Document:

Exhibit
4.2

 

AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) made as of the 1st day
of April, 2019 (the “Effective Date”), by and among Outbrain Inc. a Delaware corporation (the “Company”),
Yaron Galai and Ori Lahav (each a “Founder” and together, the “Founders”), the individuals
and entities identified in Schedule 1 attached hereto (collectively, the “Preferred G Holders”), the
individuals and entities identified in Schedule 2 attached hereto (collectively, the “Preferred F Holders”),
the individuals and entities identified in Schedule 3 attached hereto (collectively, the “Preferred D Holders”),
the individuals and entities identified in Schedule 4 attached hereto (collectively, the “Preferred C Holders”),
the individuals and entities identified in Schedule 5 attached hereto (collectively, the “Preferred B Holders”),
the individuals and entities identified in Schedule 6 attached hereto (collectively, the “Preferred A Holders”)
and the individuals and entities identified in Schedule 10 attached hereto (together with their Affiliates, “G+J”,
and together with the Preferred G Holders, Preferred F Holders, Preferred D Holders, Preferred C Holders and the Preferred B Holders,
the “Preferred Holders”), the individuals and entities identified in Schedule 7 attached hereto (collectively,
the “Common Stock Holders”) and the individuals and entities identified in Schedule 8 attached hereto
(collectively, the “Additional Common Stock Holders”).

 

W
I T N E S S E T H :

 

WHEREAS,
the Preferred Holders include the holders of all of the issued and outstanding shares of Series G Preferred Stock of the Company
par value $0.001 each (“Series G Preferred”), all of the issued and outstanding shares of Series F Preferred
Stock of the Company par value $0.001 each (“Series F Preferred”), all of the issued and outstanding shares
of Series D Preferred Stock of the Company par value $0.001 each (“Series D Preferred”), all of the issued
and outstanding shares of Series C Preferred Stock of the Company par value $0.001 each (“Series C Preferred”),
all of the issued and outstanding shares of Series B Preferred Stock of the Company par value $0.001 each (“Series B
Preferred”) and of all of the issued and outstanding shares of Series A Preferred Stock of the Company, par value $0.001
each (“Series A Preferred”, and together with the Series F Preferred, Series D Preferred, the Series C Preferred
and the Series B Preferred, the “Preferred Stock”), and the Common Stock Holders are the holders of issued
and outstanding shares of Common Stock of the Company, par value $0.001 each (“Common Stock”); and

 

WHEREAS,
the Company and certain stockholders of the Company are parties to that certain Amended and Restated Investors’ Rights Agreement
dated February 11, 2015 (the “Prior Investors’ Rights Agreement”); and

 

WHEREAS,
the requisite parties to the Prior Investors’ Rights Agreement wish to amend and restate in its entirety the Prior Investors’
Rights Agreement by entering into this Agreement.

     

     

    

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows:

 

		1.	Affirmative
                                         Covenants.

 

1.1          Delivery of Financial Statements.
The Company shall deliver to each of the Preferred Holders:

 

1.1.1     As soon as practicable, but in any event within
one hundred and twenty (120) days after the end of each fiscal year of the Company, an audited consolidated balance sheet of the
Company as of the end of such year, and consolidated statements of income and statements of cash flow of the Company for such
year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, United
States dollar-denominated, prepared in accordance with United States generally accepted accounting principles (“GAAP”),
audited by a “Big 4” firm of Independent Certified Public Accountants, and accompanied by an opinion of such firm
which opinion shall state that such balance sheet and statements of income and cash flow have been prepared in accordance with
GAAP applied on a basis consistent with that of the preceding fiscal year, and present fairly and accurately the financial position
of the Company as of their date, and that the audit by such accountants in connection with such financial statements has been
made in accordance with generally accepted auditing standards;

 

1.1.2     As soon as practicable, but in any event within
forty-five (45) days after the end of each quarter of each fiscal year, an unaudited but reviewed consolidated balance sheet of
the Company as at the end of each such period and unaudited but reviewed consolidated statements of (i) income and (ii) cash flow
of the Company for such period and for the period from the beginning of the current fiscal year to the end of such quarterly period,
setting forth in each case in comparative form the figures for the corresponding period of the previous fiscal year, all in reasonable
detail, United States dollar-denominated and certified by the chief financial officer (or if none, by the chief executive officer)
of the Company, that such financial statements were prepared in accordance with GAAP applied on a basis consistent with that of
preceding periods and, except as otherwise stated therein, fairly present the financial position of the Company as of their date
subject to (x) there being no footnotes contained therein and (y) changes resulting from customary year-end audit adjustments,
and all reviewed by a “Big 4” firm of Independent Certified Public Accountants;

 

1.1.3     As soon as practicable, but in any event within
forty-five (45) days after the end of each calendar quarter, information on key metrics of the Company, as described more fully
and in the form set forth on Exhibit 1.1.3 attached hereto;

 

1.1.4     As soon as practicable, but in any event within
thirty (30) days after the end of each month, a report containing a summary of the financial and business status of the Company
in a form determined by the Company’s Board of Directors (the “Board”);

 

1.1.5     As soon as practicable, but in any event within
thirty (30) days after the end of each calendar year, a detailed capitalization table, on a fully-diluted basis, setting forth
all authorized and all issued and outstanding capital stock of the Company, showing all legally and beneficially owned securities
on a stockholder by stockholder basis, together with any details of any unissued, unexercised or unvested options or warrants,
and detailing any share transfers since the delivery of the previous share capitalization table, if any; and

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1.1.6     The
Annual Plan (as defined below), at least thirty (30) days prior to the beginning of each fiscal year covered by such Annual
Plan.

 

1.2          For the avoidance of doubt, the foregoing obligations
set forth in this Section 1.1 are independent of those set forth under those certain Management Rights Letters between the Company
and certain Preferred Holders.

 

1.3          Additional
Information.

 

1.3.1     The Company will permit the authorized representatives
of (i) Index Ventures Growth II (Jersey), L.P. and/or its Affiliates (as defined below) (collectively, “Index”)
for so long as Index holds at least two million (2,000,000) shares, as adjusted for any stock splits, recapitalizations, stock
dividends or the like) of the Company’s issued and outstanding capital stock (ii) Susquehanna Growth Equity Fund IV, LLLP
and/or its Affiliates (collectively, “SGE”) for so long as SGE holds at least two million (2,000,000) shares,
as adjusted for any stock splits, recapitalizations, stock dividends or the like) of the Company’s issued and outstanding
capital stock, and (iii) each other Preferred Holder, who, at such time, is the record holder of at least five percent (5%) of
the issued and outstanding shares of the Company (on an as-converted basis) (each, an “Entitled Holder”), full
and free access, at all reasonable times, and upon reasonable notice, to any of the properties of the Company, including its books
and records, and to discuss its affairs, finances and accounts with the Company’s officers and auditor, for any purpose
whatsoever. In addition, the Company will inform each Entitled Holder: (a) immediately upon the happening of any event likely
to have a significant impact upon the Company or its business, of such event and its implications; and (b) with reasonable promptness,
such other information and data with respect to the Company, as the Entitled Holders may from time to time reasonably request.
This Section 1.3 shall not be in limitation of any rights which the Preferred Holders or the directors designated by the Preferred
Holders may have under applicable law.

 

1.3.2     The Company will provide to HarbourVest Partners,
L.P. and/or its Affiliates (collectively, “HarbourVest”) and SGE with reasonable promptness, such monthly financial
reports, other information and data with respect to the Company as HarbourVest and SGE may from time to time reasonably request
about the business and operations of the Company including, but not limited to, such information as is reasonably requested by
HarbourVest and SGE in order to withhold tax or to file tax returns and reports or to furnish information to any of its partners
with respect to the Company.

 

1.4          Accounting. The Company will maintain
and cause each of its Subsidiaries (as defined herein) to maintain a system of accounting established and administered in accordance
with GAAP consistently applied, and will set aside on its books and cause each of its operating Subsidiaries to set aside on its
books all such proper reserves as shall be required by GAAP. For purposes of this Section 1.4 and Section 2 below, “Subsidiary”
means any corporation or entity at least a majority of whose voting securities are at the time owned by the Company, or by one
or more Subsidiaries, or by the Company and one or more Subsidiaries.

 

1.5          Proprietary
Information and Non-Competition Agreements. The Company will not employ, or continue to employ, any person who will
have access to confidential information with respect to the Company and its operations unless such person has executed and
delivered a Proprietary Information and Non-Competition Agreement to the satisfaction (as to substance and form) of the
Board.

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1.6          Annual Plan. The management of
the Company shall establish annually an operating plan and budget for the Company (the “Annual Plan”), in consultation
with the Board. The Annual Plan shall be subject to the approval of the Board and shall be delivered to the Preferred Holders
pursuant to Section 1.1.4.

 

1.7          Confidentiality. The Preferred
Holders agree, severally and not jointly, that any information obtained pursuant to Sections 1.1, 1.2, 1.3 and 1.6, will not be
disclosed without the prior written consent of the Company; provided that, in connection with periodic reports to their
stockholders, partners or prospective partners, the Preferred Holders may, without first obtaining such written consent, make
general statements, not containing technical or other confidential information, regarding the nature and progress of the Company’s
business; provided further, that the Preferred Holders may provide summary information regarding the Company’s financial
information in their reports to their respective stockholders, partners or prospective partners, but may not annex to such reports
the full financial information to be provided hereunder by the Company and, provided further, that any Preferred Holder
may disclose such information to any Affiliate, partner, prospective partner, member, stockholder, or wholly owned subsidiary
of such Preferred Holder (or any employee or representative of any of the foregoing) in the ordinary course of business, provided
the recipient is bound by or there is an understanding that there is a confidentiality obligation with respect to such information
(including, for the avoidance of doubt, by virtue of being a party to this Agreement); provided however, that in the event
that a Preferred Holder is required to annex financial information obtained pursuant to Sections 1.1, 1.2, 1.3 or 1.6 to such
reports, such Preferred Holder shall exert its reasonable efforts to avoid annexing such financial information, in a manner consistent
with applicable law and practice, but to the extent that its efforts are unsuccessful, such Preferred Holder shall be entitled
to annex such financial information to such reports.

 

1.8          Employee
Stock. Unless otherwise approved by the Board, all future employees and consultants of the Company who purchase,
receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be
required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4)
year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12)    months
of continued employment or service, and the remaining shares vesting in equal monthly installments over the following
thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Section 3.11. In addition,
unless otherwise approved by the Board, the Company shall retain a “right of first refusal” on employee transfers
until an IPO (as defined below) and shall have the right to repurchase unvested shares at cost upon termination of employment
of a holder of restricted stock.

 

1.9          Intellectual
Property Agreements. The Company will enter into such agreements and take such other action as is necessary to
ensure that all Intellectual Property (as defined in that certain Series G Preferred Stock Purchase Agreement of even date
herewith, among the Company and certain parties included therein, and all agreements ancillary thereto (the “Series
G Purchase Agreement”), created by any current employee or consultant of the Company within the scope of his or her
engagement or employment with the Company is assigned to the Company and is solely and exclusively owned by the
Company.

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1.10          Termination of Rights. The Company’s
obligations under Sections 1.1, 1.2, 1.3, 1.4, 1.5, 1.6, 1.8 and 1.9 shall terminate and shall be of no further force or effect
upon the closing of the Company’s initial underwritten public offering of its Common Stock pursuant to an effective registration
statement under the United States Securities Act of 1933, as amended (the “Securities Act”) or equivalent law
of another jurisdiction (an “IPO”).

 

2.            Preemptive Rights.
If the Company or a Subsidiary proposes to issue, offer or sell any equity securities of the Company or a Subsidiary, whether
or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any
type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities (collectively,
“New Securities”), the Company or the Subsidiary, as the case may be, shall first offer such New Securities
to the persons and entities listed on Schedule 9 attached hereto (collectively, the “Investors”), who
shall be entitled to purchase their pro-rata portion of the New Securities (assuming the conversion into Common Stock of all then
outstanding shares of Preferred Stock). An Investor’s pro rata portion shall be the ratio of the number of shares of the
Company’s Common Stock (assuming the conversion into Common Stock of all then outstanding shares of Preferred Stock) held
by such Investor as of the date of the Offer Notice (as defined below), to the sum of the total number of outstanding shares of
Common Stock held by all stockholders of the Company (assuming the conversion into Common Stock of all then outstanding shares
of Preferred Stock) as of the date of the Offer Notice (the “Pro Rata Portion”) and such portion of over allotment
share, as described below, except that with respect to Yaron Galai, the Common Stock issued to him prior to the date of this Agreement
(and any Common Stock to be issued upon exercise of options) shall not be taken into consideration when calculating his Pro Rata
Portion. Each Investor shall be entitled to apportion the preemptive rights set forth in this Section 2 among itself and its Affiliates
in any such proportions it deems appropriate in its sole discretion. Such preemptive rights shall be subject to the following
provisions:

 

2.1          Offer Notice. The Company shall
give notice (the “Offer Notice”) to each Investor, stating (i) its bona fide intention to offer such New Securities,
(ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such
New Securities.

 

2.2          Notification
to Company. By notification to the Company within ten (10) days after the Offer Notice is delivered to the
Investors, each Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer
Notice, up to its Pro Rata Portion of New Securities. The Company shall promptly, in writing, inform each Investor that
purchases all the New Securities available to it (each, a “Fully -Exercising Investor”) of any other
Investor’s failure to do likewise. During the 5-day period commencing after receipt of such information, each
Fully-Exercising Investor shall be entitled to obtain that portion of the New Securities for which Investors were entitled to
subscribe but which were not subscribed for by the Investors that is equal to the non-purchasing stockholder’s portion,
pro-rata according to the respective total number of shares of Common Stock (treating all Preferred Stock as if fully
converted) owned by the other stockholders exercising their right of over-allotment. Any remaining unsubscribed portion of
the New Securities that are not elected to be purchased by the Investors, may, during the ninety (90) day period following
the expiration of the ten day period or the additional 5-day period described above, as applicable, be offered by the Company
to any person or entity at a price not less than, and upon terms no more favorable to the offeree than, those specified in
the Offer Notice.

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2.3          Written Agreement. The parties
hereby agree that the terms and conditions of any sale pursuant to this Section 2 will be memorialized in, and governed by, a
written purchase and sale agreement between the Company and the relevant Investors, with customary terms and provisions for such
a transaction, and the parties further covenant and agree to enter into such an agreement as a condition precedent to any sale
or other transfer pursuant to this Section 2. Any such agreement will be negotiated in good faith by the relevant parties thereto
and with any third party purchasing New Securities. The closing of the purchase of the New Securities by the Investors and any
third party offeree shall take place concurrently at a date and time agreed upon by all parties thereto. The Company may, at any
time, choose to revoke its offer of New Securities to the Investors or any third party offeree and the Investors shall have no
right to purchase any New Securities from the Company, subject to any agreements subsequently entered into relating to the purchase
of such New Securities.

 

2.4          Revival of Offer. If the Company
has not sold the New Securities within said ninety (90) day period, or if such agreement is not consummated (i.e., an initial
closing has not taken place) within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to
be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this Section
2.

 

2.5          Exceptions. Notwithstanding anything
to the contrary contained herein, the provisions of this Section 2 shall not be applicable to a strategic financing by the Company
in an amount up to $10,000,000 on terms mutually agreeable to the Company, Susquehanna Growth Equity Fund IV, LLLP, HarbourVest
Partners, L.P. Index Ventures Growth II (Jersey), L.P., Lightspeed Venture Partners VII, L.P., Viola Ventures III, L.P. and Gemini
Israel IV, L.P. Furthermore, the rights in this Section 2 shall not be applicable to New Securities that do not constitute Additional
Shares of Common (as defined in the Amended Certificate (as defined below)).

 

2.6          Termination. This Section 2 shall
terminate and be of no further force or effect immediately before the consummation of an IPO; in addition and regardless of the
consummation of an IPO, this Section 2 will terminate and be of no further force or effect with respect to each Investor and its
Affiliates whose aggregate holdings in the Company are less than two percent (2%) of the Common Stock on an as-converted and fully
diluted basis.

 

3.           Registration.
The following provisions govern the registration of the Company’s securities:

 

3.1          Definitions.
As used herein, the following terms have the following meanings:

 

“Affiliate”
means, with respect to any individual or entity, an individual or entity that, directly or indirectly, controls, is
controlled by or is under common control with such individual or entity, including, without limitation, any general partner,
managing member, manager, member, officer or director of such entity or any venture capital fund now or hereafter existing
that is controlled by one or more general partners or managing members of, shares the same management or advisory company
with, or is otherwise affiliated with such individual or entity.

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“Amended
Certificate” means the Company’s then-current Amended and Restated Certificate of Incorporation filed with the
Delaware Secretary of State.

 

“Business
Day” means any day that is not a Saturday or Sunday or any other day on which the New York Stock Exchange or the Nasdaq
Stock Market are closed for trading.

 

“Common
Holder” means any holder of outstanding Common Registrable Shares or any assignee thereof in accordance with Section
3.10 of this Agreement.

 

“Common
Registrable Shares” means all shares of Common Stock issued by the Company to the Founders or any assignee thereof in
accordance with Section 3.10 of this Agreement.

 

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

 

“Holder”
means any holder of outstanding Registrable Shares who is a party to this agreement or any assignee thereof in accordance with
Section 3.10 of this Agreement.

 

“Initiating
Holders” means Holders holding more than thirty-five percent (35%) of the Registrable Shares.

 

“Register”,
 “registered” and “registration” refer to a registration effected by filing a registration
statement in compliance with the Securities Act and the declaration or ordering by the Commission of effectiveness of such registration
statement, or the equivalent actions under the laws of another jurisdiction.

 

“Registrable
Shares” means all shares of Common Stock issuable upon conversion of the Preferred Stock, all shares of Common
Stock issued by the Company in respect of such shares, all shares of Common Stock held by G+J and all shares of Common Stock
that the Preferred Holders may hereafter purchase pursuant to their preemptive rights (including any over-allotment rights)
or rights of first refusal, or shares of Common Stock issued on conversion or exercise of other securities so purchased or in
exchange for or in replacement of, such securities; provided, however, that the following shall not be considered Registrable
Shares: (i) any share of Common Stock that could be sold by the holder thereof pursuant to Rule 144(b)(1) promulgated under
the Securities Act if such securities then held by such Holder constitute (x) prior to the expiration of any “lock-up
agreement” entered into with the underwriters of the IPO, less than one percent (1%) of the Company’s outstanding
equity securities, and (y) after such time, less than five percent (5%) of the Company’s outstanding equity securities,
(ii) any share of Common Stock that has previously been registered under an effective registration statement filed pursuant
to the Securities Act and disposed of in accordance with such registration statement, (iii) any share of Common Stock that
has otherwise previously been sold to the public, and (iv) any share of Common Stock sold by a Holder in a transaction in
which such Holder’s rights are not assigned in accordance with the provisions of Section 3.10. For the avoidance of any
doubt, Common Stock issued to Yaron Galai prior to the date of this Agreement (and any Common Stock to be issued upon
exercise of options) shall not be considered as Registrable Shares.

