Terms	1
	Section 1.02.  General Interpretive Principles	4
	 	 
	Article 2
	REGISTRATION RIGHTS
	 	 
	Section 2.01.  Registration	4
	Section 2.02.  Piggyback Registrations	7
	Section 2.03.  Selection of Underwriter(s)	7
	Section 2.04.  Registration Procedures	8
	Section 2.05.  Holdback Agreements	11
	Section 2.06.  Underwriting Agreement in Underwritten Offerings	12
	Section 2.07.  Registration Expenses Paid By Company	12
	Section 2.08.  Indemnification	12
	Section 2.09.  Reporting Requirements; Rule 144	14
	 	 
	Article 3
	MISCELLANEOUS
	 	 
	Section 3.01.  Term	14
	Section 3.02.  Notices	14
	Section 3.03.  Successors, Assigns and Transferees	15
	Section 3.04.  GOVERNING LAW; NO JURY TRIAL	16
	Section 3.05.  Specific Performance	16
	Section 3.06.  Headings	16
	Section 3.07.  Severability	16
	Section 3.08.  Amendment; Waiver	16
	Section 3.09.  Further Assurances	17
	Section 3.10.  Counterparts	17

 

    	 	i	 

     

    

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated
as of [·], 2018 (this “Agreement”), is by and between Valtech
SE, a European public limited liability company (the “Company”), SiegCo SA, Cosmoledo SPRL and Verlinvest SA
(the “Institutional Shareholders”) and the Persons listed on Schedule 1 hereto (the “Management Shareholders”).

 

WITNESETH:

 

WHEREAS, the Company is currently contemplating
an underwritten initial public offering (“IPO”) of its Class A Ordinary Shares (as defined below); and

 

WHEREAS, the Company desires to grant registration
rights to the Institutional Shareholders and the Management Shareholders on the terms and conditions set out in this Agreement;

 

NOW, THEREFORE, in consideration of the
covenants and agreements contained herein, the parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.     Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Action” means any demand,
action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any federal,
state, local, foreign or international arbitration or mediation tribunal.

 

“Affiliate” of any Person
means a Person that controls, is controlled by, or is under common control with such Person; provided, however, that,
for purposes of this Agreement, the Company and its Subsidiaries shall not be considered to be “Affiliates”
of the Institutional Shareholders and their Subsidiaries (other than the Company and its Subsidiaries) or of the Management Shareholders,
and the Institutional Shareholders and their Subsidiaries (other than the Company and its Subsidiaries) and the Management Shareholders
shall not be considered to be “Affiliates” of the Company or its Subsidiaries. As used herein, “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
entity, whether through ownership of voting securities or other interests, by contract or otherwise.

 

“Agreement” has the
meaning set forth in the preamble to this Agreement.

 

“Business Day” means
any day other than a Saturday, Sunday or a day on which banking institutions are authorized or obligated by law to be closed in
New York, New York.

 

“Class A Ordinary Shares”
means the Class A ordinary shares, par value €0.01 per share, of the Company and any shares into which such Class A ordinary
shares may be converted.

 

“Class B Ordinary Shares”
means the Class B ordinary shares, par value €0.01 per share, of the Company and any shares into which such Class B ordinary
shares may be converted.

 

“Company Notice” has
the meaning set forth in Section 2.01(a).

 

“Company Takedown Notice”
has the meaning set forth in Section 2.01(f).

 

“Demand Registration”
has the meaning set forth in Section 2.01(a).

 

     

     

    

 

“Eligible Holders” has
the meaning set forth in Section 2.01(a).

 

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

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Governmental Authority”
means any nation or government, any state, municipality or other political subdivision thereof, and any entity, body, agency, commission,
department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational,
exercising executive, legislative, judicial, regulatory, administrative or other similar functions of, or pertaining to, government
and any executive official thereof.

 

“Holder” shall mean
the Institutional Shareholders and the Management Shareholders or, in each case, any of their Affiliates, so long as such Person
holds any Registrable Securities or Class B Ordinary Shares convertible into Registrable Securities, and any Person owning Registrable
Securities or Class B Ordinary Shares convertible into Registrable Securities who is a permitted transferee of rights under Section
3.03.

 

“Initiating Holder”
has the meaning set forth in Section 2.01(a).

 

“Institutional Shareholders”
has the meaning set forth in the preamble to this Agreement and shall include their successors, by merger, acquisition, reorganization
or otherwise.

 

“IPO” has the meaning
set forth in the recitals to this Agreement.

 

“Loss” or “Losses”
has the meaning set forth in Section 2.08(a).

 

“Management Shareholders”
has the meaning set forth in the preamble to this Agreement.

 

“Person” means an individual,
a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability
entity, any other entity and any Governmental Authority,

 

“Piggyback Registration”
has the meaning set forth in Section 2.02(a).

 

“Prospectus” means the
prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments, and all other material incorporated by reference in such prospectus.

 

“Registrable Securities”
means any Shares and any securities issued or issuable directly or indirectly with respect to, in exchange for, upon the conversion
of or in replacement of the Shares, whether by way of a dividend or distribution or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation, exchange or other reorganization; provided that any such Shares shall
cease to be Registrable Securities if (i) they have been registered and sold pursuant to an effective Registration Statement, (ii)
they have been transferred by a Holder in a transaction in which the Holder’s rights under this Agreement are not, or cannot
be, assigned, (iii) they may be sold pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner
of sale, or (iv) they have ceased to be outstanding.

 

“Registration” means
a registration with the SEC of the offer and sale to the public of Class A Ordinary Shares under a Registration Statement. The
terms “Register,” “Registered” and “Registering” shall have a correlative
meaning.

 

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“Registration Expenses”
shall mean all expenses incident to the Company’s performance of or compliance with this Agreement, including all (i) registration,
qualification and filing fees; (ii) expenses incurred in connection with the preparation, printing and filing under the Securities
Act of the Registration Statement, any Prospectus and any issuer free writing prospectus and the distribution thereof; (iii) the
fees and expenses of the Company’s counsel and independent accountants; (iv) the fees and expenses incurred in connection
with the registration or qualification and determination of eligibility for investment of the Shares under the state or foreign
securities or blue sky laws and the preparation, printing and distribution of a blue sky or legal investment memorandum (including
the related fees and expenses of counsel); (v) the costs and charges of any transfer agent and any registrar; (vii) all expenses
and application fees incurred in connection with any filing with, and clearance of an offering by, FINRA; (vii) expenses incurred
in connection with any “road show” presentation to potential investors; (viii) printing expenses, messenger,
telephone and delivery expenses; (ix) internal expenses of the Company (including all salaries and expenses of employees of the
Company performing legal or accounting duties); and (x) fees and expenses of listing any Registrable Securities on any securities
exchange on which Class A Ordinary Shares are then listed; but excluding any Selling Expenses.

 

“Registration Period”
has the meaning set forth in Section 2.01(c).

 

“Registration Rights”
shall mean the rights of the Holders to cause the Company to Register Registrable Securities pursuant to this Agreement.

 

“Registration Statement”
means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and regulations promulgated
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Securities Act” means
the U.S. Securities Act of 1933, as amended.

 

“Selling Expenses” means
all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder.

 

“Shares” means all Class
A Ordinary Shares that are beneficially owned by the Institutional Shareholders and the Management Shareholders or, in each case,
any of their Affiliates or any permitted transferee of rights under Section 3.03 from time to time, whether or not held immediately
following the IPO.

 

“Shelf Registration”
means a Registration Statement of the Company for an offering to be made on a delayed or continuous basis of Class A Ordinary Shares
pursuant to Rule 415 under the Securities Act (or similar provisions then in effect).

 

“Subsidiary” means,
when used with respect to any Person, (a) a corporation in which such Person or one or more Subsidiaries of such Person, directly
or indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares
of all classes and series of capital stock of such corporation entitled generally to vote in such election; and (b) any other Person
(other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly, has (i) a majority
ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing body of such
first-named Person.

 

“Takedown Notice” has
the meaning set forth in Section 2.01(f).

 

“Underwritten Offering”
means a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for
reoffering to the public.

 

    	 	3	 

     

    

 

Section 1.02.     General
Interpretive Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise
requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. Whenever
the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.” Unless otherwise specified, the terms
 “hereof,” “herein,” “hereunder” and similar terms refer to this Agreement
as a whole (including the exhibits hereto), and references herein to Articles and Sections refer to Articles and Sections of this
Agreement. Except as otherwise indicated, all periods of time referred to herein shall include all Saturdays, Sundays and holidays;
provided, however, that if the date to perform the act or give any notice with respect to this Agreement shall fall
on a day other than a Business Day, such act or notice may be performed or given timely if performed or given on the next succeeding
Business Day. References to a Person are also to its permitted successors and assigns. The parties have participated jointly in
the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provision of this Agreement.

 

Article
2

REGISTRATION RIGHTS

 

Section 2.01.     Registration.

 

(a)     Request.
SiegCo SA and Cosmoledo SPRL shall each have the right to request that the Company file a Registration Statement with the SEC on
the appropriate registration form for all or part of the Registrable Securities held (or that would be held upon conversion of
Class B Ordinary Shares into Registrable Securities) by such Holder once such Holder is no longer subject to the lock-up applicable
to it entered into in connection with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such
Registrable Securities) by delivering a written request to the Company specifying the kind and number of shares of Registrable
Securities such Holder wishes to Register and the intended method of distribution thereof (a “Demand Registration”
and the Holder submitting such Demand Registration, the “Initiating Holder”). The Company shall (i) within 10
days of the receipt of such request, give written notice of such Demand Registration (the “Company Notice”)
to all Holders other than the relevant Initiating Holder (the “Eligible Holders”), (ii) use its best efforts
to file a Registration Statement in respect of such Demand Registration within 45 days of receipt of the request, and (iii) use
its best efforts to cause such Registration Statement to become effective as soon as reasonably practicable thereafter. The Company
shall include in such Registration all Registrable Securities that the Eligible Holders request to be included within the 10 Business
Days following their receipt of the Company Notice.

