Document:

Exhibit 10.25

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this “Agreement”)
is made and entered into as of [●], 2021, by and among Hayward Holdings, Inc.,
a Delaware corporation (the “Company”), and [NAME OF DIRECTOR/OFFICER]
(“Indemnitee”).

 

WHEREAS, in light of the litigation costs
and risks to directors and officers resulting from their service to companies, and the desire of the Company to attract and retain
qualified individuals to serve as directors and officers, it is reasonable, prudent and necessary for the Company to indemnify
and advance expenses on behalf of the Company’s directors and/or officers to the fullest extent permitted by Delaware corporate
law so that they will serve or continue to serve the Company free from undue concern regarding such risks;

 

WHEREAS, the Company has requested that
Indemnitee serve or continue to serve as a director and/or officer of the Company and may have requested or may in the future request
that Indemnitee serve one or more Hayward Entities (as hereinafter defined) as a director or an officer or in other capacities;

 

WHEREAS, one of the conditions that Indemnitee
requires in order to serve as a director and/or officer of the Company is that Indemnitee be so indemnified; and

 

WHEREAS, Indemnitee may have certain
rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Affiliate Indemnitors (as hereinafter
defined) (or their affiliates) and/or any insurer providing insurance coverage under any policy purchased or maintained by such
Affiliate Indemnitors (or their affiliates), which Indemnitee, the Company and the Affiliate Indemnitors (or their affiliates)
intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s
acknowledgement of and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve as a director
and/or officer the Company.

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

1.            Services
by Indemnitee. Indemnitee agrees to serve as a director and/or officer of the Company. Indemnitee may at any time and for any
reason resign from such position (subject to any contractual obligation the Indemnitee may have under any other agreement).

 

2.            Indemnification
- General. On the terms and subject to the conditions of this Agreement, the Company shall, to the fullest extent permitted
by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all losses, damages, liabilities,
judgments, fines, penalties, costs, amounts paid in settlement, Expenses (as hereinafter defined) and other amounts that Indemnitee
reasonably incurs and that result from, arise in connection with or are by reason of Indemnitee’s Corporate Status (as hereinafter
defined) and shall advance Expenses to Indemnitee. The obligations of the Company shall continue after such time as Indemnitee
ceases to serve as a director and/or officer of the Company or in any other Corporate Status and include, without limitation, claims
for monetary damages against Indemnitee in respect of any actual or alleged liability or other loss of Indemnitee, to the fullest
extent permitted under Delaware corporate law (including, if applicable, Section 145 of the Delaware General Corporation Law)
as in existence on the date hereof and as amended from time to time.

 

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3.            Proceedings
Other Than Proceedings by or in the Right of the Company. If in connection with or by reason of Indemnitee’s Corporate
Status, Indemnitee was, is, or is threatened to be made, a party to or a participant in any Proceeding (as hereinafter defined)
other than a Proceeding by or in the right of the Company to procure a judgment in its favor, the Company shall, to the fullest
extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses, losses,
damages, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such liabilities, judgments, penalties, fines and amounts paid in settlement)
reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding or any claim, issue or matter therein.

 

4.            Proceedings
by or in the Right of the Company. If in connection with or by reason of Indemnitee’s Corporate Status, Indemnitee
was, is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure
a judgment in the Company’s favor, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect
to, and hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in
connection with such Proceeding or any claim, issue or matter therein.

 

5.            Mandatory
Indemnification in Case of Successful Defense. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise,
in defense of any Proceeding or any claim, issue or matter therein (including, without limitation, any Proceeding brought by or
in the right of the Company), the Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect to,
and hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection
therewith. If Indemnitee is not wholly successful in defense of such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted
by law, indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with
each successfully resolved claim, issue or matter. For purposes of this Section 5 and without limitation, the termination
of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, on substantive or procedural grounds,
or settlement of any such claim prior to a final judgment by a court of competent jurisdiction with respect to such Proceeding,
shall be deemed to be a successful result as to such claim, issue or matter; provided, however, that any settlement
of any claim, issue or matter in such a Proceeding shall not be deemed to be a successful result as to such claim, issue or matter
if such settlement is effected by Indemnitee without the Company’s prior written consent, which consent shall not be unreasonably
withheld, delayed or conditioned.

 

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6.            Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement or otherwise to indemnification by the Company
for some or a portion of the Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such liabilities, judgments, penalties, fines
and amounts paid in settlement) incurred by Indemnitee or on behalf of Indemnitee in connection with a Proceeding or any claim,
issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by law, indemnify Indemnitee to
the fullest extent to which Indemnitee is entitled to such indemnification.

 

7.            Indemnification
for Additional Expenses Incurred to Secure Recovery or as Witness.

 

		(a)	The Company shall, to the fullest extent permitted by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless
from and against, any and all Expenses and, if requested by Indemnitee, shall advance on an as-incurred basis (as provided in Section 8
of this Agreement) such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action or proceeding or
part thereof brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this Agreement,
any other agreement, the Certificate of Incorporation or By-laws of the Company as now or hereafter in effect, or pursuant to indemnification
agreements in effect as of the date hereof; or (ii) recovery under any director and officer liability insurance policies maintained
by any Hayward Entity.

 

		(b)	To the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness (or is forced or asked to respond
to discovery requests) in any Proceeding to which Indemnitee is not a party, the Company shall, to the fullest extent permitted
by law, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, and the Company will advance on an
as-incurred basis (as provided in Section 8 of this Agreement), all Expenses reasonably incurred by Indemnitee or on
behalf of Indemnitee in connection therewith.

 

8.            Advancement
of Expenses. The Company shall, to the fullest extent permitted by law, pay on a current and as-incurred basis all Expenses
incurred by Indemnitee in connection with any Proceeding in any way connected with, resulting from or relating to Indemnitee’s
Corporate Status. Such Expenses shall be paid in advance of the final disposition of such Proceeding, without regard to whether
Indemnitee will ultimately be entitled to be indemnified for such Expenses and without regard to whether an Adverse Determination
(as hereinafter defined) has been or may be made. Upon submission of a request for advancement of Expenses pursuant to Section 9(c) of
this Agreement, Indemnitee shall be entitled to advancement of Expenses as provided in this Section 8, and such
advancement of Expenses shall continue until such time (if any) as there is a final non-appealable judicial determination that
Indemnitee is not entitled to indemnification. Indemnitee shall repay such amounts advanced if and to the extent that it shall
ultimately be determined in a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is
not entitled to be indemnified by the Company for such Expenses. Such repayment obligation shall be unsecured and shall not bear
interest. The Company shall not impose on Indemnitee additional conditions to advancement or require from Indemnitee additional
undertakings regarding repayment. Indemnitee shall, in all events, be entitled to advancement of Expenses, without regard to Indemnitee’s
ultimate entitlement to indemnification, until the final determination of the Proceeding.

 

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9.            Indemnification
Procedures.

 

(a)            Notice
of Proceeding. Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
of Expenses hereunder. Any failure by Indemnitee to notify the Company will not relieve the Company of its advancement or indemnification
obligations under this Agreement unless, and only to the extent that, the Company can establish that such omission to notify resulted
in actual and material prejudice to it, which prejudice cannot be reversed or otherwise eliminated without any material negative
effect on the Company, and the omission to notify the Company will, in any event, not relieve the Company from any liability which
it may have to indemnify Indemnitee otherwise than under this Agreement. If, at the time of receipt of any such notice, the Company
has a director and officer liability insurance policy in effect, the Company will promptly notify the relevant insurer in accordance
with the procedures and requirements of such policy.

 

(b)            Defense;
Settlement. Indemnitee shall have the sole right and obligation to control the defense or conduct of any claim or Proceeding
with respect to Indemnitee. The Company shall not, without the prior written consent of Indemnitee, which may be provided or withheld
in Indemnitee’s sole discretion, effect any settlement of any Proceeding against Indemnitee or which, in the opinion of Independent
Counsel, could have been brought against Indemnitee or which potentially or actually imposes any cost, liability, exposure or burden
on Indemnitee unless (i) such settlement solely involves the payment of money or performance of any obligation by persons
other than Indemnitee or any Affiliate Indemnitor affiliated with Indemnitee and includes an unconditional, full release of Indemnitee
and Affiliate Indemnitors by all relevant parties from all liability on any matters that are the subject of such Proceeding and
an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters and (ii) the Company has fully indemnified
the Indemnitee with respect to, and held Indemnitee harmless from and against, all Expenses and other amounts incurred by Indemnitee
or on behalf of Indemnitee in connection with such Proceeding. The Company shall not be obligated to indemnify Indemnitee against
amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by Indemnitee without the Company’s
prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned, unless such settlement solely
involves the payment of money or performance of any obligation by persons other than the Company and includes an unconditional
release of the Company by any party to such Proceeding other than the Indemnitee from all liability on any matters that are the
subject of such Proceeding and an acknowledgment that the Company denies all wrongdoing in connection with such matters; provided,
however, that if a Change in Control has occurred, the Company shall be liable for indemnification of Indemnitee for amounts paid
in settlement if the Independent Counsel (selected pursuant to Section 9(e) of this Agreement) has approved the settlement.

 

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(c)            Request
for Advancement; Request for Indemnification.

 

(i)            To
obtain advancement of Expenses under this Agreement, Indemnitee shall submit to the Company a written request therefor, together
with such invoices or other supporting information as may be reasonably requested by the Company and reasonably available to Indemnitee,
and, only to the extent required by applicable law which cannot be waived, an unsecured written undertaking to repay amounts advanced
in the event of a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not entitled
to be indemnified by the Company for such Expenses. The Company shall make advance payment of Expenses to Indemnitee no later than
five (5) business days after receipt of the written request for advancement (and each subsequent request for advancement)
by Indemnitee. If, at the time of receipt of any such written request for advancement of Expenses, the Company has a director and
officer insurance policy in effect, the Company will promptly notify the relevant insurer in accordance with the procedures and
requirements of such policy. The Company shall thereafter keep such insurer informed of the status of the Proceeding or other claim
(with assistance from the Indemnitee as reasonably required) and take such other actions, as appropriate to secure coverage of
Indemnitee for such claim.

 

(ii)            To
obtain indemnification under this Agreement, at any time before or after submission of a request for advancement pursuant to Section 9(c)(i) of
this Agreement, Indemnitee may submit a written request for indemnification hereunder. The time at which Indemnitee submits
a written request for indemnification shall be determined by the Indemnitee in the Indemnitee’s sole discretion. Once Indemnitee
submits such a written request for indemnification (and only at such time that Indemnitee submits such a written request for indemnification),
a Determination (as hereinafter defined) shall thereafter be made, as provided in and only to the extent required by Section 9(d) of
this Agreement. In no event shall a Determination be made, or required to be made, as a condition to or otherwise in connection
with any advancement of Expenses pursuant to Section 8 and Section 9(c)(i) of this Agreement. If,
at the time of receipt of any such request for indemnification, the Company has a director and officer insurance policy in effect,
the Company will promptly notify the relevant insurer and take such other actions as necessary or appropriate to secure coverage
of Indemnitee for such claim in accordance with the procedures and requirements of such policies.