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3.2          Incidental
Registration.

 

3.2.1          Notice
of Registration. Other than in connection with a request for registration pursuant to Section 3.3 or 3.4 of this
Agreement, 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 (x) a Shelf Registration Statement for a delayed or continuous offering pursuant to Rule 415 under the
Securities Act, or (y) a registration statement relating solely to employee benefit plans or a corporate reorganization), in
either case, for the sale of Common Stock or securities convertible into or exercisable for Common Stock 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” or “registered direct offering” with one or
more investment banks (subsections (i) and (ii), collectively, a “Piggy-Back Underwritten Offering”), then
as soon as practicable but not less than fifteen (15) days prior to the filing of (a) any preliminary prospectus supplement
relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (b) 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 (c) such registration statement, as the case may be, the Company shall give
notice of such proposed Piggy-Back Underwritten Offering to the Holders and the Common Holders and such notice (a
 “Piggyback Notice”) shall offer the Holders and the Common Holders the opportunity to include in such
Piggy-Back Underwritten Offering such number of Registrable Shares or Common Registrable Shares as each such Holder or Common
Holder may request in writing. Each such Holder or Common Holder shall then have ten (10) days after receiving such Piggyback
Notice to request in writing to the Company inclusion of Registrable Shares or Common Registrable Shares in the Piggy-Back
Underwritten Offering, except that such Holder or Common Holder shall have two (2) Business Days after such Holder or Common
Holder confirms receipt of the notice to request inclusion of Registrable Shares or Common Registrable Shares in the Piggy
Back Underwritten Offering in the case of a “bought deal”, “registered direct offering” or
 “overnight transaction” where no preliminary prospectus is used. Upon receipt of any such request for inclusion
from a Holder or a Common Holder received within the specified time, the Company shall use its reasonable best efforts to
include in the applicable Piggy-Back Underwritten Offering Holders’ Registrable Shares or the Common Holders’
Common Registrable Shares requested to be included on the terms set forth in this Agreement. Prior to the commencement of any
 “road show” in the case of an offering in which a preliminary prospectus is used and prior to the signing of the
underwriting agreement in the case of any other offering, each Holder or Common Holder shall have the right to withdraw its
request for inclusion of its Registrable Shares or Common Registrable Shares in any registration 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 or Common Holder shall no longer have any right to include Registrable Shares or Common Registrable Shares in the
Piggy-Back Underwritten Offering as to which such withdrawal was made.

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3.2.2     Company
Not Qualifying as a WKSI. If the Company does not qualify as a WKSI, (i) the Company shall give each Holder or Common
Holder fifteen (15) days’ notice prior to filing a Shelf Registration Statement and, upon the written request of any
Holder or Common 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 Ordinary Shares equal to the aggregate number of Registrable Shares or
Common Registrable Shares requested to be included without naming any requesting Holder or Common Holder as a selling
shareholder and including only a generic description of the holder of such securities (the “Undesignated Registrable
Shares”), (ii) the Company shall not be required to give notice to any Holder or Common Holder in connection with a
filing pursuant to Section 3.2.1 unless such Holder or Common Holder provided such notice to the Company pursuant to this
Section 3.2.2 and included Undesignated Registrable Shares in the Shelf Registration Statement related to such filing, and
(iii) at the written request of a Holder or a Common Holder given to the Company more than seven (7) 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 its
reasonable best efforts to effect the registration of any of the Holders’ or Common Holders’ Undesignated
Registrable Shares 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 Shares as any Holder or Common Holder
may request, provided that (a) the Company is actively employing its reasonable best efforts to effect such
Piggy-Back Underwritten Offering; and (b) the Company shall not be required to effect a post-effective amendment more than
two (2) times in any twelve (12) month period.

 

The
Company shall have the right to terminate or withdraw any registration or offering initiated by it under this Section 3.2 before
the effective date of such registration or the completion of such offering, whether or not any Holder or Common Holder has elected
to include Registrable Shares or Common Registrable Shares in such registration or offering. The expenses of such withdrawn registration
or offering shall be borne by the Company in accordance with Section 3.6.

 

3.2.3     Underwriting.
The right of the Holders and Common Holders to participate in a Piggy-Back Underwritten Offering pursuant to this Section 3.2
shall be conditioned upon the Holders and the Common Holders proposing to distribute their securities through such
underwriting (together with the Company and the other Holders distributing their securities through such underwriting, if
any) and entering into an underwriting agreement in customary form with the managing underwriter selected for such
underwriting in accordance with the provisions of Section 3.5 below. Notwithstanding any other provision of this Section 3.2,
if the managing underwriter advises the Company in writing, in its sole discretion, that marketing factors require a
limitation of the number of shares to be registered under such registration, then the amount of Registrable Shares or Common
Registrable Shares to be so sold shall be allocated (i) first, to the securities the Company proposes to sell,
(ii) second, among the Holders of Registrable Shares, pro rata to the Registrable Shares held by the holders of
Registrable Shares, (iii) third, among the Common Holders of Common Registrable Shares, pro rata to the Common
Registrable Shares held by the holders of Common Registrable Shares and (iv) fourth, other securities, if any,
requested to be included in such registration pro rata among the holders of such securities on the basis of the number of
shares requested to be registered by such holders; provided, however, that in any event, all Registrable Shares
requested to be included in the Piggy-Back Underwritten Offering must be included in such registration prior to any
other shares of the Company, including Common Registrable Shares (with the exception of shares to be issued by the Company to
the public), and further provided that, notwithstanding anything to the contrary herein, the aggregate amount of
Registrable Shares, which shall have the right to participate in any proposed Piggy-Back Underwritten Offering following the
IPO shall not be reduced below twenty-five percent (25%) of the aggregate amount of securities included in such
offering.

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3.3          Demand
Registration.

 

3.3.1       Request
for Registration.

 

(a)          At any time beginning six (6) months following
the date of the final prospectus for an IPO and until the fifth anniversary thereafter, the Initiating Holders may request in
writing that all or part of the Registrable Shares held by such requesting Initiating Holders shall be registered under the Securities
Act. Any such demand must request the registration of shares with an anticipated gross aggregate offering price of at least $5,000,000.

 

(b)          Within
ten (10) days after receipt of any such request, the Company shall give written notice of such request to the other Holders
and the Common Holders and shall include in such registration all Registrable Shares held by all such Holders and all Common
Registrable Shares held by Common Holders who wish to participate in such demand registration and provide the Company with
written requests for inclusion therein within fifteen (15) days after the receipt of the Company’s notice.

 

(c)          Thereupon, the Company shall use its reasonable
commercial efforts to effect the registration of all Registrable Shares and Common Registrable Shares as to which it has received
requests for registration for trading on the securities exchange specified in the request for registration; provided, however,
that the Company shall not be required to effect any registration under this Section 3.3:

 

(1)          within a period of one hundred and eighty (180)
days following the effective date of a previous registration pursuant to this Section 3.3 or pursuant to Section 3.2, provided
the Holders were eligible to participate in such previous registration pursuant to Section 3.2;

 

(2)          If at the time of the request from the Initiating
Holders the Company gives notice within thirty (30) days of such request that it is engaged in preparation of a registration statement
or prospectus supplement, as the case may be, for a firm underwritten registered public offering (for which the registration statement
or prospectus supplement will be filed within ninety (90) days) in which the Holder may include Registrable Shares pursuant to
Section 3.2 above (subject to underwriting limitations provided under subsection 3.2.3);

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(3)         more than twice under this Section 3.3, provided
that a registration shall not be counted for purposes of this subsection until such time as the applicable registration statement
has been declared effective by the SEC and maintained for the period specified in Section 3.8.1 hereunder; or

 

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

 

The
Company shall be entitled to include shares of Common Stock for sale for its own account in any registration pursuant to this
Section 3.3 subject to the approval of the holders of a majority of the Registrable Shares held by the Initiating Holders.

 

3.3.2          Underwriting. If the Initiating Holders
intend to distribute the Registrable Shares covered by their request by means of an underwriting, they shall so advise the Company
as a part of their request made pursuant to subsection 3.3.1 and the Company shall include such information in the written notice
referred to in paragraph 3.3.1. The underwriter will be selected in accordance with the provisions of Section 3.5 below. In such
event, the right of the Holders and the Common Holders to include securities in such registration shall be conditioned upon such
Holders’ and Common Holders’ participation in such underwriting and the inclusion of such Holders’ securities
in the underwriting (unless otherwise mutually agreed by the holders of a majority of the Registrable Shares held by the Initiating
Holders), to the extent provided herein. The Holders and Common Holders proposing to distribute their securities through such
underwriting shall (together with the Company), enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting. Notwithstanding any other provision of this Section 3.3, if the managing underwriter
advises the Holders and Common Holders in writing, in its sole discretion, that marketing factors require a limitation of the
number of shares to be underwritten, then the amount of Registrable Shares or Common Registrable Shares to be so sold shall be
allocated (i) first, among the Holders of Registrable Shares pro rata to the Registrable Shares held by the holders
of Registrable Shares, (ii) second, among Common Holders of Common Registrable Shares, pro rata to the Common Registrable
Shares held by the holders of Common Registrable Shares and (iii) third, pro rata among holders of other securities
(other than Registrable Shares or Common Registrable Shares), if any, requested to be included in such registration, pro rata
among the holders of such securities on the basis of the number of shares requested to be registered by such holders (the “Other
Registrable Shares”) desiring to participate in such registration on the basis of the amount of such Other Registrable
Shares initially proposed to be registered by such other shareholders; provided, however, that in any event all
Registrable Shares must be included in such registration prior to any other shares of the Company, including Common Registrable
Shares.

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3.4          Form
S-3 Registration.

 

3.4.1          Request
for Registration. In case the Company shall receive from any Holder or Holders (the “Form S-3 Initiating
Holders”), a written request or requests (a “Form S-3 Request Notice”) that the Company effect a
registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Shares
owned by such Holder or Holders, then, subject to the conditions of this Section 3.4, the Company will give written notice of
the proposed registration within twenty (20) days after receipt of any such Form S-3 Request Notice to all other Holders, and
include in such registration all Registrable Shares held by all such Holders who wish to participate in such registration and
who have provided the Company with written notice requests for inclusion therein within fifteen (15) days after the receipt
of the Company’s notice. Subject to the terms hereof, the Company will use its reasonable best efforts to effect such
registration as soon as practicable. All written requests from any Holder or Holders to effect a registration on Form S-3
pursuant to this Section 3.4 shall indicate whether such Holder(s) intend to effect an offering promptly following
effectiveness of the registration statement or whether, pursuant to Section 3.8.1, they intend for the registration statement
to remain effective so that they may effect the offering on a delayed basis (a “Shelf
Request”). Notwithstanding the foregoing, the Company shall not be obligated to effect any such registration,
qualification or compliance, pursuant to this Section 3.4.1 (i) if Form S-3 is not available for such offering by the
Holders; (ii) within ninety (90) days of the effective date of a registration statement filed pursuant to Section 3.3 or this
Section 3.4.1, (iii) within ninety (90) days of a Piggy-Back Underwritten Offering in which the Form S-3 Initiating Holders
had an opportunity to participate pursuant to the provisions of Section 3.2 and from which no more the twenty percent (20%)
of the Registrable Shares of the Form S-3 Initiating Holders that were requested to be included were excluded pursuant to
Section 3.2.3, (iv) if the Company gives notice within fifteen (15) days of the request from the Form S-3 Initiating Holders
that it is engaged in preparation of a registration statement or prospectus supplement, as the case may be, for a firm
underwritten registered public offering (for which the registration statement or prospectus supplement will be filed within
ninety (90) days) in which the Form S-3 Initiating Holders may include Registrable Shares pursuant to Section 3.2 above
(subject to underwriting limitations provided under subsection 3.2.3), (v) if the aggregate price to the public of the shares
to be registered is less than $1,000,000 (one million U.S. dollars); and (vi) in any particular jurisdiction in which the
Company would be required to qualify to do business or to execute a general consent to service of process in effecting such
registration, qualification or compliance.

 

3.4.2          Shelf
Request. In the event a Form S-3 is filed pursuant to a Shelf Request, upon a written request (a “Form S-3
Demand Notice”) from any Holder or Holders (the “Form S-3 Takedown Holders”) that is entitled to
sell securities pursuant to such Form S-3 without filing a post-effective amendment that the Company effect an offering with
respect to Registrable Shares (a “Takedown”), the Company will, as soon as practicable, (x) deliver a
notice (a “Takedown Notice”) relating to the proposed Takedown to all other Holders who are named or are
entitled to be named as a selling shareholder in such Form S-3 without filing a post-effective amendment thereto and (y)
promptly (and in any event not later than twenty (20) days after receiving such request) supplement the prospectus included
in the Shelf Registration Statement as would permit or facilitate the sale and distribution of all or such portion of the
Form S-3 Takedown Holders’ Registrable Shares as are specified in such request together with the Registrable Shares
requested to be included in such Takedown by any other Holder(s) who notify the Company in writing within ten (10) Business
Days after receipt of such notice from the Company. Notwithstanding the foregoing, the Company shall not be obligated to
effect a Takedown (i) unless the Registrable Shares requested to be offered pursuant to such Takedown have an anticipated
aggregate price to the public (net of any underwriting discounts and commissions) of not less than $1,000,000 (one million
U.S. dollars), (ii) if the Company has within the twelve (12) month period preceding the date of such request already
effected two (2) Takedowns under this Section 3.4.2, (iii) within 90 days of the effective date of a registration statement
filed pursuant to Section 3.3 or, if the filing pursuant to Section 3.4.1 included an underwritten, pursuant to Section
3.4.1, (iv) within 90 days of a Piggy-Back Underwritten Offering in which the Holder or Holders submitting the Takedown
Notice had an opportunity to participate pursuant to the provisions of Section 3.2 and from which no more the twenty percent
(20%) of the Registrable Shares of the Form S-3 Takedown Holders that were requested to be included were excluded pursuant to
Section 3.2.3 or (y)   within ninety (90) days of effecting a previous Takedown under this Section 3.4.2, or (v)
if the Company gives notice within fifteen (15) days of the Form S-3 Demand Notice that it is engaged in preparation of a
registration statement or prospectus supplement, as the case may be, for a firm underwritten registered public offering (for
which the registration statement or prospectus supplement will be filed within ninety (90) days) in which the Form S-3
Takedown Holders may include Registrable Shares pursuant to Section 3.2 above (subject to underwriting limitations provided
under subsection 3.2.3), in any particular jurisdiction in which the Company would be required to qualify to do business or
to execute a general consent to service of process in effecting such registration, qualification or compliance.

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3.5          Designation
of Underwriter.

 

(a)          In the case of any registration effected pursuant
to Section 3.3, the underwriter, if any, will be selected by the Initiating Holders holding the majority of Registrable Shares
and approved by the Company, which approval shall not be unreasonably withheld.

 

(b)          In the case of any registration initiated by
the Company or a registration initiated under Section 3.4, the Company shall have the right to designate the managing underwriter
in any underwritten offering.

 

3.6          Expenses. All expenses incurred
in connection with any registration, filing or qualification, pursuant to Sections 3.2, 3.3 and 3.4, including without limitation
all federal and “blue sky” registration, filing and qualification fees, printer’s and accounting fees, and fees
and disbursements of counsel for the Company as well as one counsel for the Holders selected by the holders of a majority of the
Registrable Shares of the Holders participating in such registration, filing or qualification shall be borne by the Company; provided,
however, that each of the Holders participating in such registration shall bear or pay its pro rata portion of discounts
or commissions payable to any underwriter and the fees and expenses of any additional advisors for such Holder (except as otherwise
provided for herein).

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3.7          Indemnities. In the event of any
registered offering of Common Stock pursuant to this Section 3 (for the purposes of this Section 3.7, the Common Holders shall
also be referred to as “Holders”):

 

3.7.1     The
Company will indemnify and hold harmless, to the fullest extent permitted by law, any Holder and any underwriter for such Holder,
and each person, if any, who controls the Holder or such underwriter, from and against any and all losses, damages, claims, liabilities,
joint or several, costs and expenses (including any amounts paid in any settlement effected with the Company’s consent)
to which the Holder or any such underwriter or controlling person may become subject under applicable law or otherwise, insofar
as such losses, damages, claims, liabilities (or actions or proceedings in respect thereof), costs or expenses arise out of or
are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in the registration statement
or included in the prospectus, as amended or supplemented, or (ii) the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they
are made, not misleading, and the Company will reimburse the Holder, such underwriter and each such controlling person of the
Holder or the underwriter, promptly upon demand, for any reasonable legal or any other expenses incurred by them in connection
with investigating, preparing to defend or defending against or appearing as a third-party witness in connection with such loss,
claim, damage, liability, action or proceeding; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, damage, liability, cost or expense arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission so made in conformity with information furnished in writing by a Holder,
such underwriter or such controlling persons in writing specifically for inclusion therein; provided, further, that
this indemnity shall not be deemed to relieve any underwriter of any of its due diligence obligations; provided, further,
that the indemnity agreement contained in this subsection 3.7.1 shall not apply to amounts paid in settlement of any such claim,
loss, damage, liability or action if such settlement is effected without the consent of the Company. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the selling stockholder, the underwriter or any
controlling person of the selling stockholder or the underwriter, and regardless of any sale in connection with such offering
by the selling stockholder. Such indemnity shall survive the transfer of securities by a selling stockholder.

 

 

3.7.2     Each
Holder participating in a registration hereunder will indemnify and hold harmless the Company, any underwriter for the
Company, and each person, if any, who controls the Company or such underwriter, from and against any and all losses, damages,
claims, liabilities, costs or expenses (including any amounts paid in any settlement effected with the selling
stockholder’s consent) to which the Company or any such controlling person and/or any such underwriter may become
subject under applicable law or otherwise, insofar as such losses, damages, claims, liabilities (or actions or proceedings in
respect thereof), costs or expenses arise out of or are based on (i) any untrue or alleged untrue statement of any material
fact contained in the registration statement or included in the prospectus, as amended or supplemented, or (ii) the omission
or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances in which they were made, not misleading, and each such Holder will reimburse the
Company, any underwriter and each such controlling person of the Company or any underwriter, promptly upon demand, for any
reasonable legal or other expenses incurred by them in connection with investigating, preparing to defend or defending
against or appearing as a third-party witness in connection with such loss, claim, damage, liability, action or proceeding;
in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was so made in strict conformity with written information furnished by such Holder specifically for
inclusion therein. The foregoing indemnity agreement is subject to the condition that, insofar as it relates to any such
untrue statement (or alleged untrue statement) or omission (or alleged omission) made in the preliminary prospectus but
eliminated or remedied in the amended prospectus at the time the registration statement becomes effective or in the Final
Prospectus, such indemnity agreement shall not inure to the benefit of (i) the Company and (ii) any underwriter, if a copy of
the Final Prospectus was not furnished to the person or entity asserting the loss, liability, claim or damage at or prior to
the time such furnishing is required by the Securities Act; provided, further, that this indemnity shall not be
deemed to relieve any underwriter of any of its due diligence obligations; provided, further, that the
indemnity agreement contained in this subsection 3.7.2 shall not apply to amounts paid in settlement of any such claim, loss,
damage, liability or action if such settlement is effected without the consent of the Holders. In no event shall the
liability of a Holder exceed the net proceeds from the offering received by such Holder.