 

(b)     Limitations
of Demand Registrations. There shall be no limitation on the number of Demand Registrations pursuant to Section 2.01(a); provided,
however, that SiegCo SA and Cosmoledo SPRL may not require the Company to effect more than four Demand Registrations each
in a 12-month period. In the event that any Person shall have received rights to Demand Registrations pursuant to Section 3.03,
and such Person shall have made a Demand Registration request, such request shall be treated as having been made by the Holder
who transferred such rights to such Person. The Registrable Securities requested to be Registered pursuant to Section 2.01(a) (including,
for the avoidance of doubt, the Registrable Securities of Eligible Holders requested to be registered) must represent (i) an aggregate
offering price of Registrable Securities that is reasonably expected to equal at least $20,000,000 or (ii) all of the remaining
Registrable Securities owned by the Initiating Holder and its Affiliates or that would be owned upon conversion of all of the Class
B Ordinary Shares held by the Initiating Holder and its Affiliates into Class A Ordinary Shares.

 

(c)     Effective
Registration. The Company shall be deemed to have effected a Registration for purposes of ‎Section 2.01(b) if the
Registration Statement is declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until
the earlier of (i) the date when all Registrable Securities thereunder have been sold and (ii) 60 days from the effective date
of the Registration Statement (the “Registration Period”). No Registration shall be deemed to have been effective
if the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such Registration
are not satisfied by reason of the Company. If, during the Registration Period, such Registration is interfered with by any stop
order, injunction or other order or requirement of the SEC or other Governmental Authority, the Registration Period shall be extended
on a day-for-day basis for any period the Holder is unable to complete an offering as a result of such stop order, injunction or
other order or requirement of the SEC or other Governmental Authority.

 

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(d)     Underwritten
Offering. If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a), such offering of Registrable
Securities shall be in the form of an Underwritten Offering and the Company shall include such information in the Company Notice.
In the event that the Initiating Holder intends to distribute the Registrable Securities by means of an Underwritten Offering,
no Holder may include Registrable Securities in such Registration unless such Holder, subject to the limitations set forth in Section
2.06, (i) agrees to sell its Registrable Securities on the basis provided in the applicable underwriting arrangements; (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements and (iii) cooperates with the Company’s reasonable requests in connection
with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which failure
is caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement).

 

(e)     Priority
of Securities in an Underwritten Offering. If the managing underwriter or underwriters of a proposed Underwritten Offering,
including an Underwritten Offering from a Shelf Registration, pursuant to this Section 2.01 informs the Company and the Holders
with Registrable Securities in the proposed Underwritten Offering in writing that, in its or their opinion, the number of securities
requested to be included in such Underwritten Offering exceeds the number that can be sold in such Underwritten Offering without
being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, then the number of securities to be included in such Underwritten Offering shall be reduced in the
following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for
the account of any selling securityholder other than the Initiating Holder and the Eligible Holders; second, there shall
be excluded from the Underwritten Offering any securities to be sold for the account of the Company; third, there shall
be excluded from the Underwritten Offering any securities to be sold for the account of the Eligible Holders and their Affiliates
that have been requested to be included therein pro rata based on the number of Registrable Securities and Class B Ordinary
Shares convertible into Registrable Securities owned by each such Eligible Holder; and finally, there shall be excluded
from the Underwritten Offering any securities to be sold for the account of the Initiating Holder and its Affiliates that have
been requested to be included therein, in each case to the extent necessary to reduce the total number of securities to be included
in such offering to the number recommended by the managing underwriter or underwriters.

 

(f)     Shelf
Registration. At any time after the date hereof when the Company is eligible to Register the applicable Registrable Securities
on Form F-3 (or a successor form) and an Initiating Holder is entitled to request Demand Registrations, such Initiating Holder
may request the Company to effect a Demand Registration as a Shelf Registration. For the avoidance of doubt, the requirement that
(i) the Company deliver a Company Notice in connection with a Demand Registration and (ii) the right of Eligible Holders to request
that their Registrable Securities be included in a Registration Statement filed in connection with a Demand Registration, each
as set forth in Section 2.01(a), shall apply to a Demand Registration that is effected as Shelf Registration. There shall be no
limitations on the number of Underwritten Offerings pursuant to a Shelf Registration; provided, however, that SiegCo
SA and Cosmoledo SPRL may not require the Company to effect more than four Underwritten Offerings each in a 12-month period. If
any Initiating Holder holds Registrable Securities included on a Shelf Registration, or Class B Ordinary Shares convertible into
Registrable Securities included on a Shelf Registration, it shall have the right to request that the Company cooperate in a shelf
takedown at any time, including an Underwritten Offering, by delivering a written request thereof to the Company specifying the
kind and number of shares of Registrable Securities such Initiating Holder wishes to include in the shelf takedown (“Takedown
Notice”). The Company shall (i) within five days of the receipt of a Takedown Notice, give written notice of such Takedown
Notice to all Holders of Registrable Securities or Class B Ordinary Shares convertible into Registrable Securities included on
such Shelf Registration (the “Company Takedown Notice”), and (ii) shall take all actions reasonably requested
by the Initiating Holder who submitted the Takedown Notice, including the filing of a Prospectus supplement and the other actions
described in Section 2.04, in accordance with the intended method of distribution set forth in the Takedown Notice as expeditiously
as practicable. If the takedown is an Underwritten Offering, the Company shall include in such Underwritten Offering all Registrable
Securities that the Holders of Registrable Securities (or Class B Ordinary Shares convertible into Registrable Securities) included
in the Registration Statement for such Shelf Registration, request be included within the five Business Days following such Holders’
receipt of the Company Takedown Notice. If the takedown is an Underwritten Offering, the Registrable Securities requested to be
included in a shelf takedown must represent (i) an aggregate offering price of Registrable Securities that is reasonably expected
to equal at least $20,000,000 or (ii) all of the remaining Registrable Securities owned by the requesting Initiating Holder and
its Affiliates or that would be owned upon conversion of all of the Class B Ordinary Shares held by the requesting Initiating Holder
and its Affiliates into Class A Ordinary Shares.

 

    	 	5	 

     

    

 

(g)     SEC
Form. Except as set forth in the next sentence, the Company shall use its best efforts to cause Demand Registrations to be
Registered on Form F-3 (or any successor form), and if the Company is not then eligible under the Securities Act to use Form F-3,
Demand Registrations shall be Registered on Form F-1 (or any successor form). The Company shall use its best efforts to become
eligible to use Form F-3 and, after becoming eligible to use Form F-3, shall use its best efforts to remain so eligible. All Demand
Registrations shall comply with applicable requirements of the Securities Act and, together with each Prospectus included, filed
or otherwise furnished by the Company in connection therewith, shall not contain any untrue statement of material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(h)     Postponement.
Upon notice to, in the case of a Demand Registration, the Initiating Holder for such Demand Registration and any other Eligible
Holders or, in the case of a shelf takedown, the Initiating Holder or Holders requesting such shelf takedown and any other Holders
to which a Company Takedown Notice has been delivered with respect to such shelf takedown, the Company may postpone effecting a
Registration or shelf takedown, as applicable, pursuant to this Section 2.01 for a reasonable time specified in the notice but
not exceeding 90 days (which period may not be extended or renewed), if (i) the Company reasonably believes that effecting the
Registration or shelf takedown, as applicable, would materially and adversely affect a proposal or plan by the Company to engage
in (directly or indirectly through any of its Subsidiaries): (x) a material acquisition or divestiture of assets; (y) a merger,
consolidation, tender offer, reorganization, primary offering of the Company's securities or similar material transaction; or (z)
a material financing or any other material business transaction with a third party or (ii) the Company is in possession of material
non-public information the disclosure of which during the period specified in such notice the Company reasonably believes would
not be in the best interests of the Company.

 

(i)     Right
to Withdraw. Unless otherwise agreed, each Holder shall have the right to withdraw such Holder’s request for inclusion
of its Registrable Securities in any Underwritten Offering pursuant to this Section 2.01 at any time prior to the execution of
an underwriting agreement with respect thereto by giving written notice to the company of such Holder’s request to withdrawn
and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable
Securities from a Demand Registration at any time prior to the effective date thereof.

 

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Section 2.02.     Piggyback
Registrations.

 

(a)     Participation.
If the Company proposes to file a Registration Statement under the Securities Act with respect to any offering of Class A Ordinary
Shares for its own account and/or for the account of any other Persons (other than a Registration (i) under ‎Section
2.01 hereof, (ii) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale
to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement) or Form F-4
or similar form that relates to a transaction subject to Rule 145 under the Securities Act, (iii) in connection with any dividend
reinvestment or similar plan or (iv) for the sole purpose of offering securities to another entity or its security holders in connection
with the acquisition of assets or securities of such entity or any similar transaction, then, as soon as practicable (but in no
event less than 10 days prior to the proposed date of filing such Registration Statement), the Company shall give written notice
of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity to Register under such Registration
Statement such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”).
Subject to Section 2.02(a) and Section 2.02(c), the Company shall include in such Registration Statement all such Registrable Securities
that are requested to be included therein within seven Business Days after the receipt of any such notice; provided, however,
that if, at any time after giving written notice of its intention to Register any securities pursuant to this Section 2.02(a) and
prior to the effective date of the Registration Statement filed in connection with such Registration, the Company shall determine
for any reason not to Register or to delay Registration of such securities, the Company may, at its election, give written notice
of such determination to each such Holder and, thereupon, (i) in the case of a determination not to Register, shall be relieved
of its obligation to Register any Registrable Securities in connection with such Registration and shall have no liability to any
Holder in connection with such termination, and (ii) in the case of a  determination to delay Registration, shall be
permitted to delay Registering any Registrable Securities for the same period as the delay in Registering such other Class A Ordinary
Shares, in each case without prejudice, however, to the rights of any Holder to request that such Registration be effected as a
Demand Registration under Section 2.01. For the avoidance of doubt. no Registration effected under this Section 2.02 shall relieve
the Company of its obligation to effect any Demand Registration under Section 2.01. If the offering pursuant to a Registration
Statement pursuant to this Section 2.02 is to be an Underwritten Offering, then each Holder making a request for a Piggyback Registration
pursuant to this Section 2.02(a) shall, and the Company shall use reasonable best efforts to coordinate arrangements with the underwriters
so that each such Holder may, participate in such Underwritten Offering. If the offering pursuant to such Registration Statement
is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this ‎Section
2.02(a) shall, and the Company shall use reasonable best efforts to coordinate arrangements so that each such Holder may, participate
in such offering on such basis. If the Company files a Shelf Registration for its own account and/or for the account of any other
Persons, the Company agrees that it shall use its best efforts to include in such Registration Statement such disclosures as may
be required by Rule 430B under the Securities Act in order to ensure that the Holders may be added to such Shelf Registration at
a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

(b)     Right
to Withdraw. Unless otherwise agreed, each Holder shall have the right to withdraw such Holder’s request for inclusion
of its Registrable Securities in any Underwritten Offering pursuant to this Section 2.02 at any time prior to the execution of
an underwriting agreement with respect thereto by giving written notice to the Company of such Holder’s request to withdraw
and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable
Securities from a Piggyback Registration at any time prior to the effective date thereof.