 

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(d)            Determination.
The Company agrees that Indemnitee shall be indemnified to the fullest extent permitted by law and that no Determination shall
be required in connection with such indemnification unless specifically required by applicable law which cannot be waived. In no
event shall a Determination be required in connection with indemnification for Expenses pursuant to Section 7 of this
Agreement or incurred in connection with any Proceeding or portion thereof with respect to which Indemnitee has been successful
on the merits or otherwise. Any decision that a Determination is required by law in connection with any other indemnification of
Indemnitee, and any such Determination, shall be made within twenty (20) days after receipt of Indemnitee’s written request
for indemnification pursuant to Section 9(c)(ii) and such Determination shall be made either (i) by the Disinterested
Directors (as hereinafter defined), even though less than a quorum, so long as Indemnitee does not request that such Determination
be made by Independent Counsel (as hereinafter defined), or (ii) if so requested by Indemnitee, in Indemnitee’s sole
discretion, by Independent Counsel in a written opinion to the Company and Indemnitee. If a Determination is made that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within five (5) business days after such Determination.
Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such Determination. Any Expenses incurred by Indemnitee in so cooperating with the Disinterested Directors
or Independent Counsel, as the case may be, making such determination shall be advanced and borne by the Company (irrespective
of the Determination as to Indemnitee’s entitlement to indemnification). If the person, persons or entity empowered or selected
under this Section 9(d) to determine whether Indemnitee is entitled to indemnification shall not have made a determination
within twenty (20) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification
shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law; provided, however, that such twenty (20) day period may be extended for a reasonable time,
not to exceed an additional twenty (20) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information
relating thereto; and provided, further, that the foregoing provisions of this Section 9(d) shall
not apply if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 9(e).

 

(e)            Independent
Counsel. In the event Indemnitee requests that the Determination be made by Independent Counsel pursuant to Section 9(d) of
this Agreement, the Independent Counsel shall be selected as provided in this Section 9(e). The Independent Counsel
shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which
event the Board of Directors shall make such selection on behalf of the Company, subject to the remaining provisions of this Section 9(e)),
and Indemnitee or the Company, as the case may be, shall give written notice to the other, advising the Company or Indemnitee of
the identity of the Independent Counsel so selected. The Company or Indemnitee, as the case may be, may, within five (5) days
after such written notice of selection shall have been received, deliver to Indemnitee or the Company, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 15 of
this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If a written objection is so made and substantiated, the Independent
Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction
has determined that such objection is without merit. If, within ten (10) days after submission by Indemnitee of a written
request for indemnification pursuant to Section 9(c)(ii) of this Agreement and after a request for the appointment
of Independent Counsel has been made, no Independent Counsel shall have been selected and not objected to, either the Company or
Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company
or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections
are so resolved or the person so appointed shall act as Independent Counsel under Section 9(d) of this Agreement.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 9(f) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing). Any expenses incurred by or in connection with the appointment of Independent Counsel shall
be borne by the Company (irrespective of the Determination of Indemnitee’s entitlement to indemnification) and not by Indemnitee.

 

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(f)            Consequences
of Determination; Remedies of Indemnitee. The Company shall be bound by and shall have no right to challenge a Favorable Determination.
If an Adverse Determination is made, or if for any other reason the Company does not make timely indemnification payments or advances
of Expenses, Indemnitee shall have the right to commence a Proceeding before a court of competent jurisdiction to challenge
such Adverse Determination and/or to require the Company to make such payments or advances (and the Company shall have the right
to defend its position in such Proceeding and to appeal any adverse judgment in such Proceeding). Indemnitee shall be entitled
to be indemnified for all Expenses incurred in connection with such a Proceeding and to have such Expenses advanced by the Company
in accordance with Section 8 of this Agreement. If Indemnitee fails to challenge an Adverse Determination within twenty
(20) business days, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been upheld by a final
judgment of a court of competent jurisdiction from which no appeal can be taken, then, to the extent and only to the extent required
by such Adverse Determination or final judgment, the Company shall not be obligated to indemnify Indemnitee under this Agreement.

 

(g)            Presumptions;
Burden and Standard of Proof. The parties intend and agree that, to the extent permitted by law, in connection with any Determination
with respect to Indemnitee’s entitlement to indemnification hereunder by any person, including a court:

 

(i)            it
will be presumed that Indemnitee is entitled to indemnification under this Agreement (notwithstanding any Adverse Determination),
and the Company or any other person or entity challenging such right will have the burden of proof to overcome that presumption
in connection with the making by any person, persons or entity of any determination contrary to that presumption;

 

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(ii)            the
termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding,
had reasonable cause to believe that Indemnitee’s conduct was unlawful;

 

(iii)            Indemnitee
will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Company,
including financial statements, or on information supplied to Indemnitee by the officers, employees, or committees of the board
of directors of the Company, or on the advice of legal counsel or other advisors (including financial advisors and accountants)
for the Company or on information or records given in reports made to the Company by an independent certified public accountant
or by an appraiser or other expert or advisor selected by the Company; and

 

(iv)            the
knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or relevant enterprises
will not be imputed to Indemnitee in a manner that limits or otherwise adversely affects Indemnitee’s rights hereunder.

 

The provisions of this Section 9(g) shall
not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the
applicable standard of conduct set forth in this Agreement.

 

10.            Remedies
of Indemnitee.

 

(a)            In
the event that (i) a determination is made pursuant to Section 9(d) of this Agreement that Indemnitee is
not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8
and Section 9(c)(i) of this Agreement, (iii) no determination of entitlement to indemnification shall have
been made pursuant to Section 9(d) of this Agreement within twenty (20) days after receipt by the Company of the
request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7
of this Agreement within five (5) business days after receipt by the Company of a written request therefor, (v) payment
of indemnification pursuant to Section 3 or 4 of this Agreement is not made within five (5) business days
after a determination has been made that Indemnitee is entitled to indemnification, or (vi) the Company or any other person
takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action
or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee
hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification or advancement
of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association in New York (or JAMS in New York, if
requested by the Indemnitee). The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

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(b)            In
the event that a determination shall have been made pursuant to Section 9(d) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 10 shall
be conducted in all respects as a de novo trial, or arbitration, on the merits, in which (i) Indemnitee shall not be
prejudiced by reason of that adverse determination, and (ii) the Company shall bear the burden of establishing that Indemnitee
is not entitled to indemnification.

 

(c)            If
a determination shall have been made pursuant to Section 9(d) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant
to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under Delaware corporate law.

 

(d)            The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 10 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions
of this Agreement.

 

11.            Insurance;
Subrogation; Other Rights of Recovery, etc.

 

		(a)	The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of insurance with reputable
insurance companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability
asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status,
or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against
such liability. Such insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the
insurance coverage provided to any other director and/or officer of the Company. If the Company has such insurance in effect at
the time it receives from Indemnitee any notice of the commencement of an action, suit, proceeding or other claim, the Company
shall give prompt notice of the commencement of such action, suit, proceeding or other claim to the insurers and take such other
actions in accordance with the procedures set forth in the policy as required or appropriate to secure coverage of Indemnitee for
such action, suit, proceeding or other claim. The Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding or other claim in accordance
with the terms of such policy. The Company shall continue to provide such insurance coverage to Indemnitee for a period of at least
seven (7) years after Indemnitee ceases to serve as a director or in any other Corporate Status.

 

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		(b)	In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee against any other Hayward Entity, and Indemnitee hereby agrees, as a condition to
obtaining any advancement or indemnification from the Company, to assign the Company all of Indemnitee’s rights to obtain
from such other Hayward Entity such amounts to the extent that they have been paid by the Company to or for the benefit of Indemnitee
as advancement or indemnification under this Agreement and are adequate to indemnify Indemnitee with respect to the costs, Expenses
or other items to the full extent that Indemnitee is entitled to indemnification or other payment hereunder; and Indemnitee will
(upon request by the Company) execute all papers required and use reasonable best efforts to take all action reasonably necessary
to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit or enforce such
rights.

 

		(c)	The Company hereby acknowledges that the rights to indemnification, advancement of expenses and/or insurance provided pursuant
to this Agreement may also be provided to certain Indemnitees by one or more of their respective affiliates (other than the Hayward
Entities) or their insurers (collectively, and including, in the case of the [CCMP Capital Investors III, L.P., CCMP Capital Investors
III (Employee), L.P., CCMP Capital Advisors, LP, MSD Aqua Partners, LLC, MSD Partners, L.P., PE16PX Rocky Mountain Ltd., PE16GV
Rocky Mountain Ltd. and Alberta Investment Management Corporation], each of their respective partners, shareholders, members, affiliates,
associated investment funds, directors, officers, fiduciaries, managers, controlling persons, employees and agents and each of
the partners, shareholders, members, affiliates, associated investment funds, directors, officers, fiduciaries, managers, controlling
persons, employees and agents of each of the foregoing, the “Affiliate Indemnitors”). The Company hereby agrees
that, as between the Company, on the one hand, and the Affiliate Indemnitors, on the other hand, (i) the Company is the full
indemnitor of first resort and the Affiliate Indemnitors are the full indemnitors of second resort with respect to all such indemnifiable
claims against such Indemnitees, whether arising under this Agreement or otherwise (i.e., the obligations of the Company to such
Indemnitees are primary and any obligation of the Affiliate Indemnitors to advance expenses or to provide indemnification for the
same expenses or liabilities incurred by such Indemnitees are secondary), (ii) upon receipt by the Company of an undertaking
by or on behalf of such Indemnitees to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified
as authorized by this Agreement or otherwise, the Company shall be required to advance the full amount of expenses incurred by
such Indemnitees and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement
to the extent legally permitted and as required by the terms of this Agreement (or any other agreement between the Company and
such Indemnitees), without regard to any rights such Indemnitees may have against the Affiliate Indemnitors and (iii) the
Company irrevocably waives, relinquishes and releases the Affiliate Indemnitors from any and all claims against the Affiliate Indemnitors
for contribution, subrogation or any other recovery of any kind in respect thereof. The Company agrees to indemnify the Affiliate
Indemnitors directly for any amounts that the Affiliate Indemnitors pay as indemnification or advancement on behalf of any such
Indemnitee and for which such Indemnitee may be entitled to indemnification from the Company in connection with serving as a director
and/or officer of the Company. The Company further agrees that no advancement or payment by the Affiliate Indemnitors on behalf
of any such Indemnitee with respect to any claim for which such Indemnitee has sought indemnification from the Company shall affect
the foregoing and the Affiliate Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights
of recovery of such Indemnitee against the Company, and the Company shall cooperate with the Affiliate Indemnitors in pursuing
such rights.