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3.7.3     Promptly after receipt by an indemnified party
pursuant to the provisions of Sections 3.7.1 or 3.7.2 of notice of the commencement of any action involving the subject matter
of the foregoing indemnity provisions, such indemnified party will, if a claim thereof is to be made against the indemnifying
party pursuant to the provisions of said Section 3.7.1 or 3.7.2, promptly notify the indemnifying party of the commencement thereof;
but the omission to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified
party otherwise than hereunder except to the extent the indemnifying party is prejudiced as a result thereof. In case such action
is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying
party shall have the right to participate in, and, to the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however,
that if the defendants in any action include both the indemnified party and the indemnifying party and there is a conflict of
interests which would prevent counsel for the indemnifying party from also representing the indemnified party, the indemnified
party or parties shall have the right to select one separate counsel to participate in the defense of such action on behalf of
such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party will not be liable to such indemnified party pursuant to the provisions of said Sections
3.7.1 or 3.7.2 for any legal or other expense subsequently incurred by such indemnified party in connection with the defense thereof,
unless (i) the indemnified party shall have employed counsel in accordance with the provision of the preceding sentence, (ii)
the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after the notice of the commencement of the action and within 15 days after written notice of the
indemnified party’s intention to employ separate counsel pursuant to the previous sentence, or (iii) the indemnifying party
has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. No indemnifying party
will consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

3.7.4     In order to provide for just and equitable contribution
to joint liability under the Securities Act in any case in which either (i) an indemnified party, exercising rights under this
Agreement, makes a claim for indemnification pursuant to Section 3.7.1 or 3.1.2 but it is judicially determined (by the entry
of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last
right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 3.7 provides
for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such indemnified
party in circumstances for which indemnification is provided under this Section 3.7; then, and in each such case, the Company
and such indemnified party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject
(after contribution from others) in such proportion so that such Holder is responsible for the portion represented by the
percentage that the public offering price of its Registrable Shares offered by and sold under the registration statement bears
to the public offering price of all securities offered by and sold under such registration statement, and the Company and other
selling Holders are responsible for the remaining portion; provided, however, that, in any such case: (A) no such Holder will
be required to contribute any amount in excess of the public offering price of all such Registrable Shares offered and sold by
such Holder pursuant to such registration statement; (B) no person or entity guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty
of such fraudulent misrepresentation; and (C) no Holder shall be required to contribute any amount in excess of the amount such
Holder would have been required to indemnify if indemnification had been applicable in accordance with its terms.

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3.8          Obligations of the Company. Whenever
required under this Section 3 to effect the registration of any Registrable Shares (including for the purpose of this Section
3.8 only, the Common Registrable Shares), the Company shall, as expeditiously as possible (for the purposes of this Section 3.8,
the Common Holders shall also be referred to as “Holders”):

 

3.8.1     prepare
and file with the SEC a registration statement with respect to such Registrable Shares and use its reasonable commercial
efforts to cause such registration statement to become effective, and, upon the request of the holders of a majority of the
Registrable Shares registered thereunder, keep such registration statement effective for a period of up to nine (9) 
months or, if sooner, until the distribution contemplated in the Registration Statement has been completed; provided,
however, such nine (9)-month period shall be extended by the length of time that the Holders are required to cease
distribution of the Registrable Shares pursuant to Section 3.8.5 or Section 3.9 below, if applicable.

 

3.8.2     prepare and file with the SEC such amendments
and supplements to such registration statement and the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Shares covered
by such registration statement.

 

3.8.3     furnish to the Holders participating in such
registration such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of
the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Shares owned by them.

 

3.8.4     in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter
of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such
an agreement.

 

3.8.5     notify
each holder of Registrable Shares covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing. Upon receipt of a notification under this Section 3.8.5 such Holders shall immediately cease distributing the
Registrable Shares covered by such registration statement.

    16 

     

    

3.8.6     cause all Registrable Shares registered pursuant
hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed.

 

3.8.7     provide a transfer agent and registrar for all
Registrable Shares registered pursuant hereunder and a CUSIP number for all such Registrable Shares, in each case not later than
the effective date of such registration.

 

3.8.8     use its commercially reasonable efforts to cause
to be furnished, at the request of any Holder requesting registration of Registrable Shares pursuant to this Section 3, on the
date that such Registrable Shares are delivered to the underwriters for sale in connection with a registration pursuant to this
Section 3, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters,
on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, if required by
the Holder, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance
as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the
Holders requesting registration of Registrable Shares; 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 (ii) hereof and (ii) a comfort
letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Shares subject to each such 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 accountant.

 

3.9          Deferral
of Filing or Suspension of use of Registration Statement. Notwithstanding any other provision of this Agreement, the
Company may postpone the filing of any registration statement, or suspend the use of a registration statement or prospectus,
up to two (2)  times in any 12-month period for up to an aggregate of ninety (90) days during such 12-month period if
the Company shall furnish to the relevant Holders a certificate signed by the Chief Executive Officer of the Company stating
that in the good faith judgment of the Board it would be seriously detrimental to the Company or its stockholders for a
registration statement to be filed or used at such time. During such periods of deferral or suspension, the Company shall not
sell securities for its own account or that of any other shareholder, in each case, pursuant to a registration statement
filed under the Securities Act, other than a registration statement on Form S-8; provided, however, the Company
shall be permitted to file one or more Shelf Registration Statements.

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3.10          Assignment
of Registration Rights. Any of the Holders or Common Holders may assign its rights to cause the Company to register
shares pursuant to this Section 3 to a transferee of no less than 200,000 Registrable Shares or Common Registrable Shares (in
each case, as adjusted for any stock split, stock dividend, recapitalization or similar event), including but not limited to
any Affiliate of such Holder or Common Holder; provided, however, that no transferee may be assigned any of the foregoing
rights unless the Company is given a written notice by the assigning and transferring party (not later than the time of such
assignment and transfer) stating the name and address of the transferee and identifying the securities of the Company as to
which the rights in question are being assigned and transferred; and provided further that any such transferee shall
undertake in advance and in writing to be bound by this Agreement and shall receive such assigned rights subject to all the
terms and conditions of this Agreement.

 

3.11          Lock-Up. In any registration of
the Company’s shares each Holder and Common Holder agrees that any sales of shares of the Company may be subject to a “lock-up”
period restricting such sales (including the making of any short sale of, loan, grant any option for the purchase of, or otherwise
disposition of any such shares) for such period not to exceed (a) in case of an IPO – 180 days following the effective date
of the registration statement for such IPO; or (b) in case of an underwritten offering thereafter – 90 days from the date
of the final prospectus for such other offering. If the event that FINRA Rule 2711(f)(4) applies to an offering of Company securities,
notwithstanding the foregoing, if (i) during the last seventeen (17) days of the one hundred eighty (180)-day restricted period,
the Company issues an earnings release or material news or a material event relating to the Company occurs; or (ii) prior to the
expiration of the one hundred eighty (180)-day restricted period, the Company announces that it will release earnings results
during the sixteen (16)-day period beginning on the last day of the one hundred eighty (180)-day period, the restrictions imposed
by this Section 3.11 shall continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event. Each Holder and Common Holder agrees to execute
and deliver such other agreements as may be reasonably requested by the Company or the underwriter that are consistent with the
foregoing or that are necessary to give further effect thereto. The obligations described in this Section 3.11 shall not apply
to a registration relating solely to employee benefit plans on Form S-8 or similar forms that may be promulgated in the future,
or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in
the future. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions
until the end of such lock up period described above. Notwithstanding anything in this Section 3.11 to the contrary, the foregoing
provisions of this Section 3.11 (1) shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement,
(2) shall only be applicable where all officers and directors and, in the case of an IPO, all one percent (1%) stockholders are
similarly bound, and (3) shall not prevent transfers to the Holders’ direct or indirect affiliates, including without limitation
such Holder’s direct and indirect stockholders, members, other equityholders, limited or general partners, beneficiaries
(if the Holder is a trust) and such Holder’s direct and indirect subsidiaries, or to any investment fund or other entity
controlled or managed by, or under the common control or management with, such Holder, provided that such transferee agrees to
be bound in writing by the restrictions set forth in the lock-up agreement and provided further that any such transfer shall not
involve a disposition for value.

 

3.12          Public
Information. At all times after the earlier of the close of business on such date as (a) a registration statement
filed by the Company under the Securities Act becomes effective, (b) the Company registers a class of securities under
Section 12 of the United States Securities Exchange Act of 1934, as amended, or any federal statute or code which is a
successor thereto (the “Exchange Act”), or (c) the Company issues an offering circular meeting the
requirements of Regulation A under the Securities Act, the Company shall make and keep publicly available and available to
the Preferred Holders pursuant to Rule 144 under the Securities Act (“Rule 144”), such information as is
necessary to enable the Preferred Holders to make sales of Registrable Stock pursuant to Rule 144. The Company shall comply
with the current public information requirements of Rule 144 and shall furnish thereafter to any Preferred Holder, upon
request, a written statement executed by the Company that it has complied with the reporting requirements of Rule 144 and
such other information as may be reasonably requested in availing any Preferred Holder of any rule or regulation of the SEC
that permits the selling of any such securities without registration.

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3.13          Foreign Offerings. The provisions
of this Section 3 shall apply, mutatis mutandis, to any registration of the securities of the Company outside of the United States.

 

3.14          Information by Holder. The Holders
and/or Common Holders included in any registration shall furnish to the Company such information regarding such Holder and/or
Common Holder, the Registrable Shares and/or Common Registrable Shares held by them and the distribution proposed by such Holder
and/or Common Holder as the Company may reasonably request in writing and as shall be required in connection with any registration,
qualification or compliance referred to in this Section 3. If any Holder or Common Holder does not provide any reasonably requested
information within ten (10) business days of such written request, the Company is permitted to not register such Holder’s
securities without penalty.

 

3.15          Limitations on Subsequent Registration
Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders
of at least fifty percent (50%) of the Registrable Shares, as one class on an as converted basis, enter into any agreement with
any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include
such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the
Registrable Shares of the Holders that are included, or (ii) to demand registration of any securities held by such holder or prospective
holder which could result in such registration statement being declared effective prior to the fifth anniversary of the Company’s
IPO; provided, however, that the Company may without such consent enter into an agreement with any holder or prospective
holder of any securities of the Company related to the filing of a resale shelf registration statement to register shares issued
to such holder or prospective holder in an acquisition, if and only if such resale shelf registration statement does not permit
underwritten offerings and the rights of Holders hereunder are not adversely impacted.

 

3.16          Piggyback Registration. If, in
connection with an IPO the Company provides piggy-back registration rights for the account of a security holder or holders (other
than an employee benefit plan or plans) then the Company shall provide each of the Preferred Holders (on pro rata basis with the
other Preferred Holders based on each Preferred Holder’s percentage ownership) with the same piggy-back registration rights
subject to the same terms, conditions and limitations.

    19 

     

    

		4.	Miscellaneous.

 

4.1          Further Assurances. Each of the
parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary to carry out
and give full effect to the provisions of this Agreement and the intentions of the parties as reflected thereby.

 

4.2          Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of Delaware excluding that body of law pertaining to conflict
of law. The parties hereto agree to submit to the jurisdiction of the United States federal and state courts of the State of Delaware
with respect to the breach or interpretation of this Agreement or the enforcement of any and all rights, duties, liabilities,
obligations, powers, and other relations between the parties arising under this Agreement.

 

4.3          Successors and Assigns; Assignment.
Except as otherwise expressly limited herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors, and administrators of the parties hereto.

 

4.4          Entire Agreement; Amendment and Waiver.
This Agreement and the Schedules hereto constitute the full and entire understanding and agreement between the parties with regard
to the subject matters hereof and thereof. This Agreement supersedes in its entirety the Prior Investors’ Rights Agreement,
and such Prior Investors’ Rights Agreement is hereby terminated and of no further force or effect. Any term of this Agreement
may be amended and the observance of any term hereof may be waived (either prospectively or retroactively and either generally
or in a particular instance) only with the written consent of (i) the Company, and (ii) prior to an IPO, the holders of more than
fifty percent (50%) of the issued and outstanding Preferred Stock (together as a single class and on an as-converted basis) and,
after an IPO, the Holders of more than fifty percent (50%) of the Registrable Shares, provided, however, anything in the
foregoing notwithstanding: (A) should such waiver or amendment change the rights or privileges granted to a particular stockholder
or class or series of stockholders, in a manner adverse and different from other stockholders (such more adversely affected shareholders,
a “Discriminated Class”), then such waiver or amendment shall be subject to the written approval of the stockholder/s
who are the owners of record of a majority of the issued and outstanding shares of such Discriminated Class (voting together as
a single class), and (B) any right or limitation provided for the express benefit of a specifically named party to this Agreement
may not be amended or waived without the consent of such party. Any amendment or waiver adopted with the applicable foregoing
consents shall be binding upon all parties to this Agreement. The Company shall give prompt notice of any amendment hereof or
waiver hereunder to any party hereto that did not consent in writing to such amendment or waiver.

 

4.5          Notices, etc. All notices
and other communications required or permitted hereunder to be given to a party to this Agreement shall be in writing and shall
be transmitted via facsimile or email or mailed by registered or certified mail, postage prepaid, or otherwise delivered by hand
or by messenger, addressed to such party’s address as set forth below:

 

if
to the Preferred G Holders: to the addresses set forth in Schedule 1

 

with a copy to:

 

Yigal
Arnon & Co.

22
J. Rivlin Street

Jerusalem
94240, Israel

Facsimile:
+972 (2) 623-9236

Attn:
Yarom Romem, Adv.

E-mail:
yaromr@arnon.co.il

    20 

     

    

if
to the Preferred F Holders: to the addresses set forth in Schedule 2

 

with a copy to:

 

Debevoise
 & Plimpton LLP

919
Third Avenue

New
York, NY 10022

Facsimile:
212-909-6836

Attn:
David P. Iozzi

Email:
dpIozzi@debevoise.com

 

and
to:

 

Amit,
Pollak, Matalon & Co.

Nitsba
Tower, 18th Fl.

17
Yitzhak Sadeh St.

Tel-Aviv
67775 Israel

Tel.
+972 3 5689018 ext. 148

Fax.
+972 3 5689017

Attn:
Daniel Marcus, Adv.

 

if
to the Preferred D Holders: to the addresses set forth in Schedule 3

 

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

 

Goodwin
Procter LLP

135
Commonwealth Drive

Menlo
Park, CA 94025

Attn:
Anthony McCusker, Esq.

 

and
to:

 

Meitar,
Liquornik, Geva & Leshem, Brandwein

16
Abba Hillel Silver Rd.

Ramat
Gan 52506, Israel

Facsimile:
+972 (3) 610-3111

Attn:
Asaf Harel, Adv.

Email:
aharel@meitar.com

    21 

     

    

and
to:

 

Shenhav
 & Co. Law Offices

4
Ha’nechoshet St.,

Tel
Aviv 69710, Israel

Facsimile:
+972 (3) 611-0788

Attn:
Shmulik Atias, Adv.

Email:
shmulik@shenhavlaw.co.il

 

if
to the Preferred C Holders: to the addresses set forth in Schedule 4

 

with
a copy to:

 

Meitar,
Liquornik, Geva & Leshem, Brandwein

16
Abba Hillel Silver Rd.

Ramat
Gan 52506, Israel

Facsimile:
+972 (3) 610-3111

Attn:
Asaf Harel, Adv.

Email:
aharel@meitar.com

 

if
to the Preferred B Holders: to the addresses set forth in Schedule 5

 

with a copy to:

 

Meitar,
Liquornik, Geva & Leshem, Brandwein

16
Abba Hillel Silver Rd.

Ramat
Gan 52506, Israel

Facsimile:
+972 (3) 610-3111

Attn:
Asaf Harel, Adv.

Email:
aharel@meitar.com

 

if
to the Preferred A Holders: to the addresses set forth in Schedule 6

 

with a copy to:

 

Barak
S. Platt

Yigal
Arnon & Co.

1
Azrieli Center

Tel
Aviv 67021 Israel

Facsimile:
(972-3) 608-7714

 

if
to the Common Stock Holders: to the addresses set forth in Schedule 7

 

if
to the Additional Common Stock Holders: to the addresses set forth in Schedule 8

 

if
to the Company:

Michael
J. Kistler

Outbrain
Inc.

39
West 13th Street NY, NY 10011

Facsimile:
(917) 591-5856

Email:
mkistler@outbrain.com

    22 

     

    

with
a copy to:

 

Loeb
 & Loeb LLP

345
Park Avenue

New
York, New York 10154

Tel:
(212) 407-4937

Facsimile:
(212) 656-1076

Attn:
Lloyd L. Rothenberg

Email:
lrothenberg@loeb.com

 

if
to G+J: to the addresses set forth in Schedule 10

 

or
such other address with respect to a party as such party shall notify each other party in writing as above provided. Any notice
sent in accordance with this Section 4.5 shall be effective (i) if mailed, seven (7) business days after mailing, (ii) if sent
by messenger, upon delivery, and (iii) if sent via facsimile or email, upon transmission and electronic confirmation of receipt
or (if transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation
of receipt.

 

4.6          Delays or Omissions. Except as
expressly provided herein, no delay or omission to exercise any right, power, or remedy accruing to any party upon any breach
or default under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent, or approval of any kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or
otherwise afforded to any of the parties, shall be cumulative and not alternative.

 

4.7          Severability. If any provision
of this Agreement is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall
be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms; provided, however, that in such event this Agreement shall be interpreted
so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention of
the excluded provision as determined by such court of competent jurisdiction.

 

4.8          Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually
executing such counterpart, and all of which together shall constitute one and the same instrument.

    23 

     

    

4.9          Aggregation
of Stock. Other than with respect to rights, limitations and obligations pursuant to this Section 3 hereof, (i) all
shares of Preferred Stock and shares of Common Stock, as the case may be, held or acquired by Affiliates or other affiliated
entities or persons of a Preferred Holder or a Common Stock Holder, as the case may be, shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement, and (ii)     for the purpose
of this Section 4.9 “affiliated entities or persons” shall mean with respect to any entity or person, its
Permitted Transferee (as defined in the Amended and Restated Stockholders’ Agreement of even date between the Company
and certain stockholders of the Company).