 

(c)     Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of
Registrable Securities included in a Piggyback Registration informs the Company and the Holders in writing that, in its or their
opinion, the number of securities of such class which such Holder and any other Persons intend to include in such Underwritten
Offering exceeds the number which can be sold in such Underwritten Offering without being likely to have a significant adverse
effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities
to be included in such Underwritten Offering shall be reduced in the following order of priority: first, there shall be
excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the
Holders; and second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of
Holders and their Affiliates that have been requested to be included therein pro rata based on the number of Registrable
Securities and Class B Ordinary Shares convertible into Registrable Securities owned by each such Holder, in each case to the extent
necessary to reduce the total number of securities to be included in such offering to the number recommended by the managing underwriter
or underwriters.

 

Section 2.03.     Selection
of Underwriter(s). In any Underwritten Offering pursuant to Section 2.01, the Initiating Holder shall select the underwriter(s).
The Initiating Holder shall consult with the Company in the selection of such underwriter(s), provided that the Initiating Holder
shall be under no obligation to the Company as a result of or in connection with such consultation.

 

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Section 2.04.     Registration
Procedures.

 

(a)     In connection
with the Registration and/or sale of Registrable Securities pursuant to this Agreement, through an Underwritten Offering or otherwise,
the Company shall use best efforts to effect or cause the Registration and the sale of such Registrable Securities in accordance
with the intended methods of disposition thereof and:

 

(i)     prepare
and file the required Registration Statement, including all exhibits and financial statements required under the Securities Act
to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements
thereto, (A) furnish to the underwriters, if any, and to the Holders participating in such Registration, copies of all documents
prepared to be filed, which documents will be subject to the review of such underwriters and such participating Holders and their
respective counsel, and (B) consider in good faith any comments of the underwriters and Holders and their respective counsel on
such documents;

 

(ii)     prepare
and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith
as may be necessary to keep such Registration Statement effective in accordance with the terms of this Agreement and to comply
with the provisions of the Securities Act with respect to the disposition of all of the Shares Registered thereon;

 

(iii)     in
the case of a Shelf Registration, prepare and file with the SEC such amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply
with the provisions of the Securities Act with respect to the disposition of all Shares subject thereto for a period ending on
the 3rd anniversary after the effective date of such Registration Statement;

 

(iv)     notify
the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing
and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company
(A) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, or when the applicable
Prospectus or any amendment or supplement to such Prospectus has been filed, (B) of any written comments by the SEC or any request
by the SEC or any other Governmental Authority for amendments or supplements to such Registration Statement or such Prospectus
or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or any order preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening
of any proceedings for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable
underwriting agreement cease to be true and correct in all material respects, and (E) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;

 

(v)     promptly
notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the occurrence
of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement
(as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made)
not misleading or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration
Statement or Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter,
prepare and file with the SEC, and furnish without charge to the selling Holder and the managing underwriter or underwriters, if
any, an amendment or supplement to such Registration Statement or Prospectus which will correct such statement or omission or effect
such compliance;

 

(vi)     use
its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any preliminary
or final Prospectus;

 

    	 	8	 

     

    

 

(vii)     promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and the
Holders may reasonably request to be included therein in order to permit the intended method of distribution of the Registrable
Securities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable
after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

(viii)     furnish
to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may
reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial
statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

 

(ix)     deliver
to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each
preliminary Prospectus) and any amendment or supplement thereto as such Holder or underwriter may reasonably request (it being
understood that the Company consents to the use of such Prospectus or any amendment or supplement thereto by each selling Holder
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus
or any amendment or supplement thereto) and such other documents as such selling Holder or underwriter may reasonably request in
order to facilitate the disposition of the Registrable Securities by such Holder or underwriter;

 

(x)     on
or prior to the date on which the applicable Registration Statement is declared effective or becomes effective, use its reasonable
best efforts to register or qualify, and cooperate with each selling Holder, the managing underwriter or underwriters, if any,
and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and
sale under the securities or “blue sky” laws of each state and other jurisdiction of the United States as any selling
Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and
all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as
such Registration Statement remains in effect and so as to permit the continuance of sales and dealings in such jurisdictions of
the United States for so long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration
Statement; provided that the Company will not be required to qualify generally to do business in any jurisdiction where
it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such
jurisdiction where it is not then so subject;

 

(xi)     in
connection with any sale of Registrable Securities that will result in such securities no longer being Registrable Securities,
cooperate with each selling Holder and the managing underwriter or underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive Securities Act legends;
and to register such Registrable Securities in such denominations and such names as such selling Holder or the underwriter(s),
if any, may request at least two Business Days prior to such sale of Registrable Securities; provided that the Company may
satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company’s
Direct Registration System;

 

(xii)     cooperate
and assist in any filings required to be made with the FINRA and each securities exchange, if any, on which any of the Company’s
securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s securities are
then quoted, and in the performance of any due diligence investigation by any underwriter (including any “qualified independent
underwriter”) that is required to be retained in accordance with the rules and regulations of each such exchange, and use
its best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the
underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

    	 	9	 

     

    

 

(xiii)     not
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and
provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for
deposit with The Depository Trust Company; provided that the Company may satisfy its obligations hereunder without issuing
physical stock certificates through the use of The Depository Trust Company’s Direct Registration System;

 

(xiv)     in
the case of an Underwritten Offering, obtain for delivery to and addressed to the selling Holders and the underwriter or underwriters,
an opinion from the Company’s outside counsel in customary form and content for the type of Underwritten Offering, dated
the date of the closing under the underwriting agreement;

 

(xv)     in
the case of an Underwritten Offering, obtain for delivery to and addressed to the underwriter or underwriters and, to the extent
agreed by the Company’s independent certified public accountants, each selling Holder, a comfort letter from the Company’s
independent certified public accountants (and the independent certified public accountants with respect to any acquired company
financial statements) in customary form and content for the type of Underwritten Offering, including with comfort letters customarily
delivered in connection with quarterly period financial statements if applicable, dated the date of execution of the underwriting
agreement and brought down to the closing under the underwriting agreement;

 

(xvi)     use
its best efforts to comply with all applicable rules and regulations of the SEC and make generally available to its security holders,
as soon as reasonably practicable, but no later than 90 days after the end of the 12-month period beginning with the first day
of the Company’s first quarter commencing after the effective date of the applicable Registration Statement, an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder
and covering the period of at least 12 months, but not more than 18 months, beginning with the first month after the effective
date of the Registration Statement;

 

(xvii)     provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration
Statement from and after a date not later than the effective date of such Registration Statement;

 

(xviii)     cause
all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any
of the Company’s Class A Ordinary Shares are then listed or quoted and on each inter-dealer quotation system on which any
of the Company’s Class A Ordinary Shares are then quoted, including the filing of any required supplemental listing application;

 

(xix)     provide
(A) each Holder participating in the Registration, (B) the underwriters (which term, for purposes of this Agreement, shall include
a Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities
to be Registered, (C) the sale or placement agent therefor, if any, (D) counsel for such underwriters or agent, and (E) any attorney,
accountant or other agent or representative retained by such Holder or any such underwriter, as selected by such Holder, the opportunity
to participate in the preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each
amendment or supplement thereto, and to require the insertion therein of material, furnished to the Company in writing, which in
the reasonable judgment of such Holder(s) and their counsel should be included; and for a reasonable period prior to the filing
of such Registration Statement, make available upon reasonable notice at reasonable times and for reasonable periods for inspection
by the parties referred to in (A) through (E) above, all pertinent financial and other records, pertinent corporate documents and
properties of the Company that are available to the Company, and cause the Company’s officers, employees and the independent
public accountants who have certified its financial statements to make themselves available at reasonable times and for reasonable
periods, to discuss the business of the Company and to supply all information available to the Company reasonably requested by
any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence
responsibility, subject to the foregoing, provided that any such Person gaining access to information or personnel pursuant
to this Section 2.04(a)(xix) shall agree to use reasonable efforts to protect the confidentiality of any information regarding
the Company which the Company determines in good faith to be confidential, and of which determination such Person is notified,
unless (x) the release of such information is required by law or regulation or is requested or required by deposition, interrogatory,
requests for information or documents by a governmental entity, subpoena or similar process, (y) such information is or becomes
publicly known without a breach of this Agreement, (F) such information is or becomes available to such Person on a non-confidential
basis from a source other than the Company or (z) such information is independently developed by such Person;

 

    	 	10	 

     

    

 

(xx)     to
cause the executive officers of the Company to participate in the customary “road show” presentations that may be reasonably
requested by the managing underwriter or underwriters in any Underwritten Offering and otherwise to facilitate, cooperate with,
and participate in each proposed offering contemplated herein and customary selling efforts related thereto; and

 

(xxi)     take
all other customary steps reasonably necessary to effect the Registration, offering and sale of the Registrable Securities.

