Document:

Exhibit 10.5

 

 

 

 

 

INDEMNIFICATION AGREEMENT

 

 

by and between

 

 

EUROPEAN
WAX CENTER, INC.

 

 

and

 

 

[__________]

 

 

as Indemnitee

 

 

	 	 	 	 	 
	 	 	Dated as of [__________]	 	 
	 	 	 	 	 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1 DEFINITIONS	 	2
	 	 	 
	ARTICLE 2 INDEMNITY IN THIRD-PARTY PROCEEDINGS	 	7
	 	 	 
	ARTICLE 3 INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY	 	7
	 	 	 
	ARTICLE 4 INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL	 	8
	 	 	 
	ARTICLE 5 INDEMNIFICATION FOR EXPENSES OF A WITNESS	 	8
	 	 	 
	ARTICLE 6 ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS	 	8
	 	 	 
	ARTICLE 7 CONTRIBUTION IN THE EVENT OF JOINT LIABILITY	 	9
	 	 	 
	ARTICLE 8 EXCLUSIONS	 	9
	 	 	 
	ARTICLE 9 ADVANCES OF EXPENSES; SELECTION OF LAW FIRM	 	11
	 	 	 
	ARTICLE 10 PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM; SETTLEMENT	 	12
	 	 	 
	ARTICLE 11 PROCEDURE UPON APPLICATION FOR INDEMNIFICATION	 	13
	 	 	 
	ARTICLE 12 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS	 	14
	 	 	 
	ARTICLE 13 REMEDIES OF INDEMNITEE	 	15
	 	 	 
	ARTICLE 14 SECURITY	 	17
	 	 	 
	ARTICLE 15 NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; PRIMACY OF INDEMNIFICATION; SUBROGATION; NOMINATING MEMBER	 	17
	 	 	 
	ARTICLE 16 ENFORCEMENT AND BINDING EFFECT	 	20
	 	 	 
	ARTICLE 17 MISCELLANEOUS	 	21

 

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INDEMNIFICATION AGREEMENT

 

Indemnification
Agreement, dated effective as of [_________] (this “Agreement”), by and between European Wax Center, Inc.,
a Delaware corporation (the “Company”), and [____________] (“Indemnitee”). Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in Article 1.

 

WHEREAS,
the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to provide
or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses
to, Indemnitee to the fullest extent permitted by law;

 

WHEREAS, the Company and Indemnitee further recognize
the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and fiduciaries to expensive
litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing challenges for the
Company;

 

WHEREAS, the Company’s Amended and Restated
Certificate of Incorporation (as the same may be amended and/or restated from time to time, the “Certificate of Incorporation”)
requires indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant
to applicable provisions of the Delaware General Corporation Law (“DGCL”);

 

WHEREAS, the Certificate of Incorporation and the
DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
providing for indemnification may be entered into between the Company and members of the board of directors of the Company (the “Board”),
executive officers and other key employees of the Company;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and any resolutions adopted pursuant thereto
and shall not be deemed a substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder (regardless of, among other
things, any amendment to or revocation of governing documents or any change in the composition of the Board or any Corporate Transaction);
and

 

WHEREAS, Indemnitee
will serve or continue to serve as a director, officer or key employee of the Company for so long as Indemnitee is duly elected or appointed
or until Indemnitee tenders his or her resignation or is otherwise terminated by the Company.

 

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

 

    

     

    

 

ARTICLE 1

 

DEFINITIONS

 

As used in this Agreement:

 

1.1.           “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

1.2.           “Agreement”
shall have the meaning set forth in the preamble.

 

1.3.           “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning set forth in Rule 13d-3 under the Exchange
Act (as in effect on the date hereof).

 

1.4.           “Board”
shall have the meaning set forth in the recitals.

 

1.5.           “By-Laws”
shall mean the Company’s Amended and Restated By-Laws (as the same may be amended and/or restated from time to time).

 

1.6.           “Certificate
of Incorporation” shall have the meaning set forth in the recitals.

