Document:

Exhibit 10.3

 

SUBSCRIPTION
AGREEMENT

 

Horizon
Acquisition Corp.

600 Steamboat Road, Suite 200

Greenwich, CT 06830

 

Ladies
and Gentlemen:

 

This
Subscription Agreement (this “Subscription Agreement”) is being entered
into as of the date set forth on the signature page hereto, by and among Horizon Acquisition Corp., a Cayman Islands exempted
company (“Horizon”), Vivid Seats Inc., a Delaware corporation (“VS
PubCo”), which is a direct wholly owned subsidiary of Hoya Intermediate, LLC, a Delaware limited liability company (“Hoya”),
and the undersigned subscriber (the “Investor”), in connection with
the Transaction Agreement (as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Transaction
Agreement”), dated as of April 21, 2021 by and among Horizon, Horizon Sponsor, LLC, a Delaware limited liability company
(“Sponsor”), Hoya Topco, LLC, a Delaware limited liability company (“Topco”), Hoya, and
VS PubCo pursuant to which, among other things, Horizon will merge with and into VS PubCo (the “Merger”), the
separate corporate existence of Horizon will cease and VS PubCo will be the surviving corporation of the Merger (such merger,
the “Transaction”).

 

In
connection with the Transaction, Horizon and VS PubCo are seeking commitments from interested investors to purchase in connection
with the closing of the Transaction, shares of VS PubCo’s Class A common stock, par value $0.0001 per share (the “Shares”),
in a private placement for a purchase price of $10.00 per share (the “Per Share Purchase
Price”). On or about the date of this Subscription Agreement, Horizon and VS PubCo are entering into subscription
agreements (the “Other Subscription Agreements” and together with
the Subscription Agreement, the “Subscription Agreements”) with certain
other investors (the “Other Investors” and together with the Investor,
the “Investors”), severally and not jointly, pursuant to which the
Investors, severally and not jointly, have agreed to purchase on the closing date of the Transaction, inclusive of the Shares
subscribed for by the Investor, an aggregate amount of up to 22,500,000 Shares, at the Per Share Purchase Price, in which VS PubCo
raises an aggregate of $225,000,000. In addition, on or about the date of this Subscription Agreement, Horizon, Sponsor and Topco
are entering into the Sponsor Support Agreement (the “Sponsor Support Agreement”), pursuant to which Sponsor
agrees to, among other things, (i) vote at any meeting of Horizon’s stockholders, and in any action by written consent of
Horizon’s stockholders, all of its Horizon equity securities in favor of the adoption and approval of the Transaction Agreement
and the transactions contemplated thereby, including the Merger; (ii) be bound by certain other covenants and agreements related
to the Transaction, (iii) be bound by certain transfer restrictions with respect to such securities and (iv) increase the amount
of its subscription of Shares by the amount of any shortfall in available cash held by VS PubCo at the closing of the Transaction
in consideration for a fee, in each case, on the terms and subject to the conditions set forth in the Sponsor Support Agreement.
For the avoidance of doubt, for purposes of this Agreement, the “Other Subscription Agreements” shall not include
the Sponsor Support Agreement. In addition, on or about the date of this Subscription Agreement, Horizon and Sponsor are entering
into the Exchange Agreement (as amended, modified, supplemented or waived from time to time in accordance with its terms, the
 “Exchange Agreement”) pursuant to which, among other things, effective at least one day prior to the Merger,
Sponsor will irrevocably surrender to Horizon 13,599,608 Class B ordinary shares of Horizon, par value $0.0001 per share (the
 “Class B Shares”), in exchange for (a) warrants to purchase 17,000,000 Class A ordinary shares of Horizon,
par value $0.0001 per share (the “Class A Shares”), at an exercise price of $10.00 per share, (b) warrants
to purchase 17,000,000 Class A Shares at an exercise price of $15.00 per share and (c) 50,000 Class A Shares.

     

     

    

 

The
aggregate purchase price to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto) is referred
to herein as the “Subscription Amount.”

 

In
connection therewith, and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject
to the conditions, set forth herein, and intending to be legally bound hereby, each of the Investor, Horizon and VS PubCo acknowledges
and agrees as follows:

 

1.       Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from VS PubCo, and VS PubCo agrees to issue and sell to
the Investor, the number of Shares set forth on the signature page of this Subscription Agreement on the terms and subject to
the conditions provided for herein. The Investor acknowledges and agrees that the Investor’s subscription for the Shares
shall be deemed to be accepted by Horizon and VS PubCo only when this Subscription Agreement is signed by a duly authorized person
by or on behalf of each of Horizon and VS PubCo; each of Horizon and VS PubCo may do so in counterpart form.

 

2.       Closing.
[The closing of the sale of the Shares contemplated hereby (the “Closing”) is contingent upon the substantially
concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially concurrently with and conditioned
upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the conditions set forth in this Section 2 and
Section 3 below and (b) delivery of written notice from (or on behalf of) VS PubCo to the Investor (the “Closing Notice”),
that VS PubCo reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on a date that is
not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor (the “Closing
Date”), on the Closing Date (i) the Investor shall deliver to VS PubCo the Subscription Amount by wire transfer of United
States dollars in immediately available funds to the account(s) specified by VS PubCo in the Closing Notice against delivery of
the Shares as set forth in the following clause (ii), and (ii) VS PubCo shall issue the number of Shares to the Investor set forth
on the signature page to this Subscription Agreement in book-entry form in the name of the Investor (or its nominee) or as otherwise
directed by the Investor, free and clear of any liens or other restrictions (other than those arising under state or federal securities
laws), on VS PubCo’s share register and evidence from VS PubCo’s transfer agent of the issuance to Investor of such
Shares as of the Closing Date. For purposes of this Subscription Agreement, “business day” shall mean a day, other
than a Saturday or Sunday, on which commercial banks in New York, New York are open for the general transaction of business. In
the event the closing of the Transaction does not occur within one (1) business day after the Closing, VS PubCo shall promptly
(but not later than one (1) business day thereafter) return the Subscription Amount to the Investor, and any book entries shall
be deemed cancelled.]1 / [The closing of the sale of the Shares contemplated hereby (the “Closing”)
is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially
concurrently with and conditioned upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the conditions
set forth in Section 3 below and (b) delivery of written notice from (or on behalf of) VS PubCo to the Investor (the “Closing
Notice”), that VS PubCo reasonably expects all conditions to the closing of the Transaction to be satisfied or waived
on a date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor,
the Investor shall deliver to VS PubCo, three (3) business days prior to the closing date specified in the Closing Notice (the
 “Closing Date”), the Subscription Amount by wire transfer of United States dollars in immediately available
funds to the account(s) specified by VS PubCo in the Closing Notice. On the Closing Date, VS PubCo shall issue a number of Shares
to the Investor set forth on the signature page to this Subscription Agreement and subsequently cause such Shares to be registered
in book entry form in the name of the Investor (or its nominee) or as otherwise directed by the Investor, free and clear of any
liens or other restrictions (other than those arising under state or federal securities laws), on VS PubCo’s share register;
provided, however, that VS PubCo’s obligation to issue the Shares to the Investor is contingent upon VS PubCo
having received the Subscription Amount in full accordance with this Section 2. For purposes of this Subscription Agreement, “business
day” shall mean a day, other than a Saturday or Sunday, on which commercial banks in New York, New York are open for the
general transaction of business. In the event the Closing Date does not occur within one (1) business day after the expected closing
date set forth in the Closing Notice, VS PubCo shall promptly (but not later than two business days thereafter) return the Subscription
Amount to the Investor, and any book entries shall be deemed cancelled.]2

 

 

		1	For
                                         Fidelity.

    2 

     

    

  

		3.	Closing
Conditions.

 

a.           The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is
subject to the following conditions:

 

(i)       there
shall not be in force any order, judgment or injunction, in each case, entered into by or with any governmental authority which
is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining
or prohibiting consummation of the transactions contemplated hereby; and

 

(ii)       (A)
all conditions precedent to the closing of the Transaction under the Transaction Agreement shall have been satisfied (as determined
by the parties to the Transaction Agreement and other than those conditions under the Transaction Agreement which, by their nature,
are to be satisfied at the closing of the Transaction, including to the extent that any such condition is dependent upon the consummation
of the purchase and sale of the Shares pursuant to this Subscription Agreement) or waived and (B) the closing of the Transaction
shall be scheduled to occur concurrently with or on the same date as the Closing.

 

b.          In
addition to the conditions set forth in Section 3(a), the obligation of VS PubCo to consummate the issuance and sale of the Shares
pursuant to this Subscription Agreement shall be subject to the condition that all representations and warranties of the Investor
contained in this Subscription Agreement are true and correct in all material respects (other than representations and warranties
that are qualified as to materiality, which representations and warranties shall be true in all respects) at and as of the Closing
Date (unless they specifically speak as of an earlier date, in which case they shall be true and correct in all material respects
(other than representations and warranties that are qualified as to materiality, which representations and warranties shall be
true in all respects) as of such date), and consummation of the Closing shall constitute a reaffirmation by the Investor of each
of the representations and warranties of the Investor contained in this Subscription Agreement as of the Closing Date.

 

 

		2	For
                                         investors other than Fidelity.

    
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c.       In
addition to the conditions set forth in Section 3(a), the obligation of the Investor to consummate the purchase of the Shares
pursuant to this Subscription Agreement shall be subject to the following conditions that: (i) (A) the representations and warranties
of Horizon and VS PubCo contained in Sections 5(a), 5(c) and 5(l) of this Subscription Agreement shall be true and correct in
all material respects at and as of the Closing Date and (B) all other representations and warranties of Horizon and VS PubCo contained
in this Subscription Agreement shall be true and correct at and as of the Closing Date, other than any failures to be true and
correct that would not result, individually or in the aggregate, in a Material Adverse Effect, (ii) each of Horizon and VS PubCo
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
the Subscription Agreement to have been performed, satisfied or complied with by it at or prior to Closing, (iii) except to the
extent consented to in writing by the Investor, the Transaction Agreement (as the same exists on the date hereof) shall not have
been amended or modified, and no waiver shall have occurred thereunder, that would reasonably be expected to materially adversely
affect the economic benefits that the Investor would reasonably expect to receive under this Subscription Agreement, (iv) there
shall have been no amendment, waiver or modification to the Other Subscription Agreements (including via a side letter or other
agreement) that materially benefits the Other Investors thereunder unless the Investor has been offered the same benefits, and
(v) no suspension of the qualification of the Shares for offering or sale in any jurisdiction shall have occurred, and the Shares
acquired hereunder shall have been approved for listing on the NYSE (as defined below), subject to official notice of issuance.

 

4.      
      Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such
additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription
as contemplated by this Subscription Agreement.

 

5.    
       Horizon
and VS PubCo Representations and Warranties. Each of Horizon and VS PubCo, as applicable, represents and warrants
to the Investor that:

 

a.       Horizon
is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands (to the extent
such concept exists in such jurisdiction). Horizon has all power (corporate or otherwise) and authority to own, lease and operate
its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this
Subscription Agreement. VS PubCo is duly incorporated, validly existing and in good standing under the laws of the State of Delaware.
VS PubCo has all power (corporate or otherwise) and authority to own, lease and operate its properties and conduct its business
as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

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b.       As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under VS PubCo’s certificate
of incorporation or bylaws (each as amended as of the Closing Date), by contract or under the General Corporation Law of the State
of Delaware.

 

c.       This
Subscription Agreement has been duly authorized, executed and delivered by each of Horizon and VS PubCo and, assuming that this
Subscription Agreement constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable
against each of Horizon and VS PubCo in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
or (ii) principles of equity, whether considered at law or equity.

 

d.       The
execution and delivery of, and the performance of the transactions contemplated by this Subscription Agreement, including the
issuance and sale of the Shares and the compliance by each of Horizon and VS PubCo with all of the provisions of this Subscription
Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge
or encumbrance upon any of the property or assets of Horizon or VS PubCo, as applicable, pursuant to the terms of (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Horizon or VS PubCo, as applicable,
is a party or by which Horizon or any of its subsidiaries is bound or to which any of the property or assets of Horizon or VS
PubCo, as applicable, is subject that would reasonably be expected to have a material adverse effect on the business, financial
condition or results of operations of Horizon or VS PubCo, as applicable, taken as a whole (a “Material
Adverse Effect”) or materially affect the validity of the Shares or the legal authority of Horizon or VS PubCo,
as applicable, to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation
of the provisions of the organizational documents of Horizon or VS PubCo, as applicable; or (iii) result in any violation of any
statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over Horizon or VS PubCo, as applicable, or any of their respective properties that would reasonably be expected to have a Material
Adverse Effect or materially affect the validity of the Shares or the legal authority of Horizon or VS PubCo, as applicable, to
comply in all material respects with this Subscription Agreement.