 

(b)     As a condition
precedent to any Registration hereunder, the Company may require each Holder as to which any Registration is being effected to
furnish to the Company such information regarding the distribution of such securities and such other information relating to such
Holder, its ownership of Registrable Securities and other matters as the Company may from time to time reasonably request in writing.
Each such Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to
enable the Company to comply with the provisions of this Agreement.

 

(c)     Each Holder
agrees that, upon receipt of any written notice from the Company of the occurrence of any event of the kind described in Section
2.04(a)(v), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 2.04(a)(v), or
until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and if so directed by the
Company, such Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies
then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of
such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement
for a Demand Registration is required to be maintained effective shall be extended by the number of days during the period from
and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered
by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 2.04(a)(v)
or is advised in writing by the Company that the use of the Prospectus may be resumed.

 

Section 2.05.     Holdback
Agreements. Each of the Company and the Holders agrees, upon notice from the managing underwriter or underwriters in connection
with any Registration for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement
on Form F-4 or any similar or successor form or pursuant to a registration solely relating to an offering and sale to employees
or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), not to effect (other
than pursuant to such Registration) any public sale or distribution of Registrable Securities, including, but not limited to, any
sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any
Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable
for any equity securities of the Company without the prior written consent of the managing underwriters during such period as reasonably
requested by the managing underwriters (but in no event longer than the seven days before and the 90 days after the pricing of
such Underwritten Offering); and subject to reasonable and customary exceptions to be agreed with such managing underwriter or
underwriters. Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.05 shall be required
of Holders unless each of the Company’s directors and executive officers agrees to be bound by a substantially identical
holdback agreement for at least the same period of time.

 

    	 	11	 

     

    

 

Section 2.06.     Underwriting
Agreement in Underwritten Offerings. If requested by the managing underwriters for any Underwritten Offering, the Company and
the participating Holders shall enter into an underwriting agreement in customary form with such underwriters for such offering;
provided, however, that no Holder shall be required to make any representations or warranties to the Company or the
underwriters (other than representations and warranties regarding (i) such Holder’s ownership of Registrable Securities to
be transferred free and clear of all liens, claims and encumbrances created by such Holder, (ii) such Holder’s power and
authority to effect such transfer, (iii) such matters pertaining to such Holder’s compliance with securities laws as reasonably
may be requested and (iv) such Holder’s intended method of distribution) or to undertake any indemnification obligations
to the Company with respect thereto, except as otherwise provided in Section 2.08 hereof.

 

Section 2.07.     Registration
Expenses Paid By Company. In the case of any Registration of Registrable Securities required pursuant to this Agreement (including
any Registration that is delayed or withdrawn) or proposed Underwritten Offering pursuant to this Agreement, the Company shall
pay all Registration Expenses regardless of whether the Registration Statement becomes effective or the Underwritten Offering is
completed. The Company shall have no obligation to pay any Selling Expenses for Registrable Securities offered by any Holders.

 

Section 2.08.     Indemnification.

 

(a)     Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Holder and
such Holder’s officers, directors, employees, advisors, Affiliates and agents and each Person who controls (within the meaning
of the Securities Act or the Exchange Act) such Holder from and against any and all losses, claims, damages, liabilities (or actions
in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable
costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such
statement made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that the Company has filed or is
required to file pursuant to Rule 433(d) of the Securities Act, or (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus
or free writing prospectus, in light of the circumstances under which they were made) not misleading; provided, however,
that the Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration
Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly
for use in the preparation thereof. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party
and shall survive the transfer of such securities by such Holder.

 

(b)     Indemnification
by the Selling Holder. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the full extent
permitted by law, the Company and the Company’s directors, officers, employees, advisors, Affiliates and agents and each
Person who controls the Company (within the meaning of the Securities Act and the Exchange Act) from and against any Losses arising
out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus
contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such
statement made in any free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the
Securities Act, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the
circumstances under which they were made) not misleading but only to the extent, in each of cases (i) or (ii), that such untrue
statement or omission is contained in any information furnished in writing by such selling Holder to the Company expressly for
inclusion in such Registration Statement, Prospectus, preliminary Prospectus or free writing prospectus. In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder
under the sale of the Registrable Securities giving rise to such indemnification obligation. This indemnity shall be in addition
to any liability the selling Holder may otherwise have. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any indemnified party.

 

    	 	12	 

     

    

 

(c)     Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to
so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder to the extent that it is materially
prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification
hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees
and expenses of such counsel shall be at the expense of such Person unless (a) the indemnifying party has agreed in writing to
pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim within a reasonable
time after receipt of notice of such claim from the Person entitled to indemnification hereunder, (c) the named parties to any
proceeding include both such indemnified and the indemnifying party and the indemnified party has reasonably concluded (based on
written advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, or (d) in the reasonable judgment of any such Person, based upon written
advice of its counsel, a conflict of interest may exist between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf
of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent, but such consent may not be unreasonably withheld, conditioned or delayed. If the
indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent
of the indemnified party, which consent may not be unreasonably withheld, conditioned or delayed. No indemnifying party shall consent
to entry of any judgment or enter into any settlement without the consent of the indemnified party which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all
liability in respect to such claim or litigation. It is understood that the indemnifying party or parties shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, arising out of the same general allegations or circumstances,
be liable for the fees and expenses of more than one separate firm (in addition to any appropriate local counsel) at any one time
from all such indemnified party or parties unless (x) the employment of more than one counsel has been authorized in writing by
the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on written advice of counsel) that
there may be legal defenses available to it that are different from or in addition to those available to the other indemnified
parties or (z) a conflict or potential conflict exists or in the reasonable judgment of such indemnified party may exist (based
on advice of counsel to an indemnified party) between such indemnified party or parties and the other indemnified parties, in each
of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel.

 

    	 	13	 

     

    

 

(d)     Contribution.
If for any reason the indemnification provided for in Section 2.08(a) or Section 2.08(b) is unavailable to an indemnified party
or insufficient to hold it harmless as contemplated by Section 2.08(a) or Section 2.08(b), then the indemnifying party shall, to
the fullest extent permitted by law, in lieu of indemnifying such indemnified party thereunder, contribute to the amount paid or
payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions
which resulted in such Loss as well as any other relevant equitable considerations. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. Notwithstanding
anything in this Section 2.08(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to
this Section 2.08(d) to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party
from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate (before deducting
expenses, if any) exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason
of such untrue statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant
to this Section 2.08(d) were determined by pro rata allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in this Section 2.08(d). No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. The amount paid or payable by an indemnified party hereunder shall be deemed to include, for purposes of this
Section 2.08(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing
to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any
such loss, claim, damage, expense, liability, action, investigation or proceeding. If indemnification is available under this Section
2.08, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 2.08(a) and Section
2.08(b) hereof without regard to the relative fault of said indemnifying parties or indemnified party.

 

Section 2.09.     Reporting
Requirements; Rule 144. Following the IPO, the Company shall use its best efforts to be and remain in compliance with the periodic
filing requirements imposed under the SEC’s rules and regulations, including the Exchange Act, and thereafter shall timely
file such information, documents and reports as the SEC may require or prescribe under Section 13 or 15(d) (whichever is applicable)
of the Exchange Act. If the Company is not required to file such reports during such period, it will, upon the request of any Holder,
make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144 or Regulation
S under the Securities Act, and it will take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 or Regulation S under the Securities Act, as such Rules may be amended from
time to time, or (b) any rule or regulation hereafter adopted by the SEC. From and after the date hereof through the date upon
which no Holder owns any Registrable Securities or Class B Ordinary Shares convertible into Registrable Securities, the Company
shall forthwith upon request furnish any Holder (i) a written statement by the Company as to whether it has complied with such
requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report of the Company, and
(iii) such other reports and documents filed by the Company with the SEC as such Holder may reasonably request in availing itself
of an exemption for the sale of Registrable Securities without registration under the Securities Act.

 

Article
3

MISCELLANEOUS

 

Section 3.01.     Term.
This Agreement shall terminate at such time as there are no Registrable Securities or Class B Ordinary Shares convertible into
Registrable Securities, except for the provisions of Section 2.07 and Section 2.08 and all of this Article 3, which shall survive
any such termination.

 

Section 3.02.     Notices.
All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered
in person or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows:

 

    	 	14	 

     

    

 

If to an Institutional Shareholder, to
its address as set forth below:

 

SiegCo SA

Place Flagey 18, 1050 Brussels

Belgium

Attention: General Counsel

 

Verlinvest SA

Place Flagey 18, 1050 Brussels

Belgium

Attention: Board of Directors

 

Cosmoledo SPRL

Place du Champ De Mars 5, 1050 Brussels

Belgium

Attention: Board of Directors

 

If to a Management Shareholder to:

 

c/o Valtech SE

46 Colebrooke Row

London, N1 8AF, England

United Kingdom

Attention: General Counsel

 

If to the Company to:

 

Valtech SE

46 Colebrooke Row

London, N1 8AF, England

United Kingdom

Attention: General Counsel

 

with a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Byron B. Rooney

 

Any party may, by notice to the other party, change the address
to which such notices are to be given.