 

    - 10 - 

     

    

 

		(d)	Except as provided in Sections 11(c), the Company shall not be liable to pay or advance to Indemnitee any amounts otherwise
indemnifiable under this Agreement or under any other indemnification agreement if, and to the extent that, Indemnitee has
otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

		(e)	The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee in respect of or relating to Indemnitee’s
service at the request of the Company as a director, officer, employee, fiduciary, trustee, representative, partner or agent of
any other Hayward Entity shall be reduced by any amount Indemnitee has actually received as payment of indemnification or advancement
of Expenses from such other Hayward Entity, except to the extent that such indemnification payments and advance payment of Expenses
when taken together with any such amount actually received from other Hayward Entities or under director and officer insurance
policies maintained by one or more Hayward Entities are inadequate to fully pay all costs, Expenses or other items to the full
extent that Indemnitee is otherwise entitled to indemnification or other payment hereunder.

 

		(f)	Except as provided in Sections 11(c), 11(d) and 11(e) of this Agreement, the rights to
indemnification and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to
which Indemnitee may at any time, whenever conferred or arising, be entitled under applicable Delaware corporate law, under the
Hayward Entities’ organizational documents, or under any other agreement, vote of stockholders or resolution of directors
of any Hayward Entity, or otherwise. Indemnitee’s rights under this Agreement are present contractual rights that fully vest
upon Indemnitee’s first service as a director and/or officer of the Company. The Parties hereby agree that Sections 11(c),
11(d) and 11(e) of this Agreement shall be deemed exclusive and shall be deemed to modify, amend and clarify
any right to indemnification or advancement provided to Indemnitee under any other contract, agreement or document with any Hayward
Entity.

 

    - 11 - 

     

    

 

		(g)	No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior
to such amendment, alteration or repeal. To the extent that a change in the General Corporation Law of the State of Delaware (or
other applicable law), whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than
would be afforded currently under the Hayward Entities’ organizational documents and this Agreement, it is the intent of
the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No change in applicable
law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Delaware law as in effect on the
date hereof or as such benefits may improve as a result of amendments to Delaware law that become effective after the date hereof.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

12.            Employment
Rights; Successors; Third Party Beneficiaries.

 

		(a)	This Agreement shall not be deemed an employment contract between the Company and Indemnitee. This Agreement shall continue
in force as provided above after Indemnitee has ceased to serve as a director and/or officer of the Company or any other Corporate
Status.

 

		(b)	This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee
and Indemnitee’s heirs, executors and administrators. If the Company or any of its successors or assigns shall (i) consolidate
with or merge into any other corporation or entity and shall not be the continuing or surviving corporation or entity of such consolidation
or merger or (ii) transfer all or substantially all of its properties and assets to any individual, corporation or other entity,
then, and in each such case, proper provisions shall be made so that the successors and assigns of the Company shall assume all
of the obligations set forth in this Agreement.

 

		(c)	The Affiliate Indemnitors are express third party beneficiaries of this Agreement, are entitled to rely upon this Agreement,
and may specifically enforce the Company’s obligations hereunder (including but not limited to the obligations specified
in Section 11 of this Agreement) as though a party hereunder.

 

    - 12 - 

     

    

 

13.            Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (ii) such provision
or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the
intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

14.            Exception
to Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision of this Agreement and except as
provided in Section 7(a) of this Agreement or as may otherwise be agreed by the Company, Indemnitee shall
not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee
(other than (i) a Proceeding by Indemnitee (i) by way of defense or counterclaim or other similar portion of a Proceeding,
(ii) to enforce any other rights of Indemnitee to indemnification, advancement or contribution from the Company under this
Agreement, or under any other contract, by-laws or charter or under statute or other law, including any rights under Section 145
of the Delaware General Corporation Law, or (iii) after a Change in Control), unless the bringing of such Proceeding or making
of such claim shall have been approved by the Board of Directors or similar governing body of the Company.

 

15.            Definitions.
For purposes of this Agreement:

 

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

 

		(b)	“By-laws” means, in each case, the bylaws or similar governing document of the relevant entity as amended
from time to time.

 

		(c)	“Certificate of Incorporation” means, in each case, the certificate of incorporation, articles of incorporation
or similar constituting document as amended from time to time.

 

		(d)	“Change in Control” shall be deemed to have occurred if (i) any “person” (as such term
is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the
 “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company
representing 20% or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (ii) during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders
of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation
that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting
power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or
consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the
sale or disposition by the Company (in one transaction or a series of transactions) of all or substantially all of the Company’s
assets.

 

    - 13 - 

     

    

 

		(e)	“Corporate Status” describes the status of a person by reason of such person’s past, present or future
service as a director, officer, employee, fiduciary, trustee, or agent of the Company (including, without limitation, one who serves
at the request of the Company as a director, officer, employee, fiduciary, trustee or agent of any other Hayward Entity), in all
cases whether or not Indemnitee is acting or serving in any such capacity or has such status at the time any Expenses are incurred
for which indemnification, advancement or any other right can be provided by this Agreement.

 

		(f)	“Determination” means a determination that either (x) there is a reasonable basis for the conclusion
that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a/the particular standard(s) of conduct
(a “Favorable Determination”) or (y) there is no reasonable basis for the conclusion that indemnification
of Indemnitee is proper in the circumstances because Indemnitee met a/the particular standard(s) of conduct (an “Adverse
Determination”). An Adverse Determination shall include the decision that a Determination was required in connection
with indemnification and the decision as to the applicable standard of conduct.

 

		(g)	“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee and does not otherwise have an interest materially adverse to any interest
of the Indemnitee.

 

		(h)	“Expenses” shall mean all direct and indirect costs, fees and expenses of any type or nature whatsoever
and shall specifically include, without limitation, all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees and costs of experts, witness fees and costs, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness, in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding, including,
but not limited to, the premium for appeal bonds, attachment bonds or similar bonds and all interest, assessments and other charges
paid or payable in connection with or in respect of any such Expenses, and shall also specifically include, without limitation,
all reasonable attorneys’ fees and all other expenses incurred by or on behalf of Indemnitee in connection with preparing
and submitting any requests or statements for indemnification, advancement, contribution or any other right provided by this Agreement.
Expenses, however, shall not include amounts of judgments or fines against Indemnitee.

 

    - 14 - 

     

    

 

		(i)	“Hayward Entity” means the Company, any of its respective subsidiaries and any other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise with respect to which Indemnitee serves
as a director, officer, employee, partner, representative, fiduciary, trustee or agent, or in any similar capacity, at the request
of the Company.

 

		(j)	“Independent Counsel” means, at any time, any law firm, or a member of a law firm, that (a) is experienced
in matters of corporation law and (b) is not, at such time, or has not been in the five years prior to such time, retained
to represent: (i) any Hayward Entity or Indemnitee in any matter material to either such party (other than with respect to
matters concerning Indemnitee under this Agreement, or of other indemnities under similar indemnification agreements), or (ii) any
other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and
to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto and to be jointly and severally liable therefor.

 

		(k)	“Proceeding” includes any actual, threatened, pending or completed action, suit, arbitration, alternate
dispute resolution mechanism, investigation (formal or informal), inquiry, administrative hearing or any other actual, threatened,
pending or completed proceeding, whether brought by or in the right of any Hayward Entity or otherwise and whether civil, criminal,
administrative or investigative in nature, in which Indemnitee was, is, may be or will be involved as a party, witness or otherwise,
by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s
part while acting as director, officer, employee, fiduciary, trustee or agent of any Hayward Entity (in each case whether or not
Indemnitee is acting or serving in any such capacity or has such status at the time any liability or expense is incurred for which
indemnification or advancement of Expenses can be provided under this Agreement). If Indemnitee believes in good faith that a given
situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

 

    - 15 - 

     

    

 

		(l)	“Voting Securities” means any securities of the Company that vote generally in the election of directors.

 

16.            Construction.
Whenever required by the context, as used in this Agreement the singular number shall include the plural, the plural shall include
the singular, and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter
genders.

 

17.            Reliance.
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director and/or officer of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director and/or officer of the Company.

 

18.            Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in a writing identified
as such by all of the parties hereto. Except as otherwise expressly provided herein, the rights of a party hereunder (including
the right to enforce the obligations hereunder of the other parties) may be waived only with the written consent of such party,
and no waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

 

19.            Notice
Mechanics. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to have
been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have
been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date
on which it is so mailed:

 

		(a)	If to Indemnitee to:

 

[DIRECTOR/OFFICER
CONTACT INFORMATION]

 

    - 16 - 

     

    

 

		(b)	If to the Company, to:

 

c/o Hayward Holdings, Inc.

400 Connell Drive

Suite 6100

Berkeley Heights, NJ 07922

Attn: Eifion Jones

 

with a copy
to:                   Ropes & Gray
LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

Attn: Craig Marcus, Rachel Phillips

 

or to such other address as may have been furnished (in the
manner prescribed above) as follows: (a) in the case of a change in address for notices to Indemnitee, furnished by Indemnitee
to the Company and (b) in the case of a change in address for notices to the Company, furnished by the Company to Indemnitee.

 

20.            Contribution.
To the fullest extent permissible under Delaware corporate law, if the indemnification provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for reasonably
incurred Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as
is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative
benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such
Proceeding; and/or (ii) the relative fault of the Company (and its other directors, officers, employees and agents) and Indemnitee
in connection with such event(s) and/or transaction(s).

 

21.            Governing
Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among
the parties shall, to the fullest extent permitted by law, be governed by, and construed and enforced in accordance with, the laws
of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Court
of Chancery of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in
the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any
objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to
plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
otherwise inconvenient forum.

 

22.            Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

    - 17 - 

     

    

 

23.            Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement.

 

[Remainder of Page Intentionally
Blank]

 

    - 18 - 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the day and year first above written.

 

	Company:	HAYWARD HOLDINGS, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	Indemnitee:	
        

        

	 	Name: [NAME OF INDEMNITEE]

 

[Signature
Page to Indemnification Agreement]Exhibit 4.4

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of the [DATE]1,
2021 by and among Olink Holding AB (publ), Reg. No. 559189-7755, a limited liability company incorporated under the laws of Sweden,
or any of its assignees or successors (the “Company”), Knilo InvestCo AB, Reg. No. 559189-7748 , or any of its
assignees or successors (the “Summa Investor”), each of the shareholders listed on ‎Schedule B
hereto (each an “Existing Shareholder”, collectively, the “Existing Shareholders” and, together
with the Summa Investor(s), the “Existing Investors”), and any Person that becomes a party hereto pursuant to
Section ‎2.15.

 

WHEREAS, in connection
with the IPO (as defined below), the Existing Investors and the Company intend to enter into a new shareholder agreement (the “New
Shareholder Agreement”).

 

WHEREAS, the Existing
Investors and the Company wish to provide for certain rights that [shall become effective immediately] and certain rights that
shall become effective following the closing of the IPO, in each case, as set forth herein.