 

e.       As
of their respective dates, all reports (the “SEC Reports”) required
to be filed by Horizon with the U.S. Securities and Exchange Commission (the “SEC”)
complied in all material respects with the applicable requirements of the Securities Act of 1933, as amended, (the “Securities
Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial
statements of Horizon included in the SEC Reports comply in all material respects with applicable accounting requirements and
the rules and regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material
respects the financial position of Horizon as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. The Investor acknowledges
that (i) the Staff of the SEC issued the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by
Special Purpose Acquisition Companies on April 12, 2021 (the “Statement”), (ii) Horizon continues to review
the Statement and its implications, including on the financial statements and other information included in its SEC Reports and
(iii) any restatement, revision or other modification of the SEC Reports in connection with such a review of the Statement or
any subsequent related agreements or other guidance from the Staff of the SEC shall be deemed not material for purposes of this
Agreement, including for purposes of this Section 5(e) and Section 6(f) below. A copy of each SEC Report is available to the Investor
via the SEC’s EDGAR system. There are no outstanding or unresolved comments in comment letters received by Horizon from
the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports.

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f.       Assuming
the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription Agreement, neither
Horizon nor VS PubCo is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the execution, delivery and performance by Horizon or VS PubCo of this Subscription Agreement
(including, without limitation, the issuance of the Shares), other than (i) filings with the SEC, (ii) filings required by applicable
state securities laws, (iii) filings required in accordance with Section 12 of this Subscription Agreement, (iv) filings required
by the New York Stock Exchange (“NYSE”), including with respect to obtaining approval of Horizon’s shareholders,
if applicable, (v) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable and
(vi) filings that the failure of which to obtain would not be reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

g.       Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of Horizon, threatened against Horizon or (ii) judgment, decree, injunction, ruling or order of any governmental
entity or arbitrator outstanding against Horizon. Except for such matters as have not had and would not be reasonably likely to
have, individually or in the aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in
each case by or before any governmental authority pending, or, to the knowledge of VS PubCo, threatened against VS PubCo or (ii)
judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against VS PubCo. Each of Horizon
and VS PubCo is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have
a Material Adverse Effect. Horizon has not received any written communication from a governmental authority that alleges that
Horizon is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default
or violation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. VS PubCo has
not received any written communication from a governmental authority that alleges that VS PubCo is not in compliance with or is
in default or violation of any applicable law, except where such non-compliance, default or violation would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

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h.       As
of the date of this Subscription Agreement, the authorized share capital of Horizon consists of (i) 400,000,000 Class A Shares,
of which 54,398,433 shares are issued and outstanding, (ii) 40,000,000 Class B Shares, of which 13,599,608 shares are issued and
outstanding and (iii) 1,000,000 preference shares of par value of $0.0001 each, of which no shares are issued and outstanding.
As of the date of this Subscription Agreement, 24,652,580 warrants to purchase Class A Shares, with each such warrant exercisable
for one whole Class A Share at a price of $11.50 per share, are issued and outstanding. All (1) issued and outstanding Class A
Shares and Class B Shares have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject
to preemptive rights and (2) outstanding warrants have been duly authorized and validly issued and are not subject to preemptive
rights. Except as set forth above and pursuant to the Other Subscription Agreements, the Transaction Agreement, the Sponsor Support
Agreement, the Exchange Agreement and the other agreements and arrangements referred to therein or in the SEC Reports, as of the
date hereof, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from Horizon any
Class A Shares, Class B Shares or other equity interests in Horizon, or securities convertible into or exchangeable or exercisable
for such equity interests. There are no securities or instruments issued by or to which Horizon is a party containing anti-dilution
or similar provisions that will be triggered by the transactions contemplated by the Transaction Agreement or the issuance of
the Shares hereunder or pursuant to the Other Subscription Agreements. As of the date hereof, Horizon has no subsidiaries and
does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or
unincorporated. There are no shareholder agreements, voting trusts or other agreements or understandings to which Horizon is a
party or by which it is bound relating to the voting of any securities of Horizon, other than (1) as set forth in the SEC Reports
and (2) as contemplated by the Transaction Agreement. The authorized capital stock of VS PubCo as of the date hereof consists
of 1,000 shares of common stock, par value $0.01 per share (“Common Stock”). As of the date hereof 100 shares of Common
Stock are issued and outstanding.

 

i.       As
of the date hereof, the issued and outstanding Class A Shares of Horizon are registered pursuant to Section 12(b) of the Exchange
Act, and are listed for trading on the NYSE under the symbol “HZAC” (it being
understood that the trading symbol will be changed in connection with the Transaction). There is no suit, action, proceeding or
investigation pending or, to the knowledge of Horizon, threatened against Horizon by NYSE or the SEC, respectively, to prohibit
or terminate the listing of Horizon’s Class A Shares on NYSE or to deregister the Class A Shares under the Exchange Act.
Horizon has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act, other
than as contemplated by the Transaction Agreement. Upon consummation of the Closing, the Shares will be registered pursuant to
Section 12(b) of the Exchange Act and will be listed for trading on NYSE, and the Shares issued hereunder will be approved for
listing on the NYSE, subject to official notice of issuance.

 

j.       Assuming
the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription Agreement, no
registration under the Securities Act is required for the offer and sale of the Shares hereunder. The Shares (i) were not offered
by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act or any state securities laws.

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k.       VS
PubCo is not, and immediately after receipt of payment for the Shares will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

l.        Neither
Horizon nor VS PubCo has entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor
or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions
contemplated by this Subscription Agreement for which the undersigned could become liable. Other than the Placement Agents (as
defined below), neither Horizon nor VS PubCo is aware of any person that has been or will be paid (directly or indirectly) remuneration
for solicitation of purchasers in connection with the sale of any Shares.

 

m.      If
the Investor is an individual, Horizon and VS PubCo hereby understand and acknowledge that neither Placement Agent, nor any of
their respective affiliates is acting as a placement agent in connection with the offer and sale of the Shares to the Investor.

 

a.       Neither
Horizon nor VS PubCo has entered into any side letter or similar agreement with any Other Investor or any other investor in connection
with such Other Investor’s or other investor’s direct or indirect investment in VS PubCo or Horizon other than the
Other Subscription Agreements, the Transaction Agreement and the Sponsor Support Agreement to be entered into substantially concurrently
with the entry into the Transaction Agreement. The Other Subscription Agreements reflect the same Per Share Purchase Price and
other terms and conditions with respect to the purchase of Shares that are no more favorable to such investor thereunder than
the terms of this Subscription Agreement, other than terms particular to the regulatory requirements of such investor or its affiliates
or related funds that are mutual funds or are otherwise subject to regulations related to the timing of funding and the issuance
of the related Shares.

 

6.            Investor
Representations and Warranties. The Investor represents and warrants to Horizon, on behalf of itself and, if applicable,
each account for which it is acquiring the Shares, that:

 

a.       The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
 “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable
requirements set forth on Schedule A, (ii) is acquiring the Shares only for his, her or its own account and not for the
account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts,
each owner of such account is a qualified institutional buyer, and the Investor has full investment discretion with respect to
each such account, and the full power and authority to make the acknowledgements, representations, warranties and agreements herein
on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection
with, any distribution of the Shares in any manner that would violate the Securities Act (and shall provide the requested information
set forth on Schedule A) or any securities laws of the United States or any other jurisdiction. The Investor is not an
entity formed for the specific purpose of acquiring the Shares. The Investor further acknowledges that it is aware that the sale
to it is being made in reliance on a private placement exemption from registration under the Securities Act and is acquiring the
Shares for its own account or for an account over which it exercises sole discretion for another qualified institutional buyer
or accredited investor.

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b.       The
Investor (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing
in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all
transactions and investment strategies involving a security or securities, including its participation in the purchase of the
Shares, and (iii) has exercised independent judgment in evaluating its participation in the purchase of the Shares. Accordingly,
the Investor understands that the offering meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional
customer exemption under FINRA Rule 2111(b).

 

c.       The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act or any other applicable securities
laws. The Investor acknowledges and agrees that the Shares are being offered for resale in transactions not requiring registration
under the Securities Act, and unless so registered, may not be offered, sold, pledged or otherwise transferred by the Investor
except in compliance with the registration requirements of the Securities Act or any other applicable securities laws, pursuant
to any exemption therefrom or in a transaction not subject thereto. The Investor acknowledges and agrees that the Shares will
not be immediately eligible for resale pursuant to Rule 144 promulgated under the Securities Act. The Investor acknowledges and
agrees that it has been advised to consult legal counsel prior to making any offer, resale, transfer, pledge or disposition of
any of the Shares.

 

d.       The
Investor acknowledges and agrees that the Investor is purchasing the Shares from VS PubCo. The Investor further acknowledges that
there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of Horizon, VS PubCo,
or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing or any other
person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of Horizon
and VS PubCo, as applicable, expressly set forth in Section 5 of this Subscription Agreement.

 

e.       The
Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under
Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986,
as amended, or any applicable similar law.

 

f.       The
Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order to make
an investment decision with respect to the Shares, including, with respect to Horizon, VS PubCo, the Transaction and the business
of Vivid Seats LLC and its direct and indirect subsidiaries (together, the “Target”). Without limiting the
generality of the foregoing, the Investor acknowledges that he, she or it has reviewed the SEC Reports. The Investor acknowledges
and agrees that the Investor and the Investor’s professional advisor(s), if any, have had an opportunity to directly ask
such questions, receive such answers and obtain such information from Horizon and VS PubCo as the Investor and such Investor’s
professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

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g.       The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and Horizon, VS PubCo
or a representative of Horizon or VS PubCo, and the Shares were offered to the Investor solely by direct contact between the Investor
and Horizon, VS PubCo or a representative of Horizon or VS PubCo. The Investor did not become aware of this offering of the Shares,
nor were the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares (i) were not offered
to it by any form of general solicitation or general advertising and (ii) are not being offered to it in a manner involving a
public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Investor acknowledges
that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation
(including, without limitation, Horizon, VS PubCo, the Placement Agents, any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations and
warranties of Horizon and VS PubCo, as applicable, contained in Section 5 of this Subscription Agreement, in making its investment
decision with respect to the Shares.

 

h.       The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in Horizon’s and/or VS PubCo’s, as applicable, filings with the SEC. The Investor has such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Shares, and the Investor has sought such accounting, legal and tax advice as the Investor has considered necessary to make
an informed investment decision.

 

i.       Alone,
or together with any professional advisor(s), the Investor has analyzed and fully considered the risks of an investment in the
Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time and
in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in the Shares. The Investor
acknowledges specifically that a possibility of total loss exists.

 

j.       The
Investor acknowledges that it is able to fend for itself in the transactions contemplated herein; has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of its prospective investment in the Shares;
and has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment.
None of the Placement Agents, any of their respective affiliates or any of them or their control persons, officers, directors
or employees shall have any liability to it or any account for which it is acquiring the Shares, in connection with any purchase
of the Shares.

 

k.       Except
for the representations, warranties and agreements of Horizon, VS PubCo or their respective affiliates expressly set forth in
any purchase agreement or similar document, the Investor is relying on its own sources of information, investment analysis and
due diligence (including professional advice it deems appropriate) with respect to the Transaction, the Shares and the business,
financial condition or results of operations of Horizon, VS PubCo or their respective affiliates, including but not limited to
all business, legal, regulatory, accounting, credit and tax matters. In making its decision to purchase the Shares, the Investor
has relied solely upon its own independent investigation of Horizon, VS PubCo, the Target, their respective affiliates, the Shares
and the offer and sale of the Shares. Without limiting the generality of the foregoing, the Investor has not relied on any statements
or other information provided by or on behalf of the Placement Agents or any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing concerning Horizon, VS PubCo, the
Target, the Transaction, the Transaction Agreement, this Subscription Agreement or the transactions contemplated hereby or thereby,
the Shares or the offer and sale of the Shares. The Investor further acknowledges it has (i) had access to, and an adequate opportunity
to review and understand the materials and information made available to it in connection with the Transaction, including financial
and other information as it deems necessary to make its decision to purchase the Shares, and (ii) has made its own assessment
and satisfied itself concerning the relevant tax and other economic considerations relevant to its investment in the Shares.

    10 

     

    

 

l.       The
Investor acknowledges that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or
made any findings or determination as to the fairness of this investment.

 

m.       The
Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under the
laws of its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement.