 

Section 3.03.     Successors,
Assigns and Transferees. This Agreement and all provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. The Company may assign this Agreement at any time in connection with
a sale or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s
assets, or similar transaction, without the consent of the Holders; provided that the successor or acquiring Person agrees
in writing to assume all of the Company’s rights and obligations under this Agreement. An Institutional Shareholder may assign
its rights and obligations under this Agreement to any transferee that acquires from such Institutional Shareholder in a private
placement a number of Class A Ordinary Shares or Class B Ordinary Shares equal to at least 10%, if the transferring Holder is SiegCo
SA, or at least 5%, if the transferring Holder is Cosmoledo SPRL or Verlinvest SA, of the aggregate number of outstanding Class
A Ordinary Shares and Class B Ordinary Shares and executes an agreement to be bound hereby in the form attached hereto as Exhibit
A, an executed counterpart of which shall be furnished to the Company. Notwithstanding the foregoing, if such transfer is subject
to covenants, agreements or other undertakings restricting transferability thereof, the Registration Rights shall not be transferred
in connection with such transfer unless such transferee complies with all such covenants, agreements and other undertakings. Except
as set forth in this Section 3.03, the Holders may not assign their rights and obligations hereunder.

 

    	 	15	 

     

    

 

Section 3.04.     GOVERNING
LAW; NO JURY TRIAL.

 

(a)     This Agreement
shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard to the
conflict of laws principles thereof that would result in the application of any law other than the laws of the State of New York.
EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH
RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT, AS APPLICABLE.

 

(b)     With respect
to any Action relating to or arising out of this Agreement, each party to this Agreement irrevocably (i) consents and submits to
the exclusive jurisdiction of the courts of the State of New York and any court of the United States located in the Borough of
Manhattan in New York City; (ii) waives any objection which such party may have at any time to the laying of venue of any
Action brought in any such court, waives any claim that such Action has been brought in an inconvenient forum and further waives
the right to object, with respect to such Action, that such court does not have jurisdiction over such party; and (iii) consents
to the service of process at the address set forth for notices in Section 3.02 herein; provided, however, that such
manner of service of process shall not preclude the service of process in any other manner permitted under applicable law.

 

Section 3.05.     Specific
Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions
of this Agreement, the party or parties who are or are to be thereby aggrieved shall have the right to seek specific performance
and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies
at law or in equity, and all such rights and remedies shall be cumulative.

 

Section 3.06.     Headings.
The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement.

 

Section 3.07.     Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons
or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full
force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall
negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the
parties.

 

Section 3.08.     Amendment;
Waiver.

 

(a)     This Agreement
may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except by an
instrument or instruments in writing making specific reference to this Agreement and signed by the Company and Holders of a majority
of the Registrable Securities as of such time, for purposes of which calculation Registrable Securities shall be deemed to include
Class B Ordinary Shares convertible into Registrable Securities; provided, however, that any amendment, modification
or waiver that results in a non-pro rata material adverse effect on the rights of a Holder under this Agreement will require
the written consent of such Holder.

 

    	 	16	 

     

    

 

(b)     Waiver
by any party of any default by the other party of any provision of this Agreement shall not be deemed a waiver by the waiving party
of any subsequent or other default, nor shall it prejudice the rights of the other party.

 

Section 3.09.     Further
Assurances. Each of the parties hereto shall execute and deliver all additional documents, agreements and instruments and shall
do any and all acts and things reasonably requested by the other party hereto in connection with the performance of its obligations
undertaken in this Agreement.

 

Section 3.10.     Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. Execution
of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic copy of a signature shall
be deemed to be, and shall have the same effect as, executed by an original signature.

 

[The remainder of page intentionally
left blank. Signature page follows.]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the date first written above.

 

	 	Valtech SE
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	SiegCo SA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Cosmoledo SPRL
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Verlinvest SA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to the Registration Rights
Agreement]

 

     

     

    

 

	 	MANAGEMENT SHAREHOLDERS:

 

	 	 
	 	Sebastian Lombardo

 

	 	 
	 	Olivier Padiou

 

	 	 
	 	Tomas Nores

 

	 	 
	 	Laurent Pretet

 

	 	 
	 	Paul Lewis

 

	 	 
	 	Ulf Sidemo

 

	 	 
	 	Carsten Brogaard Jensen

 

	 	 
	 	Alexandra de la Martinière

 

[Signature
page to the Registration Rights Agreement]

 

     

     

    

 

SCHEDULE 1

 

		1.	Sebastian Lombardo

 

		2.	Olivier Padiou

 

		3.	Tomas Nores

 

		4.	Laurent Pretet

 

		5.	Paul Lewis

 

		6.	Ulf Sidemo

 

		7.	Carsten Brogaard Jensen

 

		8.	Alexandra de la Martinière

 

     

     

    

 

EXHIBIT A

 

THIS INSTRUMENT forms part of the Registration
Rights Agreement (the “Agreement”), dated as of ________, 2018, by and among Valtech SE, a European public limited
liability company, SiegCo SA, Cosmoledo SPRL and Verlinvest SA (the “Institutional Shareholders”) and the Persons
listed on Schedule 1 thereto. The undersigned hereby acknowledges having received a copy of the Agreement and having read the Agreement
in its entirety, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending
to be legally bound, hereby agrees that the terms and conditions of the Agreement binding upon and inuring to the benefit of [insert
name of Institutional Shareholder from which Class A Ordinary Shares or Class B Ordinary Shares were acquired] shall be binding
upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were such Institutional Shareholder
as an original party to the Agreement.

 

IN WITNESS WHEREOF, the undersigned has
executed this instrument on this day of ___________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.5

 

VALTECH SE

2018 OMNIBUS INCENTIVE PLAN

 

Part A: Employee Awards

 

The following provisions of this Part A will apply to Employee
Awards.

 

Section 1.     Purpose.
The purpose of the Valtech SE 2018 Omnibus Incentive Plan (the “Plan”) is to motivate and reward those employees,
directors, consultants and advisors of Valtech SE (the “Company”) and its Affiliates to perform at the highest
level and to further the best interests of the Company and its shareholders. Capitalized terms not otherwise defined herein are
defined in Section 21.

 

Section 2.     Eligibility.

 

(a)     Any
employee of the Company or any Subsidiary or any Non-Employee Director shall be eligible to be selected to receive an Award
under the Plan.

 

(b)     Holders
of equity compensation awards granted by a company acquired by the Company (or whose business is acquired by the Company) or with
which the Company combines are eligible for grants of Replacement Awards under the Plan.

 

Section 3.     Administration.

 

(a)     The Plan
shall be administered by the Plan Administrator, which shall be the Board or any member or members of the Board to whom the Board
has delegated its authority under the Plan. The Plan Administrator may issue rules and regulations for administration of the Plan.

 

(b)     Subject
to the terms of the Plan and applicable law, the Plan Administrator (or its delegate) shall have full power and authority to: (i) designate
grants under Part A or Part B of the Plan (as the case may be); (ii) designate Participants; (iii) determine the type or types
of Awards (including Replacement Awards) to be granted to each Participant under the Plan; (iv) determine the number of Shares
to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) Awards; (v) determine
the terms and conditions of any Award; (vi) determine whether, to what extent and under what circumstances Awards may be settled
or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any
combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised,
canceled, forfeited or suspended; (vii) determine whether, to what extent and under what circumstances cash, Shares, other
Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically
or at the election of the holder thereof or of the Plan Administrator; (viii) interpret and administer the Plan and any instrument
or agreement relating to, or Award made under, the Plan; (ix) establish, amend, suspend or waive such rules and regulations
and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (x) make any other determination
and take any other action that the Plan Administrator deems necessary or desirable for the administration of the Plan.

 

     

     

    

 

(c)     All decisions
of the Plan Administrator shall be final, conclusive and binding upon all parties, including the Company, its shareholders and
Participants and any Beneficiaries thereof.

 

Section 4.     Shares
Available for Awards.

 

(a)     Subject
to adjustment as provided in Section 4(c), the maximum number of Shares available for issuance under the Plan (including, for the
avoidance of doubt, under either Part A or Part B of the Plan) as of the effective date of the Plan shall not exceed 5,202,111
Shares; provided that, starting on January 1, 2019, on January 1 of each year, the total number of Shares available for
issuance under the Plan will be increased by an amount equal to the lesser of (i) 5% of the Company’s outstanding Shares
on December 31 of the immediately preceding year or (ii) such number of Shares as determined by the Board in its discretion. Shares
underlying Replacement Awards and Shares remaining available for grant under a plan of an acquired company or of a company with
which the Company combines (whether by way of merger, sale and purchase of shares or other securities or otherwise), appropriately
adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares remaining available for grant
hereunder.

 

(b)     Any (i)
Shares subject to an Award or to an equity-based award granted under a prior plan, program, arrangement or agreement of the Company
(other than a Replacement Award and any Award granted out of the authorized shares of an acquired plan), that expires, is canceled,
forfeited or otherwise terminates without the delivery of such Shares, including any Shares subject to such Award or award to the
extent that such Award or award is settled without the issuance of Shares and (ii) Shares surrendered or withheld in payment of
any grant, acquisition or exercise price of such Award or award or taxes related to such Award or award, shall again be, or shall
become, available for issuance under the Plan for the purposes of Section 4(a) above.

 

(c)     In the
event that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization,
share split, reverse share split, reorganization, merger, amalgamation, consolidation, split-up, spin-off, combination, repurchase
or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities
of the Company at less than Fair Market Value, issuance of Shares pursuant to the anti-dilution provisions of securities of the
Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or
accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then the Plan Administrator shall, subject to Section 18, adjust equitably any or
all of:

 

    	 	2	 

     

    

 

(i)     the
number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate limit
specified in Section 4(a);

 

(ii)     the
number and type of Shares (or other securities) subject to outstanding Awards;

 

(iii)     the
grant, acquisition, exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the
holder of an outstanding Award; and

 

(iv)     the
terms and conditions of any outstanding Awards, including the performance criteria of any Performance Awards;

 

provided, however, that the number of Shares subject
to any Award denominated in Shares shall always be a whole number.

 

(d)     Any Shares
delivered pursuant to an Award may consist, in whole or in part, of newly issued Shares or Shares acquired by the Company or Shares
held in trust, or any other method determined in the reasonable discretion of the Board.