 

[Signature
Page to Follow]

    24 

     

    

IN
WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights Agreement as of the date first hereinabove
set forth.

 

	 	OUTBRAIN
    INC.
	 	 	 
	 	By:	/s/ Yaron Galai
	 	 	Name: Yaron Galai
	 	 	Title: CEO
	 	 	 
	 	/s/ Yaron Galai
	 	YARON GALAI
	 	 	 
	 	/s/ Ori Lahav
	 	ORI LAHAV

 

Signature
page to IRA

     

     

    

IN
WITNESS WHEREOF the parties have signed this Amended and Restated Investors’ Rights Agreement as of the date first hereinabove
set forth.

	 	 	 
	SUSQUEHANNA
    GROWTH EQUITY FUND IV, LLLP	 
	 	 	 
	By:	Susquehanna
    Growth Equity, LLC, its authorized agent	 
	 	 	 
	By:	/s/
    Amir	 
	 	Name:
     Amir	 
	 	Title:
       Goldman	 
	 	 	 
	HARBOURVEST
    PARTNERS IX-VENTURE FUND L.P.	 
	 	 	 
	By:	HarbourVest
    IX-Venture Associates L.P., its General Partner	 
	By:	HarbourVest
    IX-Venture Associates LLC, its General Partner	 
	By:	HarbourVest
    Partners, LLC, its Managing Member	 
	 	 	 
	By:	/s/
    Peter
    B. Lipson 	 
	 	Name:  Peter
    B. Lipson	 
	 	Title:    Managing Director	 
	 	 	 
	HARBOURVEST/NYSTRS
    CO-INVEST FUND L.P.	 
	 	 	 
	By:	HIPEP
    VI Select Associates L.P., its General Partner	 
	By:	HIPEP
    VI Select Associates LLC, its General Partner	 
	By:	HarbourVest
    partners, LLC, its Managing Member	 
	 	 	 
	By:	/s/
    Peter
    B. Lipson 	 
	 	Name:  Peter
    B. Lipson	 
	 	Title:    Managing Director	 
	 	 	 
	LIGHTSPEED
    VENTURE PARTNERS VII L.P.	 
	 	 	 
	By:
    	Lightspeed
    General Partner VII, L.P., its General Partner	 
	By:
    	Lightspeed
    Ultimate General Partner VII, Ltd., its General Partner	 
	 	 	 
	By:	/s/
    Ravi Mhatre	 
	 	Name:  
    Ravi Mhatre	 
	 	Title:	 

 

Signature
Page to IRA

     

     

    

	VIOLA
    VENTURES, III L.P.	 
	 	 	 
	By:	Viola
    3 Ltd., its General Partner	 
	 	 	 
	By:	[ILLEGIBLE]	[ILLEGIBLE]	 
	 	Name:	 
	 	Title:	 
	 	 	 
	GEMINI
    ISRAEL IV L.P.	 
	GEMINI
    ISRAEL IV (ANNEX FUND) L.P.	 
	 	 	 
	By:	Gemini
    Associates IV L.P., its General Partner	 
	By:	Gemini
    Associates IV G.P., its General Partner	 
	 	 	 
	By:	/s/
    Yossi Sela 	/s/
                                            Menashe Ezra

	 
	 	Name: Yossi
    Sela	Menashe
                                            Ezra

	 
	 	Title:   Managing
    Partner	Managing
    Partner	 
	 	 	 
	By:	/s/
    Yossi Sela 	/s/
    Menashe Ezra	 
	 	Name: Yossi
    Sela	Menashe
    Ezra	 
	 	Title:   Managing
    Partner	Managing
    Partner	 
	 	 	 
	GEMINI
    PARTNERS INVESTORS IV L.P.	 
	GEMINI
    PARTNERS INVESTORS IV (ANNEX FUND) L.P.	 
	 	 	 
	By: 	Gemini
    Israel Funds IV Ltd., its General Partner	 
	 	 	 
	By:	/s/
    Yossi Sela 	/s/
    Menashe Ezra	 
	 	Name: Yossi
    Sela	Menashe
    Ezra	 
	 	Title:   Managing
    Partner	Managing
    Partner	 
	 	 	 
	By:	/s/
    Yossi Sela 	/s/
    Menashe Ezra	 
	 	Name: Yossi
    Sela	Menashe
    Ezra	 
	 	Title:   Managing
    Partner	Managing
    Partner	 

 

Signature
Page to IRA

     

     

    

	INDEX VENTURES GROWTH II (JERSEY), L.P.
 INDEX VENTURES GROWTH II PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.
	 	 	 
	By:	Index Venture Growth Associates
II Limited, its Managing General
Partner	 
	 	 	 
	By:	/s/
    N. T. Greenwood 	 
	 	Name:
     N. T. Greenwood	 
	 	Title:
       Director	 
	 	 	 
	By:	/s/ I J Henderson	 
	 	Name:
     I J Henderson	 
	 	Title:
       Director	 
	 	 	 
	YUCCA (JERSEY) SLP	 
	 	 	 
	By:	Elian
                                         Employee Benefit Services Limited as Authorized Signatory of Yucca (Jersey) SLP in its
                                         capacity as administrator of the Index Co-Investment Scheme	 
	 	 	 
	By:	/s/ David Middleton	/s/ Luke
    Aubert	 
	 	Name: David Middleton	Luke
    Aubert	 
	 	Title: Authorised Signatories	 	 
	 	 	 	 
	RH INTERNET II LLC	 
	 	 	 
	By:	 	 
	 	Name:
     	 
	 	Title:
       	 
	 	 	 
	VINTAGE
INVESTMENT PARTNERS V (CAYMAN), L.P.	 
	VINTAGE
INVESTMENT PARTNERS V (ISRAEL), L.P.	 
	 	 	 
	By:	Vintage Investment Partners 5, L.P., its General Partner	 
	By:	Vintage Fund 5 Ltd., its General Partner	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to IRA

     

     

    

	MICHEL
    CROUHY	 
	 	 	 
	MICHAL
    EDELSTYN (BY SIMON EDELSTYN BY PROXY)	 
	 	 	 
	ZOHAR
    GILON	 
	 	 	 
	LEON
    RECANATI	 
	 	 	 
	PROVIDENT
    FUND OF THE EMPLOYEES OF THE HEBREW UNIVERSITY OF JERUSALEM LTD.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	MTS
    INVESTMENTS INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	STARTIFY
    (1992) LTD. (FKA SIGMA INVESTMENTS 1992 LTD.)	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to IRA

     

     

    

	LOEB
 & LOEB LLP	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	GRUNER
+ JAHR GMBH	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to IRA

     

     

    

	Dan
    Galai	 	Mickey
    Kertesz
	 	 	 
	Ziv
    Kop	 	Efrat
    Perez
	 	 	 
	Ilan
    Lior	 	Amir
    Lahav
	 	 	 
	Hanan
    Salinger	 	Dalit
    Lahav
	 	 	 
	Rani
    Nelken	 	Isaschar
    Kurt
	 	 	 
	Eytan
    Galai	 	Rotem
    Doron
	 	 	 
	Uri
    Galai	 	Ester
    Shabtai
	 	 	 
	Noam
    Galai	 	Doron
    Levin

 

Signature
Page IRA

     

     

    

SCHEDULE
1

 

THE
PREFERRED G HOLDERS

 

SUSQUEHANNA
GROWTH EQUITY FUND IV, LLLP 

c/o Susquehanna Growth Equity, LLC

401
City Ave.

Bala
Cynwyd, PA 19004

Attention:
General Counsel

 

Schedule
1 to IRA

     

     

    

SCHEDULE
2

 

THE
PREFERRED F HOLDERS

 

	HARBOURVEST
        PARTNERS L.P.

        c/o
        HarbourVest Partners, LLC

        One
        Financial Center

        44th
        Floor

        Boston
        MA 02111

        Attn:
        Tiffany Obenchain

        Tel
        +1 617 348 3707

        Fax
        +1 617 350 0305

         

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

         

        Debevoise
        & Plimpton LLP

        919
        Third Avenue

        New
        York, NY 10022

        Facsimile:
        212-909-6836

        Attn:
        David P. Iozzi

        Email:
        dpIozzi@debevoise.com

         

        VIOLA
        VENTURES, III L.P.

        Delta
        House

        16
        Abba Eben Avenue

        Herzeliya
        46725

        Israel

        Attn:
        Michal Cohen

        Tel:
        +972-9-9720400

        Fax:
        +972-9-9720401

        Email:Michalc@Violaventures.com

         

        GEMINI
        ISRAEL IV L.P.

        GEMINI
        PARTNERS INVESTORS IV L.P.

        GEMINI
        ISRAEL IV (Annex Fund) L.P.

        GEMINI
        PARTNERS INVESTORS IV

        (Annex
        Fund) L.P.

        11
        Hamenofim Street

        Herzlia
        Pituach

        Israel

         

        LIGHTSPEED
VENTURE PARTNERS VII, L.P.

        2200
        Sand Hill Road, Suite 100

        Menlo
        Park, CA 94025

        USA

         

        
INDEX VENTURES GROWTH II (JERSEY), L.P.

                                                                                                                INDEX VENTURES GROWTH II PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.

                                                                                                                

                                                                                                               Index Venture Growth Associates II Limited

                                                                                                               5th Floor

                                                                                                               44 Esplanade

                                                                                                               St Helier

                                                                                                               Jersey JE1 3FG

                                                                                                               Channel Islands

                                                                                                               Attention: Gemma Harries

                                                                                                                

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

                                                                                                                

                                                                                                               Index Venture Management S.A.

                                                                                                               2 rue de Jargonnant

                                                                                                               1207 Geneva

                                                                                                               Switzerland

                                                                                                               Fax: +41 22 737 0099

                                                                                                               Attention: André Dubois

                                                                                                                

                                                                                                               YUCCA
(JERSEY) SLP

                                                                                                               Intertrust Employee Benefit Services Limited

                                                                                                               44 Esplanade

                                                                                                               St Helier

                                                                                                               Jersey JE4 9WG

                                                                                                               Channel Islands

                                                                                                               Attention: Sarah Earles

                                                                                                                

                                                                                                               with
a copy to:

                                                                                                                

                                                                                                               Index Venture Management S.A.

                                                                                                               2 rue
de Jargonnant

                                                                                                               1207 Geneva

                                                                                                               Switzerland

                                                                                                               Fax: +41 22 737 0099

                                                                                                               Attention: André Dubois

 

Schedule
2 to IRA

     

     

    

	Leon
        Recanati

        27
        Yoav St.,

        690811,
        Israel

        Fax:
        +972-9-9701866

         

        RH
        INTERNET II LLC

        c/o
        Tigris Group Inc.

        535
        Madison Avenue, 12th Floor

        New
        York, New York 10022

        USA

        Email:
        ashapiro@tigris.com

        Attn:
        Andrew M. Shapiro, General Counsel

         

        With
        a copy to:

         

        Rhodium
        Ltd

        91
        Medinat Hayehudim St.

        Herzeliya
        Pituach 46140

        Email:
        yaron@rhodium.co.il

        Attn:
Yaron Kniajer, Managing Director & CFO

         

        Zohar
        Gilon

        Okeanos
        Hotel

        50
        Ramat Yam St.,

        Herzliya
        Pituach

        46851
        Israel

        Tel:
        +972-9-9543555

         

        Vintage
        Investment Partners V (Israel), L.P.

        Vintage
Investment Partners V (Cayman), L.P.

        Ackerstein
        Towers, Bldg D 10th Floor

        12
        Abba Eban Avenue

        Herzliya
        Pituach, 46120 Israel

         

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

         

        Amit,
        Pollak, Matalon & Co.

        Nitsba
        Tower, 18th Fl.

        17
        Yitzhak Sadeh St.

        Tel-Aviv
        67775 Israel

        Tel.
        +972 3 5689018 ext. 148

        Fax.
        +972 3 5689017

        Attn:
        Daniel Marcus, Adv.

	 

                                                                                                                                                                                                                                                      Aba
        Hilel 14A, Ramat – Gan

        MTS
        Investments Inc.

        C\O
        Mutualart Inc.

        298
        Fifth Ave. NY, NY 10001

        USA

 

Schedule
2 to IRA (Cont’d)

     

     

    

SCHEDULE
3

 

THE
PREFERRED D HOLDERS

 

	VIOLA
        VENTURES, III L.P.

        Delta
        House

        16
        Abba Eben Avenue

        Herzeliya
        46725

        Israel

        Attn:
        Michal Cohen

        Tel:
        +972-9-9720400

        Fax:
        +972-9-9720401

        Email:Michalc@Violaventures.com

         

        LIGHTSPEED
VENTURE PARTNERS VII, L.P.

        2200
        Sand Hill Road, Suite 100

        Menlo
        Park, CA 94025

        USA

         

        INDEX
VENTURES GROWTH II (JERSEY), L.P.

        Index
        Venture Growth Associates II Limited

        5th
        Floor

        44
        Esplanade

        St
        Helier

        Jersey
        JE1 3FG

        Channel
        Islands

        Attention:
        Gemma Harries

         

        INDEX
        VENTURES GROWTH II

        PARALLEL
ENTREPRENEUR FUND (JERSEY), L.P.

        Index
        Venture Growth Associates II Limited

        5th
        Floor

        44
        Esplanade

        St
        Helier

 

	Jersey
        JE1 3FG

        Channel
        Islands

        Attention:
        Gemma Harries

         

        YUCCA
        (JERSEY) SLP

        Intertrust
Employee Benefit Services Limited

        44
        Esplanade

        St
        Helier

        Jersey
        JE4 9WG

        Channel
        Islands

        Attention:
        Sarah Earles

         

        with
        a copy to:

         

        Index
        Venture Management S.A.

        2
        rue de Jargonnant

        1207
        Geneva

        Switzerland

        Fax:
        +41 22 737 0099

        Attention:
        André Dubois

         

        Zohar
        Gilon

        Okeanos
        Hotel

        50
        Ramat Yam St.,

        Herzliya
        Pituach

        46851
        Israel

        Tel:
        +972-9-9543555

         

        Michal
        Edelstyn

        30
        Bathgate Road,

        Wimbledon,

        London,

        SW19
        5PJ

 

Schedule
3 to IRA

     

     

    

SCHEDULE
4

 

THE
PREFERRED C HOLDERS

 

Name
and Address:

 

	VIOLA
        VENTURES, III L.P.

        Delta
        House

        16
        Abba Eben Avenue

        Herzeliya
        46725

        Israel

        Attn:
        Michal Cohen

        Tel:
        +972-9-9720400

        Fax:
        +972-9-9720401

        Email:Michalc@Violaventures.com

         

        Leon
        Recanati

        27
        Yoav St.,

        690811,
        Israel

        Fax:
        +972-9-9701866

        RH
        Internet II LLC

        c/o
        Tigris Group Inc.

        535
        Madison Avenue, 12th Floor

        New
        York, New York 10022

        USA

        Email:
        ashapiro@tigris.com

        Attn:
        Andrew M. Shapiro, General Counsel

         

        With
        a copy to:

         

        Rhodium
        Ltd

        91
        Medinat Hayehudim St.

        Herzeliya
        Pituach 46140

        Email:
        yaron@rhodium.co.il

        Attn:
Yaron Kniajer, Managing Director & CFO

         

        LIGHTSPEED
VENTURE PARTNERS VII, L.P.

        2200
        Sand Hill Road, Suite 100

        Menlo
        Park, CA 94025

        USA
	 	

 

	GEMINI
        ISRAEL IV (ANNEX FUND) L.P.

        GEMINI
PARTNERS INVESTORS IV (ANNEX FUND) L.P.

        11
        Hamenofim Street

        Herzlia
        Pituach

        Israel

         

        PROVIDENT
        FUND OF THE

        EMPLOYEES
OF THE HEBREW UNIVERSITY OF JERUSALEM LTD.

        High-Tech
        Village 2\2

        Givat
        Ram Jerusalem

         

        MTS
        Investments Inc.

        C\O
        Mutualart Inc.

        298
        Fifth Ave. NY, NY 10001

        USA

         

        Michel
        Crouhy

        41
        Flying Cloud Course

        Corle
        Madera, CA 94925

         

        Zohar
        Gilon

        Okeanos
        Hotel

        50
        Ramat Yam St.,

        Herzliya
        Pituach

        46851
        Israel

        Tel:
        +972-9-9543555

         

        Yaron
        Galai

        200
        Rector Pl.

        NY,
        NY 10280

         

        Michal
        Edelstyn

        30
        Bathgate Road,

        Wimbledon,

        London,

        SW19
        5PJ

 

Schedule
4 to IRA

     

     

    

SCHEDULE
5

 

THE
PREFERRED B HOLDERS

 

Name
and Address:

 

	VIOLA
        VENTURES, III L.P.

        Delta
        House

        16
        Abba Eben Avenue

        Herzeliya
        46725

        Israel

        Attn:
        Michal Cohen

        Tel:
        +972-9-9720400

        Fax:
        +972-9-9720401

        Email:Michalc@Violaventures.com

         

        Leon
        Recanati

        27
        Yoav St.,

        690811,
        Israel

        Fax:
        +972-9-9701866

         

        LIGHTSPEED
VENTURE PARTNERS VII, L.P.

        2200
        Sand Hill Road, Suite 100

        Menlo
        Park, CA 94025

        USA

         

        GEMINI
        ISRAEL IV L.P.

        GEMINI
        PARTNERS INVESTORS IV L.P.

        11
        Hamenofim Street

        Herzlia
        Pituach

        Israel
	 	

 

	RH
        Internet II LLC

        c/o
        Tigris Group Inc.

        535
        Madison Avenue, 12th Floor

        New
        York, New York 10022

        USA

        Email:
        ashapiro@tigris.com

        Attn:
        Andrew M. Shapiro, General Counsel

         

        With
        a copy to:

         

        Rhodium
        Ltd

        91
        Medinat Hayehudim St.

        Herzeliya
        Pituach 46140

        Email:
        yaron@rhodium.co.il

        Attn:
Yaron Kniajer, Managing Director & CFO

         

        Zohar
        Gilon

        Okeanos
        Hotel

        50
        Ramat Yam St.,

        Herzliya
        Pituach

        46851
        Israel

        Tel:
        +972-9-9543555

         

        Michel
        Crouhy

        41
        Flying Cloud Course

        Corle
        Madera, CA 94925

         

        Yaron
        Galai

        200
        Rector Pl.

        NY,
        NY 10280

 

Schedule
5 to IRA

     

     

    

SCHEDULE
6

 

THE
PREFERRED A HOLDERS

 

Preferred
A

 

Name
and Address

 

GEMINI
ISRAEL IV L.P. 

GEMINI
PARTNERS INVESTORS IV L.P.

11
Hamenofim Street

Herzlia
Pituach

Israel

 

LIGHTSPEED
VENTURE PARTNERS VII, L.P.