 

1.7.           “Change
in Control” shall mean, and shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the
following events:

 

(a)            Acquisition
of Stock by Third Party. Any Person other than a Permitted Holder is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing more than 50% of the combined voting power of the Company’s then outstanding Voting Securities, unless
(i) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction
in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors or (ii) such
acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute a Change in Control under part (c) of
this definition;

 

(b)            Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose appointment or election
by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least a majority
of the directors then still in office who were directors on the date hereof or whose appointment, election or nomination for election
was previously so approved or recommended by the directors referred to in this clause (b) (collectively, the “Continuing
Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

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(c)            Corporate
Transactions. The effective date of a reorganization, merger or consolidation of the Company (in each case, a “Corporate
Transaction”), unless following such Corporate Transaction: (i) all or substantially all of the individuals and entities
who were the Beneficial Owners of Voting Securities of the Company immediately prior to such Corporate Transaction beneficially own, directly
or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the Company or other Person resulting
from such Corporate Transaction (including, without limitation, a corporation or other Person that as a result of such transaction owns
the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially
the same proportions as their ownership of Voting Securities immediately prior to such Corporate Transaction; (ii) no Person (excluding
any corporation resulting from such Corporate Transaction or the Permitted Holders) is the Beneficial Owner, directly or indirectly, of
50% or more of the combined voting power of the then outstanding Voting Securities of the Company or other Person resulting from such
Corporate Transaction, except to the extent that such ownership existed prior to such Corporate Transaction; and (iii) at least a
majority of the board of directors of the Company or other Person resulting from such Corporate Transaction were Continuing Directors
at the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or

 

(d)            Other
Events. The approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company or the consummation
of an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially
all of the Company’s assets, other than such sale or other disposition by the Company of all or substantially all of the Company’s
assets to a Person, at least 50% of the combined voting power of the Voting Securities of which are Beneficially Owned by (i) the
stockholders of the Company immediately prior to such sale or (ii) the Permitted Holders.

 

1.8.           “Company”
shall have the meaning set forth in the preamble and shall also include, in addition to the resulting corporation or other entity, any
constituent corporation (including, without limitation, any constituent of a constituent) absorbed in a consolidation or merger that,
if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents,
so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, manager, managing member, employee or agent of another corporation, partnership,
limited liability company, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions
of this Agreement with respect to the resulting or surviving corporation or other entity as Indemnitee would have with respect to such
constituent corporation if its separate existence had continued.

 

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1.9.           “Continuing
Directors” shall have the meaning set forth in Section 1.7(b).

 

1.10.         “Corporate
Status” shall describe the status as such of a person who is or was a director, officer, trustee, general partner, manager,
managing member, fiduciary, employee or agent of the Company or of any other Enterprise which such person is or was serving at the request
of the Company.

 

1.11.         “Corporate
Transaction” shall have the meaning set forth in Section 1.7(c).

 

1.12.         “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

1.13.         “DGCL”
shall have the meaning set forth in the recitals.

 

1.14.         “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

1.15.         “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including, without limitation, any constituent of a constituent)
absorbed in a consolidation or merger to which the Company (or any of its wholly owned Subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the
Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent.

 

1.16.         “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

1.17.         “Expenses”
shall include all reasonable and documented costs, expenses and fees, including, but not limited to, attorneys’ fees, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settling or negotiating
for the settlement of, responding to or objecting to a request to provide discovery in, or otherwise participating in, any Proceeding.
Expenses also shall include expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation,
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and any
federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this
Agreement. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments, fines or penalties
against Indemnitee.

 

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1.18.         “Indemnification
Arrangements” shall have the meaning set forth in Section 15.2.

 

1.19.         “Indemnitee”
shall have the meaning set forth in the preamble.

 

1.20.         “Indemnitee-Related
Entities” shall mean any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or
other enterprise (other than the Company, any other Enterprise controlled by the Company or the insurer under and pursuant to an insurance
policy of the Company or any such controlled Enterprise) from whom an Indemnitee may be entitled to indemnification or advancement of
expenses with respect to which, in whole or in part, the Company or any other Enterprise controlled by the Company may also have an indemnification
or advancement obligation.