 

Section 5.     Options.
The Plan Administrator is authorized to grant Options to Participants with the following terms and conditions and with such
additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Plan Administrator shall
determine. The Plan Administrator is also authorized to grant options with terms and conditions that conform to tax qualification
rules in applicable jurisdictions.

 

(a)     The exercise
price per Share under an Option shall be determined by the Plan Administrator; provided, however, that the exercise
price exceeds the nominal value of such Share; provided, further, that, except in the case of Replacement Awards,
for participants subject to taxation in the United States, such exercise price shall not be less than the Fair Market Value of
a Share on the date of grant of such Option.

 

(b)     The term
of each Option shall be fixed by the Plan Administrator but shall not exceed 10 years from the date of grant of such Option.

 

(c)     The Plan
Administrator shall determine the time or times at which an Option may be exercised in whole or in part.

 

(d)     The Plan
Administrator shall determine the methods by which, and the forms in which payment of the exercise price with respect thereto may
be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted
cashless exercise) or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price.

 

    	 	3	 

     

    

 

Section 6.     Restricted
Shares and RSUs. The Plan Administrator is authorized to grant Awards of Restricted Shares and RSUs to Participants with the
following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions
of the Plan, as the Plan Administrator shall determine.

 

(a)     The applicable
Award Agreement shall specify the vesting schedule and, with respect to RSUs, the delivery schedule (which may include deferred
delivery later than the vesting date) and whether the Restricted Shares or RSUs are entitled to dividends or dividend equivalents,
voting rights or any other rights.

 

(b)     Restricted
Shares and RSUs shall be subject to such restrictions as the Plan Administrator may impose (including any limitation on the right
to vote a Restricted Share or the right to receive any dividend, dividend equivalent or other right), which restrictions may lapse
separately or in combination at such time or times, in such installments or otherwise, as the Plan Administrator may deem appropriate.
Without limiting the generality of the foregoing, if the Award relates to Shares on which dividends are declared during the period
that the Award is outstanding, the Award shall not provide for the payment of such dividend (or a dividend equivalent) to the Participant
prior to the time at which such Award, or applicable portion thereof, becomes nonforfeitable, unless otherwise provided in the
applicable Award Agreement.

 

(c)     Any Restricted
Share granted under the Plan may be evidenced in such manner as the Plan Administrator may deem appropriate, including book-entry
registration or issuance of a share certificate or certificates. In the event that any share certificate is issued in respect of
Restricted Shares granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an
appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Shares.

 

(d)     The Plan
Administrator may determine the form or forms (including cash, Shares, other Awards, other property or any combination thereof)
in which payment of the amount owing upon settlement of any RSU Award may be made.

 

Section 7.     Share
Appreciation Rights. The Plan Administrator is authorized to grant SARs to Participants with the following terms and conditions
and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Plan Administrator
shall determine.

 

(a)     SARs may
be granted under the Plan to Participants either alone (“freestanding”) or in addition to other Awards granted under
the Plan (“tandem”).

 

(b)     The exercise
price per Share under a SAR shall be determined by the Plan Administrator; provided, however, that the exercise price exceeds
the nominal value of such Share; provided, further, that, except in the case of Replacement Awards, for participants
subject to taxation in the United States, such exercise price shall not be less than the Fair Market Value of a Share on the date
of grant of such SAR (or if granted in connection with an Option, on the grant date of such Option).

 

(c)     The term
of each SAR shall be fixed by the Plan Administrator but shall not exceed 10 years from the date of grant of such SAR.

 

    	 	4	 

     

    

 

(d)     The Plan
Administrator shall determine the time or times at which a SAR may be exercised or settled in whole or in part.

 

(e)     Upon the
exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Shares subject to the SAR multiplied
by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise price of such SAR. The Company
shall pay such excess in cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Plan Administrator.

 

Section 8.     Performance
Awards. The Plan Administrator is authorized to grant Performance Awards to Participants with the following terms and conditions
and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Plan Administrator
shall determine.

 

(a)     Performance
Awards may be denominated as a cash amount, a number of Shares or a combination thereof and are Awards which may be earned upon
achievement or satisfaction of performance conditions specified by the Plan Administrator. In addition, the Plan Administrator
may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the
Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified
by the Plan Administrator. The Plan Administrator may use such business criteria and other measures of performance as it may deem
appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved
during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount
of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Plan Administrator. If the Performance
Award relates to Shares on which dividends are declared during the Performance Period, the Performance Award shall not provide
for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award,
or the applicable portion thereof, is earned.

 

(b)     Performance
criteria may be measured on an absolute (e.g., plan or budget) or relative basis, and may be established on a corporate-wide
basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be
measured against a group of peer companies, a financial market index or other acceptable objective and quantifiable indices. If
the Plan Administrator determines that a change in the business, operations, corporate structure or capital structure of the Company,
or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable,
the Plan Administrator may modify the minimum acceptable level of achievement, in whole or in part, as the Plan Administrator deems
appropriate and equitable. Performance objectives shall be adjusted for material items not originally contemplated in establishing
the performance target for items resulting from discontinued operations, extraordinary gains and losses, the effect of changes
in accounting standards or principles, acquisitions or divestitures, changes in tax rules or regulations, capital transactions,
restructuring, nonrecurring gains or losses or unusual items. Performance measures may vary from Performance Award to Performance
Award, and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The
Plan Administrator shall have the power to impose such other restrictions on Awards subject to this Section 8(b) as it may deem
necessary or appropriate to ensure that such Awards satisfy all requirements of any applicable law, stock market or exchange rules
and regulations or accounting or tax rules and regulations.

 

    	 	5	 

     

    

 

(c)     Settlement
of Performance Awards; Other Terms. Settlement of Performance Awards shall be in cash, Shares, other Awards, other property,
net settlement or any combination thereof, as determined in the discretion of the Plan Administrator. Performance Awards will be
settled only after the end of the relevant Performance Period. The Plan Administrator may, in its discretion, increase or reduce
the amount of a settlement otherwise to be made in connection with a Performance Award.

 

Section 9.     Other
Share-Based Awards. The Plan Administrator is authorized, subject to limitations under applicable law, to grant to Participants
such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or
related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable debt securities, other
rights convertible or exchangeable into Shares, acquisition rights for Shares, Awards with value and payment contingent upon performance
of the Company or business units thereof or any other factors designated by the Plan Administrator. The Plan Administrator shall
determine the terms and conditions of such Awards.

 

Section 10.     Effect
of Termination of Service on Awards. The Plan Administrator may provide, by rule or regulation or in any Award Agreement, or
may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled,
vested, paid or forfeited in the event of a Participant’s Termination of Service prior to the vesting, exercise or settlement
of such Award or the end of a Performance Period.

 

Section 11.     Effect
of a Change in Control on Awards. In the event of a Change in Control, except as otherwise provided in an Award Agreement,
the Plan Administrator may provide for: (i) continuation or assumption of such outstanding Awards under the Plan by the Company
(if it is the surviving corporation) or by the surviving corporation or its parent; (ii) substitution by the surviving corporation
or its parent of awards with substantially the same terms and value for such outstanding Awards; (iii) acceleration of the vesting
(including the lapse of any restrictions, with any performance criteria or other performance conditions deemed met at target) or
right to exercise such outstanding Awards immediately prior to or as of the date of the Change in Control, and the expiration of
such outstanding Awards to the extent not timely exercised by the date of the Change in Control or other date thereafter designated
by the Plan Administrator; or (iv) in the case of an Option or SAR Award, cancelation in consideration of a payment in cash or
other consideration to the Participant who holds such Award in an amount equal to the Intrinsic Value of such Award (which may
be equal to but not less than zero), which, if in excess of zero, shall be payable upon the effective date of such Change in Control.
For the avoidance of doubt, in the event of a Change in Control, the Plan Administrator may, in its sole discretion, terminate
any Option or SAR Awards for which the exercise or hurdle price is equal to or exceeds the per Share value of the consideration
to be paid in the Change in Control transaction without payment of consideration therefor.

 

    	 	6	 

     

    

 

Section 12.     General
Provisions Applicable to Awards.

 

(a)     Awards
may, in the discretion of the Plan Administrator, be granted either alone or in addition to or in tandem with any other Award or
any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition
to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different
time from the grant of such other Awards or awards.

 

(b)     Subject
to the terms of the Plan and Section 18, payments or transfers to be made by the Company upon the grant, exercise or settlement
of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement or any combination thereof, as
determined by the Plan Administrator in its discretion, and may be made in a single payment or transfer, in installments or on
a deferred basis, in each case in accordance with rules and procedures established by the Plan Administrator. Such rules and procedures
may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or
crediting of dividend equivalents in respect of installment or deferred payments.

 

(c)     Except
as may be permitted by the Plan Administrator or as specifically provided in an Award Agreement, (i) no Award and no right
under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to
Section 12(d) and (ii) during a Participant’s lifetime, each Award, and each right under any Award, shall be exercisable
only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. The
provisions of this Section 12(c) shall not apply to any Award that has been fully exercised or settled, as the case may be, and
shall not preclude forfeiture of an Award in accordance with the terms thereof.

 

(d)     A Participant
may designate a Beneficiary or change a previous Beneficiary designation at such times prescribed by the Plan Administrator by
using forms and following procedures approved or accepted by the Plan Administrator for that purpose.

 

(e)     All certificates
for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such
stop transfer orders and other restrictions as the Plan Administrator may deem advisable under the Plan or the rules, regulations
and other requirements of the U.S. Securities and Exchange Commission, any stock market or exchange upon which such Shares or other
securities are then quoted, traded or listed, and any applicable securities laws, and the Plan Administrator may cause a legend
or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

    	 	7	 

     

    

 

(f)     Without
limiting the generality of Section 12(g), the Plan Administrator may impose restrictions on any Award with respect to noncompetition,
confidentiality and other restrictive covenants, or requirements to comply with minimum share ownership requirements, as it deems
necessary or appropriate in its sole discretion.