2200
Sand Hill Road, Suite 100

Menlo
Park, CA 94025

USA

 

Leon
Recanati

27
Yoav St.,

690811,
Israel

Fax:
+972-9-9701866

 

PROVIDENT
FUND OF THE EMPLOYEES OF THE HEBREW UNIVERSITY OF JERUSALEM LTD.

High-Tech
Village 2\2

Givat
Ram Jerusalem

FAX:
+972-2-6586779

 

Michel
Crouhy

41
Flying Cloud Course

Corle
Madera, CA 94925

 

Schedule
6 to IRA

     

     

    

SCHEDULE
7

 

THE
COMMON STOCKHOLDERS

 

9-9701866

 

Sigma
Investments (1992) Ltd.

Aba
Hilel 14A, Ramat – Gan

 

MTS
Investments Inc.

C\O
Mutualart Inc.

298
Fifth Ave. NY, NY 10001

USA

 

Schedule
7 to IRA

     

     

    

SCHEDULE
8

 

ADDITIONAL
COMMON STOCKHOLDERS

 

Name and Address

 

	
        Dan Galai

        20a Harav Berlin St. Jerusalem,
        Israel

         

        Ziv Kop

        85 Medinat Hayehudim, Hertzlia

         

        Ilan Lior

        11 Menachem Begin St., Ramat
        Gan 52681,

        

        Israel

         

        Hanan Salinger

        11 Menachem Begin St., Ramat
        Gan 52681,

        

        Israel

         

        Loeb & Loeb

        345 Park Av, NY, NY 10154-1895

         

        Mickey Kertesz

        Verburg 6, Tel Aviv, 64289

         

        Rani Nelkin

        53 Standish St., Cambridge
        MA 02138 USA

         

        Eytan Galai

        20 Burla St., Jerusalem,
        Israel

         

        Uri Galai

        2 Oush St., Jerusalem, Israel

         

        Noam Galai

        142 E 33rd St.
        APT 2C. NY, NY 10016

         

        Isaschar Kurt

        8 Mania Shochat St., Holon,
        Israrel

         

        Doron Levin

        4 Hanegba St., Zichron Yaacov,
        Israel

         

        Efrat Perez

        Tachkemoni 6\2 Pardes Hana
        63714
	 	
        

 

	Amir Lahav

        Moshav Moledet D.N. Gilboa,
        Israel

         

        Dalit Lahav

        Kibutz Nachsholim D.N. Hof
        Viola 30815

         

        Ester Shabtai

        Tsuntz 20, Tel Aviv

         

        Rotem Doron

 

Schedule
8 to IRA

     

     

    

SCHEDULE
9

 

THE
INVESTORS

 

Leon
Recanati

 

Lightspeed
Venture Partners VII, L.P.

 

Gemini
Israel IV L.P.

 

Gemini
Partners Investors IV L.P.

 

Gemini
Israel IV (Annex Fund) L.P.

 

Gemini
Partners Investors IV (Annex Fund) L.P.

 

Provident
Fund of the Employees of the Hebrew University of Jerusalem Ltd.

 

Michel
Crouhy

 

Sigma
Investments (1992) Ltd.

 

MTS
Investments Inc.

 

Viola
Ventures, III L.P.

 

RH
Internet II LLC

 

Zohar
Gilon

 

Yaron
Galai

 

Michal
Edelstyn

 

Index
Ventures Growth II (Jersey), L.P.

 

Index
Ventures Growth II Parallel Entrepreneur Fund (Jersey), L.P.

 

Yucca
(Jersey) SLP

 

Vintage
Investment Partners V (Israel), L.P.

 

Vintage
Investment Partners V (Cayman), L.P.

 

HarbourVest
Partners, L.P.

 

Susquehanna
Growth Equity Fund IV, LLLP

 

Gruner
+ Jahr GmbH

 

Schedule
9 to IRA

     

     

    

Schedule
10

 

G+J

 

Name
and address:

 

Gruner
+ Jahr GmbH

Am
Baumwall 11

20459
Hamburg

Germany

 

With
a copy to:

 

Bertelsmann
SE & Co. KGaA

Attn.:
Dr. Michael Kronenburg

Carl-Bertelsmann-Str.
270

33311
Gütersloh, Germany

Fax:
+49 5241 80642820

Email:
michael.kronenburg@bertelsmann.de

     

     

    

EXHIBIT
1.1.3

 

Key
Metrics

 

Metric
Reports Required by Partnership and Definition of Defined Terms

 

	Metric	 	 	Definition
	Employees
    at end of quarter

(eoq)	 	•	Full
    time employee (FTE) equivalent
	 	•	How
    many people are working in the business, both permanent and temporary (including part time)
	Net
    Revenues	 	•	Income
    that the business generates
	Operating
    Costs	 	•	Net
    Revenues - EBITDA
	EBITDA	 	•	Earnings
    before interests, tax, depreciation, amortization
	Operating
cash Burn / generation during the quarter
	 	•	Cash
    at hand current period – Cash at hand previous period +/- non operational cash outflow or inflow (financing, investing)
	Cash
    at hand - eoq	 	•	Net
    cash position:
	 	 	 	Cash
    at bank
	 	 	 	Plus
    short term assets (under 6 months)
	 	 	 	Less
    short term debt (under 6 months)

 

	Schedule
    to be filled by the company	 
	 	QX
	FTE	 
	Net
    Revenues	 
	Operating
    Costs	 
	EBITDA	 
	Operating
    cash burn/generation	 
	Cash
    at hand	 

 

Schedule
9 to IRAExhibit 4.3

 

AMENDED
AND RESTATED STOCKHOLDERS’ AGREEMENT

 

THIS
AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT (this “Agreement”) is made and entered into as of December
24th, 2020 (the “Effective Date”) by and among Outbrain Inc. a Delaware corporation (the “Company”);
Yaron Galai and Ori Lahav (each a “Founder” and together, the “Founders”); the holders of
shares of Common Stock and Series E Preferred Stock of the Company listed on Schedule
1 attached hereto (together with the Founders, each a “Common Stockholder” and collectively, the
 “Common Stockholders”); the holders of shares of the Series A Preferred Stock of the Company listed on Schedule
2 attached hereto (each a “Preferred A Stockholder” and together, the “Preferred A Stockholders”),
the holders of shares of the Series B Preferred Stock of the Company listed on Schedule
3 attached hereto (each a “Preferred B Stockholder” and together, the “Preferred B Stockholders”),
the holders of shares of the Series C Preferred Stock of the Company listed on Schedule
4 attached hereto (each a “Preferred C Stockholder” and together, the “Preferred C Stockholders”)
and the holders of shares of the Series D Preferred Stock of the Company listed on Schedule
5 attached hereto (each a “Preferred D Stockholder” and together, the “Preferred D Stockholders”
and the holders of shares of the Series F Preferred Stock of the Company listed on Schedule
6 attached hereto (each a “Preferred F Stockholder” and together, the “Preferred F Stockholders”
and the holders of shares of the Series G Preferred Stock of the Company listed on Schedule
7 attached hereto (each a “Preferred G Stockholder” and together, the “Preferred G Stockholders”)
and the holder of shares of Common Stock listed on Schedule
9 attached hereto (together with its Affiliates “G+J” and together with the Preferred G Stockholders,
the Preferred F Stockholders, Preferred D Stockholders, the Preferred C Stockholders, the Preferred B Stockholders and the Preferred
A Stockholders, the “Preferred Stockholders”) (the Founders, the Common Stockholders and the Preferred Stockholders
are referred to collectively as the “Stockholders”).

 

RECITALS

 

WHEREAS,
the Preferred Stockholders include the holders of all of the issued and outstanding shares of Series G Preferred Stock of the
Company par value $0.001 each (the “Series G Preferred”), Series F Preferred Stock of the Company par value
$0.001 each (the “Series F Preferred”), Series D Preferred Stock of the Company par value $0.001 each (the
 “Series D Preferred”), Series C Preferred Stock of the Company par value $0.001 each (the “Series
C Preferred”), Series B Preferred Stock of the Company, par value $0.001 each (the “Series B Preferred”)
and Series A Preferred Stock of the Company, par value $0.001 each (the “Series A Preferred”, and together
with the Series G Preferred, Series F Preferred, the Series D Preferred the Series C Preferred and the Series B Preferred, the
 “Preferred Stock”), and the Common Stockholders are the holders of issued and outstanding shares of Common
Stock of the Company, par value $0.001 each (“Common Stock”); and

 

WHEREAS,
the Company and certain Stockholders are parties to that certain Stockholders’ Agreement dated February 11, 2015 (the “Prior
Stockholders’ Agreement”); and

 

WHEREAS,
the parties to the Prior Stockholders’ Agreement wish to amend and restate in its entirety the Prior Stockholders’
Agreement by entering into this Agreement.

     

     

    

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows:

 

		1.	Definitions.

 

1.1          All capitalized terms used and not otherwise defined herein shall have the meanings given them in the Series G Preferred
Stock Purchase Agreement dated as of February 11th, 2015 by and among the Company and the Purchasers (as defined therein).

 

1.2          An
 “Affiliate” shall mean, with respect to any individual or entity, an individual or entity that, directly or
indirectly, controls, is controlled by or is under common control with such individual or entity, including, without limitation,
any general partner, managing member, manager, member, officer or director of such entity or any venture capital fund now or hereafter
existing that is controlled by one or more general partners or managing members of, shares the same management or advisory company
with, or is otherwise affiliated with such individual or entity.

 

1.3          The
 “Amended Certificate” means the Company’s then-current Amended and Restated Certificate of Incorporation
filed with the Delaware Secretary of State.

 

1.4          A
 “Deemed Liquidation” shall have the meaning set forth in the Amended Certificate.

 

1.5          An
 “IPO” means the closing of the Company’s initial underwritten public offering of its Common Stock pursuant
to an effective registration statement under the United States Securities Act of 1933, as amended, or equivalent law of another
jurisdiction.

 

1.6          A
 “Permitted Transferee” shall mean (A) with regards to any Preferred Stockholder or holder of Series E Preferred
Stock, any Affiliate of such Stockholder or if such Stockholder is a partnership, any partners, former partners or affiliated
partnerships managed by the same manager or managing partner or management company, or managed by an entity controlling, controlled
by, or under common control with, such manager or managing partner or management company; and (B) with regards to all Stockholders,
(i) any corporation or other entity wholly owned by such Stockholder, (ii) a trustee, spouse, child, brother, sister or other
member of such Stockholder’s immediate family (other than pursuant to any decree of divorce, separate maintenance, any property
settlement, any separation agreement or other agreement with spouse (except for bona fide estate planning purposes)), (iii) in
the event of the Stockholder’s death or permanent disability, the Stockholder’s personal representative, (iv) the
Stockholder’s trustee or immediate family member for estate planning purposes, or (vii) transfers by RH Internet II LLC
and/or Leon Recanati to Rhodium Ltd. or its Affiliates.

 

1.7          A
 “Qualified IPO” shall have the meaning set forth in the Amended Certificate.

 

1.8          A
 “Right of First Refusal Holder’s Pro Rata Share” shall mean the quotient for each Right of First Refusal
Holder obtained by dividing (i) the sum of (x) the number of shares of Common Stock then held by such Right of First Refusal Holder
(as defined below), plus (y) the number of shares of Common Stock issuable upon conversion of the Preferred Stock, then held by
such Right of First Refusal Holder by (ii) the sum of (a) the total number of shares of Common Stock then held by all Right of
First Refusal Holders, plus (b) the number of shares of Common Stock issuable upon conversion of all then outstanding Preferred
Stock held by all Right of First Refusal Holders, except that with respect to Yaron Galai, the Common Stock issued to him prior
to February 11, 2015 (including Common Stock to be issued upon exercise of options) shall not be taken into consideration when
calculating his pro rata share.

    2 

     

    

1.9          
“Series E Preferred Stock” shall mean shares of the Company’s Series E Preferred Stock, par value
$0.001 per share.”

 

		2.	Right
                                         of First Refusal.

 

(a)             
Until an IPO, in the event that any stockholder of the Company (each a “Selling Stockholder”) proposes
to sell, assign, transfer, pledge, hypothecate, mortgage or dispose of, by gift or otherwise, or in any way encumber (each of
the foregoing being referred to as a “Disposition”) any of his or its shares of capital stock of the Company
(“Shares”) (including any Disposition during such Selling Stockholder’s lifetime or upon such Selling
Stockholder’s death by will or intestacy) to any person or entity, other than the Company, which is not at such time a Permitted
Transferee of such Selling Stockholder, such Selling Stockholder shall give each person and entity listed on Schedule
8 attached hereto (a “Right of First Refusal Holder”) written notice stating: (a) the Selling Stockholder’s
intention to make a Disposition of such Shares; (b) the name of the proposed third party purchaser (the “Third Party”);
(c) the number of Shares subject to such Disposition to the Third Party; and (d) the price, terms and conditions of the proposed
Disposition to the Third Party. Each Right of First Refusal Holder shall have fifteen (15) days from the date of receipt of any
such notice to agree to purchase all or any part of the Right of First Refusal Holder’s Pro Rata Share of such Shares, for
the price and upon the terms and conditions specified in the notice, by giving written notice to such Selling Stockholder stating
therein the number of Shares to be purchased. If any Right of First Refusal Holder fails to provide a notice that it agrees to
purchase its full Right of First Refusal Holder’s Pro Rata Share within such fifteen (15) day period, the Selling Stockholder
selling such Shares will give the Right of First Refusal Holders who did so agree (the “Electing Stockholders”)
notice of the number of Shares which were not subscribed for. Each Electing Stockholder shall have seven (7) days from the date
of such notice to provide notice that it agrees to purchase all or any part of the Right of First Refusal Holder’s Pro Rata
Share with respect to the Shares not purchased by such other Right of First Refusal Holders. For purposes of the second election
under this Section 2(a), shares held by Right of First Refusal Holders other than Electing Stockholders shall be excluded from
the denominator in the definition of a “Right of First Refusal Holder’s Pro Rata Share”, set forth in Section
1.8(ii).

 

(b)             
In the event that the Right of First Refusal Holder(s) fail to agree to purchase all of the Shares subject to the proposed
Disposition within the fifteen (15) day and seven (7) day periods specified above, such Selling Stockholder shall have sixty (60)
days thereafter to make a Disposition of all of the Shares subject to such proposed Disposition to the Third Party (as specified
in the notice pursuant to Section 2(a)), at the price and upon terms and conditions no more favorable to the Third Party than specified
in the notice provided to the Right of First Refusal Holders pursuant to Section 2(a) above. In the event that such Selling Stockholder
has not made a Disposition of all of the Shares to the Third Party within the sixty (60) day period, such Selling Stockholder shall
not thereafter make a Disposition of any Shares without first offering such Shares to the Right of First Refusal Holders in the
manner provided above.

    3 

     

    

(c)             
The right of first refusal afforded hereunder to the Right of First Refusal Holders may not be assigned by any Right of
First Refusal Holders to, and exercised by, any other person or entity. Notwithstanding any provision in this Section 2 to the
contrary, any Preferred Stockholder which chooses to exercise the right of first refusal set forth in this Section 2 may designate
as purchasers under such right itself or its partners or Affiliates in such proportions as it deems appropriate.

 

(d)            
Notwithstanding the foregoing, with respect to any stockholder which is a venture capital fund, the following transfers
(but not any subsequent transfers) of any shares of capital stock of the Company held by such stockholder shall not be subject
to the right of first refusal and the above provisions of this Section 2: (i) any transfer which is a part of the transfer of a
significant portion of a portfolio of investments of such venture capital fund, (ii) any transfer to the investors of such venture
capital fund in connection with the dissolution of such venture capital funds, (iii) a transfer resulting solely from a regulatory
or tax constraint applicable to such venture capital fund or any of the partners of such fund and (iv) any transfer to an Affiliate
of such venture capital fund.

 

(e)             
Notwithstanding the foregoing, with respect to Leon Recanati, the following transfers (but not any subsequent transfers)
of any shares of capital stock of the Company held by him shall not be subject to the right of first refusal and the above provisions
of this Section 2: (i) any transfer which is a part of the transfer of a significant portion of Leon Recanati’s portfolio
of investments, made by Leon Recanati personally, in high-tech and similar venture backed companies, and (ii) a transfer resulting
solely from a regulatory or tax constraint applicable to Leon Recanati.

 

(f)              
Notwithstanding the foregoing, with respect to RH Internet II LLC and Sigma Investments (1992) Ltd. the following transfers
(but not any subsequent transfers) of any shares of capital stock of the Company held by it shall not be subject to the right of
first refusal and the above provisions of this Section 2: (i) any transfer which is a part of the transfer of a significant portion
of a portfolio of investments of such company, (ii) any transfer to the investors of such company in connection with the dissolution
of such company, and (iii) a transfer resulting solely from a regulatory or tax constraint applicable to such company.

 

(g)              Notwithstanding
the foregoing, with respect to Ziv Kop, the following transfers (but not any subsequent transfers) of any shares of capital
stock of the Company held by him shall not be subject to the right of first refusal and the above provisions of this Section
2: (i) any transfer which is a part of the transfer of a significant portion of Ziv Kop’s portfolio of
investments, made by Ziv Kop personally, in high-tech and similar venture backed companies, and (ii) a transfer resulting
solely from a regulatory or tax constraint applicable to Ziv Kop.

 

(h)             
Notwithstanding the foregoing, transfers of any shares of capital stock of the Company held by each of Leon Recanati, Ziv
Kop and RH Internet II LLC, between themselves, shall not be subject to the right of first refusal and the above provisions of
this Section 2.

 

(i)               Notwithstanding
anything to the contrary in this Section 2, any transfer by any stockholder to its Permitted Transferee, shall be made
subject only to such Permitted Transferee agreeing in writing concurrently with such transfer, to assume all of
the obligations of such transferring stockholder under all agreements involving the Company and to which such stockholder is
a party and/or by which it is bound (excluding employment and consultancy agreements).

    4 

     

    

(j)              
The Company’s equity based plans and all other issuances of Company’s securities will include provisions that subject
all shares issuable under such plans or other issuances to the right of first refusal provisions under this Section 2.

 

		3.	Prohibited
                                         Stock Sales.

 

3.1           Prior to the earlier of (a) an IPO, or (b) a Deemed Liquidation, the Founders shall not make a Disposition of all or any
of their shares in the capital stock of the Company, of any class or series, or any rights thereto, now owned or hereafter acquired
(such shares and rights are hereinafter collectively referred to as the “Securities”) except in accordance
with Section 2, this Section 3 and Section 4.

 

3.2           Notwithstanding Section 3.1 above, beginning January 12, 2011, each Founder may make Dispositions of up to 6.25 percent
(6.25%) of his Securities in the Company during any twelve-month period; provided, however, that until the earlier of the closing
of (a) an IPO or (b) a Deemed Liquidation, no Founder make a Disposition of more than 25 percent (25%) of his shares.