 

n.       The
execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation
of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the
Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions
of the Investor’s organizational documents, including, without limitation, its incorporation or formation papers, bylaws,
indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is
genuine, and the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the
Investor is not an individual, the signatory has been duly authorized to execute the same, and, assuming that this Subscription
Agreement constitutes the valid and binding agreement of Horizon and VS PubCo, this Subscription Agreement constitutes a legal,
valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms except as may be limited
or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating
to or affecting the rights of creditors generally or (ii) principles of equity, whether considered at law or equity.

 

o.       The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank. The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required
by applicable law, provided that the Investor is permitted to do so under applicable law. If the Investor is a financial
institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and
its implementing regulations (collectively, the “BSA/PATRIOT Act”),
the Investor maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List. To the extent required by applicable law, the Investor maintains policies
and procedures reasonably designed to ensure that the funds held by the Investor and used to purchase the Shares were legally
derived.

    11 

     

    

 

p.       No
disclosure or offering document has been prepared by Credit Suisse Securities (USA) LLC (“Credit Suisse”),
Evercore Group L.L.C. (“Evercore”), or any of their respective affiliates (collectively, the “Placement
Agents”) in connection with the offer and sale of the Shares.

 

q.       Neither
the Placement Agents, nor any of their respective affiliates, nor any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing have made any independent investigation with respect to Horizon, VS PubCo, the
Target or their respective affiliates or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy
of any information supplied to the Investor by Horizon, VS PubCo, the Target or their respective affiliates. The Placement Agents
have not made and do not make any representations as to Horizon, VS PubCo, the Target or the quality or value of the Shares.

 

r.       The
Investor acknowledges that, in connection with the issue and purchase of the Shares, the Placement Agents have not acted as its
financial advisor or fiduciary. In addition, the Investor acknowledges and agrees that the Placement Agents have not provided
any recommendation or investment advice nor have the Placement Agents solicited any action from it with respect to the offer and
sale of the Shares and it has consulted with its own legal, accounting, financial, regulatory and tax advisors to the extent deemed
appropriate. The Investor further acknowledges and agrees that, although the Placement Agents may choose to provide certain Regulation
Best Interest and Form CRS disclosures or other documentation to it in connection with the offer and sale of the Shares, the Placement
Agents are not making a recommendation to participate in the offer and sale of the Shares, or to enter into any purchase agreement
or similar document, and nothing set forth in any such disclosure or documents that may be provided to it from time to time is
intended to suggest that the Placement Agents are making such a recommendation.

 

s.       The
Investor has or has commitments to have and, when required to deliver payment to VS PubCo pursuant to Section 2 above, will have,
sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this Subscription
Agreement.

 

t.       The
Investor acknowledges that the purchase and sale of Shares hereunder meets the exemptions from filing under FINRA Rule 5123(b)(1)(C)
or (J).

    12 

     

    

 

u.       The
Investor acknowledges that Placement Agents may have acquired, or during the term of this Subscription Agreement may acquire,
non-public information with respect to Horizon, VS PubCo, the Target or their respective affiliates, which the Investor agrees,
subject to requirements under applicable law, need not be provided to it.

 

v.       The
Investor hereby acknowledges and agrees that (a) Credit Suisse is acting solely as Placement Agent in connection with the Transaction
and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for it, Horizon,
VS PubCo, their respective affiliates or any other person or entity in connection with the Transaction, (b) Credit Suisse has
not made and will not make any representation or warranty, whether express or implied, of any kind or character and has not provided
any advice or recommendation in connection with the Transaction, (c) Credit Suisse will have no responsibility with respect to
(i) any representations, warranties or agreements made by any person or entity under or in connection with the Transaction or
any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability
(with respect to any person) or any thereof, or (ii) the business, financial condition or results of operations of Horizon, VS
PubCo, the Target, their respective affiliates or the Transaction, and (d) Credit Suisse shall have no liability or obligation
(including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards,
liabilities, costs, expenses or disbursements incurred by it, Horizon, VS PubCo, their respective affiliates or any other person
or entity), whether in contract, tort or otherwise, to it, or to any person claiming through it, in respect of the Transaction.

 

w.       The
Investor acknowledges that Evercore is acting both as placement agent in connection with the offer and sale of the Shares to be
issued pursuant to this Transaction and as financial advisor to the Target in connection with the business combination to which
the sale of the Shares relates, and that Evercore may receive fees both for its placement agent services and financial advisory
services. The Investor also acknowledges and agrees that (a) Evercore is not acting as an underwriter and is not and shall not
be construed as a fiduciary for it, Horizon, VS PubCo, their respective affiliates or any other person or entity in connection
with the Transaction; provided, however, that Evercore is acting as a financial advisor to the Target, (b) Evercore has not made
and will not make any representation or warranty, whether express or implied, of any kind or character and have not provided any
advice or recommendation in connection with the Transaction, (c) Evercore will have no responsibility with respect to (i) any
representations, warranties or agreements made by any person or entity under or in connection with the Transaction or any of the
documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with
respect to any person) or any thereof, or (ii) the business, financial condition or results of operations of Horizon, VS PubCo,
the Target, any of their respective affiliates or the Transaction, and (d) Evercore shall have no liability or obligation (including
without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs, expenses or disbursements incurred by it, Horizon, VS PubCo, their respective affiliates or any other person or entity),
whether in contract, tort or otherwise, to it, or to any person claiming through it, in respect of the Transaction.

 

x.       If
the Investor is an individual, the Investor hereby understands and acknowledges that neither Placement Agent, nor any of their
respective affiliates is acting as a placement agent in connection with the offer and sale of the Shares to the Investor.

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		7.	Registration
Rights.

 

a.       In
the event that the Shares are not registered in connection with the consummation of the Transaction, VS PubCo agrees that, within
thirty (30) calendar days after the consummation of the Transaction (the “Filing Deadline”),
it will file with the SEC (at its sole cost and expense) a registration statement registering the resale of the Shares (the “Registration
Statement”), and it shall use its commercially reasonable efforts to have the Registration Statement declared
effective as soon as practicable after the filing thereof, but no later than the earlier of (i) ninety (90) calendar days after
the filing thereof (or one hundred and twenty (120) calendar days after the filing thereof if the SEC notifies VS PubCo that it
will “review” the Registration Statement) and (ii) ten (10) business days after VS PubCo is notified (orally or in
writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject
to further review (such date, the “Effectiveness Date”). VS PubCo
agrees to cause such Registration Statement, or another shelf registration statement that includes the Shares to be sold pursuant
to this Subscription Agreement, to remain effective until the earliest of (i) the second anniversary of the date the initial Registration
Statement filed hereunder is declared effective, (ii) the date on which the Investor ceases to hold any Shares issued pursuant
to this Subscription Agreement, or (iii) the date on which the Investor is able to sell all of its Shares issued pursuant to this
Subscription Agreement (or shares received in exchange therefor) under Rule 144 of the Securities Act within ninety (90) days
without limitation as to the amount of such securities that may be sold and without the requirement for VS PubCo to be in compliance
with the current public information requirement under Rule 144(c) (or Rule 144(i)(2), if applicable) (the earliest of (i)–(iii)
being the “Expiration”). The Investor agrees to disclose its ownership
to VS PubCo upon request to assist it in making the determination described above. The Investor acknowledges and agrees that VS
PubCo may suspend the use of any such registration statement if it determines in good faith that, in order for such registration
statement not to contain a material misstatement or omission, an amendment thereto would be needed to include information that
would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act, provided,
that (A) VS PubCo shall not so delay filing or so suspend the use of the Registration Statement for a period of more than sixty
(60) consecutive days or more than a total of one hundred and twenty (120) calendar days, in each case in any three hundred sixty
(360) day period, and (B) VS PubCo shall use commercially reasonable efforts to make such registration statement available for
the sale by the Investor of such securities as soon as practicable thereafter. VS PubCo’s obligations to include the Shares
issued pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration Statement
are contingent upon the Investor furnishing in writing to VS PubCo such information regarding the Investor, the securities of
VS PubCo held by the Investor and the intended method of disposition of such Shares, which shall be limited to non-underwritten
public offerings, as shall be reasonably requested by VS PubCo to effect the registration of such Shares, and shall execute such
documents in connection with such registration as VS PubCo may reasonably request that are customary of a selling stockholder
in similar situations, provided, however, that the Investor shall not in connection with the foregoing be required
to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer
the Shares. VS PubCo will provide a draft of the Registration Statement to the Investor for review at least two (2) business days
in advance of filing the Registration Statement. So long as the Investor delivers to VS PubCo a completed questionnaire (which
shall include representations and warranties as to relevant matters), the Investor shall not be identified as a statutory underwriter
in the Registration Statement unless in response to a comment or request from the staff of the SEC or another regulatory agency;
provided, however, that if the SEC requests that the Investor be identified as a statutory underwriter in the Registration
Statement, the Investor will have an opportunity to withdraw from the Registration Statement. Notwithstanding the foregoing, if
the SEC prevents VS PubCo from including any or all of the Shares proposed to be registered under the Registration Statement due
to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable shareholders or otherwise,
such Registration Statement shall register for resale such number of Shares which is equal to the maximum number of Shares as
is permitted by the SEC. In such event, the number of Shares to be registered for each selling shareholder named in the Registration
Statement shall be reduced pro rata among all such selling shareholders and as promptly as practicable after being permitted to
register additional Shares under Rule 415 under the Securities Act, VS PubCo shall file a new Registration Statement to register
such Shares not included in the initial Registration Statement and cause such Registration Statement to become effective as promptly
as practicable consistent with the terms of this Section 7. For purposes of clarification, any failure by VS PubCo to file the
Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Date shall not otherwise
relieve VS PubCo of its obligations to file or effect the Registration Statement set forth in this Section 7. For purposes of
this Section 7, “Shares” shall mean, as of any date of determination, the Shares acquired by the Investor pursuant
to this Subscription Agreement and any other equity security issued or issuable with respect to such Shares by way of stock split,
dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and “Investor” shall include
any affiliate of the undersigned Investor to which the rights under this Section 7 have been duly assigned.

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b.       Prior
to the Expiration, VS PubCo shall advise the Investor within three (3) business days (at VS PubCo’s expense): (i) when a
Registration Statement or any post-effective amendment thereto has become effective; (ii) of the issuance by the SEC of any stop
order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (iii)
of the receipt by VS PubCo of any notification with respect to the suspension of the qualification of the Shares included therein
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (iv) subject to the provisions
in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement
or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances
under which they were made) not misleading (provided that any such notice pursuant to this Section 7(b)(iv) shall solely
provide that the use of the Registration Statement or prospectus has been suspended without setting forth the reason for such
suspension). VS PubCo shall use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness
of any Registration Statement as soon as reasonably practicable. Upon the occurrence of any event contemplated in clauses (i)
through (iv) above, except for such times as VS PubCo is permitted hereunder to suspend, and has suspended, the use of a prospectus
forming part of a registration statement, VS PubCo shall use its commercially reasonable efforts to as soon as reasonably practicable
prepare a post-effective amendment to such registration statement or a supplement to the related prospectus, or file any other
required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading. The Investor agrees that it will immediately discontinue offers
and sales of the Shares using a Registration Statement until the Investor receives copies of a supplemental or amended prospectus
that corrects the misstatement(s) or omission(s) referred to above in clause (iv) and receives notice that any post-effective
amendment has become effective or unless otherwise notified by VS PubCo that it may resume such offers and sales. If so directed
by VS PubCo, the Investor will deliver to VS PubCo or, in the Investor’s sole discretion destroy, all copies of the prospectus
covering the Shares in the Investor’s possession; provided, however, that this obligation to deliver or destroy
all copies of the prospectus covering the Shares shall not apply (x) to the extent the Investor is required to retain a copy of
such prospectus in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or in accordance
with a bona fide pre-existing document retention policy or (y) to copies stored electronically on archival servers as a result
of automatic data back-up.