 

NOW, THEREFORE, the Existing
Investors hereby agree that this Agreement shall become effective upon the effectiveness of the New Shareholder Agreement as set
forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and of the mutual promises hereinafter set forth, the Parties agree as follows:

 

1.             
Certain Definitions. In addition to the terms defined above, the following terms used in this Agreement
shall be construed to have the meanings set forth or referenced below.

 

“Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including without limitation any general partner, managing member or manager, officer or director
of such Person or any fund now or hereafter existing that is controlled by one or more general partners or managing members or
managers of, or shares the same management company with, such Person. For purposes of this definition, “control” means
the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership
of voting securities, contract or otherwise.

 

“American Depositary
Shares,” or “ADSs” means those certain American Depositary Shares issued pursuant to a deposit agreement
by and among the Company, the depositary, and the owners and holders from time to time of American Depositary Shares issued thereunder,
as such agreement may from time to time be amended, each initially representing the right to receive Common Share(s) deposited
under the deposit agreement.

 

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

 

“Business Day”
means any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by law to be closed in
The City of New York and in Stockholm, Sweden.

 

“Commission”
means the United States Securities and Exchange Commission, or any other federal agency at the time administering the Securities
Act and the Exchange Act.

 

“Common Shares”
means the Company’s common shares of any class, SEK [0.10] quota value per share (as the same may change from time to time),
together with any securities issued in respect thereof in any recapitalization or reorganization of the Company, or similar transaction.

 

 

 

1 Pricing
Date.

 

    1

     

    

 

“Disclosure
Package” means, with respect to any offering of securities, (i) the preliminary prospectus, (ii) each free writing prospectus
(as defined in Rule 405 promulgated under the Securities Act) and (iii) all other information, in each case, that is deemed, under
Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time of sale of such securities
(including a contract of sale).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any similar successor federal statute, and the rules
and regulations of the Commission thereunder, all as the same shall be in effect at the time.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Foreign Private
Issuer” means a “foreign private issuer” within the meaning of Rule 405 of the Securities Act.

 

“Form F-1”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the Commission that is filed by the Company with the Commission for registration of Common Shares for an initial public
offering and certain other registrations for which Form F-3 may not be used and that is available to certain Foreign Private Issuers.

 

“Form S-1”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the Commission that is filed by the Company with the Commission for registration of Common Shares for an initial public
offering and certain other registrations for which Form S-3 may not be used and that is available to U.S. domestic issuers.

 

“Form F-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the Commission that permits incorporation of substantial information by reference to other documents filed by the Company
with the Commission and that is available to certain Foreign Private Issuers that have met prior reporting requirements.

 

“Form S-3”
means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the Commission that permits incorporation of substantial information by reference to other documents filed by the Company
with the Commission and that is available to certain U.S. domestic issuers that have met prior reporting requirements.

 

“Holder”
means any holder of Registrable Securities who is a party to this Agreement or a transferee of a party to this Agreement in which
the transferor’s rights under this Agreement are assigned in accordance with the provisions herein.

 

“IPO”
means the initial public offering of the Company’s American Depositary Shares, each of which represents [●] Common
Shares pursuant to an effective registration statement under the Securities Act.

 

“Long-Form Registration
Statement” means a registration statement on Form F-1, Form S-1 or any successor forms thereto.

 

“Maximum Amount
of Shares” means, for each Holder (other than the Summa Investor(s)), such number of Common Shares as equal to twenty
percent (20%) of the total Common Shares held by such Holder immediately prior to the consummation of the IPO (including any Common
Shares such Holder sold in the IPO, if any).

 

    2

     

    

 

“Person”
means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Registrable
Securities” means (i) Common Shares outstanding on the date hereof and held by the Holders, (ii) other Common Shares
acquired from the Company from time to time by a Summa Investor, (iii) any Common Shares issued and issuable with respect to any
such shares described in the foregoing clauses (i) and (ii) by way of a conversion or exchange thereof, share dividend or share
split or in connection with a combination of shares, recapitalization, merger, consolidation, conversion, re-designation or other
reorganization, and (iv) any ADSs in respect of any securities described in clause (i) to (iii); provided, however, that
the following shall not be deemed Registrable Securities: (A) any Common Shares after they have been sold in a registered sale
pursuant to an effective registration statement under the Securities Act or sold pursuant to Rule 144 thereunder, and (B) any Common
Shares sold in a transaction or transferred in an in-kind distribution by a Summa Investor that is an investment fund to any of
its direct or indirect partners or members or their affiliates, in each case, in which the transferor’s rights under this
Agreement are not assigned in accordance with the requirements of Section ‎2.14 hereof.

 

“Registration
Statement” means a Long-Form Registration Statement or a Short-Form Registration Statement.

 

“Rule 144”
means Rule 144 promulgated by the Commission under the Securities Act (or any comparable successor rules).

 

“Restrictive
Period” means the twelve (12)-month period immediately following the consummation of the IPO.

 

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

 

“Selling Expenses”
means all underwriting discounts, selling commissions, and share transfer taxes applicable to the sale of Registrable Securities,
and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the selling Holder counsel borne
and paid by the Company as provided in Section ‎2.10.

 

“Short-Form
Registration Statement” means a registration statement on Form S-3, Form F-3 or any successor forms thereto.

 

“Subsidiary”
or “Subsidiaries” of any person means any corporation, partnership, joint venture or other legal entity of which
such person (either alone or through or together with any other subsidiary) owns, directly or indirectly, more than 50% of the
shares or other equity interests, the holders of which are generally entitled to vote for the election of the board of directors
or other governing body of such corporation or other legal entity.

 

    3

     

    

 

2.                  
Registration Rights.

 

2.1                
Demand Registrations.

 

(a)                At
any time and from time to time, the Summa Investor(s) (the “Initiating Holder(s)”) may request in writing
that the Company register under the Securities Act all or any portion of the Registrable Securities held by the Initiating
Holder(s); provided that no Registration Statement need be filed with the Commission (for the avoidance of doubt, this
proviso excludes any Registration Statement confidentially submitted to the Commission) prior to the expiration of any
 “lock-up agreement” entered into with an underwriter in connection with the IPO (unless waived by such
underwriter). Upon receipt of such written request, which shall specify the intended method of distribution thereof, the
Company shall as soon as possible and in any case within three (3) days deliver notice (any such written notice, a
 “Demand Notice” and any such registration, a “Demand Registration”) thereof to all
Holders (other than the Initiating Holder(s)), if any, who shall then have three (3) Business Days to notify the Company in
writing of their desire to be included in such registration. If no request for inclusion from a Holder is received within the
specified time, such Holder shall have no further right to participate in such Demand Registration. A Holder who is, or who
is controlled by any person who is, an employee of the Company or its Subsidiaries may participate in a Demand Registration
pursuant to this Section 2.1(a) within the Restrictive Period, only if and to the extent the aggregate of (i) the
Registrable Securities such Holder will include in such Demand Registration and (ii) the Common Shares such Holder has
sold, transferred, assigned, distributed or otherwise conveyed prior to such Demand Registration does not exceed the Maximum
Amount of Shares (and where the Initiating Holder(s) shall have the full and absolute discretion to determine the extent by
which any cutbacks are required and which Holders will be affected), unless otherwise agreed by the Initiating Holder(s).
Subject to the provisions of Section ‎2.5 below, the Company shall use its reasonable best efforts to file
a registration statement for such intended method of distribution, as promptly as practicable, but not later than (x) sixty
(60) days after such Demand Notice in the case of a registration with a Long-Form Registration Statement and (y) thirty (30)
days after such Demand Notice in the case of a registration with a Short-Form Registration Statement, and in each case shall
use its reasonable best efforts to cause such registration statement to be declared effective under the Securities Act as
promptly as practicable after the filing thereof (subject to the proviso of the first sentence of this Section ‎2.1(a)).

 

(b)               
Notwithstanding the foregoing, the Company shall not be required to effect registration under this Section ‎2.1
before ninety (90) days after the effective date of any other previously effective Registration Statement for an underwritten offering
of securities pursuant to a Company-initiated registration (other than pursuant to a registration statement on Form F-4, S-4 or
S-8) or a Piggy-Back Underwritten Offering (as defined below), provided, however, that nothing in this clause shall
derogate from the Company’s obligations under Section ‎2.4 hereof.

 

(c)               
The Company shall be obligated to effect an unlimited number of registrations for the Summa Investor(s) under this Section ‎2.1.

 

(d)               
A registration shall not be counted as “effected” if (i) after effectiveness, the Registration Statement becomes
subject to any stop order, injunction or other order of the Commission or other governmental agency prior to the sale of all Registrable
Securities to be sold thereunder, (ii) the method of disposition is a firm commitment underwritten public offering and, as a result
of an exercise of the underwriters’ cutback provisions in Section ‎2.3(b), less than seventy-five (75%)
of the Registrable Securities requested to be included therein have been sold pursuant thereto; provided, however, that if such
registration is the second registration on a Long-Form Registration Statement of the applicable Initiating Holder(s) as described
in Section ‎2.1(c) hereof, then such percentage shall be ninety (90%), or (iii) if the Company shall have withdrawn
or prematurely terminated a Registration Statement as set forth in Section ‎2.5.

 

(e)               
The Registrable Securities covered by any Registration Statement demanded under this Section ‎2.1 shall
be distributed by means of a firm commitment underwritten offering unless otherwise agreed to in writing by the Summa Investor(s).

 

    4

     

    

 

2.2               
Piggyback Registration.

 