 

3.3           Notwithstanding the foregoing, the restrictions set forth in this Section 3 shall cease to apply to a Founder upon the written
consent of the Preferred Stockholders holding more than fifty percent (50%) of the Company’s then issued and outstanding
Preferred Stock (on an as converted basis) and/or upon the death or permanent disability of such Founder.

 

		4.	Co-Sale.

 

4.1           Without derogating from the provisions of Sections 2 and 3 above, until an IPO, the following shall apply with respect to
any Disposition by a Founder, other than any Disposition made in compliance with Section 3.2 above, which Disposition shall not
be subject to the provisions of this Section 4.

 

4.2           Should
a Founder or any of his Permitted Transferees (a “Co-Sale Offeree”), receive one or more bona fide
offers (a “Purchase Offer”), from any person or entity (the “Third Party”) to purchase
from such Co-Sale Offeree some or all of the stock held by such Co-Sale Offeree (the “Offered Shares”),
which Purchase Offer: (i) the Co-Sale Offeree intends to accept; and (ii) is not in breach of the Co-Sale
Offeree’s restrictions set forth in Section 3 above, then (i) Index Ventures Growth II (Jersey), L.P. and/or its
Affiliates (collectively, “Index”) for so long as Index holds at least two million (2,000,000) shares (as
adjusted for any stock splits, recapitalizations, stock dividends or the like) of the Company’s issued and outstanding
capital stock; (ii) Susquehanna Growth Equity Fund IV, LLLP and/or its Affiliates (collectively, “SGE”)
for so long as SGE holds at least two million (2,000,000) shares (as adjusted for any stock splits, recapitalizations,
stock dividends or the like) of the Company’s issued and outstanding capital stock; and (iii) each other holder of at
least five percent (5%), or in the case of HarbourVest Partners, L.P. and its Affiliates, G+J and SGE at least two percent
(2%) in the aggregate, of the Company’s issued and outstanding capital stock (on an as-converted basis) (each,
a “Qualified Holder”) shall have the right to participate in the Co-Sale Offeree’s sale of the
Offered Shares, in accordance with this Section 4, pursuant to the specified terms and conditions of such Purchase Offer.

    5 

     

    

4.3           Upon
receipt of a Purchase Offer, the Co-Sale Offeree shall promptly notify all of the Qualified Holders in writing of the name and
address of the Third Party and the terms and conditions of such Purchase Offer (the “Co-Sale Notice”). Each
Qualified Holder shall be entitled, upon written notice to the Co-Sale Offeree within fifteen (15) days after receipt of the Co-Sale
Notice (the “Participation Notice”), to sell to the Third Party up to that number of the shares of capital
stock of the Company owned by such Qualified Holder (the “Equity Shares”) determined by multiplying the total
number of Offered Shares times a fraction the numerator of which is the number of shares of Common Stock owned by such Qualified
Holder (assuming for the purposes of this section, the conversion of all Preferred Stock into Common Stock) and the denominator
of which is the total number of shares of Common Stock owned by all of the Qualified Holders and the selling Co-Sale Offeree (assuming,
for purposes of this section, the conversion of all Preferred Stock into Common Stock). Such Participation Notice shall indicate,
subject to the terms of this section, the number of shares of capital stock of the Company that such Qualified Holder undertakes
to transfer to the Third Party, provided that such Participation Notice will include one or more duly executed stock power representing
such Qualified Holder’s stock to be sold free and clear of all liens. To the extent one or more of the Qualified Holders
exercises such right in accordance with the terms and conditions set forth below, the number of Securities that the Co- Sale Offeree
may sell pursuant to such Purchase Offer shall be correspondingly reduced. At the closing of the sale of Co-Sale Securities to
the Third Party, the Co-Sale Offeree shall transfer his shares to the Third Party only if the Third Party concurrently therewith
purchases, on the same terms and conditions specified in the Co-Sale Notice, all of the shares of capital stock of the Company
as to which Participation Notices have been delivered.

 

4.4           Notwithstanding any provision in this Section 4 to the contrary, any Preferred Stockholder which chooses to exercise the
right of co-sale set forth in this Section 4 may designate as sellers under such right itself or its partners or Affiliates in
such proportions as it deems appropriate.

 

4.5           In the event that any Co-Sale Offeree should make a Disposition of any securities in contravention of this Section 4, the
Qualified Holders may proceed to protect and enforce their rights by suit in equity or by action at law, whether for the specific
performance of any term contained in this Agreement or for an injunction against the breach of any such term or in furtherance
of the exercise of any power granted in this Agreement, or to enforce any other legal or equitable right of the Qualified Holders
or to take one or more of such actions.

    6 

     

    

		5.	Exempted
                                         Transfers.

 

Notwithstanding
the foregoing or anything to the contrary herein, in addition to the exceptions to the transfer restrictions set forth in
Section 2, the provisions of Section 2 shall not apply (i) with respect to shares of Common Stock held by any of Leon
Recanati, MTS Investments, Inc., Sigma Investments (1992) Ltd., Provident Fund of the Employees of the Hebrew University of
Jerusalem Ltd., Michel Crouhy, Gemini Israel IV L.P., Gemini Israel IV (Annex Fund) L.P., Gemini Partners Investors IV L.P.,
Gemini Partners Investors IV (Annex Fund) L.P., Lightspeed Venture Partners VII, L.P., SGE, Index or G+J and (ii) with
respect to the Preferred Stock, in each case with regard to a pledge of capital stock that creates a mere security interest
in such capital stock, provided that the pledgee thereof agrees in writing in advance to be bound by and comply with all
applicable provisions of this Agreement to the same extent as if it were the pledgor making such pledge. In addition, the
provisions of Sections 2, 3 and 4 shall not apply upon a Disposition of capital stock by the holder made for bona fide tax
planning purposes, either during his lifetime or on death by will or intestacy to his spouse, child (natural or adopted), or
any other direct lineal descendant of the holder (or his spouse) (all of the foregoing collectively referred to as
 “family members”), or any other relative/person approved by the Board of Directors of the Company, or any
custodian or trustee of any trust, corporation partnership, limited liability company or other entity for the benefit of, or
the ownership interests of which are owned wholly by, the holder or any such family members; provided that the holder shall
deliver prior written notice to the Preferred Stockholders of such pledge, gift or transfer and such shares of capital stock
shall at all times remain subject to the terms and restrictions set forth in this Agreement and such transferee shall, as a
condition to such issuance, deliver a counterpart signature page to this Agreement as confirmation that such transferee shall
be bound by all the terms and conditions of this Agreement as a party (but only with respect to the securities so
transferred to the transferee).

 

		6.	Bring-Along
                                         Rights.

 

6.1           Until
an IPO, and subject to the voting rights set forth in the Amended Certificate, in the event a third party offers to purchase all
or substantially all of the issued capital stock and/or assets of the Company in one transaction or a series of related transactions
or otherwise effect a Deemed Liquidation (the “Purchase Offer”), then, in the event that Stockholders holding
more than fifty percent (50%) of the Company’s then issued and outstanding share capital, which majority shall also include
Preferred Stockholders holding more than fifty percent (50%) of the Company’s then issued and outstanding Preferred Stock
(on an as-converted basis), agree to accept the Purchase Offer (each of the above mentioned Preferred Stockholders agreeing to
accept the Purchase Offer shall be referred to as a “Drag Along Stockholder”), then, provided that the Purchase
Offer received all necessary consents in accordance with the Company’s Amended and Restated Certificate of Incorporation:

 

(i)          at every meeting of the stockholders of the Company called with respect to any of the following, and at every adjournment
or postponement thereof, and on every action or approval by written consent of the stockholders of the Company with respect to
any of the following, each of the other stockholders of the Company (the “Remaining Holders”) shall vote all
shares of capital stock of the Company that such Remaining Holder then holds or for which such Remaining Holder otherwise then
has voting power: (A) in favor of approval of the Purchase Offer and any matter that could reasonably be expected to facilitate
the Purchase Offer, and (B) against any proposal for any recapitalization, merger, sale of assets or other business combination
(other than the Purchase Offer) between the Company and any person or entity other than the party or parties to the Purchase Offer
or any other action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation
or agreement of the Company under the definitive agreement(s) related to the Purchase Offer or which could result in any of the
conditions to the Company’s obligations under such agreement(s) not being fulfilled;

    7 

     

    

(ii)         if the Purchase Offer is structured as (A) a merger, consolidation or sale of assets, each Remaining Holder shall waive
any dissenters’ rights or similar rights in connection with such merger, consolidation or sale of assets, or (B) a sale of
stock, each Remaining Holder shall agree to sell all of the Shares and rights to acquire shares of capital stock of the Company
held by such Remaining Holder on the terms and conditions approved by the Drag Along Stockholders; and

 

(iii)        each Remaining Holder shall take all necessary actions in connection with the consummation of the Purchase Offer as requested
by the Company or the Drag Along Stockholders and shall, if requested by the Drag Along Stockholders, execute and deliver any agreements
prepared in connection with such Purchase Offer which agreements are executed by the Drag Along Stockholders.

 

(b)           Each Remaining Holder hereby grants to the Chief Executive Officer of the Company an irrevocable proxy, coupled with an
interest, effective upon a failure or a refusal by any such Remaining Holder to vote its Shares in accordance herewith, within
30 days of the receipt of notice of the Purchase Offer, to vote all of such Remaining Holder’s Shares and to take such other
actions to the extent reasonably necessary to carry out the provisions of this Section 6 in the event of any breach or imminent
breach of this Section 6. The Company and all of its stockholders each agree and acknowledge that: (i) monetary damages would not
adequately compensate an injured party for the breach of this Section 6 by any party; (ii) this Section 6 shall be specifically
enforceable; and (iii) any breach or threatened breach of this Section 6 shall be the proper subject of a temporary or permanent
injunction or restraining order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law
for such breach or threatened breach. In the event that any party hereto who is a stockholder of the Company fails to surrender
its stock certificate in connection with the consummation of such Purchase Offer, such certificate shall be deemed automatically
canceled and the Company shall be authorized to issue a new certificate in the name of the third party purchaser that made the
Purchase Offer (or such other person as is requested by the purchaser) and the Company’s Board of Directors shall be authorized
to establish an escrow account into which the consideration for such canceled shares shall be deposited and to appoint a trustee
to administer such account.

 

6.2           The proceeds of the Purchase Offer shall be distributed pursuant to Article IV(B)(2) of the Amended Certificate.

 

6.3           The Company’s equity based plans and all other issuances of Company’s securities will include provision that
subject all shares issuable under such plans or other issuances to the provisions of this Section 6.

 

6.4           The provisions of Section 2, 3 and 4 shall not apply to a sale of shares in accordance with this Section 6.

 

6.5           Notwithstanding the foregoing, a Remaining Stockholder will not be required to comply with this Section 6 in connection
with any Purchase Offer unless:

 

(a)            any representations and warranties to be made by such Remaining Stockholder in connection with the Purchase Offer are limited
to representations and warranties related to authority, ownership and the ability to convey title to the shares of capital stock
of the Company held by such Remaining Stockholder, including but not limited to representations and warranties that (i) the Remaining
Stockholder holds all right, title and interest in and to the shares of capital stock of the Company such Remaining Stockholder
purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Remaining Stockholder in connection
with the transaction have been duly authorized, if applicable, (iii) the documents to be entered into by the Remaining Stockholder
have been duly executed by the Remaining Stockholder and delivered to the acquirer and are enforceable against the Remaining Stockholder
in accordance with their respective terms and (iv) neither the execution and delivery of documents to be entered into in connection
with the transaction, nor the performance of the Remaining Stockholder’s obligations thereunder, will cause a breach or violation
of the terms of any agreement, law or judgment, order or decree of any court or governmental agency;

    8 

     

    

(b)           the Remaining Stockholder shall not be liable for the inaccuracy of any representation or warranty made by any other person
or entity in connection with the Purchase Offer, other than the Company (except to the extent that funds may be paid out of an
escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any Stockholder
of any of identical representations, warranties and covenants provided by all Stockholders);

 

(c)           the liability for indemnification, if any, of such Remaining Stockholder in connection with the Purchase Offer and for the
inaccuracy of any representations and warranties made by the Company or its Stockholders in connection with such Purchase Offer,
is several and not joint with any other person or entity (except to the extent that funds may be paid out of an escrow established
to cover breach of representations, warranties and covenants of the Company as well as breach by any Stockholder of any of identical
representations, warranties and covenants provided by all Stockholders), and subject to the provisions of the Amended Certificate
related to the allocation of the escrow, is pro rata in proportion to, and does not exceed, the amount of consideration paid to
such Remaining Stockholder in connection with such Purchase Offer;

 

(d)           liability shall be limited to such Remaining Stockholder’s applicable share (determined based on the respective proceeds
payable to each Stockholder in connection with such Purchase Offer in accordance with the provisions of the Amended Certificate)
of a negotiated aggregate indemnification amount that applies equally to all Stockholders but that in no event exceeds the amount
of consideration otherwise payable to such Remaining Stockholder in connection with such Purchase Offer, except with respect to
claims related to fraud by such Remaining Stockholder, the liability for which need not be limited as to such Remaining Stockholder;

    9 

     

    

(e)           upon
the consummation of the Purchase Offer, (i) each holder of each class or series of the Company’s stock will receive
the same form of consideration for their shares of such class or series as is received by other holders in respect of their
shares of such same class or series of stock, (ii) each holder of a series of Preferred Stock will receive the same amount of
consideration per share of such series of Preferred Stock as is received by other holders in respect of their shares of such
same series, (iii) each Common Stockholder will receive the same amount of consideration per share of Common Stock or Series
E Preferred Stock, as applicable, as is received by other Common Stockholders in respect of their shares of Common Stock or
shares of Series E Preferred Stock, as applicable, and (iv) the aggregate consideration receivable by all holders of the
Preferred Stock and Common Stock shall be allocated among the holders of Preferred Stock and Common Stock (assuming for this
purpose that the Purchase Offer is a Deemed Liquidation) in accordance with Article IV (B)(2) of the Amended Certificate in
effect immediately prior to the Purchase Offer; provided, however, that, notwithstanding the foregoing, if the consideration
to be paid in exchange for the shares of capital stock of the Company held by the Common Stockholders or the Preferred
Stockholders, as applicable, pursuant to this Subsection 6.5(e) includes any securities and due receipt thereof by any Common
Stockholder or Preferred Stockholder would require under applicable law (x) the registration or qualification of such
securities or of any person as a broker or dealer or agent with respect to such securities or (y) the provision to any Common
Stockholder or Preferred Stockholder of any information other than such information as a prudent issuer would generally
furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the
Securities Act of 1933, as amended, the Company may cause to be paid to any such Common Stockholder or Preferred Stockholder
in lieu thereof, against surrender of the shares of capital stock of the Company held by the Common Stockholder or Preferred
Stockholder, as applicable, which would have otherwise been sold by such Common Stockholder or Preferred Stockholder, an
amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Common
Stockholder or Preferred Stockholder would otherwise receive as of the date of the issuance of such securities in exchange
for the shares of capital stock of the Company held by such Common Stockholder or Preferred Stockholder, as applicable;

 

(f)            subject to clause (e) above, requiring the same form of consideration to be available to the holders of any single class
or series of capital stock, if any holders of any capital stock of the Company are given an option as to the form and amount of
consideration to be received as a result of the Purchase Offer, all holders of such capital stock will be given the same option;
provided, however, that nothing in this Section 6.5(f) shall entitle any holder to receive any form of consideration that such
holder would be ineligible to receive as a result of such holder’s failure to satisfy any condition, requirement or limitation
that is generally applicable to the Company’s Stockholders; and

 

(g)           G+J shall not be required to agree to (i) a release of claims except in its capacity as a stockholder of the Company, or
(ii) any non-competition restriction and, with respect to any non-solicitation, no hire, or other restrictive covenant, the Company
shall use commercially reasonable efforts, taking into account G+J’s commercial requirements, to obtain an exemption for G+J; provided,
however, such limitation shall not be deemed to limit, terminate or otherwise impair the Company’s ability to enforce its
rights pursuant to Section 24 of that certain Share Purchase Agreement dated February 25, 2019 by and among G+J, the Company and
the other persons named therein to the extent the rights set forth in such section were in effect immediately prior to the closing
of such Purchase Offer.

    10 

     

    

		7.	Composition
                                         of the Board.

 

7.1           Until the consummation of a Qualified IPO, the Company’s Board of Directors shall consist of up to nine (9) members,
who shall be appointed as follows:

 

(a)            The
holders of a majority of the Company’s issued and outstanding Common Stock and Series E Preferred Stock, voting together
as a single class (and not including any series of Preferred Stock that are convertible into Common Stock except for the Series
E Preferred Stock), shall be entitled to elect two (2) directors of the Company, who shall be nominated by the Founders, but (with
respect to each Founder) only for so long as he owns securities in the Company (in the event that the Founders do not own securities
in the Company, the Company’s Board of Directors shall name such nominees) (the “Common Director”);

 

(b)            The holders of Preferred Stock, voting together as a single class, shall have the right to appoint six (6) directors, to
be designated: one (1) by Viola Ventures III, L.P., one (1) by Lightspeed Venture Partners VII, L.P., one (1) by Gemini Israel
IV L.P., one (1) by Leon Recanati, one (1) by Index and one (1) by SGE; provided
that, immediately prior to the effectiveness of the registration statement for the Company’s IPO, SGE shall cause
the director appointed by it to resign from the Board of Directors pursuant to the pre-signed letter of resignation delivered to
the Company on the date hereof, which will become effective immediately prior to the effectiveness of the registration statement
for the Company’s IPO. SGE shall no longer have the right to appoint a director after such time; and

 

(c)            So long as G+J continues to hold capital stock of the Company that represents at least 5% of the issued and outstanding
shares of stock of the Company on a fully diluted basis G+J shall be entitled to designate one (1) member of the Board of Directors.

 

7.2           Until
the consummation of a Qualified IPO each of (i) the Common Stockholders (voting together as a single class), (ii) the Preferred
A Stockholders (on an as converted basis, voting together as a single class), (iii) HarbourVest Partners L.P. (“HarbourVest”),
(iv) Viola Ventures III, L.P., (v) Index and (vi) to the extent that G+J holds capital stock of the Company that represents less
than 5% but at least 2% of the issued and outstanding shares of stock of the Company on a fully diluted basis, G+J, shall each
be entitled to appoint a non-voting observer to the Company’s Board of Directors (the “Observer”) (provided
however, that the Company shall not be required to pay any expenses of an Observer, other than the Observer appointed by HarbourVest,
in connection with such Observer’s participation in a meeting of the Company’s Board of Directors and, provided further,
that each such Observer shall, as a condition precedent to attending a meeting of the Company’s Board of Directors and/or
receiving any materials from the Company, execute a confidentiality agreement as approved by the Company). The Company shall provide
to each Observer that has signed a confidentiality agreement as approved by the Company the same materials provided to each of
the members of the Company’s Board of Directors, provided the Company may withhold some or all of such materials if the
Board of Directors, in its reasonable discretion, determines that such materials are particularly sensitive and confidential.