    15 

     

    

 

c.       Prior
to the Expiration, VS PubCo will use commercially reasonable efforts to file all reports necessary to enable the undersigned to
resell the Shares pursuant to the Registration Statement. For as long as the Investor holds Shares, VS PubCo will use commercially
reasonable efforts to file all reports necessary to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities
Act (when Rule 144 of the Securities Act becomes available to the Investor). In addition, in connection with any sale, assignment,
transfer or other disposition of the Shares by the Investor pursuant to Rule 144 or pursuant to any other exemption under the
Securities Act such that the Shares held by the Investor become freely tradable and upon compliance by the Investor with the requirements
of this Section 7(c), if requested by the Investor, VS PubCo shall cause the transfer agent for the Shares (the “Transfer
Agent”) to remove any restrictive legends related to the book entry account holding such Shares and make a new,
unlegended entry for such book entry Shares sold or disposed of without restrictive legends within three (3) trading days of any
such request therefor from the Investor, provided that VS PubCo and the Transfer Agent have timely received from the Investor
customary representations and other documentation reasonably acceptable to VS PubCo and the Transfer Agent in connection therewith.
Subject to receipt from the Investor by VS PubCo and the Transfer Agent of customary representations and other documentation reasonably
acceptable to VS PubCo and the Transfer Agent in connection therewith, the Investor may request that VS PubCo remove any legend
from the book entry position evidencing its Shares and VS PubCo will, if required by the Transfer Agent, cause an opinion of VS
PubCo’s counsel be provided, in a form reasonably acceptable to the Transfer Agent, to the effect that the removal of such
restrictive legends in such circumstances may be effected under the Securities Act, following the earliest of such time as such
Shares (i) (x) are subject to or (y) have been or are about to be sold or transferred pursuant to an effective registration statement,
(ii) have been or are about to be sold pursuant to Rule 144, or (iii) are eligible for resale under Rule 144(b)(1) or any successor
provision without the requirement for VS PubCo to be in compliance with the current public information requirement under Rule
144 and without volume or manner-of-sale restrictions applicable to the sale or transfer of such Shares. If restrictive legends
are no longer required for such Shares pursuant to the foregoing, VS PubCo shall, in accordance with the provisions of this section
and within three (3) trading days of any request therefor from the Investor accompanied by such customary and reasonably acceptable
representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver
to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for such book entry
Shares. VS PubCo shall be responsible for the fees of its Transfer Agent, its legal counsel and all DTC fees associated with such
issuance.

    16 

     

    

 

		d.	Indemnification.

 

(i)       VS
PubCo agrees to indemnify and hold harmless, to the extent permitted by law, the Investor, its directors, officers, employees,
investment advisers and agents, and each person who controls the Investor (within the meaning of the Securities Act or the Exchange
Act) and each affiliate of the Investor (within the meaning of Rule 405 under the Securities Act) from and against any and all
losses, claims, damages, liabilities and expenses (including, without limitation, any reasonable attorneys’ fees and expenses
incurred in connection with defending or investigating any such action or claim) caused by any untrue or alleged untrue statement
of material fact contained in any Registration Statement, prospectus included in any Registration Statement or preliminary prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information
furnished in writing to VS PubCo by or on behalf of the Investor expressly for use therein.

 

(ii)      The
Investor agrees, severally and not jointly with any person that is a party to the Other Subscription Agreements or any other selling
shareholder under the Registration Statement, to indemnify and hold harmless VS PubCo, its directors and officers and agents and
each person who controls VS PubCo (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses (including, without limitation, reasonable attorneys’ fees) resulting from any untrue statement of material
fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto
or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by the Investor expressly for use therein. In no event shall the liability of the Investor be greater in amount than the dollar
amount of the net proceeds received by the Investor upon the sale of the Shares purchased pursuant to this Subscription Agreement
giving rise to such indemnification obligation.

 

(iii)     Any
person entitled to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent.
An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more
than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment
of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the
entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money
is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

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(iv)      The
indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person of such
indemnified party and shall survive the transfer of the Shares purchased pursuant to this Subscription Agreement.

 

(v)       If
the indemnification provided under this Section 7(d) from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party
as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in
connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(d) from any person who was not guilty
of such fraudulent misrepresentation. In no event shall the liability of the Investor be greater in amount than the dollar amount
of the net proceeds received by the Investor upon the sale of the Shares purchased pursuant to this Subscription Agreement giving
rise to such contribution obligation.

 

8.       Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its terms without being consummated,
(b) upon the mutual written agreement of each of the parties hereto and VS PubCo to terminate this Subscription Agreement, (c)
on or after the Agreement End Date (as defined in the Transaction Agreement as the same exists on the date of this Subscription
Agreement), if the Closing has not occurred by such date, or (d) if any of the conditions to Closing set forth in Section 3 of
this Subscription Agreement are not satisfied or waived, or are not capable of being satisfied, on or prior to the Closing and,
as a result thereof, the transactions contemplated by this Subscription Agreement will not be and are not consummated at the Closing
(the termination events described in clauses (a)–(d) above, collectively, the “Termination
Events”); provided that nothing herein will relieve any party from liability for any willful breach hereof
prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from any such willful breach. Horizon shall notify the Investor in writing of the termination of the Transaction
Agreement promptly after the termination of such agreement. Upon the occurrence of any Termination Event, this Subscription Agreement
shall be void and of no further effect and any monies paid by the Investor to VS PubCo in connection herewith shall promptly (and
in any event within one (1) business day) following the Termination Event be returned to the Investor.

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9.           Trust
Account Waiver. The Investor acknowledges that Horizon is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving Horizon and one or more businesses or assets.
The Investor further acknowledges that, as described in Horizon’s prospectus relating to its initial public offering dated
August 20, 2020 (the “Prospectus”) available at www.sec.gov, substantially
all of Horizon’s assets consist of the cash proceeds of Horizon’s initial public offering and private placement of
its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of Horizon, its public shareholders and the underwriters of Horizon’s initial
public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to Horizon
to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus.
For and in consideration of Horizon entering into this Subscription Agreement, the receipt and sufficiency of which are hereby
acknowledged, the Investor hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or
may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account
as a result of, or arising out of, this Subscription Agreement; provided, however, that nothing in this Section
9 shall be deemed to limit the Investor’s right, title, interest or claim to any monies held in the Trust Account by virtue
of its record or beneficial ownership of any Class A Shares, pursuant to a validly exercised redemption right with respect to
any such Class A Shares.

 

10.         Miscellaneous.

 

a.       Neither
this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned; provided that the Investor may assign its rights and obligations under this Subscription
Agreement to one or more of its affiliates (including other investment funds or accounts managed or advised by the investment
manager who acts on behalf of the Investor or an affiliate thereof); provided, that no such assignment shall relieve the
Investor of its obligations hereunder.

 

b.       Horizon
and VS PubCo may request from the Investor such additional information as Horizon and/or VS PubCo may deem necessary to register
the resale of the Shares and evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall provide such
information as may reasonably be requested, to the extent readily available and to the extent consistent with the Investor’s
internal policies and procedures; provided that each of Horizon and VS PubCo agrees to keep any such information provided
by the Investor confidential except (i) as required by the federal securities law or pursuant to other routine proceedings of
regulatory authorities or (ii) to the extent such disclosure is required by law, at the request of the staff of the SEC or regulatory
agency or under the regulations of any national securities exchange on which Horizon’s or VS PubCo’s, as applicable
securities are listed for trading. The Investor acknowledges and agrees that if it does not provide VS PubCo with such requested
information, VS PubCo may not be able to register the Investor’s Shares for resale pursuant to Section 7 hereof. The Investor
acknowledges that Horizon and/or VS PubCo may file a form of this Subscription Agreement that does not identify the Investor with
the SEC as an exhibit to a periodic report or a registration statement of Horizon and/or VS PubCo.

    19 

     

    

 

c.       The
Investor acknowledges that Horizon and VS PubCo will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in Section 6 of this Subscription Agreement. Prior to the Closing, each party hereto agrees to promptly
notify the other parties hereto and the Placement Agents if any of their respective acknowledgments, understandings, agreements,
representations and warranties set forth in Section 5 or Section 6, as applicable, above are no longer accurate in any material
respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality,
in which case such party shall notify the other parties and the Placement Agents if they are no longer accurate in any respect).

 

d.       Horizon,
VS PubCo and the Placement Agents (each as a third party beneficiary with right of enforcement as set forth in this Subscription
Agreement) are each irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the matters covered hereby; provided, however,
that the foregoing clause of this Section 10(d) shall not give the Placement Agents any rights other than those expressly set
forth herein and, without limiting the generality of the foregoing and for the avoidance of doubt, in no event shall the Target
be entitled to rely on any of the representations and warranties of Horizon set forth in this Subscription Agreement.

 

e.       The
Investor hereby acknowledges and agrees that it will not, nor will any person acting at the Investor’s direction or pursuant
to any understanding with Investor (including Investor’s controlled affiliates), directly or indirectly, offer, sell, pledge,
contract to sell, sell any option in, or engage in hedging activities or execute any “short sales” (as defined in
Rule 200 of Regulation SHO under the Exchange Act) with respect to, any Shares or any securities of Horizon or any instrument
exchangeable for or convertible into any Shares or any securities of Horizon until the consummation of the Transaction (or such
earlier termination of this Subscription Agreement in accordance with its terms). For the avoidance of doubt, this Section 10(e)
shall not apply to any sale (including the exercise of any redemption right) of securities of Horizon (i) held by the Investor,
its controlled affiliates or any person or entity acting on behalf of the Investor or any of its controlled affiliates prior to
the execution of this Subscription Agreement or (ii) purchased by the Investor, its controlled affiliates or any person or entity
acting on behalf of the Investor or any of its controlled affiliates in open market transactions after the execution of this Subscription
Agreement. Notwithstanding the foregoing, (i) nothing herein shall prohibit any entities under common management with the Investor
that have no knowledge of this Subscription Agreement or of the Investor’s participation in the transactions contemplated
hereby (including the Investor’s controlled affiliates and/or affiliates) from entering into any short sales; (ii) in the
case of an Investor that is a multimanaged investment vehicle whereby separate portfolio managers manage separate portions of
such Investor’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers
managing other portions of such Investor’s assets, this Section 10(e) shall only apply with respect to the portion of assets
managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

 

f.       All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.
For the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation of the Transaction, all representations,
warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Transaction and remain in
full force and effect.

    20 

     

    

 

g.       This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except
by an instrument in writing, signed by each of the parties hereto. No failure or delay of any party in exercising any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

h.       This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Section 7(d), Section 10(d), this Section 10(h), the last two sentences of Section 10(l) and Section 11
with respect to the persons specifically referenced therein, this Subscription Agreement shall not confer any rights or remedies
upon any person other than the parties hereto, and their respective successor and assigns, and the parties hereto acknowledge
that such persons so referenced are third party beneficiaries of this Subscription Agreement with right of enforcement for the
purposes of, and to the extent of, the rights granted to them, if any, pursuant to the applicable provisions.

 

i.       Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

j.       If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not
in any way be affected or impaired thereby and shall continue in full force and effect.

 

k.       This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and
by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All
counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

l.       The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting
a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement,
this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.
The parties hereto acknowledge and agree that the Placement Agents shall be entitled to rely on the provisions of the Subscription
Agreement of which the Placement Agents are each an express third party beneficiary, in each case, on the terms and subject to
the conditions set forth herein. For the avoidance of doubt, each of the Placement Agents are third party beneficiaries with rights
to enforce Section 5, Section 6, Section 10 and Section 11 hereof on their own behalf and not on behalf of Horizon or VS PubCo.

    21 

     

    

 

m.       If
any change in the number, type or classes of authorized shares of VS PubCo (including the Shares), other than as contemplated
by the Transaction Agreement or any agreement contemplated by the Transaction Agreement, shall occur between the date hereof and
immediately prior to the Closing by reason of reclassification, recapitalization, stock split (including reverse stock split)
or combination, exchange or readjustment of shares, or any stock dividend, the number of Shares issued to the Investor and Per
Share Purchase Price shall be appropriately adjusted to reflect such change.

 

n.       This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of
the laws that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any
action, suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation
or reviews by or before any governmental entity related hereto), including matters of validity, construction, effect, performance
and remedies.

 

o.       THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS
CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION
OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT
OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY
SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT
TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION
10(p) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE
THEREOF.

    22 

     

    

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 10(l).

 

p.       Any
notice or communication required or permitted hereunder to be given to the Investor shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
to such address(es) or email address(es) set forth on the signature page hereto, and shall be deemed to be given and received
(i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii)
three (3) business days after the date of mailing to the address below or to such other address or addresses as the Investor may
hereafter designate by notice to Horizon and VS PubCo.