 

(g)      Rights,
payments and benefits with respect to an Award shall be subject to reduction, cancellation or forfeiture (“malus”)
in accordance with such policies and procedures as the Plan Administrator or Board may adopt from time to time, including policies
and procedures to implement applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations
(in addition to any otherwise applicable vesting or performance conditions of an Award). The circumstances in which malus may be
used by the Company include, but are not limited to, a Termination of Service with or without Cause (and, in the case of any Cause
that is resulting from an indictment or other non-final determination, the Plan Administrator may provide for such Award to be
held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall
either be reduced, canceled or forfeited (as provided in such Award Agreement) or remain in effect, depending on the outcome),
violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the
Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

 

(h)     Rights,
payments and benefits under any Award shall be subject to repayment to or recoupment (“clawback”) by the Company in
accordance with such policies and procedures as the Plan Administrator or Board may adopt from time to time, including policies
and procedures to implement applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.
The circumstances in which clawback may be used by the Company include, but are not limited to, a Termination of Service with or
without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Plan Administrator
may provide for such Award to be held in escrow or abeyance until a final resolution of the matters related to such event occurs,
at which time the Award shall either be reduced, canceled or forfeited (as provided in such Award Agreement) or remain in effect,
depending on the outcome), violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants
that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the
Company and/or its Affiliates.

 

Section 13.     Amendments
and Termination.

 

(a)     Except
to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board
may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that
no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval,
if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally
quoted or traded or (ii) the consent of the affected Participant, if such action would materially adversely affect the rights
of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance
or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting
or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 12(h). Notwithstanding
anything to the contrary in the Plan, the Plan Administrator may amend the Plan or any Award Agreement in such manner as may be
necessary or desirable to enable the Plan or such Award Agreement to achieve its stated purposes in any jurisdiction in a tax-efficient
manner and in compliance with local laws, rules and regulations to recognize differences in local law, tax policy or custom. The
Plan Administrator also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation
with respect to tax equalization for Participants on assignments outside their home country.

 

    	 	8	 

     

    

 

(b)     The Plan
Administrator may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate
any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary
of an Award; provided, however, that, subject to Section 4(c) and Section 12(b), no such action shall materially adversely
affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except
to the extent any such action is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations
or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 12(h).

 

(c)     Except
as provided in Section 8(b), the Plan Administrator shall be authorized to make adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of events (including the events described in Section 4(c)) affecting the Company,
or the financial statements of the Company, or of changes in applicable law, stock market or exchange rules and regulations or
accounting or tax rules and regulations, whenever the Plan Administrator determines that such adjustments are appropriate in order
to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

 

(d)     The Plan
Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner
and to the extent it shall deem desirable to carry the Plan into effect.

 

Section 14.     Prohibition
on Option and SAR Repricing. Except as provided in Section 4(c), the Plan Administrator may not, without prior approval of
the Company’s shareholders, seek to effect any re-pricing of any previously granted “underwater” Option or SAR
by: (i) amending or modifying the terms of the Option or SAR to lower the exercise price; (ii) canceling the underwater
Option or SAR and granting either (A) replacement Options or SARs having a lower exercise price or (B) Restricted Shares,
RSU, Performance Award or Other Share-Based Award in exchange; or (iii) canceling or repurchasing the underwater Options or
SARs for cash or other securities. An Option or SAR will be deemed to be “underwater” at any time when the Fair Market
Value of the Shares covered by such Award is less than the exercise price of the Award.

 

    	 	9	 

     

    

 

Section 15.     Miscellaneous.

 

(a)     No employee,
Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity
of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards
need not be the same with respect to each recipient, including as necessary or desirable to recognize differences in local law,
tax policy or custom. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants.
The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

 

(b)     No payment
pursuant to the Plan shall be taken into account in determining any benefits under any severance, pension, retirement, savings,
profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate, except to the extent otherwise
expressly provided in writing in such other plan or an agreement thereunder.

 

(c)     The grant
of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide
services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant,
free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement
or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on
the receiving Participant except as set forth in the applicable Award Agreement.

 

(d)     Nothing
contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements,
and such arrangements may be either generally applicable or applicable only in specific cases.

 

(e)     The Company,
its Affiliates, trustees of any employee benefit trust or any registrars, brokers, third party service providers or third party
administrators retained by the Board shall be authorized to withhold from any Award granted or any payment due or transfer made
under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares,
other Awards, other property, net settlement or any combination thereof) of any applicable withholding taxes, exercise price (if
still outstanding), dealing and/or currency exchange costs and any other associated costs due in respect of an Award, its exercise
or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing
for elective payment of such amounts in cash or Shares by the Participant) as may be necessary in the opinion of the Company to
satisfy all obligations for the payment of such costs. Such withholding arrangements may include a reduction in the number of Shares
subject to an Award and retention of some or all of the proceeds (with the difference paid to the Participant in cash) and the
sale on behalf of the Participant of some or all of the Shares to which the Participant is entitled under the Plan and retention
of some or all of the proceeds (with the difference paid to the Participant in cash). Any surplus left after such withholding shall
be paid to the Participant.

 

    	 	10	 

     

    

 

(f)     If any
provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction,
or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Plan Administrator,
such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended
without, in the determination of the Plan Administrator, materially altering the intent of the Plan or the Award Agreement, such
provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award Agreement
shall remain in full force and effect.

 

(g)     Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from
the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

 

(h)     No fractional
Shares shall be issued or delivered pursuant to the Plan or any Award, and the Plan Administrator shall determine whether cash
or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights
thereto shall be canceled, terminated or otherwise eliminated.

 

Section 16.     Effective
Date of the Plan. The Plan is effective as of September 14, 2018, as amended as of [October   , 2018].

 

Section 17.     Term
of the Plan. No Award shall be granted under the Plan after the earliest to occur of (i) September 14, 2028; provided
that to the extent permitted by the listing rules of any stock exchanges on which the Company is listed, such September 14, 2028
term may be extended indefinitely so long as the maximum number of Shares available for issuance under the Plan have not been issued,
(ii) the maximum number of Shares available for issuance under the Plan have been issued or (iii) the Board terminates
the Plan in accordance with Section 13(a), subject to applicable law. However, unless otherwise expressly provided in the Plan
or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Plan Administrator
to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such
Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

 

    	 	11	 

     

    

 

Section 18.     Sections 409A
and 457A of the Code.

 

(a)     With respect
to Awards subject to Section 409A and 457A of the Code, the Plan is intended to comply with the requirements of Section 409A
and 457A of the Code, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the
requirements of Section 409A and 457A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan
or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition
will be interpreted and deemed amended so as to avoid this conflict. If an amount payable under an Award as a result of the Participant’s
Termination of Service (other than due to death) occurring while the Participant is a “specified employee” under Section 409A
of the Code were to constitute a deferral of compensation subject to Section 409A of the Code, then payment of such amount
shall not occur until six months and one day after the date of the Participant’s Termination of Service, except as permitted
under Section 409A of the Code. If the Award includes a “series of installment payments” (within the meaning of
Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participant’s right to the series of installment payments
shall be treated as a right to a series of separate payments and not as a right to a single payment, and if the Award includes
 “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Participant’s
right to the dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding
the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed,
and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may
be incurred by the Participant on account of non-compliance with Section 409A and 457A of the Code.

 

(b)     Notwithstanding
any provision of the Plan to the contrary or any Award Agreement, in the event the Plan Administrator determines that any Award
may be subject to Section 409A or Section 457A of the Code, the Plan Administrator may adopt such amendments to the Plan and the
applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, that the Plan Administrator determines are necessary or appropriate to (a) exempt the Award
from Section 409A or Section 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect
to the Award, or (b) comply with the requirements of Section 409A or Section 457A and thereby avoid the application of any adverse
tax consequences under such Sections.

 

(c)     To the
extent applicable, notwithstanding any provision of the Plan to the contrary or any Award Agreement, a termination of employment
shall not deemed to have occurred for purposes of any provision of an Award that is subject to Section 409A providing for payment
upon or following a termination of a Participant’s employment unless such termination is also a “separation from service”
and, for purposes of any such provision of such Award, references to a “termination,” “termination of employment”
or like terms shall mean “separation from service.”

 

Section 19.     Data
Protection. By participating in the Plan, the Participant hereby acknowledges the collection, use, disclosure and processing
of personal information provided by the Participant to the Company or any Affiliate, trustee or third party service provider, for
all purposes relating to the operation and/or administration of the Plan. These include, but are not limited to:

 

(i)     the performance
of this Plan;

 

(ii)     administering
and maintaining Participant records;

 

    	 	12	 

     

    

 

(iii)     providing
information to the Company, Affiliates, trustees of any employee benefit trust, registrars, brokers, third party service providers
or third party administrators of the Plan;

 

(iv)     providing
information to future purchasers or merger partners of the Company or any Affiliate, or the business in which the Participant works;
and

 

(v)     transferring
information about the Participant to any country or territory that may not provide the same level of protection for the information
as the Participant’s home country.

 

The Participant also acknowledges that Awards
will be subject to any data protection policies applicable to the Company and any Affiliate; and any applicable privacy notices.

 

Section 20.     Governing
Law. The Plan and each Award Agreement shall be governed by the laws of New York. The Company, its Affiliates and each Participant
(by acceptance of an Award) irrevocably submit, in respect of any suit, action or proceeding related to the implementation or enforcement
of the Plan, to the exclusive jurisdiction of the competent courts in New York.

 

Section 21.     Definitions.
As used in the Plan, the following terms shall have the meanings set forth below:

 

(a)     “Affiliate”
means (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the
Company, directly or indirectly, has a significant equity interest, in each case as determined by the Plan Administrator.

 

(b)     “Award”
means any Option, SAR, Restricted Shares, RSU, Performance Award or Other Share-Based Award granted under the Plan.