(a)                Other
than in connection with an IPO, if at any time the Company, including if the Company qualifies as a well-known seasoned
issuer (within the meaning of Rule 405 under the Securities Act) (a “WKSI”), proposes to file (i) a
prospectus supplement to an effective shelf registration statement (a “Shelf Registration Statement”), or
(ii) a registration statement, other than a shelf registration statement for a delayed or continuous offering pursuant to
Rule 415 under the Securities Act, in either case, for the sale of Common Shares for its own account, or for the benefit of
the holders of any of its securities other than the Holders, to an underwriter on a firm commitment basis for reoffering to
the public or in a “bought deal,” “block trade” or “registered direct offering” with one
or more investment banks (collectively, a “Piggy-Back Underwritten Offering”), then as soon as practicable
but not less than fourteen (14) Business Days prior to the filing of (x) any preliminary prospectus supplement relating to
such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (y) any prospectus supplement
relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act (if no preliminary
prospectus supplement is used) or (z) such Registration Statement, as the case may be, the Company shall give notice of such
proposed Piggy-Back Underwritten Offering to the Holders and such notice shall offer the Holders the opportunity to include
in such Piggy-Back Underwritten Offering such number of Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing. For the avoidance of doubt, a Holder may participate in a
Piggy-Back Underwritten Offering pursuant to this Section 2.2(a) only if the Summa Investor(s) will participate in the
same offering. Prior to the commencement of any “road show,” any Holder shall have the right to withdraw its
request for inclusion of its Registrable Securities in any Registration Statement pursuant to this Section ‎2.2(a)
by giving written notice to the Company of its request to withdraw and such withdrawal shall be irrevocable and, after making
such withdrawal, such Holder shall no longer have any right to include Registrable Securities in the Piggy-Back Underwritten
Offering as to which such withdrawal was made. For the avoidance of doubt, in the event that the Summa Investor(s) withdraw
from a Piggy-Back Underwritten Offering pursuant to this Section 2.2(a), all the other participating Holders shall be
deemed to have been withdrawn from such offering. The notice required to be provided in this Section ‎2.2(a)
to Holders shall be provided on a Business Day. Each such Holder shall then have ten (10) days after receiving such notice to
request in writing to the Company inclusion of Registrable Securities in the Piggy-Back Underwritten Offering, except that
such Holder shall have two (2) days after such Holder confirms receipt of the notice to request inclusion of Registrable
Securities in the Piggy Back Underwritten Offering in the case of a “block trade”, “bought deal”,
 “accelerated bookbuild, or ABB”, “registered direct offering” or “overnight transaction”
where no preliminary prospectus is used. Upon receipt of any such request for inclusion from a Holder received within the
specified time, the Company shall use reasonable best efforts to effect the registration in any Registration Statement
described in this Section ‎2.2(a) of any of the Holders’ Registrable Securities requested to be
included on the terms set forth in this Agreement. If no request for inclusion from a Holder is received within the specified
time, such Holder shall have no further right to participate in such Piggy-Back Underwritten Offering. A Holder who is, or
who is controlled by any person who is, an employee of the Company or its Subsidiaries may participate in a Piggy-Back
Underwritten Offering pursuant to this Section 2.2(a) within the Restrictive Period, only if and to the extent the
aggregate of (i) the Registrable Securities such Holder will include in such Piggy-Back Underwritten Offering and (ii) the
Common Shares such Holder has sold, transferred, assigned, distributed or otherwise conveyed prior to such Piggy-Back
Underwritten Offering does not exceed the Maximum Amount of Shares (and where the Initiating Holder(s) shall have the full
and absolute discretion to determine the extent by which any cutbacks are required and which Holders will be affected),
unless otherwise agreed by the Summa Investor(s). There is no limitation on the number of such piggyback registrations that
the Company may be required to effect. No registration of Registrable Securities effected under this Section ‎2.2(a)
shall relieve the Company of its obligations to effect registrations under Section ‎2.1 hereof.

 

    5

     

    

 

(b)              
Unless the Company qualifies as a WKSI, (i) the Company shall give each Holder fourteen (14) days’ notice prior to
filing a Shelf Registration Statement and, upon the written request of any Holder, received by the Company within ten (10) days
of such notice to the Holder, the Company shall include in such Shelf Registration Statement a number of Common Shares equal to
the aggregate number of Registrable Securities requested to be included without naming any requesting Holder as a selling shareholder
and including only a generic description of the holder of such securities (the “Undesignated Registrable Securities”),
(ii) the Company shall not be required to give notice to any Holder in connection with a filing pursuant to Section ‎2.2(a)(i)
unless such Holder provided such notice to the Company pursuant to this Section ‎2.2(b) and included Undesignated
Registrable Securities in the Shelf Registration Statement related to such filing, and (iii) at the written request of a Holder
given to the Company more than ten (10) days before the date specified in writing by the Company as the Company’s good faith
estimate of a launch of a Piggy-Back Underwritten Offering (or such shorter period to which the Company in its sole discretion
consents), the Company shall use reasonable best efforts to effect the registration of any of the Holders’ Undesignated
Registrable Securities so requested to be included and shall file a post-effective amendment or, if available, a prospectus supplement
to a Shelf Registration Statement to include such Undesignated Registrable Securities as any Holder may request, provided that
the Company is actively employing its reasonable best efforts to effect such Piggy-Back Underwritten Offering.

 

(c)              
The Company shall have the right to terminate or withdraw any registration or Piggy-Back Underwritten Offering initiated
by it under this Section ‎2.2 prior to the effectiveness of such registration whether or not the Holders have
elected to include Registrable Securities in such registration. Notwithstanding Section ‎2.10 hereof, in the
case of the termination or withdrawal referred in the immediately preceding sentence, all Registration Expenses incurred in connection
with such registration or Piggy-Back Underwritten Offering shall be borne entirely by the Company.

 

(d)               
For the avoidance of doubt, any Registrable Securities included in such registration pursuant to this Section 2.2 shall
be sold pursuant thereto in the form of ADSs.

 

2.3              
Underwriting Requirements.

 

(a)               
If, pursuant to Section ‎2.1, the Initiating Holder(s) intend to distribute the Registrable Securities
covered by their request by means of an underwriting, the Company shall include such information in the Demand Notice. The managing
underwriter(s) shall be a nationally recognized investment banking firm selected by the Initiating Holder(s). In the event of a
Company-initiated underwritten registered offering or a Piggy-Back Underwritten Offering, the managing underwriter(s) shall be
a nationally recognized investment banking firm selected by the Company subject to the approval of the Summa Investor(s).

 

(b)               
In the event that, pursuant to Section ‎2.1, the Initiating Holder(s) intend to distribute the Registrable
Securities covered by their request by means of an underwriting, and in the event any Holder wants to participate pursuant to Section ‎2.2
in a Company registration of its Common Shares which the Company intends to distribute by means of an underwriting (including,
without limitation, a Piggy-Back Underwritten Offering), the right of any Holder to include such Holder’s Registrable Securities
in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Section ‎2.4(h)) enter into
an underwriting agreement in the form requested by the Summa Investor(s) agreed to with the underwriter(s) selected for such underwriting.

 

(c)                The
Company shall not include in any registration pursuant to Section ‎2.1 that is an underwritten offering any
securities that are held by an employee of the Company or any of its Subsidiaries or any Person controlled by any such
employee without the consent of the managing underwriter(s) (which consent may be evidenced by such managing underwriter(s)
signing the underwriting agreement for such offering), and shall not include in any registration pursuant to Section ‎2.1
any securities that are not Registrable Securities without the prior written consent of the Initiating Holder(s).
Notwithstanding anything in this Agreement to the contrary, if a requested registration under Section ‎2.1
involves an underwritten offering and the managing underwriter(s) of such offering determine(s) in good faith that the number
of securities sought to be offered exceeds the number of securities which can be sold in the market in an orderly fashion,
then the number of securities to be included in such underwritten offering shall be allocated as follows:

 

    6

     

    

 

(i)               
in the event that the Initiating Holders, directly or indirectly, holds more than 20% of the Common Shares then outstanding,

 

(A)             
first, pro rata among participating Holders in the underwritten offering, including the Initiating Holders, on the
basis of the percentage of the Registrable Securities owned by such Holders; and

 

(B)             
second, the securities sought to be registered by the Company for its own account;

 

or

 

(ii)             
in the event that the Initiating Holders, directly or indirectly, holds 20% or less of the Common Shares then outstanding,

 

(A)             
first, any Registrable Securities for which inclusion in such Demand Registration was requested by the Initiating
Holders;

 

(B)             
second, pro-rata among the participating Holders (other than the Initiating Holders) on the basis of the percentage
of the Registrable Securities owned by such Holders; and

 

(C)              
third, the securities sought to be registered by the Company for its own account.

 

(d)               
The Company shall not include in any Piggy-Back Underwritten Offering any securities that are held by an employee of the
Company or any of its Subsidiaries or any Person controlled by any employee without the prior written consent of the managing underwriter(s)
(which consent may be evidenced by such managing underwriter(s) signing the underwriting agreement for such offering). Notwithstanding
anything in this Agreement to the contrary, in connection with any Piggy-Back Underwritten Offering conducted pursuant to Section ‎2.2,
if the Company is advised by the managing underwriter(s) in good faith that the number of the Company’s securities proposed
to be sold by Persons other than the Company (collectively, the “Selling Shareholders”) in such Piggy-Back Underwritten
Offering exceeds the number of securities of the Company that can be sold in the market in an orderly fashion by the managing underwriter(s),
then the number of securities to be included in such underwritten offering shall be allocated as follows:

 

(i)               
in the event that the Summa Investor(s), directly or indirectly, holds more than 20% of the Common Shares then outstanding,

 

(A)             
first, the securities the Company proposes to issue and sell for its own account; and

 

(B)           
second, the Registrable Securities requested to be included in such registration, pro rata among the Selling Shareholders
of such Registrable Securities on the basis of the number of Registrable Securities owned by each Selling Shareholder;

 

or

 

(ii)             
in the event that the Summa Investor(s), directly or indirectly, holds 20% or less of the Common Shares then outstanding,

 

    7

     

    

 

(A)             
 first, the securities the Company proposes to issue and sell for its own account;

 

(B)             
second, any Registrable Securities for which inclusion in such Piggyback Registration was requested by the Summa
Investor(s); and

 

(C)             
third, pro-rata among the Selling Shareholders (other than the Summa Investor(s)) on the basis of the percentage
of the Registrable Securities owned by such Selling Shareholders.

 

2.4              
Registration Procedures. If and whenever the Company is required by the provisions of this Agreement
to use its reasonable best efforts to effect the registration of any of the Holders’ Registrable Securities under the Securities
Act, the Company will, as expeditiously as possible:

 

(a)               
prepare and file with the Commission a registration statement or prospectus or any amendment or supplement thereto on the
appropriate form under the Securities Act with respect to such Registrable Securities, which form shall comply as to form with
the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith,
and use its reasonable best efforts to cause such registration statement to become effective and, in the case of a registration
pursuant to Section ‎2.1, keep such registration statement effective for a period of up to one hundred and eighty
(180) days or, if earlier, until the distribution contemplated in the registration statement has been completed in the manner contemplated
in the Initiating Holders’ request under Section ‎2.1(a) hereof (but in any event not before the expiration
of any longer period required under the Securities Act); provided, however, that before filing a registration statement
or prospectus or any amendments or supplements thereto, or comparable statements under securities or state “blue sky”
laws of any jurisdiction, or any free writing prospectus related thereto, the Company will furnish to (i) counsel for the Holders
participating in the planned offering (selected by the Summa Investor(s)), and (ii) counsel for any lead managing underwriter(s),
if any, copies of all such documents proposed to be filed (including all exhibits thereto other than documents that are incorporated
by reference), which documents will be subject to the review and reasonable comment of each such counsel;

 

(b)               
(i) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the sale or
other disposition of all securities covered by such registration statement and (ii) provide notice to such sellers of Registrable
Securities and the lead managing underwriter(s), if any, of the Company’s determination that a post-effective amendment to
a registration statement would be appropriate;

 