 

11.         Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation,
warranty or other information made or provided by any person, firm or corporation (including, without limitation, the Placement
Agents, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing), other than the statements, representations and warranties of Horizon and VS PubCo, as applicable, expressly
contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest in VS PubCo. The Investor
acknowledges and agrees that, other than the statements, representations and warranties of Horizon and VS PubCo, as applicable,
expressly contained in Section 5 of this Subscription Agreement, none of (i) any other investor pursuant to this Subscription
Agreement or any other subscription agreement related to the private placement of the Shares (including the investor’s respective
affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing)
or (ii) the Placement Agents, their respective affiliates or any control persons, officers, directors, employees, partners, agents
or representatives of any of the foregoing shall have any liability to the Investor, or to any other investor, pursuant to, arising
out of or relating to this Subscription Agreement or any other subscription agreement related to the private placement of the
Shares, the negotiation hereof or thereof or its subject matter, or the transactions contemplated hereby or thereby, including,
without limitation, with respect to any action heretofore or hereafter taken or omitted to be taken by any of them in connection
with the purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription
Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, as expressly
provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials
of any kind furnished by Horizon, VS PubCo, the Target, the Placement Agents or any Non-Party Affiliate concerning Horizon, VS
PubCo, the Target, the Placement Agents, any of their respective controlled affiliates, this Subscription Agreement or the transactions
contemplated hereby. For purposes of this Subscription Agreement, “Non-Party Affiliates” means each former, current
or future officer, director, employee, partner, member, manager, direct or indirect equityholder or affiliate of Horizon, VS PubCo,
the Placement Agents or any of Horizon’s, VS PubCo’s or the Placement Agents’ respective controlled affiliates
or any family member of the foregoing.

    23 

     

    

 

12.       Disclosure.
Horizon shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription
Agreements, the Sponsor Support Agreement, the Exchange Agreement, the Transaction and any other material, nonpublic information
that Horizon has provided to the Investor at any time prior to the filing of the Disclosure Document. Upon the issuance of the
Disclosure Document, to the actual knowledge of Horizon, the Investor shall not be in possession of any material, non-public information
received from Horizon or any of its officers, directors, or employees or agents, and the Investor shall no longer be subject to
any confidentiality or similar obligations under any current agreement, whether written or oral, with Horizon, the Placement Agents
or any of their respective affiliates, relating to the transactions contemplated by this Subscription Agreement. Notwithstanding
anything in this Subscription Agreement to the contrary, Horizon shall not, without the prior written consent of the Investor,
publicly disclose the name of the Investor, its investment advisor or any of their respective affiliates or advisers, or include
the name of the Investor, its investment advisor or any of their respective affiliates or advisers (i) in any press release or
marketing materials or (ii) in any filing with the SEC or any regulatory agency or trading market, except (A) as required by the
federal securities law or pursuant to other routine proceedings of regulatory authorities or (B) to the extent such disclosure
is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of any national securities
exchange on which Horizon’s and/or VS PubCo’s securities are listed for trading, provided, that in the case of this
clause (ii), Horizon and/or VS PubCo shall provide Investor with prior written notice (including by e-mail) of such permitted
disclosure, and shall reasonably consult with Investor regarding such disclosure.

 

13.       Separate
Obligations. For the avoidance of doubt, all obligations of the Investor hereunder are separate and several from the obligations
of any Other Investor. The decision of Investor to purchase the Shares pursuant to this Subscription Agreement has been made by
Investor independently of any Other Investor or any other investor and independently of any information, materials, statements
or opinions as to the business, financial condition or results of operations of Horizon, VS PubCo, Target, or any of their respective
subsidiaries which may have been made or given by any Other Investor or by any agent or employee of any Other Investor, and neither
Investor nor any of its agents or employees shall have any liability to any Other Investor (or any other person) relating to or
arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement,
and no action taken by Investor or Other Investors pursuant hereto or thereto, shall be deemed to constitute Investor and Other
Investor as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Investor
and Other Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Subscription Agreement and the Other Subscription Agreements. The Investor acknowledges that no Other Investor has acted
as agent for Investor in connection with making its investment hereunder and no Other Investor will be acting as agent of Investor
in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription Agreement. The Investor
shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this
Subscription Agreement, and it shall not be necessary for any Other Investor to be joined as an additional party in any proceeding
for such purpose.

    24 

     

    

 

14.       Massachusetts
Business Trust. If Investor is a Massachusetts Business Trust, a copy of the Declaration of Trust of Investor or any affiliate
thereof is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that the Subscription
Agreement is executed on behalf of the trustees of Investor or any affiliate thereof as trustees and not individually and that
the obligations of the Subscription Agreement are not binding on any of the trustees, officers or stockholders of Investor or
any affiliate thereof individually but are binding only upon Investor or any affiliate thereof and its assets and property.

 

[SIGNATURE
PAGES FOLLOW]

 

    25 

     

    

IN
WITNESS WHEREOF, the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 

 

	Name in which Shares are to be registered	 	Date:                  , 2021
	(if different):	 	 	 
	 	 	 	 	 
	Investor’s EIN:	 	 	 
	 	 	 	 	 
	Business Address – Street:	 	Mailing Address – Street
    (if different):
	 	 	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 	 	 
	Attn:	 	 	Attn:	 
	 	 	 	 	 
	Telephone No.:	 	Telephone No.:
	Facsimile No.:	 	Facsimile No.:
	 	 	 	 	 
	Email:	 	 	 
	 	 	 	 	 
	Number of Shares subscribed for:	 	 	 
	 	 	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

You
must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account specified
by Horizon in the Closing Notice.

 

     

     

    

IN
WITNESS WHEREOF, Horizon has accepted this Subscription Agreement as of the date set forth below.

 

	 	HORIZON ACQUISITION CORP.
	 	 	 	 	 	 
	 	By: 	 	 	 	 
	 	Name:
	 	Title:
	 	 	 	 	 	 
	 	For purpose of notice:
	 	 	 	 	 	 
	 	Address:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 
	 	Telephone No.:	 
	 	 	 	 	 	 
	 	Facsimile No.:	 
	 	 	 	 	 	 
	 	Email:	 	 	 
	 	 	 	 	 	 
	 	Attn:	 	 	 

 

     

     

    

	 	VIVID SEATS INC.
	 	 	 	 	 	 
	 	By:	 	 	 	 
	 	Name:
	 	Title:
	 	 	 	 	 	 
	 	For purpose
    of notice:
	 	 	 	 	 	 
	 	Address:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 
	 	Telephone
    No.:	 
	 	 	 	 	 	 
	 	Facsimile
    No.:	 
	 	 	 	 	 	 
	 	Email:	 	 	 
	 	 	 	 	 	 
	 	Attn:	 	 	 

Date:
April     , 2021

 

     

     

    

SCHEDULE
A

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		1.	QUALIFIED
                                         INSTITUTIONAL BUYER STATUS

 

(Please
check the applicable subparagraphs):

 

		☐	We
                                         are a “qualified institutional buyer” (as defined in Rule 144A under the
                                         Securities Act (a “QIB”)).

 

**
OR **

 

		2.	INSTITUTIONAL
                                         ACCREDITED INVESTOR STATUS

 

(Please
check the applicable subparagraphs):

 

		(i)	☐ 	We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act or an entity in which all of the equity holders are accredited investors within
the meaning of Rule 501(a) under the Securities Act), and have marked and initialed the appropriate box on the following page
indicating the provision under which we qualify as an “accredited investor.”

 

		(ii)	☐	 We are not a natural person.

 

Rule
501(a), under the Securities Act, in relevant part, states that an “accredited investor” shall mean any person who
comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories,
at the time of the sale of the securities to that person. Investor has indicated, by marking and initialing the appropriate box
below, the provision(s) below which apply to Investor and under which Investor accordingly qualifies as an “accredited investor.”

 

		☐	Any
                                         bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association
                                         or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting
                                         in its individual or fiduciary capacity;

 

		☐	Any
                                         broker or dealer pursuant to section 5 of the Securities Exchange Act of 1934, as amended;

 

		☐	Any
                                         insurance company as defined in Section 2(a)(13) of the Securities Act;

 

		☐	Any
                                         investment company registered under the Investment Company Act of 1940, as amended (the
                                         “Investment Company Act”) or a business development company as defined
                                         in section 2(a)(48) of the Investment Company Act;

 

     

     

    

		☐	Any
                                         Small Business Investment Company licensed by the U.S. Small Business Administration
                                         under section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;

 

		☐	Any
                                         plan established and maintained by a state, its political subdivisions, or any agency
                                         or instrumentality of a state or its political subdivisions for the benefit of its employees,
                                         if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         employee benefit plan within the meaning of the Employee Retirement Income Security Act
                                         of 1974, as amended (“ERISA”), if (i) the investment decision is made
                                         by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a
                                         savings and loan association, an insurance company, or a registered investment adviser,
                                         (ii) the employee benefit plan has total assets in excess of $5,000,000, or (iii) such
                                         plan is a self-directed plan, with investment decisions made solely by persons that are
                                         “accredited investors”;

 

		☐	Any
                                         organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
                                         similar business trust, or partnership, not formed for the specific purpose of acquiring
                                         the securities offered, with total assets in excess of $5,000,000 or;

 

		☐	Any
                                         (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar
                                         business trust, or (iii) organization described in section 501(c)(3) of the Internal
                                         Revenue Code of 1986, as amended, not formed for the specific purpose of acquiring the
                                         securities offered, and with total assets in excess of $5,000,000;

 

		☐	Any
                                         director, executive officer, or general partner of the issuer of the securities being
                                         offered or sold, or any director, executive officer, or general partner of a general
                                         partner of that issuer;

 

		☐	Any
                                         natural person whose individual net worth, or joint net worth with that person’s
                                         spouse, exceeds $1,000,000. For purposes of calculating a natural person’s net
                                         worth: (a) the person’s primary residence shall not be included as an asset; (b)
                                         indebtedness that is secured by the person’s primary residence, up to the estimated
                                         fair market value of the primary residence at the time of the sale of securities, shall
                                         not be included as a liability (except that if the amount of such indebtedness outstanding
                                         at the time of sale of securities exceeds the amount outstanding sixty (60) days before
                                         such time, other than as a result of the acquisition of the primary residence, the amount
                                         of such excess shall be included as a liability); and (c) indebtedness that is secured
                                         by the person’s primary residence in excess of the estimated fair market value
                                         of the primary residence at the time of the sale of securities shall be included as a
                                         liability;

 

		☐	Any
                                         natural person who had an individual income in excess of $200,000 in each of the two
                                         most recent years or joint income with that person’s spouse in excess of $300,000
                                         in each of those years and has a reasonable expectation of reaching the same income level
                                         in the current year;

 

     

     

    

		☐	Any
                                         trust with total assets in excess of $5,000,000, not formed for the specific purpose
                                         of acquiring the securities offered, whose purchase is directed by a sophisticated person
                                         as described in Section 230.506(b)(2)(ii) of Regulation D;

 

		☐	Any
                                         entity in which all of the equity owners are “accredited investors”;

 

		☐	Any
                                         natural person holding in good standing one or more professional certifications or designations
                                         or credentials from an accredited educational institution that the SEC has designated
                                         as qualifying an individual for accredited investor status, such as a General Securities
                                         Representative license (Series 7), a Private Securities Offerings Representative license
                                         (Series 82) and an Investment Adviser Representative license (Series 65);

 

		☐	Any
                                         “family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940 which was not formed for the purpose of investing in Vivid Seats Inc., a
                                         Delaware corporation (“VS PubCo”), has assets under management in
                                         excess of $5,000,000 and whose prospective investment is directed by a person who has
                                         such knowledge and experience in financial and business matters that such family office
                                         is capable of evaluating the merits and risks of the prospective investment; or

 

		☐	Any
                                         “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment
                                         Advisers Act of 1940, of a family office, whose prospective investment in VS PubCo is
                                         directed by such family office, and such family office is one (i) with assets under management
                                         in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing
                                         in VS PubCo, and (iii) whose prospective investment in VS PubCo is directed by a person
                                         who has such knowledge and experience in financial and business matters that such family
                                         office is capable of evaluating the merits and risks of such prospective investment.

 

This
page should be completed by the Investor 

and constitutes a part of the Subscription Agreement.Exhibit 10.4

 

Final

 

STOCKHOLDERS’
AGREEMENT

 

This
Stockholders’ Agreement (this “Agreement”) is made as of [ • ], by and among:

 

(i)       Vivid
Seats Inc., a Delaware corporation (the “Company”);

 

(ii)      Hoya
Topco, LLC, a Delaware limited liability company (“Topco”); and

 

(iii)     Horizon
Sponsor, LLC, a Delaware limited liability company (“Horizon” and, together with Topco, each a “Voting
Party” and together the “Voting Parties”).