 

7.3           Each committee of the Company’s Board of Directors shall include at least two of the directors appointed by the holders
of Preferred Stock. No powers conferred to the Company’s Board of Directors may be delegated to any of its committees (each
a “Committee”) without the prior written consent of at least two of the directors appointed by the holders
of Preferred Stock. Notwithstanding the foregoing, no powers may be delegated to any Committee if the effect of such delegation
is to adversely affect the board approval rights held by the Preferred Stockholders.

    11 

     

    

7.4           Each party to this Agreement agrees that it shall vote all shares of the Company it holds or otherwise has the power to
vote (including, without limitation, any Common Stock obtained upon the conversion of Preferred Stock and all shares acquired after
the date of this Agreement) to ensure election or removal of the Company’s directors in accordance with the provisions of
this Section 7. Any director may only be removed and replaced as set forth in Section 7.1. A resolution regarding the filling of
vacancies, and replacement and removal of directors may be adopted in a meeting of the relevant class or by a written consent of
the relevant class, in each case, by a majority vote.

 

7.5           The right of a specific stockholder, to designate the members of the Company’s Board of Directors as specified above,
shall remain in effect as long as such stockholder and/or its Affiliates owns shares of the Company. Except as otherwise set forth
above, in the event that any such stockholder and/or its Affiliates no longer hold shares in the Company, the applicable board
member shall be appointed by the applicable class, without any right or obligation to vote for a specific designee.

 

7.6           The Company will take all steps necessary to ensure that: (i) those holders entitled to appoint member(s) to the Board of
Directors of the Company shall also be entitled to appoint directors, in the same number and under the same conditions, to the
Board of Directors of each subsidiary of the Company; and (ii) that the veto rights and special majority requirements for taking
certain actions as set forth in Section 4 of Article IV of the Amended Certificate, also apply to any such action or resolution
of a subsidiary.

 

7.7           The Company shall reimburse the members of the Board of Directors, and the observer appointed by HarbourVest, for all out
of pocket expenses (including travel expenses) incurred as directors, or as an observer in the case of HarbourVest, of the Company
(i) with respect to participation in Board meetings, in accordance with a policy to be adopted by the Board of Directors, and (ii)
with respect to other expenses, if such expenses have been approved in advance by the Company.

 

7.8           Indemnification
Matters. The Company hereby acknowledges that certain directors including any director appointed by G+J (each a
 “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance
provided by one or more of the holders of the Company’s Common Stock, Series A Preferred, Series B Preferred, Series C
Preferred, Series D Preferred, Series F Preferred and Series G Preferred, as applicable, and certain of their affiliates
(collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first
resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance
expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary),
(b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for
the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund
Director to the extent legally permitted and as required by the Amended Certificate or Bylaws of the Company (or any
agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the
Fund Indemnitors, and (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims
against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company
further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any
claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the
Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all
of the rights of recovery of such Fund Director against the Company.

    12 

     

    

8.             Changes in Stock.
If, from time to time during the term of this Agreement (a) there is a dividend of any security, stock split or other change
in the character or amount of any of the outstanding securities of the Company or (b) there is any consolidation or merger immediately
following which stockholders of the Company hold more than fifty percent (50%) of the voting equity securities of the surviving
corporation, then, in such event, any and all new, substituted or additional securities or other property to which any stockholder
is entitled by reason of his ownership of the Shares shall be immediately subject to the provisions of this Agreement and be included
in the word “Shares” and “Securities” for all purposes of this Agreement with the same force and effect
as the Shares and Securities presently subject to this Agreement and with respect to which such securities or property were distributed.

 

9.             Legends.
All certificates representing any Shares subject to the terms of this Agreement shall have endorsed thereon a legend to substantially
the following effect:

 

“THE
SALE, PLEDGE OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN
AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT BY AND AMONG THE HOLDER HEREOF, THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF
THE COMPANY. A COPY OF SUCH AGREEMENT IS ON FILE AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS.”

 

10.           Transfer
of Stock. The Company shall not (a) permit any transfer on its books of any Shares which shall have been sold or
transferred in violation of any of the provisions set forth in this Agreement or (b) treat as owner of such Shares or accord the
right to vote as owner or to pay any dividends to any transferee to whom such Shares shall have been sold or transferred in violation
of any of the provisions set forth in this Agreement.

 

11.           Strategic
Stand-Still. Except in connection with the sale of all or substantially all of the Company’s issued capital
stock or any other Deemed Liquidation, no Stockholder shall transfer, any securities of the Company or grant any right with respect
to such securities (any such action, a “Grant”), to a strategic investor, as determined by a majority of the
Company’s Board of Directors (any such investor, including affiliates and/or other parties acting in concert with it, a
 “Strategic Investor”), if following such Grant, the Strategic Investor will hold (beneficially or of record)
or have the right to acquire or the right to vote or direct the vote of, securities of the Company which constitute, or are convertible
into, in the aggregate, more than 20% of the Company’s capital stock, unless the holders of at least sixty-six percent (66%)
of the Preferred Stock (on an as converted basis, voting together as a single class) have provided their prior written consent
to such Grant (the “Written Consent”), and then, only on the terms and conditions set forth in the Written
Consent. The Written Consent shall also be required for any additional Grant to a Strategic Investor which has already received
a Written Consent with respect to a prior Grant.

    13 

     

    

12.          Termination.
The provisions of Sections 9 through 11 shall terminate upon an IPO, and this Agreement shall terminate upon the closing of
a Qualified IPO.

 

13.          Miscellaneous.

 

13.1        Further Assurances. Each
of the parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary to carry
out and give full effect to the provisions of this Agreement and the intentions of the parties as reflected thereby.

 

13.2        Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of Delaware excluding that body of law pertaining to
conflict of law. The parties hereto agree to submit to the jurisdiction of the United States federal and state courts of the State
of Delaware with respect to the breach or interpretation of this Agreement or the enforcement of any and all rights, duties, liabilities,
obligations, powers, and other relations between the parties arising under this Agreement.

 

13.3        Successors and Assigns; Assignment.
Except as otherwise expressly limited herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors, and administrators of the parties hereto.

 

13.4        Entire
Agreement; Amendment and Waiver. This Agreement and the Schedules hereto constitute the full and entire understanding
and agreement between the parties with regard to the subject matters hereof and thereof, and amend and restate in its entirety
the Prior Stockholders’ Agreement. Any term of this Agreement may be amended and the observance of any term hereof may be
waived (either prospectively or retroactively and either generally or in a particular instance) only with the written consent
of (i) the Company, and (ii) the holders of more than fifty percent (50%) of the issued and outstanding Preferred Stock (on an
as converted basis, together as a single class) which are held by parties to this Agreement, provided,
however, (a) should such waiver or amendment change the rights or privileges granted to a particular stockholder or
class or series of stockholders, in a manner adverse and different from other stockholders (such more adversely affected stockholders,
a “Discriminated Class”), then such waiver or amendment shall be subject to the written approval of the stockholder/s
who are the owners of record of a majority of the issued and outstanding shares of such Discriminated Class voting together as
a single class, and (b) any right or limitation provided for the express benefit of a specifically named party to this Agreement
may not be amended or waived without the consent of such party. Further, Sections 6.2 and 6.5(e)(iv) and this sentence may not
be amended or waived (i) as long as any originally issued shares of Series G Preferred remains outstanding, without the written
consent of the owners of record of at least fifty-one percent (51%) of the outstanding shares of Series G Preferred, (ii) as long
as any of the originally issued shares of Series F Preferred remain outstanding, without the written consent of the holders of
at least fifty-one percent (51%) of the outstanding shares of Series F Preferred, and (iii) as long as any of the originally issued
shares of Series D Preferred remain outstanding, without the written consent of the holders of at least sixty percent (60%) of
the outstanding shares of Series D Preferred. Any amendment or waiver adopted with the applicable foregoing consents shall be
binding upon all parties to this Agreement.

 

13.5       
Notices, etc. All notices and other communications
required or permitted hereunder to be given to a party to this Agreement shall be in writing and shall be telecopied or mailed
by registered or certified mail, postage prepaid, or otherwise delivered by hand or by messenger, addressed to such party’s
address as set forth below:

    14 

     

    

if
to the Preferred B Stockholders or the Preferred C Stockholders or the Preferred D Stockholders or the Preferred F Stockholders
or the Preferred G Stockholders to the addresses set forth in Schedule
3 or Schedule 4 or Schedule
5 or Schedule 6 or Schedule
7, as applicable:

 

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

 

Yigal
Arnon & Co.

22 J. Rivlin Street

Jerusalem 94240, Israel

Facsimile: +972 (2)
623-9236

Attn:
Yarom Romem, Adv.

E-mail: yaromr@arnon.co.il

 

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

 

Meitar,
Liquornik, Geva & Leshem, Brandwein

16
Abba Hillel Silver Rd.

Ramat Gan 52506, Israel

Facsimile: +972 (3) 610-3656

Attn:
Asaf Harel, Adv.

E-mail:
aharel@meitar.com

 

and
to:

 

Shenhav & Co. Law Offices

4
Ha’nechoshet St.,

Tel Aviv 69710, Israel

Facsimile: +972 (3) 611-0788

Attn:
Shmulik Atias, Adv.

E-mail: shmulik@shenhavlaw.co.ilshmulik@shenhavlaw.co.il

 

and
to:

 

Goodwin
Procter LLP

135 Commonwealth Drive

Menlo Park, CA 94025

Attn: Anthony McCusker, Esq.

 

and
to:

 

Amit,
Pollak, Matalon & Co. 

Nitsba
Tower, 18th Fl. 

17  
Yitzhak Sadeh St. 

Tel-Aviv
67775 Israel 

Tel.
+972 3 5689018 ext. 148

Fax. +972 3 5689017

Attn: Daniel Marcus, Adv.

 

if
to the Preferred A Stockholders: to the addresses set forth in Schedule
2

    15 

     

    

with
a copy to:

 

Barak
S. Platt

Yigal
Arnon & Co.

1
Azrieli Center

Tel
Aviv 67021 Israel

Facsimile:
(972-3) 608-7714

 

if to the Common Holders: to the addresses set forth in Schedule
1

 

if
to the Company:

 

Michael
J. Kistler

Outbrain
Inc.

39
West 13th Street NY, NY 10011

Facsimile: (917) 591-5856

 

and
to:

 

Loeb
 & Loeb LLP

345 Park Avenue

New York, New York 10154

Tel.: 212 407-4937

Facsimile: 212 656-1076

Attn:
Lloyd L. Rothenberg

 

if to G+J to the addresses set forth on Schedule
9.

 

or
such other address with respect to a party as such party shall notify each other party in writing as above provided. Any notice
sent in accordance with this Section 13.5 shall be effective (i) if mailed, seven (7) business days after mailing, (ii) if sent
by messenger, upon delivery, and (iii) if sent via telecopier, upon transmission and electronic confirmation of receipt or (if
transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation of
receipt.

 

13.6        Delays or Omissions. No
delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default under this Agreement,
shall be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval
of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any
party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any of the parties, shall
be cumulative and not alternative.

    16 

     

    

13.7         Severability. If any provision
of this Agreement is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall
be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms; provided, however, that in such event this Agreement shall be interpreted
so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention of the
excluded provision as determined by such court of competent jurisdiction.

 

13.8         Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually
executing such counterpart, and all of which together shall constitute one and the same instrument.

 

13.9         Additional
Parties. Notwithstanding anything to the contrary contained herein, if shares of Series E Preferred Stock are issued
on or after the date hereof or additional Common Stock are issued after the date hereof pursuant to exercise of Awards under the
Company’s 2007 Omnibus Securities and Incentive Plan (as such term is defined therein) or pursuant to exercise of warrants,
any holder of such Series E Preferred Stock or purchaser of Common Stock shall become a party to this Agreement by executing a
Joinder Agreement, substantially in the form attached hereto as Exhibit
A, and thereafter shall be deemed a “Common Stockholder” for all purposes hereunder, and Schedule
I to this Agreement shall be updated to reflect the addition of such “Common Stockholder”.

 

13.10     
Aggregation of Stock. All
Preferred Stock or Common Stock, as the case may be held or acquired by a stockholder and its Permitted Transferee(s), and Leon
Recanati and RH Internet II LLC, shall be aggregated together for the purpose of determining the availability of any rights under
this Agreement.

    17 

     

    

IN
WITNESS WHEREOF, the undersigned have executed this Amended and Restated Stockholders’ Agreement as of the date set forth
above.

 

	 	OUTBRAIN INC.
	 	 
	 	By:	/s/
    Yaron Galai
	 	 	Name:  Yaron
    Galai
	 	 	Title:    CEO 
	 	 	 
	 	/s/
    Yaron Galai
	 	YARON GALAI
	 	 
	 	/s/
    Ori Lahav
	 	ORI LAHAV

 

Signature page
to SHA

     

     

    

IN
WITNESS WHEREOF, the undersigned have executed this Amended and Restated Stockholders’ Agreement as of the date set forth
above.

 

	SUSQUEHANNA
    GROWTH EQUITY FUND IV, LLLP	 
	 	 
	By:	Susquehanna
    Growth   Equity,   LLC,   its authorized   agent	 
	 	 	 
	By:	/s/
    Amir	 
	 	Name:   Amir	 
	 	Title:   Goldman	 
	 	 	 
	HARBOURVEST
    PARTNERS IX-VENTURE FUND L.P.	 
	 	 	 
	By:	HarbourVest
    IX-Venture Associates L.P., its General Partner	 
	By:	HarbourVest
    IX-Venture Associates LLC, its General Partner	 
	By:	HarbourVest
    Partners, LLC, its Managing Member	 
	 	 	 
	By:	/s/
    Peter B. Lipson	 
	 	Name:
    Peter B. Lipson	 
	 	Title:
      Managing Director	 
	 	 	 
	HARBOURVEST/NYSTRS
    CO-INVEST FUND L.P.	 
	 	 
	By:	HIPEP
    VI Select Associates L.P., its General Partner	 
	By:	HIPEP
    VI Select Associates LLC, its General Partner	 
	By:	HarbourVest
    partners, LLC, its Managing Member	 
	 	 	 
	By:	/s/
    Peter B. Lipson	 
	 	Name:
    Peter B. Lipson	 
	 	Title:
      Managing Director	 
	 	 	 
	LIGHTSPEED
    VENTURE PARTNERS VII L.P.	 
	 	 
	By:	Lightspeed
    General Partner VII, L.P., its General Partner	 
	By:	Lightspeed
    Ultimate General Partner VII, Ltd., its General Partner	 
	 	 	 
	By:	/s/
    Ravi Mhatre	 
	 	Name:
    Ravi Mhatre	 
	 	Title:	 

 

Signature
page to SHA

     

     

    

	VIOLA
    VENTURES, III L.P.	 
	 	 
	By:	Viola
    3 Ltd., its General Partner	 
	 	 	 	 
	By:	[ILLEGIBLE]	[ILLEGIBLE]	 
	 	Name:	 
	 	Title:	 
	 	 
	GEMINI
                                            ISRAEL IV L.P.

        GEMINI
        ISRAEL IV (ANNEX FUND) L.P.
	 
	 	 
	By:   	Gemini
    Associates IV L.P., its General Partner	 
	By:   	Gemini
    Associates IV G.P., its General Partner	 
	 	 
	By:	/s/
    Yossi Sela	/s/
    Menashe Ezra	 
	 	Name:
    Yossi Sela	Menashe
    Ezra	 
	 	Title:  Managing
    Partner	Managing
    Partner	 
	 	 	 	 
	By:	/s/
    Yossi Sela	/s/
    Menashe Ezra	 
	 	Name:
    Yossi Sela	Menashe
    Ezra	 
	 	Title:  Managing
    Partner	Managing
    Partner	 

 

	GEMINI
PARTNERS INVESTORS IV L.P.

        GEMINI
PARTNERS INVESTORS IV (ANNEX FUND) L.P.
	 
	 	 
	By:	Gemini
    Israel Funds IV Ltd., its General Partner	 
	 	 	 
	By:	/s/
    Yossi Sela	/s/
    Menashe Ezra	 
	 	Name:
    Yossi Sela	Menashe
    Ezra	 
	 	Title:  Managing
    Partner	Managing
    Partner	 
	 	 	 	 
	By:	/s/
    Yossi Sela	/s/
    Menashe Ezra	 
	 	Name:
    Yossi Sela	Menashe
    Ezra	 
	 	Title:  Managing
    Partner	Managing
    Partner	 
	 	 	 	 

Signature
page to SHA

    19 

     

    

	INDEX
    VENTURES GROWTH II (JERSEY), L.P.	 
	INDEX
    VENTURES GROWTH II PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.	 
	 	 
	By: 	Index Venture Growth Associates II Limited, its Managing
General Partner	 
	 	 	 
	By:	 /s/ N.T. Greenwood	 
	 	Name: N.T. Greenwood	 
	 	Title: Director	 
	 	 	 
	By: 	/s/ I J Henderson	 
	 	Name: I J Henderson	 
	 	Title: Director	 

 

	YUCCA
    (JERSEY) SLP	 
	 	 
	By: 	Elian Employee Benefit Services Limited as Authorized
Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Co-Investment Scheme	 
	 	 
	By:	/s/
    David Middleton	/s/
    Luke Aubert	 
	 	Name:
    David Middleton	Luke
    Aubert	 
	 	Title:
    Authorised Signatories	 	 

 

	RH
    INTERNET II LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	VINTAGE
    INVESTMENT PARTNERS V (CAYMAN), L.P.	 
	VINTAGE
    INVESTMENT PARTNERS V (ISRAEL), L.P.	 
	 	 
	By:	 Vintage Investment Partners 5, L.P., its General Partner	 
	By: 	Vintage Fund 5 Ltd., its General Partner	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

Signature
page to SHA

    20 

     

    

	MICHEL CROUHY	 
	 	 
	MICHAL EDELSTYN (by Simon Edelstyn by Proxy)
	 	 
	ZOHAR GILON	 
	 	 
	LEON RECANATI	 
	 	 

	PROVIDENT FUND OF THE EMPLOYEES
    OF THE HEBREW UNIVERSITY OF JERUSALEM LTD.
	 