(c)                promptly
notify each Holder selling Registrable Securities covered by such registration statement and each managing underwriter(s), if
any: (i) when the registration statement, any pre-effective amendment, the prospectus or any prospectus supplement related
thereto, any post-effective amendment to the registration statement or any free writing prospectus has been filed and, with
respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) as soon as
the Company becomes aware, of any request by the Commission or state securities authority for amendments or supplements to
the registration statement or the prospectus related thereto or for additional information related thereto; (iii) as soon as
the Company becomes aware, of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement covering the Registrable Securities or the initiation of any proceedings for that purpose; (iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the securities or state “blue sky” laws of any jurisdiction or the initiation or threatening of
any proceeding for such purpose and (v) of the existence of any fact of which the Company becomes aware which results in the
registration statement or any amendment thereto, the prospectus related thereto or any supplement thereto, any document
incorporated therein by reference, any free writing prospectus or the information conveyed to any purchaser at the time of
sale to such purchaser containing an untrue statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statement therein not misleading; and, without derogating from the provisions of Section ‎2.5,
if the notification relates to an event described in clause (v), the Company shall use its reasonable best efforts to
promptly prepare, file with the Commission, and furnish to each such seller and each underwriter, if any, a reasonable number
of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they
were made not misleading;

 

    8

     

    

 

(d)               
furnish to each Holder selling Registrable Securities such number of copies of such registration statement, any amendments
thereto, any documents incorporated by reference therein, the prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, any free writing prospectus, and such other documents as such selling Holder may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such selling Holder and covered by the registration;

 

(e)                 
use its reasonable best efforts to register or qualify the securities covered by such registration statement under the securities
or state “blue sky” laws of such jurisdictions as each selling Holder may reasonably request; provided that
the Company shall not be required to register or qualify the securities in any such states or jurisdictions which require it to
qualify to do business, subject itself to taxation or consent to general service of process therein, in each case where it would
not otherwise do so but for this Section ‎2.4(e);

 

(f)                
within a reasonable time before each filing of the registration statement or prospectus or amendments or supplements thereto
with the Commission, upon request of the Holders furnish, to counsel selected by the Holders copies of such documents proposed
to be filed;

 

(g)                 
make available to (x) any underwriter(s) participating in any disposition pursuant to a registration statement, and any
counsel retained by the underwriter(s), and (y) any Holder of Registrable Securities which Holder, in its good faith judgment (based
on the advice of outside counsel) could reasonably be expected to be deemed to be an underwriter or controlling Person of the Company,
and any attorney retained thereby (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, managers, directors and
employees, and use reasonable best efforts to cause the Company’s agents, representatives and independent accountants, to
supply all information reasonably requested by any such Inspector in connection with such registration statement, in each case,
as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due
diligence in connection therewith, subject, in each case, to such confidentiality agreements as the Company shall reasonably request;

 

(h)               
enter into and perform its obligations under such customary agreements (including, if applicable, a lock-up agreement in
customary form and an underwriting agreement in customary form, including customary representations and warranties to the underwriter(s)
regarding the offering documents, the Company’s business operations and other customary matters, and customary provisions
with respect to indemnification and contribution) and take such other actions as the Holders holding a majority of the Registrable
Securities participating in such offering or the underwriter(s) shall reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities;

 

    9

     

    

 

(i)                
 (A) cause all such Registrable Securities covered by such registration statement (or the ADSs representing such Registrable
Securities) to be listed on the principal national securities exchange on which similar securities issued by the Company are then
listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (B) if no
similar securities are then so listed, (i) to use its reasonable best efforts to cause all such Registrable Securities to be listed
on a national securities exchange or to secure designation of all such Registrable Securities as a Nasdaq National Market “national
market system security” within the meaning of Rule 11Aa2-1 of the Exchange Act or, failing that, secure Nasdaq National Market
authorization for such shares and, without limiting the generality of the foregoing, to arrange for at least two market makers
to register as such with respect to such Registrable Securities with FINRA and (ii) to use its reasonable best efforts to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate
the disposition of the Registrable Securities;

 

(j)                
make generally available to its security holders, as soon as reasonably practicable after the effective date of the registration
statement (and in any event within ninety (90) days after the end of such twelve (12)-month period described hereafter), an earnings
statement (which need not be audited) covering the period of at least twelve (12) consecutive months beginning with the first day
of the Company’s first calendar quarter after the effective date of the registration statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

(k)               
if necessary, appoint a transfer agent and registrar for all Registrable Securities covered by a registration statement
not later than the effective date of such registration statement;

 

(l)               
(A) subject to each selling Holder to whom the comfort letter is addressed providing a customary representation letter to
the independent registered public accounting firm of the Company in form and substance reasonably satisfactory to such accountants,
(A) use its reasonable best efforts to obtain customary “comfort” letters from such accountants (to the extent deliverable
in accordance with their professional standards) addressed to such selling Holder (to the extent consistent with the Statement
on Auditing Standards No. 72 of the American Institute of Certified Public Accountants) and the managing underwriter(s), if any,
in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten
offerings and (B) use its reasonable best efforts to obtain opinions of counsel to the Company and updates thereof covering matters
customarily covered in opinions of counsel in connection with underwritten offerings, addressed to each selling Holder and the
managing underwriter(s), if any, provided that the delivery of any “10b-5 statement” and opinion may be conditioned
on the prior or concurrent delivery of a comfort letter pursuant to subsection (A) above; provided, further that the Company shall
only be required to comply with this clause (l) in connection with an underwritten offering;

 

(m)             
notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement
has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 

(n)               
furnish to each seller of Registrable Securities, and the managing underwriter(s) (if any), without charge, such number
of copies of the applicable Registration Statement, each amendment and supplement thereto, the prospectus included in such Registration
Statement (including each preliminary prospectus, final prospectus, and any other prospectus (including any prospectus filed under
Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free writing prospectus” as such
term is defined under Rule 433 promulgated under the Securities Act)), all exhibits and other documents filed therewith and such
other documents as such seller or such managing underwriters (if any) may reasonably request including in order to facilitate the
disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or
other correspondence to or received from, the Commission or any other governmental authority relating to such offer;

 

    10

     

    

 

(o)               
 use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the registration
statement, or suspending qualification of any securities included in such registration statement for sale in any jurisdiction,
in each case, at the earliest practicable date;

 

(p)               
provide a CUSIP number for all Registrable Securities (or the ADSs representing such
Registrable Securities), not later than the effective date of the registration statement;

 

(q)               
use its reasonable best efforts to make available its employees and personnel for participation in “road shows”
and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the reasonable
needs of the Company’s businesses and the reasonable requirements of the marketing process) in the marketing of Registrable
Securities in any underwritten offering;

 

(r)                
cooperate with the selling Holders of Registrable Securities and the managing underwriter(s), if any, to facilitate the
timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to
be sold, and cause such Registrable Securities to be issued in such denominations and registered in such names in accordance with
the underwriting agreement at least two (2) days prior to any sale of Registrable Securities to the underwriters or, if not an
underwritten offering, in accordance with the instructions of the selling Holders of Registrable Securities at least two (2) days
prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release
any stop transfer orders in respect thereof;

 

(s)                
cooperate with each holder of Registrable Securities covered by the registration statement and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required
to be made with FINRA;

 

(t)                 
after such registration statement becomes effective, notify each selling Holder of any request by the Commission that the
Company amend or supplement such Registration Statement or prospectus;

 

(u)                
use its reasonable best efforts to take all other actions necessary to effect the registration and sale of the Registrable
Securities contemplated hereby;

 

(v)               
to the extent the Company is a WKSI at the time any request for registration pursuant to Section ‎2.1
is submitted to the Company, which requests that the Company file an automatic shelf registration statement (as defined in Rule
405 under the Securities Act) (an “automatic shelf registration statement”) on a Short-Form Registration Statement,
the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested
to be registered. If the Company does not pay the filing fee covering the Registrable Securities at the time the automatic shelf
registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to
be sold;

 

(w)             
if at any time when the Company is required to re-evaluate its WKSI status for purposes of an outstanding automatic shelf
registration statement used to effect a request for registration in accordance with Section 2.1 the Company determines that it
is not a WKSI and (a) the registration statement is required to be kept effective in accordance with this Agreement and (b) the
registration rights of the applicable Holders have not terminated, use reasonable best efforts to promptly amend the registration
statement on a form the Company is then eligible to use or file a new registration statement on such form, and keep such registration
statement effective in accordance with the requirements otherwise applicable under this Agreement; and

 

(x)                if
the Holder holds Common Shares and it wishes to deposit such Common Shares with the depositary bank for the ADSs, the Company
shall use all reasonable best efforts to cooperate with such Holder and take any action it is required to take, if any,
promptly and expeditiously in connection with the deposit of Common Shares by such Holder and the issuance of ADSs to such
Holder.

 

    11

     

    

 

2.5              
Suspension Periods. In the event:

 

(a)               
of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that purpose;

 

(b)               
of the receipt by the Company of any notification of the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(c)               
of any request by the Commission or any other federal or state governmental authority during the period of effectiveness
of any registration statement or amendments or supplements to such registration statement or prospectus or for additional information,
or any other of any event or circumstance other than those referred to in sub-paragraph ‎(d) below which, upon the advice
of the Company’s counsel, necessitates the making of any changes in the registration statement, prospectus or any prospectus
supplement, or any document incorporated or deemed to be incorporated therein by reference, so that neither the registration statement
nor the prospectus or, if applicable, prospectus supplement will contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; or

 

(d)               
the Company, in its good faith judgment, determines that effecting a registration pursuant to this Agreement, not suspending
the use of a registration statement pursuant to this Agreement or the continued use of such registration statement, would: (i)
be seriously detrimental to a material financing, acquisition, disposition, merger, consolidation, tender offer, recapitalization,
reorganization or other material transaction of the Company; or (ii) render the Company unable to comply with requirements under
the Securities Act or Exchange Act (collectively, a “Valid Business Reason”),

 

then the Company may delay effecting
such registration hereto or suspend the use of a registration statement pursuant hereto or cease to permit the use of the
prospectus included in a registration pursuant hereto if the Company provides a certificate in writing to the Holders signed
by the Chief Executive Officer of the Company to the effect of the foregoing (the “Suspension Notice”),
and, in the case of the right described in sub-paragraph ‎(d) hereof (a “Corporate
Suspension”), stating that the Board of Directors has determined in good faith that there is a Valid Business
Reason, and upon receipt of such Suspension Notice, if the Registration Statement is effective, each Holder will refrain from
selling any Registrable Securities pursuant to the Registration Statement (such period of suspension or delay of the
Company’s obligation and the Holders’ right to sell Registrable Securities pursuant to an effective Registration
Statement being herein referred to as a “Suspension Period”) until such Holder’s receipt of copies
of a supplemented or amended prospectus prepared and filed by the Company, or until it is advised in writing by the Company
that the Suspension Period is no longer in effect; provided, that, other than in the case of a Corporation Suspension,
the Company shall use its reasonable best efforts promptly to obtain the withdrawal of such any stop order or suspension, to
make such changes or supplements or to otherwise bring to an end such Suspension Period so that Registrable Securities may be
sold pursuant to the applicable Registration Statement; provided, further, that, with respect to a Corporate
Suspension, (A) the Company shall have the right to invoke no more than two (2) Corporate Suspensions in any twelve
(12)-month period, and (B) the duration of such Corporate Suspensions may not exceed (x) ninety (90) days on each occasion
and (y) one hundred twenty (120) days in the aggregate during any twelve (12)-month period. If the Company shall have
withdrawn or prematurely terminated a registration statement filed under Section ‎2.1 (whether upon the
determination of the Board of Directors or as a result of any stop order, injunction or other requirement of the Commission
or any other governmental agency or court), the registration under Section ‎2.1 shall not be deemed
effected.