 

RECITALS

 

WHEREAS,
the Company has entered into that certain Transaction Agreement, dated as of April 21, 2021 (as it may be amended or supplemented
from time to time, the “Transaction Agreement”), by and among the Company, the Voting Parties, Hoya Intermediate,
LLC, a Delaware limited liability company, and Horizon Acquisition Corporation, a Cayman Islands exempted company (“Horizon
Corp”), pursuant to which the parties thereto have agreed to consummate the Transactions (as defined in the Transaction
Agreement);

 

WHEREAS,
in connection with the Transactions, the Company and the Voting Parties are party to a Registration Rights Agreement, dated as
of the date hereof (as it may be amended, supplemented, restated and/or modified from time to time, the “Registration
Rights Agreement”);

 

WHEREAS,
in connection with the Transactions, the Voting Parties have agreed to execute and deliver this Agreement;

 

WHEREAS,
as of immediately following the closing of the Transaction (the “Closing”) each Voting Party Beneficially Owns
(as defined below) the respective number of shares of Class A common stock of the Company, par value $0.0001 per share (the “Class
A Common Stock”) and Class B common stock of the Company, par value $0.0001 per share (the “Class B Common
Stock” and together with the Class A Common Stock, the “Common Stock”), set forth on Annex A
hereto;

 

WHEREAS,
the number of shares of Common Stock Beneficially Owned (as defined below) by each Voting Party may change from time to time,
in accordance with the terms of (x) the Amended and Restated Certificate of Incorporation of the Company, as it may be amended,
supplemented and/or restated from time to time (the “Charter”), (y) the Amended and Restated Bylaws of the
Company, as it may be amended, supplemented and/or restated from time to time (the “Bylaws”) and (z) the Registration
Rights Agreement, which changes shall be reported by each Voting Party in accordance with the applicable provisions of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”);

 

WHEREAS,
as of the date of this Agreement, Topco Beneficially Owns shares of Common Stock representing more than fifty percent (50%) of
the outstanding voting power of the Company;

     

     

    

WHEREAS,
each Voting Party believes that it is in their respective best interests to qualify the Company as a “controlled company”
under the listing standards of NYSE; and

 

WHEREAS,
the parties hereto desire to enter into this Agreement to provide for certain nomination rights with respect to elections of the
Company’s Board of Directors (the “Board”) and restrictions on transfers of the Common Stock.

 

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

 

AGREEMENT

 

1.            Definitions. Capitalized terms used herein but not defined in this Agreement shall have the meanings ascribed to them in
the Transaction Agreement. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings
indicated when used in this Agreement with initial capital letters:

 

“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

“Agreement”
shall have the meaning specified in the Preamble.

 

“Beneficially
Owned” or “Beneficial Ownership” shall have the meaning specified in Section 2.

 

“Board”
shall have the meaning specified in the Recitals.

 

“Bylaws”
shall have the meaning specified in the Recitals.

 

“Charter”
shall have the meaning specified in the Recitals.

 

“Class
A Common Stock” shall have the meaning specified in the Recitals.

 

“Class
B Common Stock” shall have the meaning specified in the Recitals.

 

“Closing”
shall have the meaning specified in the Recitals.

 

“Closing
Amount” means the aggregate number of shares of Common Stock that are issued and outstanding on the date hereof, as
such number may be adjusted from time to time for any reorganization, recapitalization, stock dividend, stock split, reverse stock
split or other similar changes in the Company’s capitalization. For the avoidance of doubt, the Common Stock issued in connection
with the PIPE Subscription shall be included with the Closing Amount.

 

“Closing
Date” shall have the meaning given in the Transaction Agreement.

 

“Common
Stock” shall have the meaning specified in the Recitals.

    2 

     

    

“Company”
shall have the meaning specified in the Preamble.  

 

“Exchange
Act” shall have the meaning specified in the Recitals.

  

“Horizon”
shall have the meaning specified in the Preamble.

 

“Horizon
Designees” shall have the meaning specified in Section 3(a).

 

“Horizon
Equityholders” shall mean Horizon and any investment vehicles or funds managed or controlled, directly or indirectly,
by any of Horizon’s Affiliates.

 

“Horizon
Sunset Date” means the date the Horizon Equityholders, in the aggregate, Beneficially Own a number of Voting Shares
representing less than five percent (5%) of the Original Amount.

 

“Horizon
Transferee” shall have the meaning specified in Section 15(b).

 

“Lock-up”
shall have the meaning specified in Section 7(a).

 

“Lock-up
Period” shall mean the period beginning on the Closing Date and ending twelve (12) months following the Closing Date.

 

“Lock-up
Shares” shall mean (i) any shares of Common Stock Beneficially Owned by the Topco Equityholders and the Horizon Equityholders,
other than, with respect to the Horizon Equityholders, the Common Stock received in connection with the PIPE Subscription (as
defined in the Transaction Agreement) and (ii) any warrants Beneficially Owned by the Topco Equityholders and the Horizon Equityholders
that are exercisable for shares of Common Stock.

 

“Necessary
Action” means, with respect to any party and a specified result, all actions (to the extent such actions are not prohibited
by applicable law, within such party’s control and do not directly conflict with any rights expressly granted to such party
in this Agreement, the Transaction Agreement, the Registration Rights Agreement, the Charter or the Bylaws) reasonably necessary
and desirable within his, her or its control to cause such result, including, without limitation (i) calling special meetings
of the Board and the stockholders of the Company, (ii) voting or providing a proxy with respect to the Voting Shares beneficially
owned by such party, (iii) voting in favor of the adoption of stockholders’ resolutions and amendments to the Charter or
Bylaws, including executing written consents in lieu of meetings, (iv) requesting members of the Board (to the extent such members
were elected, nominated or designated by the party obligated to undertake such action) to act (subject to any applicable fiduciary
duties) in a certain manner or causing them to be removed in the event they do not act in such a manner and (v) making, or causing
to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are
required to achieve such a result.

 

“NYSE”
means the New York Stock Exchange.

    3 

     

    

“Original
Amount” means the aggregate number of shares of Common Stock held, directly or indirectly, by the Topco Equityholders
(with respect to any calculation of Common Stock held by the Topco Equityholders) or the Horizon Equityholders (with respect to
any calculation of Common Stock held by the Horizon Equityholders) on the date hereof, as such number may be adjusted from time
to time for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or other similar changes in
the Company’s capitalization. For the avoidance of doubt, the Common Stock received by the Horizon Equityholders in connection
with the PIPE Subscription shall be included with the Original Amount.

 

“Permitted
Transferees” shall have the meaning specified in Section 7(b).

 

“Registration
Agreement” shall have the meaning specified in the Recitals.

 

“Representatives”
shall have the meaning specified in Section 8.

 

“Topco
Equityholders” shall mean (a) Topco or (b) after the distribution (in the aggregate pursuant to one or more distributions)
by Topco of more than 50% of the Voting Shares held by Topco on the date hereof, (i) GTCR Fund XI/B LP, GTCR Fund XI/C LP, GTCR
Co-Invest XI LP, GTCR Golder Rauner, L.L.C., GTCR Golder Rauner II, L.L.C., GTCR Management XI LLC and/or GTCR LLC and (ii) any
investment vehicles or funds managed or controlled, directly or indirectly, by or otherwise affiliated with the foregoing entities.

 

“Topco
Sunset Date” means the date the Topco Equityholders, in the aggregate, Beneficially Own a number of Voting Shares representing
less than five percent (5%) of the Original Amount (assuming, for this purpose, that all outstanding Intermediate Common Units
(as defined in the Transaction Agreement) held or controlled by the Topco Equityholders are and were exchanged at the applicable
times of measurement by the Topco Equityholders for shares of Class A Common Stock in accordance with the A&R LLCA and without
regard to the Lock-Up or any other restriction on exchange).

 

“Topco
Transferee” shall have the meaning specified in Section 15(b).

 

“Transaction
Agreement” shall have the meaning specified in the Recitals.

 

“Transfer”
means the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to,
any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash
or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

“Voting
Party” or “Voting Parties” shall have the meaning specified in the Preamble.

    4 

     

    

“Voting
Shares” shall have the meaning specified in Section 2.

 

2.            
Agreement to Vote. During the term of this Agreement, each Voting Party shall vote or cause to be voted all securities
of the Company that may be voted in the election of the Company’s directors registered in the name of, or beneficially owned
(as such term is defined in Rule 13d-3 under the Exchange Act, including by the exercise or conversion of any security exercisable
or convertible for shares of Common Stock, but excluding shares of stock underlying unexercised options or warrants) (“Beneficially
Owned” or “Beneficial Ownership”) by such Voting Party, including any and all securities of the Company
acquired and held in such capacity subsequent to the date hereof (hereinafter referred to as the “Voting Shares”),
in accordance with the provisions of this Agreement, including voting or causing to be voted all Voting Shares Beneficially Owned
by such Voting Party so that the Board is comprised of the Persons designated pursuant to Section 3(a). Except as explicitly
provided in this Agreement, each Voting Party is free to vote or cause to be voted all Voting Shares Beneficially Owned by such
Voting Party. For the avoidance of doubt, nothing in this Section 2 shall require a Voting Party to exercise or convert
any security exercisable or convertible for voting securities of the Company.

 

3.            
Board of Directors.

 

(a)          
Board Representation. Subject to the terms and conditions of this Agreement, from the date of this Agreement, the Company
and each Voting Party shall take all Necessary Action to cause, effective immediately following the Closing Date, the Board to
be comprised of nine (9) directors, comprised of (i) the chief executive officer of the Company, (ii) five (5) directors designated
by the Topco Equityholders (the “Topco Designees” and each a “Topco Designee”), of which
at least one (1) shall qualify as an “independent director” under stock exchange regulations applicable to the Company
and (iii) three (3) director designated by the Horizon Equityholders (the “Horizon Designees”), of which at
least two (2) shall qualify as “independent directors” under stock exchange regulations applicable to the Company.
From the Closing Date, the Horizon Equityholders shall have the right, but not the obligation, to nominate (I) three (3) Horizon
Designees, so long as the Horizon Equityholders, in the aggregate, Beneficially Own at least 12% of the Closing Amount, of which
at least two (2) shall qualify as “independent directors” under stock exchange regulations applicable to the Company,
(II) two (2) Horizon Designees, so long as the Horizon Equityholders, in the aggregate, Beneficially Own at least 6% but less
than 12% of the Closing Amount, each of which shall qualify as “independent directors” under stock exchange regulations
applicable to the Company, and (III) until the Horizon Sunset Date, one (1) Horizon Designee, who shall qualify as an “independent
director” under stock exchange regulations applicable to the Company; provided that, the loss of the right to designate
the Horizon Designee pursuant to this Section 3(a) shall not shorten the term of such Horizon Designee then-serving on
the Board. From the Closing Date, the Topco Equityholders shall have the right, but not the obligation, to nominate (A) five (5)
Topco Designees, so long as the Topco Equityholders, in the aggregate, Beneficially Own at least 24% of the Closing Amount, of
which at least one (1) shall qualify as an “independent director” under stock exchange regulations applicable to the
Company, (B) four (4) Topco Designees, so long as the Topco Equityholders, in the aggregate, Beneficially Own at least 18% but
less than 24% of the Closing Amount, (C) three (3) Topco Designees, so long as the Topco Equityholders, in the aggregate, Beneficially
Own at least 12% but less than 18% of the Closing Amount, (D) two (2) Topco Designees, so long as the Topco Equityholders, in
the aggregate, Beneficially Own at least 6% but less than 12% of the Closing Amount and (E) until the Topco Sunset Date, one (1)
Topco Designee; provided that, no reduction in the number of Topco Designees that the Topco Equityholders are entitled
to designate pursuant to this Section 3(a) shall shorten the term of any Topco Designee then-serving on the Board; provided
further that, once the Topco Equityholders, in the aggregate, Beneficially Own less than 40% of the Closing Amount, none of the
Topco Designees shall be required to qualify as “independent directors” under any stock exchange regulations. In the
event the size of the Board is increased in accordance with applicable law and the Company’s organizational documents, the
Topco Equityholders shall have the right to designate a number of directors of the Board which give the Topco Equityholders the
same percentage of total directors on the Board as permitted to be designated pursuant to this Section 3(a), rounded up
to the next whole number.

    5 

     

    

(b)          
Sunset on Designees. From the date of this Agreement until the Topco Sunset Date, the Company shall, and the Voting Parties
shall take all Necessary Action to, include the Topco Designees in the slate of nominees recommended by the Board for election
as directors at each applicable annual or special meeting of the stockholders of the Company, including at every adjournment or
postponement thereof, at which directors are to be elected. From the date of this Agreement until the Horizon Sunset Date, the
Company shall, and the Voting Parties shall take all Necessary Action to, include the Horizon Designees in the slate of nominees
recommended by the Board for election as directors at each applicable annual or special meeting of the stockholders of the Company,
including at every adjournment or postponement thereof, at which directors are to be elected. Once the Topco Equityholders and
Horizon Equityholders, as applicable, lose the right to nominate a director in accordance with Section 3(a) above, the
selection of such director shall be conducted in accordance with applicable law and with the Charter, Bylaws and the other corporate
governance documents of the Company.

 

(c)           
Resignation; Removal; Vacancies.