	By:	 	 
	 	Name: 	 
	 	Title:	 
	 	 
	MTS INVESTMENTS INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	STARTIFY (1992) LTD. (FKA SIGMA INVESTMENTS
    1992 LTD.)	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title	 
	 	 
	LOEB & LOEB LLP	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 

Signature
page to SHA

    21 

     

    

	GRUNER
    + JAHR GMBH	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 

Signature
page to SHA

    22 

     

    

	Dan
    Galai	 	Mickey
    Kertesz
	Ziv
    Kop	 	Efrat
    Perez
	Ilan
    Lior	 	Amir
    Lahav
	Hanan
    Salinger	 	Dalit
    Lahav
	Rani
    Nelken	 	Isaschar
    Kurt
	Eytan
    Galai	 	Rotem
    Doron
	Uri
    Galai	 	Ester
    Shabtai
	Noam
    Galai	 	Doron
    Levin

Signature
page to SHA

     

     

    

SCHEDULE
1

 

THE
COMMON STOCKHOLDERS

 

	Name
    and Address	 	 	 	 
	 	 	 	 	 

	Dan Galai
	20a Harav Berlin St.
	Jerusalem, Israel
	 
	Ziv Kop
	85 Medinat Hayehudim,
	Hertzlia
	 
	Ilan Lior
	11 Menachem Begin St.,
	Ramat Gan 52681, Israel
	 
	Hanan Salinger
	11 Menachem Begin St.,
	Ramat Gan 52681, Israel
	 
	Loeb & Loeb
	345 Park Ave,
	NY, NY 10154-1895
	 
	Mickey Kertesz
	Verburg 6, Tel Aviv,
	64289
	 
	Rani Nelkin
	53 Standish St.,
	Cambridge MA 02138
	USA
	 
	Eytan Galai
	20 Burla St., Jerusalem,
	Israel
	 
	Uri Galai
	2 Oush St., Jerusalem,
	Israel
	 
	 
	 

 

	Noam Galai
	142 E 33rd St. APT 2C.
	NY, NY 10016
	Isaschar Kurt
	8 Mania Shochat St.,
	Holon, Israrel
	 
	Doron Levin
	4 Hanegba St.,
	Zichron
	Yaacov, Israel
	 
	Efrat Perez
	Tachkemoni 6\2 Pardes
	Hana 63714
	 
	Amir Lahav
	Moshav Moledet D.N.
	Gilboa, Israel
	 
	Dalit Lahav
	Kibutz Nachsholim D.N.
	Hof Viola 30815
	 
	Ester Shabtai
	Tsuntz 20, Tel Aviv
	 
	Rotem Doron
	Sigma Investments (1992)
	Ltd.
	 
	Aba Hilel 14A, Ramat –
	Gan
	MTS Investments Inc.
	C\O Mutualart Inc.
	298 Fifth Ave. NY, NY 1
	0001
	USA

 

	Series E Preferred Holders
	(Visual Revenue merger)
	 
	Lerer Media Ventures, L.P.
	 
	Lerer Ventures II, L.P.
	 
	KIMA Ventures
	 
	NYC Seed, LLC
	 
	SV Angel III, LP
	 
	Fabrice Grinda
	 
	Tim Holbech
	 
	Ariel Lebowits
	 
	K. Fonager Holdings ApS
	 
	TFG Holding ApS
	 
	Tobias Peggs
	 
	John Batdorf
	 
	Serendipity Investments,
	S.L.
	 
	C. Taylor Greene
	 
	Dennis Mortensen
	 
	IA Venture Strategies
	Fund II, L.P.
	 
	IA Venture Strategies II

 

Schedule
1 to SHA

     

     

    

	Side
    Fund, L.P.
	 
	SoftBank Capital

                                                                                Technology New York

                                                                                Fund, L.P.

	 
	G&H
    Partners
	 
	Original
    8 ApS
	 
	Charles
    Holbech
	 
	Tejaswi
    Nadahalli
	 
	Alex
    Poon
	 

Schedule
1 to SHA

     

     

    

SCHEDULE
2

 

THE
PREFERRED A STOCKHOLDERS

 

Name
and Address

 

GEMINI
ISRAEL IV L.P.

GEMINI
PARTNERS INVESTORS IV L.P.

11
Hamenofim Street

Herzlia
Pituach 

Israel

 

LIGHTSPEED
VENTURE PARTNERS VII, L.P.

 2200 Sand Hill Road, Suite 100

 Menlo Park, CA 94025

 USA

 

Leon
Recanati 

27 Yoav St., 

690811, Israel 

Fax: +972-9-9701866

 

PROVIDENT
FUND OF THE EMPLOYEES OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. High-Tech Village 2\2 

Givat Ram Jerusalem 

FAX: +972-2-6586779

 

Michel
Crouhy

Clinton
St.

Brooklyn,
NY 11201 USA

 

Schedule
2 to SHA

     

     

    

SCHEDULE
3

 

THE PREFERRED B STOCKHOLDERS

 

	Name
    and Address:
	 
	VIOLA
    VENTURES, III L.P.
	Delta
    House
	16
    Abba Eben Avenue
	Herzeliya
    46725
	Israel
	Attn:
    Michal Cohen
	Tel:
    +972-9-9720400
	Fax:
    +972-9-9720401
	Email:Michalc@Violaventures.comMichalc@Violaventures.com
	 
	LIGHTSPEED    VENTURE    PARTNERS
    VII, L.P.
	2200
    Sand Hill Road, Suite 100
	Menlo
    Park, CA 94025
	USA
	 
	GEMINI
    ISRAEL IV L.P.
	GEMINI
    PARTNERS INVESTORS IV L.P.
	11
    Hamenofim Street
	Herzlia
    Pituach
	Israel
	 
	Michel
    Crouhy
	160
    Clinton St.
	Brooklyn,
    NY 11201 USA
	 
	Zohar
    Gilon
	28
    Shalva Street
	Herzliya
    Pituach
	46705
    Israel
	 
	Yaron
    Galai
	200
    Rector Pl.
	NY,
    NY 10280
	 

	Leon
    Recanati
	27
    Yoav St.,
	690811,
    Israel
	Fax:
    +972-9-9701866
	 
	RH
    INTERNET II LLC
	c/o
    Tigris Group Inc.
	535
    Madison Avenue, 12th Floor
	New
    York, New York 10022
	USA
	Email:
	ashapiro@tigris.comashapiro@tigris.com
	Attn:
    Andrew M. Shapiro, General Counsel
	 
	With
    a copy to:
	 
	Rhodium
    Ltd
	Medinat
    Hayehudim St.
	Herzeliya
    Pituach 46140
	Email:
	yaron@rhodium.co.ilyaron@rhodium.co.il
	Attn:
    Yaron Kniajer, Managing Director &
	CFO

 

Schedule
3 to SHA

     

     

    

SCHEDULE
4

 

THE PREFERRED C STOCKHOLDERS

 

	Name
    and Address:
	 
	VIOLA
    VENTURES, III L.P.
	Delta
    House
	16
    Abba Eben Avenue
	Herzeliya
    46725
	Israel
	Attn:
    Michal Cohen
	Tel:
    +972-9-9720400
	Fax:
    +972-9-9720401
	Email:Michalc@Violaventures.comMichalc@Violaventures.com
	 
	Leon
    Recanati
	27
    Yoav St.,
	690811,
    Israel
	Fax:
    +972-9-9701866
	 
	RH
    INTERNET II LLC
	c/o
                                            Tigris Group Inc. 

        535
        Madison Avenue, 12th Floor 

	New
                                            York, New York 10022

                                                                                USA

	Email:
	ashapiro@tigris.comashapiro@tigris.com
	Attn: Andrew M. Shapiro, General Counsel
	 
	With a copy to:
	 
	Rhodium Ltd
	Medinat Hayehudim St.
	Herzeliya Pituach 46140
	Email:
	yaron@rhodium.co.ilyaron@rhodium.co.il
	Attn: Yaron Kniajer, Managing Director & CFO
	 
	LIGHTSPEED VENTURE PARTNERS VII, L.P.
	2200 Sand Hill Road, Suite 100
	Menlo Park, CA 94025
	USA

 

	GEMINI
    ISRAEL IV (ANNEX FUND) L.P.
	GEMINI
    PARTNERS INVESTORS IV (ANNEX FUND) L.P.
	11
    Hamenofim Street
	Herzlia
    Pituach
	Israel
	 
	PROVIDENT
    FUND OF THE EMPLOYEES OF THE HEBREW UNIVERSITY OF JERUSALEM LTD.
	High-Tech
    Village 2\2
	Givat
    Ram Jerusalem
	 
	MTS
    Investments Inc.
	C\O
    Mutualart Inc.
	298
    Fifth Ave. NY, NY 10001
	USA
	Michel
    Crouhy
	160
    Clinton St. 

    Brooklyn, NY 11201 USA

 

	Zohar Gilon
	28 Shalva Street
	 
	Herzliya Pituach
	 
	Israel
	 
	Yaron Galai
	200 Rector Pl.
	NY, NY 10280
	 
	Michal Edelstyn
	30 Bathgate Road,
	Wimbledon,
	London,
	SW19 5PJ

 

Schedule
4 to SHA

     

     

    

SCHEDULE
5

 

THE
PREFERRED D STOCKHOLDERS

 

	Name
    and Address:
	 
	VIOLA
    VENTURES, III L.P.
	Delta
    House
	16
    Abba Eben Avenue
	Herzeliya
    46725
	Israel
	Attn:
    Michal Cohen
	Tel:
    +972-9-9720400
	Fax:
    +972-9-9720401
	Email:Michalc@Violaventures.comMichalc@Violaventures.com
	 
	LIGHTSPEED
    VENTURE PARTNERS VII, L.P.
	2200
    Sand Hill Road, Suite 100
	Menlo
    Park, CA 94025
	USA
	 
	INDEX
    VENTURES GROWTH II (JERSEY), L.P.
	Index
    Venture Growth Associates II Limited
	5th
    Floor
	44
    Esplanade
	St
    Helier
	Jersey
    JE1 3FG
	Channel
    Islands
	Attention:
    Gemma Harries
	 
	INDEX
    VENTURES GROWTH II
	PARALLEL
    ENTREPRENEUR FUND (JERSEY), L.P.
	5th
    Floor
	44
    Esplanade
	St
    Helier
	Jersey
    JE1 3FG
	Channel
    Islands
	Attention:
    Gemma Harries
	 

	YUCCA
    (JERSEY) SLP
	Intertrust
    Employee Benefit Services Limited
	44
    Esplanade
	St
    Helier
	Jersey
    JE4 9WG
	Channel
    Islands
	Attention:
    Sarah Earles
	 
	with
    a copy to:
	 
	Index
    Venture Management S.A.
	2
    rue de Jargonnant
	Geneva
	Switzerland
	Fax:
    +41 22 737 0099
	Attention:
    André Dubois
	 
	Zohar
    Gilon
	28
    Shalva Street
	Herzliya
    Pituach
	46705
    Israel
	 
	Michal
    Edelstyn
	30
    Bathgate Road,
	Wimbledon,
	London,
	SW19
    5PJ

 

Schedule
5 to SHA

     

     

    

SCHEDULE
6

 

THE
PREFERRED F STOCKHOLDERS

 

	Name
    and address:
	HARBOURVEST
    PARTNERS IX-VENTURE FUND L.P.
	HARBOURVEST/NYSTRS
    CO-INVEST FUND L.P.
	c/o
    HarbourVest Partners, LLC
	One
    Financial Center
	Floor
	Boston
    MA 02111
	Attn:
    Tiffany Obenchain
	Tel
    +1 617 348 3707
	Fax
    +1 617 350 0305
	 
	with
    a copy (which shall not constitute notice) to:
	Debevoise
    & Plimpton LLP
	919
    Third Avenue
	New
    York, NY 10022
	Facsimile:
    212-909-6836
	Attn:
    David P. Iozzi
	E-mail:
	dpIozzi@debevoise.comdpIozzi@debevoise.com
	 
	VIOLA
    VENTURES, III L.P.
	Delta
    House
	16
    Abba Eben Avenue
	Herzeliya
    46725
	Israel
	Attn:
    Michal Cohen
	Tel:
    +972-9-9720400
	Fax:
    +972-9-9720401
	Email:Michalc@Violaventures.com
	 
	GEMINI
    ISRAEL IV L.P.
	GEMINI
    PARTNERS INVESTORS IV L.P.
	GEMINI
    ISRAEL IV (Annex Fund) L.P.
	GEMINI
    PARTNERS INVESTORS IV
	(Annex
    Fund) L.P.
	11
    Hamenofim Street
	Herzlia
    Pituach

	Israel
	 
	LIGHTSPEED
    VENTURE PARTNERS VII, L.P.
	2200
    Sand Hill Road, Suite 100
	Menlo
    Park, CA 94025
	USA
	 
	INDEX
    VENTURES GROWTH II (JERSEY), L.P.
	INDEX
    VENTURES GROWTH II PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.
	5th
    Floor
	44
    Esplanade
	St
    Helier
	Jersey
    JE1 3FG
	Channel
    Islands
	Attention:
    Gemma Harries
	 
	with
    a copy (which shall not constitute notice) to:
	Index
    Venture Management S.A.
	2
    rue de Jargonnant
	1207
    Geneva
	Switzerland
	Fax:
    +41 22 737 0099
	Attention:
    André Dubois
	 
	YUCCA
    (JERSEY) SLP
	 
	Intertrust
    Employee Benefit Services Limited
	44
    Esplanade
	St
    Helier
	Jersey
    JE4 9WG
	Channel
    Islands
	Attention:
    Sarah Earles

 

Schedule
6 to SHA

     

     

    

	with
    a copy to:
	Index
    Venture Management S.A.
	2
    rue de Jargonnant
	Geneva
	Switzerland
	Fax:
    +41 22 737 0099
	Attention:
    André Dubois
	 
	Leon
    Recanati
	27
    Yoav St.,
	690811,
    Israel
	Fax:
    +972-9-9701866
	 
	RH
    INTERNET II LLC
	c/o
    Tigris Group Inc.
	535
    Madison Avenue, 12th Floor
	New
    York, New York 10022
	USA
	Email:
	ashapiro@tigris.comashapiro@tigris.com
	Attn:
    Andrew M. Shapiro, General Counsel
	 
	With
    a copy to:
	Rhodium
    Ltd
	91
    Medinat Hayehudim St.
	Herzeliya
    Pituach 46140
	Email:
	yaron@rhodium.co.ilyaron@rhodium.co.il
	Attn:
    Yaron Kniajer, Managing Director & CFO
	 
	Zohar
    Gilon
	Okeanos
    Hotel
	50
    Ramat Yam St.
	Herzliya
    Pituach
	Israel
	Tel:
    +972-9-9543555
	 
	Vintage
    Investment Partners V (Israel), L.P.
	Vintage
    Investment Partners V (Cayman), L.P.
	Ackerstein
    Towers, Bldg D 10th Floor
	12
    Abba Eban Avenue
	Herzliya
    Pituach, 46120 Israel
	 
	with
    a copy (which shall not constitute notice) to:
	Amit,
    Pollak, Matalon & Co.
	Nitsba
    Tower, 18th Fl.
	 

	17
    Yitzhak Sadeh St.
	Tel-Aviv
    67775 Israel
	Tel.
    +972 3 5689018 ext. 148
	Fax.
    +972 3 5689017
	Attn:
    Daniel Marcus, Adv.
	 
	MTS
    Investments Inc.
	C\0
    Mutualart Inc.
	298
    Fifth Avenue
	NY,
    NY 10001

 

Schedule
6 to SHA (Cont’d)

     

     

    

SCHEDULE
7

 

THE
PREFERRED G STOCKHOLDERS

 

Name
and address:

Susquehanna
Growth Equity Fund IV, LLLP 

c/o
Susquehanna Growth Equity, LLC 

401
City Ave. 

Bala
Cynwyd, PA 19004 

Attention:
General Counsel

 

Schedule
7 to SHA

     

     

    

SCHEDULE
8

 

RIGHT
OF FIRST REFUSAL HOLDERS

 

SUSQUEHANNA
GROWTH EQUITY FUND IV, LLLP 

GEMINI
ISRAEL IV L.P. 

GEMINI
PARTNERS INVESTORS IV L.P. 

LIGHTSPEED
VENTURE PARTNERS VII, L.P. 

Leon
Recanati 

PROVIDENT
FUND OF THE EMPLOYEES OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. 

Michel
Crouhy 

VIOLA
VENTURES, III L.P. 

RH
Internet II LLC 

Zohar
Gilon 

Yaron
Galai 

GEMINI
ISRAEL IV (ANNEX FUND) L.P. 

GEMINI
PARTNERS INVESTORS IV (ANNEX FUND) L.P. 

MTS
Investments Inc. 

Michel
Crouhy 

Michal
Edelstyn 

INDEX
VENTURES GROWTH II (JERSEY), L.P. 

INDEX
VENTURES GROWTH II PARALLEL ENTREPRENEUR FUND (JERSEY), L.P. 

YUCCA
(JERSEY) SLP 

HARBOURVEST
PARTNERS IX-VENTURE FUND L.P. 

HARBOURVEST/NYSTRS
CO-INVEST FUND L.P. 

Vintage
Investment Partners V (Israel), L.P. 

Vintage
Investment Partners V (Cayman), L.P. 

Gruner
+ Jahr GmbH

 

Schedule
8 to SHA

     

     

    

SCHEDULE
9

 

G+J

 

Name
and address:

 

Gruner
+ Jahr GmbH 

Am Baumwall 11 

20459 Hamburg 

Germany

 

With
a copy to:

 

Bertelsmann
SE & Co. KGaA 

Attn.:
Dr. Michael Kronenburg 

Carl-Bertelsmann-Str.
270 

33311
Gütersloh, Germany 

Fax:
+49 5241 80642820 

Email:
michael.kronenburg@bertelsmann.de

 

Schedule
9 to SHA

     

     

    

Exhibit
A

 

JOINDER
AGREEMENT

 

In
reference to the Amended and Restated Stockholders’ Agreement made as of ____________, 2019, among Outbrain Inc., a
Delaware corporation (the “Company”) and the other parties named therein (the
 “Agreement”):

 

WHEREAS,
[according to the Company’s 2007 Omnibus Securities and Incentive Plan each Holder (as such term is defined therein)] /
[pursuant to that certain Warrant Agreement between the Company and the Holder (as such term is defined therein), the Holder]
is required to enter and be bound by the terms of the Agreement; and

 

WHEREAS,
the Holder named herein has acquired shares of the Company, and has received a copy of the Agreement and desires to join in and
agrees to be bound by the terms and provisions thereto, and the Company desires to grant to the Holder certain rights and obligations
in accordance with the Agreement (as it may be duly amended from time to time).

 

NOW
THEREFORE, the parties hereto hereby agree as follows:

 

1.       Upon
the execution of this instrument, the Holder, whose details are set forth in Section 2 hereof, shall become a party to the
Agreement (as it may be duly amended from time to time) and shall for all purposes be deemed to be a Common Stockholder
thereunder and subject to all of the obligations of a Common Stockholder set forth therein.2. Name of Holder:

 

	Address
    for notices:	 

 

	Fax:	 

 

	E-mail:	 

 

IN
WITNESS WHEREOF each of the parties has executed this instrument as of ____________________ ,
_____  in one or more counterparts.

 

	[HOLDER]	OUTBRAIN
    INC.
	 	 	 	 	 
	By:
    	 	 	By:
    	 
	 	Name:
    

    Title:	 	 	Name:
    

    Title:

 

Exhibit
A to SHA

    23

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