 

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2.6              
Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable
Securities in any registration pursuant to Sections ‎2.1
or ‎2.2 shall terminate when no Registrable Securities
are outstanding.

 

2.7              
Lock-Up Agreements.

 

(a)               
The Company and each Holder of Registrable Securities (other than a Summa Investor) hereby agrees that if requested by the
managing underwriter(s) in connection with an offering pursuant to Section ‎2.1 or a Piggy-Back Underwritten
Offering pursuant to Section ‎2.2, the Company and such Holder will enter into a customary “lock-up agreement”
with the managing underwriter(s) pursuant to which the Company and such Holder will agree not to sell or transfer any securities
or any interest in securities of the Company during a specified number of days following the date of the final prospectus related
to any other offering conducted pursuant to Sections ‎2.1 or ‎2.2 hereof, provided that (i)
if any Summa Investor is participating in such offering, each Holder of Common Registrable Securities shall only be required to
enter into a “lock-up agreement” if the Summa Investor enters into such “lock-up agreement”; (ii) the obligation
of any Holder to enter into such “customary” lock-up agreement shall be subject to the Company, each of its directors,
officers, one percent (1%) holder, and each Selling Shareholder in such offering other than the Holders of Registrable Securities
entering into a similar customary “lock-up agreement” and (iii) unless the managing underwriter (s) in the registered
public offering otherwise agree in writing, the Company shall not file any Registration Statement for any public sale or distribution
of its shares (other than pursuant to this Agreement) or cause any such Registration Statement to become effective during any lock-up
period or extension thereof.

 

(b)               
The provisions of this Section ‎2.7 shall no longer apply to a Holder once such Holder ceases to hold
Registrable Securities. In addition, no Holder may participate in any underwritten registration hereunder unless such person (a)
agrees to sell such person’s securities on the basis provided in any customary underwriting agreement, and (b) provides any
relevant information, including in connection with FINRA’s clearance of underwriting compensation to the extent required,
and completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements (in each case subject to the other terms and conditions of this Agreement).

 

2.8              
Confidentiality. Each Holder (other than the Summa Investor(s)) agrees that any information obtained
pursuant to the provisions of this Agreement will be held in strict confidence, will not be disclosed or exposed to any person
or entity without the prior written consent of the Company and will not be used for any purpose, other than with respect to exercise
of such Holder’s rights as a shareholder in the Company; unless such confidential information (a) is known or becomes known
to the public in general (other than as a result of a breach of this Section ‎2.8
by such Holder), (b) is or has been independently developed or conceived by such Holder without use of the Company’s
confidential information, or (c) is or has been made known or disclosed to such Holder by a third party without a breach of any
obligation of confidentiality such third party may have to the Company and without any restrictions as to its disclosure; provided,
however, that such Holder may disclose confidential information (i) to its attorneys, accountants, consultants, principals,
officers and other professionals to the extent necessary to obtain their services in connection with monitoring its investment
in the Company, if such persons are bound by confidentially provisions or obligations; (ii) to any partner, member, shareholder
or Affiliate of such Holder in the framework of reports to such partner, member, shareholder or Affiliate in the ordinary course
of business; (iii) to any prospective purchaser of Registrable Securities from a Holder, provided with respect to clauses
(ii) and (iii) above that such Holder informs such Person that such information is confidential and directs such Person to maintain
the confidentiality of such information and such Holder is responsible for any breach of the provisions of this paragraph; or
(iv) as may otherwise be required by law, provided that to the extent legally permissible such Holder promptly notifies
the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

 

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2.9              
No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the
part of any Holder to sell any Registrable Securities pursuant to any effective registration statement.

 

2.10          
Expenses. All expenses incurred in effecting a registration provided for in Sections ‎2.1
and ‎2.2 shall be paid by the Company, including,
without limitation, all registration and filing fees, printing expenses, reasonable fees and disbursements of (i) counsel for
the Company; (ii) U.S. counsel for the Holders participating in such registration as a group (selected by the Summa Investor(s)
if the Summa Investor(s) are participating in the registration in the case of a Piggy-Back Underwritten Offering or by the Initiating
Holder(s) in the event of a registration pursuant to Section ‎2.1),
(iii) for each of the Existing Investors as a group and the Summa Investor(s) as a group, any local counsels (selected by the
Summa Investor(s)) as necessary to deliver an opinion of counsel, (iv) underwriting expenses (other than share transfer taxes,
underwritten discounts or commissions) and expenses of any audits incident to or required by any such registration, and (v) all
legal expenses in connection with issuance of any legal opinion required by the depositary bank for the ADSs in connection with
a deposit of Common Shares by a Holder with such depositary bank and the issuance of ADSs to such Holder, and a transfer of ADSs
of a Holder held on the books of the depositary bank (all of such expenses referred to collectively, as the “Registration
Expenses”). All underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder (except for the counsel set forth above) relating to Registrable
Securities registered pursuant to this Agreement shall be borne and paid by the Holders, pro rata on the basis of the number of
Registrable Securities registered on their behalf.

 

2.11          
Furnish Information. It shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Agreement with respect to the Registrable Securities of any selling Holder that such Holder shall furnish
to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.

 

2.12          
Indemnification.

 

(a)              
The Company shall indemnify and hold harmless, to the fullest extent permitted by the law, each selling Holder of Registrable
Securities that is included in a registration whether included pursuant hereto or otherwise and such Holder’s shareholders,
affiliates, partners, members, underwriters, and their respective directors, officers, employees, agents, and legal counsel and
accountants and other representatives, and each person who controls such Holder, its shareholders, affiliates, partners, members
or underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (a “Controlling
Person”), from and against any and all losses, claims, actions, expenses, damages or liabilities, joint or several (including
any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit
or proceeding or any claim asserted), as the same are incurred to which they, or any of them, may become subject under the Securities
Act, the Exchange Act, other federal or state statutory law or regulation, at common law, or otherwise, insofar as such losses,
claims, expenses, damages or liabilities (or action in respect thereof) arise out of or are based upon (i) any untrue statement
or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered
under the Securities Act (including any preliminary prospectus or final prospectus contained therein, or any amendment or supplement
thereto, or any free writing prospectus or the Disclosure Package) or in any application or other document or communication (collectively
called an “application”) executed by or on behalf of the Company or based upon written information furnished
by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under
the securities laws thereof, (ii) any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, (iii) any untrue statement or alleged untrue statement of a material
fact in the information conveyed to any purchaser at the time of the sale to such purchaser, or the omission or alleged omission
to state therein a material fact required to be stated therein, or (iv) any violation by the Company of the any federal, state,
common or other law, rule or regulation applicable to the Company in connection with such registration, including the Securities
Act, any state securities or “blue sky” laws or any rule or regulation thereunder in connection with such registration.
The Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such claim. The Company shall not be liable to any indemnified party,
however, in any such case, to the extent that any such liability arises out of or is based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in such registration statement, preliminary or final prospectus,
or amendment or supplement thereto in reliance upon and in conformity with information furnished in writing to the Company by
such indemnified party specifically for use therein; provided further, however, that the Company shall
be liable to any indemnified party to the extent that a court of competent jurisdiction determines that any such alleged untrue
statement or alleged omission by the indemnified party is not proven.

 

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(b)                Subject
to applicable law, each selling Holder of Registrable Securities included in such registration whether included pursuant
hereto or otherwise being effected shall, severally and not jointly, indemnify and hold harmless the Company (including its
directors and officers, employees and agents), legal counsel and accountants of the Company, any other selling Holder,
including shareholders, affiliates, partners, members or underwriters of such Holder, included in such registration, and each
person who controls the Company or such other Holder within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act, from and against any and all losses, claims, damages, expenses and liabilities, joint or several, to which
they, or any of them, may become subject under the Securities Act, the Exchange Act or other federal or state statutory law
or regulation, at common law, or otherwise, insofar as such losses, claims, damages, expenses or liabilities (or actions in
respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of any material fact
contained, on the effective date thereof, in any registration statement under which such securities were registered under the
Securities Act (including any preliminary prospectus or final prospectus contained therein, or any amendment or supplement
thereto, or any free writing prospectus or the Disclosure Package), (ii) any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of both
(i) and (ii) to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was made in such registration statement, preliminary or final prospectus, amendment or supplement thereto,
or any free writing prospectus or the Disclosure Package, in reliance upon and in conformity with information furnished in
writing to the Company by such selling Holder specifically for use therein. In no event, however, shall the liability of any
selling Holder for indemnification under this Section ‎2.12 in its capacity as a seller of Registrable
Securities exceed the amount equal to the net proceeds (net of underwriting discounts and commissions, but not other
expenses) to such selling Holder of the securities sold in any such registration, except in the case of fraud by such selling
Holder. The Company and each Holder of Registrable Securities hereby acknowledge and agree that, unless otherwise expressly
agreed to in writing by such Holders to the contrary, for all purposes of this Agreement, the only information to be
furnished to the Company by or on behalf of any Holder for use in any such registration statement, preliminary, final or
summary prospectus or amendment or supplement thereto, or any free writing prospectus, are statements specifically limited to
(i) the number of Registrable Securities held by such Holder and its Affiliates and the related description of their
beneficial ownership, (ii) the name and address of such Holder, and (iii) the affiliation of such Holder and its Affiliates
with a broker-dealer or an affiliate of a broker-dealer. If any additional information about such Holder or the plan of
distribution (other than for an underwritten offering) is required by law to be disclosed in any such document, then such
Holder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence. Such indemnity and
reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such
indemnified party and shall survive the transfer of such securities by such Holder. The obligation of the Holders to
indemnify hereunder shall be individual, and not joint and several, for each Holder.