 

(i)           Any Topco Designee or Horizon Designee may resign at any time upon written notice to the Board.

 

(ii)          (A) The Topco Equityholders shall have the exclusive right to remove one or more of the Topco Designees from the Board, and the
Company and the Voting Parties shall take all Necessary Action to cause the removal of any such Topco Designee(s) at the written
request of the Topco Equityholders and (B) the Topco Equityholders shall have the exclusive right, in accordance with Section
3(a), to designate directors for election to the Board to fill any vacancies created by reason of death, removal or resignation
of the Topco Designees, and the Company and the Voting Parties shall take all Necessary Action to cause any such vacancies to
be filled by replacement Topco Designees as promptly as reasonably practicable.

 

(iii)         (A) The Horizon Equityholders shall have the exclusive right to remove the Horizon Designee from the Board, and the Company and
the Voting Parties shall take all Necessary Action to cause the removal the Horizon Designee at the written request of the Horizon
Equityholders and (B) the Horizon Equityholders shall have the exclusive right, in accordance with Section 3(a), to designate
a director for election to the Board to fill any vacancy created by reason of death, removal or resignation of the Horizon Designee,
and the Company and the Voting Parties shall take all Necessary Action to cause any such vacancy to be filled by a replacement
Horizon Designee as promptly as reasonably practicable.

    6 

     

    

(d)          
Committees. Until the Topco Sunset Date, the Topco Equityholders shall have the right to designate a number of members
of each committee of the Board equal to the nearest whole number greater than the product obtained by multiplying (a) the percentage
of the total voting power of the then outstanding Common Stock then Beneficially Owned by the Topco Equityholders and (b) the
number of positions, including any vacancies, on the applicable committee, provided that any such designee shall be eligible to
serve on the applicable committee under applicable law or listing standards of the NYSE, including any applicable independence
requirements (subject in each case to any applicable exceptions, including those for newly public companies and for “controlled
companies,” and any applicable phase-in periods). Until the Horizon Sunset Date, Horizon shall have the right to appoint
one (1) member of each committee of the Board, provided that any such designee shall be eligible to serve on the applicable committee
under applicable law or listing standards of the NYSE, including any applicable independence requirements (subject in each case
to any applicable exceptions, including those for newly public companies and for “controlled companies,” and any applicable
phase-in periods). Any additional members shall be determined by the Board. Nominees designated to serve on a Board committee
shall have the right to remain on such committee until the next election of directors, regardless of any decrease in the percentage
of the total voting power of the then outstanding Common Stock then Beneficially Owned by the Topco Equityholders following such
designation. Unless the Topco Equityholders notify the Company prior to the time the Board takes action to change the composition
of a Board committee, and to the extent the Topco Equityholders have the right to nominate a Board committee member in accordance
with this Section 3(d) at the time the Board takes action to change the composition of any such Board committee, any director
currently designated by the Topco Equityholders to serve on a committee shall be presumed to be re-designated for such committee.

 

(e)          
Board Observer. In addition to the nomination rights set forth in Section 3(a) above, (i) until the Topco Sunset
Date, Topco Equityholders shall have the right, but not the obligation, to designate a person (a “Non-Voting Observer”),
and (ii) until the Horizon Sunset Date, Horizon shall have the right, but not the obligation, to designate a Non-Voting Observer,
in each case, to attend meetings of the Board (including any meetings of any committees thereof) or any board of directors or
similar governing body of any subsidiary of the Company (a “Subsidiary Board”) in a non-voting observer capacity.
Any such Non-Voting Observer shall be permitted to attend all meetings of the Board or such Subsidiary Board. The Topco Equityholders
and Horizon shall each have the right to remove and replace its Non-Voting Observer at any time and from time to time. The Company
shall furnish to any Non-Voting Observer (i) notices of Board or Subsidiary Board meetings no later than, and using the same form
of communication as, notice of Board or Subsidiary Board meetings are furnished to directors and (ii) copies of any materials
prepared for meetings of the Board or Subsidiary Board that are furnished to the directors no later than the time such materials
are furnished to the directors. Any such Non-Voting Observers shall be required to execute or otherwise become subject to any
codes of conduct or confidentiality agreements of the Company or such subsidiary generally applicable to directors of the Company
or such subsidiary. Notwithstanding the foregoing, the Company (or such subsidiary) reserves the right to withhold any information
and to exclude the Non-Voting Observers from receiving any materials and/or attending any meeting or portion thereof if access
to such information or attendance at such meeting would reasonably be expected to adversely affect the attorney-client privilege
between the Company (or such subsidiary) and its counsel.

    7 

     

    

(f)            Voting. Each of the Company and the Voting Parties agree not to take, directly or indirectly, any actions (including removing
directors in a manner inconsistent with this Agreement) that would knowingly frustrate, obstruct or otherwise affect the provisions
of this Agreement and the intention of the parties hereto with respect to the composition of the Board as herein stated. Each
Voting Party, to the extent not prohibited by the Charter, shall vote all Voting Shares held by such Voting Party in such manner
as may be necessary to elect and/or maintain in office as members of the Board those individuals designated in accordance with
this Section 3 and to otherwise effect the intent of the provisions of this Agreement. Each Voting Party further agrees
until the Topco Sunset Date and Horizon Sunset Date, as applicable, (i) to take all Necessary Action reasonably available
within their power, including casting all votes to which such Voting Party is entitled in respect of its Voting Shares, whether
at any annual or special meeting, by written consent or otherwise, so as to vote its Voting Shares on all matters submitted to
the stockholders of the Company in accordance with the recommendation of the Board and (ii) not to grant, or enter into a binding
agreement with respect to, any proxy to any Person in respect of such party’s Common Stock that would prohibit such party
from casting such votes in accordance with clause (i).

 

4.            
Controlled Company.

 

(a)          
The Voting Parties agree and acknowledge that by virtue of the Topco Equityholders’ voting power of more than fifty percent
(50%) of the total voting power of the shares of capital stock of the Company outstanding as of the date hereof, the Company will,
as of the date hereof, qualify as a “controlled company” within the meaning of Section 303A of the NYSE Listed Company
Manual.

 

(b)          
From and after the date hereof, the Company agrees and acknowledges that, unless otherwise agreed by the Topco Equityholders,
it shall elect, to the extent permitted under the NYSE Listed Company Manual, to be treated as a “controlled company”
within the meaning of Section 303A of the NYSE Listed Company Manual.

 

5.            
Representations and Warranties of each Voting Party. Each Voting Party on its own behalf hereby represents and warrants
to the Company and the other Voting Party, severally and not jointly, with respect to such Voting Party and such Voting Party’s
ownership of his, her or its Voting Shares set forth on Annex A, as of the date of this Agreement, as follows:

 

(a)          
Organization; Authority. Such Voting Party (i) is duly incorporated or organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and authority to enter
into this Agreement and to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered
by Voting Party. This Agreement constitutes a valid and binding obligation of Voting Party enforceable in accordance with its
terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity
or at law).

    8 

     

    

(b)          
No Consent.  Except as provided in this Agreement and for filing requirements under applicable securities laws, no
consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority or other Person
on the part of Voting Party is required in connection with the execution, delivery and performance of this Agreement, except where
the failure to obtain such consents, approvals, authorizations or to make such designations, declarations or filings would not
materially interfere with a Voting Party’s ability to perform its obligations pursuant to this Agreement.

 

(c)          
No Conflicts; Litigation. Neither the execution and delivery of this Agreement, nor the consummation of the transactions
contemplated hereby, nor compliance with the terms hereof, will (A) conflict with or violate any provision of the organizational
documents of Voting Party or (B) violate, conflict with or result in a breach of, or constitute a default (with or without notice
or lapse of time or both) under any provision of, any trust agreement, loan or credit agreement, note, bond, mortgage, indenture,
lease or other agreement, instrument, permit, concession, franchise, license, judgment, order, notice, decree, statute, law, ordinance,
rule or regulation applicable to Voting Party or to Voting Party’s property or assets, except, in the case of clause (B),
that would not reasonably be expected to impair, individually or in the aggregate, Voting Party’s ability to fulfill its
obligations under this Agreement. As of the date of this Agreement, there is no Action pending or, to the knowledge of such Voting
Party, threatened, against such Voting Party or any of Voting Party’s Affiliates or any of their respective assets or properties
that would materially interfere with such Voting Party’s ability to perform its obligations pursuant to this Agreement or
that would reasonably be expected to prevent, enjoin, alter or delay any of the transactions contemplated by this Agreement.

 

(d)          
Ownership of Shares.  Voting Party Beneficially Owns its Voting Shares free and clear of all Liens, other than restrictions
under applicable securities laws or this Agreement. Except pursuant to this Agreement, the Transaction Agreement, the A&R
LLCA and the Registration Rights Agreement, there are no options, warrants or other rights, agreements, arrangements or commitments
of any character to which Voting Party is a party relating to the pledge, acquisition, disposition, Transfer or voting of Voting
Shares and there are no voting trusts or voting agreements with respect to the Voting Shares. Voting Party does not Beneficially
Own (i) any shares of capital stock of the Company other than the Voting Shares set forth on Annex A and (ii) any options,
warrants or other rights to acquire any additional shares of capital stock of the Company or any security exercisable for or convertible
into shares of capital stock of the Company, other than as set forth on Annex A.

 

6.            
Covenants of the Company.

 

(a)           
The Company shall: (i) take any and all action reasonably necessary to effect the provisions of this Agreement and the intention
of the parties with respect to the terms of this Agreement and (ii) not take any action that would reasonably be expected to adversely
frustrate, obstruct or otherwise affect the rights of the Voting Parties under this Agreement without the prior written consent
of the Voting Parties.

    9 

     

    

(b)          
The Company shall (i) purchase and maintain in effect at all times directors’ and officers’ liability insurance in
an amount and pursuant to terms determined by the Board to be reasonable and customary, (ii) for so long as any Topco Designee
or Horizon Designee nominated pursuant to this Agreement serves as a director on the Board, maintain such coverage with respect
to such Topco Designee and Horizon Designee, and (iii) cause the Charter and Bylaws to at all times provide for the indemnification,
exculpation and advancement of expenses of all directors of the Company to the fullest extent permitted under applicable law;
provided, that upon removal or resignation of any Topco Designee or Horizon Designee for any reason, the Company shall
take all actions reasonably necessary to extend such directors’ and officers’ liability insurance coverage for a period
of not less than six (6) years from any such event in respect of any act or omission occurring at or prior to such event.

 

(c)           
The Company shall pay all reasonable out-of-pocket expenses incurred by the Topco Designees and Horizon Designee in connection
with the performance of his or her duties as a director and in connection with his or her attendance at any meeting of the Board.
The Company shall enter into customary indemnification agreements with each Topco Designee, Horizon Designee and officer of the
Company from time to time. The Company shall pay all reasonable out-of-pocket expenses incurred by the Non-Voting Observers in
connection with the performance of his or her duties in connection with his or her attendance at any meeting of the Board.

 

7.            
Lock-up.

 

(a)          
Subject to Sections 7(b) and except as otherwise determined by the Board, each of the Topco Equityholders and the Horizon
Equityholders agree that they shall not Transfer any of their Lock-Up Shares during the Lock-up
Period (the “Lock-up”); provided that, (i) 50% of their respective Lock-up Shares shall be released
on the date that is six (6) months following the Closing and (ii) the remaining Lock-up Shares shall be released on any date,
at least six (6) months following the Closing, on which (A) the price per Lock-up Share exceeds $15.00 per share for twenty (20)
trading days within a consecutive thirty (30) day trading period and (B) the average daily trading volume exceeds one (1) million
shares of Common Stock during such consecutive thirty (30) trading day period. Any waiver of the restrictions set forth in this
Section 7(a) shall require the approval of a majority of the directors of the Board; provided, however, (i) any waiver
of the restrictions in this Section 7(a) in respect of Lock-up Shares held by any of the Topco Equityholders shall require the
approval of a majority of the members of the Board who are not Topco Designees and (ii) any waiver of the restrictions in this
Section 7(a) in respect of Lock-up Shares held by any of the Horizon Equityholders shall require the approval of a majority
of the members of the Board excluding the Horizon Designee.