 

(c)     “Award
Agreement” means any agreement, contract or other instrument or document, which may be in electronic format, evidencing
any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.

 

(d)     “Beneficiary”
means a person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event
of the Participant’s death. If no such person is named by a Participant, or if no Beneficiary designated by the Participant
is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s
death, such Participant’s Beneficiary shall be such Participant’s estate.

 

(e)     “Board”
means the board of directors of the Company.

 

(f)     “Cause”
means, with respect to any Participant, “cause” or “Cause” as defined in such Participant’s employment
agreement with the Company, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement,
such Participant’s:

 

    	 	13	 

     

    

 

(i)     indictment
for any crime (A) constituting a felony, or (B) that has, or could reasonably be expected to result in, an adverse impact
on the performance of a Participant’s duties to the Company or any of its subsidiaries, or otherwise has, or could reasonably
be expected to result in, an adverse impact to the business or reputation of the Company or any of its subsidiaries;

 

(ii)     having
been the subject of any order, judicial or administrative, obtained or issued by any securities law regulator, (including the U.S.
Securities and Exchange Commission) for any securities violation involving fraud, including, for example, any such order consented
to by the Participant in which findings of facts or any legal conclusions establishing liability are neither admitted nor denied;

 

(iii)     conduct,
in connection with his or her employment or service, which is not taken in good faith and has, or could reasonably be expected
to result in, material injury to the business or reputation of the Company or any of its subsidiaries;

 

(iv)     willful
violation of the Company’s code of conduct or other material policies set forth in the manuals or statements of policy of
the Company or any of its subsidiaries;

 

(v)     willful
neglect in the performance of a Participant’s duties for the Company or any of its subsidiaries or willful or repeated failure
or refusal to perform such duties; or

 

(vi)     material
breach of any applicable employment agreement or other agreement with the Company.

 

The occurrence of any such event described in clauses
(ii) through (vi) that is susceptible to cure or remedy shall not constitute Cause if such Participant cures or remedies such event
within 30 days after the Company provides notice to such Participant.

 

(g)     “Change
in Control” means, except as otherwise provided in an Award Agreement, the occurrence of any one or more of the following
events:

 

(i)     a
direct or indirect change in ownership or control of the Company effected through one transaction or a series of related transactions
within a 12-month period, whereby any Person other than the Company, directly or indirectly acquires or maintains beneficial ownership
of securities of the Company constituting more than 50% of the total combined voting power of the Company’s equity securities
outstanding immediately after such acquisition; and

 

    	 	14	 

     

    

 

(ii)     the
consummation of a merger, amalgamation or consolidation of the Company or any of its subsidiaries with any other corporation or
entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or being converted into voting securities
of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power of the securities
of the Company or such surviving entity or parent outstanding immediately after such merger or consolidation; or

 

(iii)     the
consummation of any sale, lease, exchange or other transfer to any Person (other than an Affiliate of the Company), in one transaction
or a series of related transactions within a 12-month period, of all or substantially all of the assets of the Company and its
subsidiaries.

 

Notwithstanding the foregoing or any provision of any Award
Agreement to the contrary, for any Award to which Section 18 applies that provides for accelerated distribution on a Change in
Control of amounts that constitute “deferred compensation” (as defined in Section 409A and 457A of the Code),
if the event that constitutes such Change in Control does not also constitute a change in the ownership or effective control of
the Company, or in the ownership of a substantial portion of the Company’s assets (in either case, as defined in Section 409A
and 457A of the Code), such amount shall not be distributed on such Change in Control but instead shall vest as of the date of
such Change in Control and shall be paid on the scheduled payment date specified in the applicable Award Agreement, except to the
extent that earlier distribution would not result in the Participant who holds such Award incurring any additional tax, penalty,
interest or other expense under Section 409A and 457A of the Code.

 

(h)     “Class
A Shares” means Class A ordinary shares of €0.01 each in the capital of the Company.

 

(i)     “Class
B Shares” means Class B ordinary shares of €0.01 each in the capital of the Company.

 

(j)     “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder.
Any reference to a provision in the Code shall include any successor provision thereto.

 

(k)     “Employee
Award” means an Award granted under Part A of this Plan.

 

(l)      “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance
thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

 

    	 	15	 

     

    

 

(m)     “Fair
Market Value” means, except as otherwise provided in an Award Agreement, (i) with respect to a Share, the closing
price of a Share on the date immediately preceding the grant date (or, if there is no reported sale on such date, on the last preceding
date on which any reported sale occurred) on the principal stock market or exchange on which the Shares are quoted or traded, or
if Shares are not so quoted or traded, the fair market value of a Share as determined by the Plan Administrator, and (ii) with
respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall
be established from time to time by the Plan Administrator.

 

(n)     “Good
Reason” means, with respect to any Participant, “good reason” as defined in such Participant’s employment
agreement with the Company, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement,
the occurrence of any one or more of the following events:

 

(i)     a
material diminution in the Participant’s base salary; or

 

(ii)     a
relocation of the Participant’s principal place of employment more than fifty (50) miles from its location;

 

in each case, without the Participant’s consent. A Participant
must provide notice to the Company of the existence of any one or more of the conditions described in (i) through (ii) above
within sixty (60) days of the initial existence of the condition, upon the notice of which the Company will have a period of thirty
(30) days during which it may remedy the condition before the condition gives rise to Good Reason.

 

(o)     “Intrinsic
Value” with respect to an Option or SAR Award means (i) the excess, if any, of the price or implied price per Share
in a Change in Control or other event over (ii) the exercise or hurdle price of such Award multiplied by (iii) the number
of Shares covered by such Award.

 

(p)     “Non-Employee
Award” means an Award granted under Part B of the Plan.

 

(q)     “Non-Employee
Director” means an executive member of the Board (or of the board of a Subsidiary) who is not an employee of the Company
or a Subsidiary.

 

(r)     “Option”
means an option representing the right to acquire Shares from the Company, granted in accordance with the provisions of Section
5.

 

(s)     “Other
Share-Based Award” means an Award granted in accordance with the provisions of Section 9.

 

(t)     “Participant”
means the recipient of an Award granted under the Plan.

 

(u)     “Performance
Award” means an Award granted in accordance with the provisions of Section 8.

 

(v)     “Performance
Period” means the period established by the Plan Administrator at the time any Performance Award is granted or at any
time thereafter during which any performance goals specified by the Plan Administrator with respect to such Award are measured.

 

    	 	16	 

     

    

 

(w)     “Person”
means a natural person or a partnership, company, association, cooperative, mutual insurance society, foundation or any other body
which operates externally as an independent unit or organization.

 

(x)     “Plan
Administrator” means the Board or any member or members of the Board to whom the Board has delegated its authority under
the Plan.

 

(y)     “Replacement
Award” means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a
company or business acquired by the Company or with which the Company, directly or indirectly, combines.

 

(z)     “Restricted
Shares” means any Share granted in accordance with the provisions of Section 6.

 

(aa)     “RSU”
means a contractual right granted in accordance with the provisions of Section 6 that is denominated in Shares. Each RSU represents
a right to receive the value of one Share. Awards of RSUs may include the right to receive dividend equivalents.

 

(bb)     “SAR”
means any right granted in accordance with the provisions of Section 7 to receive upon exercise by a Participant or settlement
the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise price
of the right on the date of grant, or if granted in connection with an Option, on the date of grant of the Option.

 

(cc)     “Shares”
means Class A Shares and Class B Shares, collectively.

 

(dd)     “Subsidiary”
means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests
of such entity or a majority of the voting power with respect to the voting securities of such entity. Whether employment by or
service with a Subsidiary is included within the scope of the Plan shall be determined by the Plan Administrator.

 

(ee)     “Termination
of Service” means:

 

(i)     in
the case of a Participant who is an employee of the Company or an Affiliate, cessation of the employment relationship such that
the Participant is no longer an employee of the Company or Subsidiary;

 

(ii)     in
the case of a Participant who is a Non-Employee Director, the date that the Participant ceases to be a member of the Board (or
of the board of a Subsidiary) for any reason; or

 

    	 	17	 

     

    

 

(iii)     in
the case of a Participant who is a consultant or other advisor, the effective date of the cessation of the performance of services
for the Company or an Subsidiary;

 

provided, however, that in the case of an employee, the
transfer of employment from the Company to an Affiliate, from an Affiliate to the Company, from one Affiliate to another Affiliate
or, unless the Plan Administrator determines otherwise, the cessation of employee status but the continuation of the performance
of services for the Company or an Affiliate as a member of the Board or a consultant or other advisor shall not be deemed a cessation
of service that would constitute a Termination of Service; and provided further that a Termination of Service will be deemed
to occur for a Participant employed by an Affiliate when an Affiliate ceases to be an Affiliate, unless such Participant’s
employment continues with the Company or another Affiliate.

 

    	 	18	 

     

    

 

Part B: Non-Employee Awards

 

The provisions of Part A of the Plan will apply to Awards
granted under Part B of the Plan except as modified below:

		1.	Eligibility

Section 2(a) of the Plan will be amended to read as
follows:

“Any employee or Non-Employee Director of any Affiliate,
consultant or other advisor of the Company or any Affiliate shall be eligible to be selected to receive an Award under the Plan.”

		2.	Definitions

The definition of Affiliate in Section 21(a) of the
Plan will be amended to read as follows:

““Affiliate” means i. any
entity that, directly or indirectly, is controlled by the Company, ii. any entity in which the Company, directly or indirectly,
has a significant equity interest, in each case as determined by the Plan Administrator and iii. any other entity which the
Plan Administrator determines should be treated as an “Affiliate.””

The definition of Non-Employee Director in Section
21(q) of the Plan will be amended to read as follows:

““Non-Employee Director” means
an executive member of the Board (or of the board of an Affiliate) who is not an employee of the Company or an Affiliate.”

 

    	 	19

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