 

(c)               
Promptly after receipt by an indemnified party under this Section ‎2.12 of notice of the commencement
of any action which, if proven, would require the indemnifying party to indemnify the indemnified party under this Section ‎2.12,
the indemnified party will notify the indemnifying party in writing of the commencement thereof; but the failure to so notify the
indemnifying party (i) will not relieve it from liability under paragraph ‎(a) or ‎(b) above unless and to the
extent such action and such failure results in material prejudice to the indemnifying party and forfeiture by the indemnifying
party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations
to any indemnified party other than the indemnification obligation provided in paragraph ‎(a) or ‎(b) above. The
indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall
not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, except as provided in the next
sentence, after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses
subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation.
Notwithstanding the indemnifying party’s rights in the prior sentence, the indemnified party shall have the right to employ
its own counsel (and one local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such
counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal
defenses available to it which are different from or additional to those available to the indemnifying party; (iii) the indemnifying
party shall not have employed counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of
the institution of such action; (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at
the expense of the indemnifying party; or (v) if the indemnifying party fails to take reasonable steps necessary to defend diligently
the action or proceeding after receiving notice from such indemnified party that the indemnified party believes it has failed to
do so. No indemnifying party shall, in connection with any one action or separate but substantially similar or related actions
in the same jurisdiction arising out of the same general circumstances or allegations, be liable for the fees and expenses of more
than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties. An indemnifying party shall
not be liable under this Section ‎2.12 to any indemnified party regarding any settlement or compromise or consent
to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent is consented to by such indemnifying party. No indemnifying party, in the
defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment
or enter into any settlement or compromise unless such settlement or compromise (i) includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such proceeding and (ii) does not include any statement as to
or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

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(d)                If
the indemnification provided for in this Section ‎2.12 for any reason is held by a court of competent
jurisdiction to be unavailable to an indemnified party in respect of any losses, claims, damages, expenses or liabilities (or
actions in respect thereof) referred to therein, then each indemnifying party under this Section ‎2.12, in
lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages, expenses or liabilities (or actions thereof) in such proportion as is
appropriate to reflect the relative fault of the Company and each selling Holder in connection with the statements or
omissions which resulted in such losses, claims, damages, expenses or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and each selling Holder shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or the selling Holders and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(e)               
The Company, the selling Holders and the underwriters agree that it would not be just and equitable if contribution pursuant
to this Section ‎2.12 were determined by pro rata or per capita allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in the immediately preceding paragraph. In no event, however,
shall a selling Holder be required to contribute any amount under this Section ‎2.12(e) in excess of the net
proceeds (net of underwriting discounts and commissions, but not other expenses) received by such selling Holder from its sale
of Registrable Securities under such registration statement, except in the case of fraud or willful misconduct by such selling
Holder. No Person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation.

 

(f)              
The indemnification and contribution provided for in this Section ‎2.12 will remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified parties or any officer, director, employee, agent
or controlling Person of such indemnified parties and shall survive the transfer of Registrable Securities by any such party.

 

(g)               
The indemnification and contribution provided for in this Section ‎2.12 shall be in addition to any other
rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative
and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall
survive the transfer of the Registrable Securities by any such party.

 

(h)               
The indemnification and contribution provided for in this Section ‎2.12 shall be made by periodic payments
of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage
or liability is incurred.

 

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

 

2.13          
Compliance with Rule 144. With a view to making available to the Holders the benefits of SEC Rule 144
and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public
without registration or pursuant to a registration on Form F-3 or Form S-3, the Company shall:

 

(a)               
use reasonable best efforts to (i) file in a timely fashion the reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (at any time after the Company has become
subject to such reporting requirements) and (ii) make publicly available adequate current public information and any other information
so long as necessary to permit sales in compliance with Rule 144 and Regulation S under the Securities Act (as such rules may be
amended from time to time), at all times after the effective date of the Registration Statement filed by the Company for the IPO;
and

 

    16

     

    

 

(b)               
 furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent
accurate, a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after
ninety (90) days after the effective date of the Registration Statement filed by the Company for the IPO), the Securities Act,
and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as
a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (at any time after the Company so qualifies);
and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that
permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting
requirements under the Exchange Act) or pursuant to Form F-3 or Form S-3 (at any time after the Company so qualifies to use such
form).

 

2.14          
Transferability of Registration Rights. Unless otherwise agreed by the Summa Investor(s) and the Company,
the registration rights contained in this Agreement shall only inure to the benefit of a transferee of Registrable Securities
if (i) such transferee is an Affiliate of the Summa Investor(s), and (ii) such subsequent Holder executes and delivers an Accession
Agreement, a form of which is annexed hereto as ‎Exhibit
A. Such a transferee of a Summa Investor shall be a “Summa Investor” for purposes of this Agreement. For the purpose
of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee that is an Affiliate
of the Summa Investor(s) shall be aggregated together and with those of the Summa Investor(s) and the holdings of any transferees
that are Affiliates of each other shall be aggregated together. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

2.15          
Additional Registration Rights. The Company represents and warrants as of the date of this Agreement
that, except as set forth herein, the Company has not granted any party the right to require that the Company register, or include
in registrations filed by the Company, any of its or any of its Subsidiaries’ securities. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Summa Investor(s), enter into any agreement with any
holder or prospective holder of any equity securities of the Company granting such holder or prospective holder the right to include
such securities in any registration statement filed by the Company.

 

2.16          
Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect
to the interpretation or implementation of the provisions hereof.

 

3.                  
Miscellaneous.

 

(a)                All
notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified; (ii) when sent, if sent by
electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next Business Day; (iii) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (iv) one (1) Business Day after the Business Day of deposit with a
nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.
All communications shall be sent to the respective parties at their addresses as set forth on ‎Schedule C
hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the
Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in
accordance with this Section ‎4(a). If notice is given to the Company, a copy shall also be sent to Goodwin
Procter LLP, The New York Times Building, 620 Eighth Avenue, New York, NY 10018, attention: Kristopher Brown, and if notice
is given to the Summa Investor(s), a copy shall also be sent to White & Case Advokat AB, Biblioteksgatan 12, Box 5573,
SE-114 85 Stockholm, attention: Jonas Lagerroo.

 

(b)               
Existing Investors hereby agree that, except as otherwise provided for herein, this Agreement shall become effective upon
the effectiveness of the New Shareholders Agreement.

 

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(c)               
Subject to the terms of any other applicable agreements, if the Company seeks, for its own account or for the account of
others, (a) to obtain a listing for its equity securities (including ADRs or ADSs), or (b) to register for public sale any such
securities, in either case in a jurisdiction outside the United States, the Holders shall be provided, as a condition to such listing
or registration, with registration rights in such other jurisdiction that are the same, in all material respects, to the registration
rights such Holders have with respect to listings or registrations in the United States pursuant to the terms of this Agreement.

 

(d)               
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts
executed in and to be performed in that state and without regard to any applicable conflicts of law. In any action between the
parties hereto arising out of or relating to this Agreement or any of the transactions contemplated by this Agreement: (i) each
of the parties irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of either the state
courts located in the City and County of New York or the United States District Court for the Southern District of New York and
(ii) each of the parties irrevocably consents to service of process by first class certified mail, return receipt requested, postage
prepaid.

 

(e)               
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company, (ii)
the Existing Investors that are Holders of a majority of the Registrable Securities then outstanding held by all Existing Investors
and (iii) the Summa Investor(s) that are Holders of a majority of the Registrable Securities then outstanding held by all Summa
Investor(s). Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof
may not be waived with respect to any Holder without the written consent of such Holder, unless such amendment, termination, or
waiver applies to all Holders in the same fashion. The Company shall give prompt notice of any amendment or termination hereof
or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment,
termination, or waiver effected in accordance with this Section ‎4(e) shall be binding on all parties hereto,
regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of
this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such
term, condition, or provision. For the avoidance of doubt, unless otherwise expressly provided in this Agreement, no provisions
in this Agreement shall survive the termination of registration rights pursuant to Section 2.6.

 

(f)                 Without
limiting Section ‎2.16, any Person having rights under any provision of this Agreement shall be entitled to
enforce such rights specifically (without posting a bond or other security), to recover damages caused by reason of any
breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and
acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy
for any such breach of the provisions of this Agreement and that, in addition to any other rights and remedies existing in
its favor, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity
of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the
provisions of this Agreement. The rights and remedies of each of the parties under this Agreement shall be cumulative and not
exclusive of any rights or remedies which either would otherwise have hereunder or at law or in equity or by statute, and no
failure or delay by either party in exercising any right or remedy shall impair any such right or remedy or operate as a
waiver of such right or remedy, nor shall any single or partial exercise of any power or right preclude such party’s
other or further exercise or the exercise of any other power or right. No failure by any party to exercise any right or
privilege hereunder shall be deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a waiver
of such party’s rights to exercise the same at any subsequent time or times hereunder. The right of any Holder to
request registration or inclusion of Registrable Securities in any registration pursuant to Sections ‎2.1 or ‎2.2
shall terminate when no Registrable Securities are outstanding.

  

(g)               
This Agreement may be executed and delivered in two or more counterparts, each of which shall deemed an original, but all
of which together shall constitute one and the same instrument.

 

(h)               
If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable
any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable
provision were not contained herein.

 

(i)                
This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subject
matters hereof and supersedes all prior agreements, understandings and negotiations, both written and oral, between the parties
with respect to the subject matter hereof.

 

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IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Stockholders’ Agreement as of the date first written above.

 

COMPANY

 

Olink Holding AB (publ)

 

	By:	 	 
	 	 
	Name:	 	 
	 	 
	Title:	 	 

 

 

Address:

 

[ADD ADDRESS]

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXISTING SHAREHOLDERS

 

[ADD EXISTING SHAREHOLDERS]

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

Knilo
InvestCo AB

 

	By:	 	 
	 	 
	Name:	 	 
	 	 
	Title:	 	 

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

Schedule
A

 

Summa
Investors

 

[LIST ENTITIES]

 

[Signature
Page to Registration Rights Agreement] 

 

     

     

    

 

Schedule
B

 

Existing Investors

 

[ADD EXISTING
INVESTORS]

 

[Signature
Page to Registration Rights Agreement] 

 

     

     

    

 

Schedule
C

 

[ADD ADDRESSES]

 

[Signature
Page to Registration Rights Agreement] 

 

     

     

    

 

Exhibit
A

ACCESSION AGREEMENT

 

This Accession Agreement
(“Accession Agreement”) is executed on  , 20, by the undersigned (the “Holder”) pursuant
to the terms of that certain Registration Rights Agreement dated as of [  ], 2021 (the “Agreement”), by
and among Olink Holding AB (publ), a limited liability company incorporated under the laws of Sweden (the “Company”),
the Summa Investor(s) (as defined in the Agreement), and each of the shareholders listed on ‎Schedule B thereto. Capitalized
terms used and not defined herein shall have the meanings ascribed in such terms in the Agreement. By the execution of this Accession
Agreement, the Holder agrees as follows.

 

1.1              
Acknowledgement. Holder acknowledges that Holder is acquiring certain shares of the Company (the “Shares”)
in accordance with Section ‎2.14 of the Agreement, as a holder of Registrable Securities.

 

1.2              
Agreement. Holder hereby (a) agrees that the Shares, and any other share capital or securities required by the Agreement
to be bound thereby, shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force
and effect as if Holder were originally a party thereto.

 

1.3              
Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address or facsimile number
listed below Holder’s signature hereto.

 

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	HOLDER:	 	ACCEPTED AND AGREED:
	 	 	 
	
        By:
	     
	 	Olink Holding AB (publ)
	 	Name and Title of Signatory	 	 

 

	Address:	 	 	By:	 
		 	 	Name:	 
	Facsimile Number:	 	 	Title:	 
	 	 	  	 	 	 

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