 

(b)          
Notwithstanding the provisions set forth in Section 7(a), each of the Topco Equityholders, the Horizon Equityholders and
any of their respective Permitted Transferees shall be permitted to Transfer their Lock-up Shares during the Lock-up Period (i) to
(A) the Company’s officers or directors, (B) any affiliates or family members of the Company’s officers or directors
or (C) with respect to any Topco Equityholder and its Permitted Transferees, any direct or indirect partners, members or equity
holders of the Topco Equityholders, any Affiliates of the Topco Equityholders or any related investment funds or vehicles controlled
or managed by such persons or their respective Affiliates or, with respect to any Horizon Equityholder and its Permitted Transferees,
any direct or indirect partners, members or equity holders of the Horizon Equityholders, any Affiliates of the Horizon Equityholders
or any related investment funds or vehicles controlled or managed by such persons or their respective Affiliates; (ii) in
the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family or an affiliate of such person; (iii) by gift to a charitable organization;
(iv) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (v) in
the case of an individual, pursuant to a qualified domestic relations order, (vi) in connection with any bona fide mortgage,
encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement
thereunder; (vii) to the Company (provided that any Transfers to the Company are pro rata as between the Topco Equityholders
and the Horizon Equityholders, except as otherwise approved by the Board (including at least one Topco Designee and one Horizon
Designee)); or (viii) in connection with a liquidation, merger, stock exchange, reorganization, tender offer approved by the Board
or a duly authorized committee thereof or other similar transaction which results in all of the Company’s stockholders having
the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Closing Date (each
such transferee in clauses (i) – (vii) collectively, a “Permitted Transferee”); provided, however,
that in the case of clauses (i) through (v) these Permitted Transferees must enter into a written agreement with the Company agreeing
to be bound by the transfer restrictions in this Section 7.

    10 

     

    

(c)          
Notwithstanding anything contained herein to the contrary, the Lock-up Period shall expire, and each Topco Equityholder, Horizon
Equityholder and its respective Permitted Transferees, shall be entitled to Transfer all of its Lock-up Shares, immediately upon
the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction
that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock of the Company
for cash, securities or other property.

 

8.             Confidentiality. The Company acknowledges that the Topco Designees and Horizon Designees may, including through one-on-one
conversations, communicate confidential information obtained in each of their respective capacities as a director of the Company
(other than information whose provision would reasonably be expected to pose a conflict of interest) to the officers, employees,
external counsel or other third-party advisors (collectively, “Representatives”) of the Topco Equityholders
and the Horizon Equityholders with a duty to keep such information confidential, in each case, in accordance with and subject
to this Section 8. The Topco Equityholders and the Horizon Equityholders will, and will cause their respective Affiliates
and direct their respective Representatives who actually receive Confidential Information to, except as otherwise required by
applicable law, keep confidential any information (including oral, written and electronic information) concerning the Company,
its subsidiaries or its Affiliates that may be furnished to any Topco Equityholder, Horizon Equityholder or their respective Representatives
by or on behalf of the Company or any of its Representatives pursuant to this Section 8 (“Confidential Information”);
provided, that Confidential Information will not include information that (a) was or becomes available to the public other
than as a result of a breach of any confidentiality obligation in this Agreement, (b) was or becomes available to the Topco Equityholders,
the Horizon Equityholders or their respective Representatives from a source other than the Company or its Representatives or (c)
was independently developed by the Topco Equityholders, the Horizon Equityholders or their respective representatives without
reference to, incorporation of, or other use of any Confidential Information.

    11 

     

    

9.            
No Other Voting Trusts or Other Arrangement.  Each Voting Party shall not, and shall not permit any entity under such
Voting Party’s control to (i) deposit any Voting Shares or any interest in any Voting Shares in a voting trust, voting agreement
or similar agreement, (ii) grant any proxies, consent or power of attorney or other authorization or consent with respect to any
of the Voting Shares or (iii) subject any of the Voting Shares to any arrangement with respect to the voting of the Voting Shares,
in each case, that conflicts with or prevents the implementation of this Agreement.

 

10.          
Additional Shares.  Each Voting Party agrees that all securities of the Company that may vote in the election of the
Company’s directors that such Voting Party purchases, acquires the right to vote or otherwise acquires Beneficial Ownership
of (including by the exercise or conversion of any security exercisable or convertible for shares of Common Stock) after the execution
of this Agreement shall be subject to the terms of this Agreement and shall constitute Voting Shares for all purposes of this
Agreement.

 

11.          
Specific Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party
for the breach of this Agreement by any party hereto and, accordingly, that this Agreement shall be specifically enforceable,
in addition to any other remedy to which such injured party is entitled at law or in equity, and that any breach of this Agreement
shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any
claim or defense that there is an adequate remedy at law for such breach or threatened breach or an award of specific performance
is not an appropriate remedy for any reason at law or equity and agrees that a party’s rights would be materially and adversely
affected if the obligations of the other parties under this Agreement were not carried out in accordance with the terms and conditions
hereof. Each party further agrees that no party shall be required to obtain, furnish or post any bond or similar instrument in
connection with or as a condition to obtain any remedy referred to in this Section 11, and each party irrevocably waives
any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

12.          
Termination. Following the Closing, (a) Sections 2, 3, and 6 of this Agreement shall terminate automatically
(without any action by any party hereto) on the first date on which no Voting Party has the right to designate a director to the
Board under this Agreement; provided, that the provisions in Section 6(b) shall survive such termination; (b) Section
4 of this Agreement shall terminate automatically (without any action by any party hereto) on the first date on which the
combined voting power of the Topco Equityholders no longer exceeds fifty percent (50%) of the total voting power of the Company
then outstanding; (c) Section 8 of this Agreement shall terminate (i) as to Topco one (1) year after the last Topco Designee
no longer serves on the Board and (ii) as to Horizon one (1) year after the Horizon Designee no longer serves on the Board; and
(d) the remainder of this Agreement shall terminate automatically (without any action by any party hereto) (i) as to Topco when
the Topco Equityholders cease to Beneficially Own any Voting Shares and (ii) as to Horizon when the Horizon Equityholders cease
to Beneficially Own any Voting Shares.

    12 

     

    

13.          
Amendments and Waivers.  Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed by the Company and the Voting Parties. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law.

 

14.          
Stock Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or
the like, any securities issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of
this Agreement. During the term of this Agreement, all dividends and distributions payable in cash with respect to the Voting
Shares shall be paid, as applicable, to each of the undersigned Voting Parties and all dividends and distributions payable in
Common Stock or other equity or securities convertible into equity with respect to the Voting Shares shall be paid, as applicable,
to each of the undersigned Voting Parties, but all dividends and distributions payable in Common Stock or other equity or securities
convertible into equity shall become Voting Shares for purposes of this Agreement.

 

15.          
Assignment. 

 

(a)          
Neither this Agreement nor any of the rights, duties, interests or obligations of the Company hereunder shall be assigned or delegated
by the Company in whole or in part.

 

(b)          
Prior to the expiration of the Lock-up Period, no Voting Party may assign or delegate such Voting Party’s rights, duties
or obligations under this Agreement, in whole or in part, except in connection with a transfer of Voting Shares by such Voting
Party to a Permitted Transferee in accordance with the terms of the Registration Rights Agreement and this Section 15;
provided, that the rights hereunder that are personal to the Voting Parties may not be assigned or delegated in whole or
in part, except that (i) the Topco Equityholders shall be permitted to transfer rights hereunder as the Topco Equityholders to
one or more other Topco Equityholders or any of their respective Affiliates or direct or indirect partners, members or equity
holders (each, a “Topco Transferee”), (ii) the Horizon Equityholders shall be permitted to transfer rights
hereunder as the Horizon Equityholders to one or more other Horizon Equityholders or any of their respective Affiliates or direct
or indirect partners, members or equity holders (each, a “Horizon Transferee”)and (iii) the Topco Equityholders
shall be permitted to designate any Topco Transferee as a “Topco Equityholder” and the Horizon Equityholders shall
be permitted to designate any Horizon Transferee as a “Horizon Equityholder”, in each case, for purposes of this Agreement
as if such Permitted Transferee were an initial signatory hereto.

 

(c)          
This Agreement and the provisions hereof shall, subject to Section 15(c), inure to the benefit of, shall be enforceable
by and shall be binding upon the respective assigns and successors in interest of the Voting Parties, including with respect to
any of such Voting Party’s Voting Shares that are transferred to a Permitted Transferee in accordance with the terms of
this Agreement and the Registration Rights Agreement.

 

(d)          
No assignment in accordance with this Section 15 by any party hereto (including pursuant to a transfer of any Voting Party’s
Voting Shares) of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company or
any other party hereto unless and until each of the other parties hereto shall have received (i) written notice of such assignment
as provided in Section 23 and (ii) the executed written agreement of the assignee, in a form reasonably satisfactory to
each of the other parties hereto, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum
or certificate of joinder to this Agreement) as fully as if it were an initial signatory hereto. Each Voting Party shall not permit
the transfer of any such Voting Party’s Voting Shares to a Permitted Transferee unless and until the person to whom such
securities are to be transferred has executed a written agreement as provided in clause (ii) of the preceding sentence.

    13 

     

    

(e)          
Any transfer or assignment made other than as provided in this Section 15 shall be null and void.

 

(f)           
Notwithstanding anything herein to the contrary, for purposes of determining the number of shares of capital stock of the Company
held by the Voting Parties, the aggregate number of shares so held by the Voting Parties shall include any shares of capital stock
of the Company transferred or assigned to a Permitted Transferee in accordance with the provisions of this Section 15;
provided, that any such Permitted Transferee has executed a written agreement agreeing to be bound by the terms and provisions
of this Agreement as contemplated by Section 15(d) above, including agreeing to vote or cause to be voted the Voting Shares
Beneficially Owned by such Permitted Transferee as required of a Voting Party hereunder.

 

16.           Treatment of Warrants. In the event the terms of the Horizon Warrants (as defined in the Transaction Agreement) are not
modified prior to the Closing in a manner resulting in the treatment of such Horizon Warrants as equity under the rules and guidelines
of the SEC at and after the Closing, the Horizon Equityholders and the Topco Equityholders shall support any action taken by the
Board to cause the outstanding warrants of the Company immediately following the closing to be treated as equity under the rules
and guidelines of the SEC, including by voting (in person or by proxy at a meeting of stockholders or warrantholders of the Company,
or by written consent) its Common Stock and warrants to purchase shares of Common Stock in favor of any such changes to the extent
such a vote is required.

 

17.          Actions by the Topco Equityholders and Horizon Equityholders. For the avoidance of doubt, (a) any action to be taken hereunder
by the Topco Equityholders shall be taken by the action of the Topco Equityholders holding a majority of the Common Stock then-owned
by such Topco Equityholders and (b) any action to be taken hereunder by the Horizon Equityholders shall be taken by the action
of the Horizon Equityholders holding a majority of the Common Stock then-owned by such Horizon Equityholders.

 

18.          
Other Rights.  Except as provided by this Agreement, each Voting Party shall retain the full rights of a holder of
shares of capital stock of the Company with respect to the Voting Shares, including the right to vote the Voting Shares subject
to this Agreement.

 

19.          
Severability. In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

    14 

     

    

20.           Governing Law. This Agreement, the rights and duties of the parties hereto, any disputes (whether in contract, tort or
statute), and the legal relations between the parties arising hereunder shall be governed by and interpreted and enforced in accordance
with the laws of the State of Delaware without reference to its conflicts of laws provisions.

 

21.          
Jurisdiction.  Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement shall be brought against any of the parties in the United States District Court for
the District of Delaware or any Delaware state court located in Wilmington, Delaware, and each of the parties hereby consents
to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and
waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served on any party anywhere
in the world, whether within or without the jurisdiction of any such court.

 

22.          
WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

23.           Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one instrument.

 

24.          
Notices.  Any notices provided pursuant to this Agreement shall be in writing and given by (i) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested,
(ii) delivery in person or by courier service providing evidence of delivery or (iii) transmission by electronic mail.  Notices
provided pursuant to this Agreement shall be provided, (x) if to the Company, Hoya Topco or Horizon, in accordance with the terms
of the Transaction Agreement or (y) to any other address or email address, as a party designates in writing to the other parties
in accordance with this Section 23.

 

25.          
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes
any prior agreement or understanding among the parties, with regard to the subject matter hereof, and no party shall be liable
or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein.

 

[Remainder
of page intentionally left blank; signature pages follow]

    15 

     

    

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

 

	 	COMPANY:
	 	 	 
	 	Vivid Seats Inc.
	 	a Delaware corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 [Signature
Page to Stockholders’ Agreement]

     

     

    

	 	VOTING
PARTIES:
	 	 	 
	 	Hoya
Topco, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Horizon
Sponsor, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Stockholders’ Agreement]

     

     

    

Annex
A

 

Voting
Shares

 

	Holder	Address	Shares
    of 

Class A 

Common 

Stock	Shares
    of 

Class B 

Common 

Stock	Warrants	Other
    Equity 

Securities / 

Rights to 

Acquire 

Equity 

Securities
	Hoya
    Topco, LLC	 	 	 	 	 
	Horizon
    Sponsor, LLC

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