 

1.21.         “Independent
Counsel” shall mean a law firm, or a person admitted to practice law in any state of the United States or the District of Columbia
who is a member of a law firm, that is of outstanding reputation, experienced in matters of corporation law and neither is as of the date
of selection of such firm, nor has been during the period of three years immediately preceding the date of selection of such firm, retained
to represent: (a) the Company or Indemnitee in any material matter (other than with respect to matters concerning Indemnitee under
this Agreement, or of other indemnitees under similar indemnification agreements); or (b) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include
any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the
reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses,
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. For purposes of this definition,
a “material matter” shall mean any matter for which billings exceeded or are expected to exceed $100,000.

 

1.22.         “Nominating
Member” shall have the meaning set forth in Section 15.8.

 

1.23.         “Permitted
Holder” shall mean GA AIV-1 B Interholdco (EW), L.P., General Atlantic Partners AIV (EW), L.P., GAPCO AIV Interholdco (EW),
L.P. and their respective Affiliates and Related Parties.

 

1.24.         “Person”
shall have the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act (as in effect on the date hereof); provided,
however, that the term “Person” shall exclude: (a) the Company; (b) any Subsidiaries of the Company; and
(c) any employee benefit plan of the Company or a Subsidiary of the Company or any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or of a Subsidiary of the Company or of a corporation or other entity owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

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1.25.         “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, including, without limitation, any and
all appeals, whether brought by or in the right of the Company or otherwise and whether of a civil (including, without limitation, intentional
or unintentional tort claims), criminal, administrative or investigative nature, whether formal or informal, in which Indemnitee was,
is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer or key employee
of the Company, by reason of any action taken by or omission by Indemnitee, or of any action or omission on Indemnitee’s part while
acting as a director or officer or key employee of the Company, or by reason of the fact that Indemnitee is or was serving at the request
of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise;
in each case whether or not acting or serving in such capacity at the time any liability or expense is incurred for which indemnification,
reimbursement or advancement of expenses can be provided under this Agreement or Section 145 of the DGCL; including any proceeding
pending on or before the date of this Agreement but excluding any proceeding initiated by Indemnitee to enforce Indemnitee’s rights
under this Agreement or Section 145 of the DGCL.

 

1.26.          “Related
Party” shall mean, with respect to any Person, (a) any controlling stockholder, controlling member, general partner, Subsidiary,
spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation, partnership
or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more Permitted Holders and/or such
other Persons referred to in the immediately preceding clause (a), or (c) any executor, administrator, trustee, manager, director
or other similar fiduciary of any Person referred to in the immediately preceding clause (b), acting solely in such capacity.

 

1.27.         “Section 409A”
shall have the meaning set forth in Section 17.2.

 

1.28.         “Subsidiary”
with respect to any Person, shall mean any corporation or other entity of which a majority of the voting power of the voting equity securities
or equity interest is owned, directly or indirectly, by that Person.

 

1.29.         “Voting
Securities” shall mean any securities of the Company (or a surviving entity as described in the definition of a “Change
in Control”) that vote generally in the election of directors (or similar body).

 

1.30.         References
to “fines” shall include any excise tax or penalty assessed on Indemnitee with respect to any employee benefit plan;
references to “other enterprise” shall include employee benefit plans; references to “serving at the request
of the Company” shall include, without limitation, any service as a director, officer, employee, agent or fiduciary of the Company
which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit
plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in
the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in
a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

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1.31.         The
phrase “to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law”
shall include, but not be limited to: (a) to the fullest extent authorized or permitted by the provision of the DGCL that authorizes
or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL
and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of
this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

ARTICLE 2

 

INDEMNITY IN THIRD-PARTY PROCEEDINGS

 

Subject to Article 8, the Company shall
indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 2 if Indemnitee is, was
or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor. Subject to Article 8, to the fullest extent not prohibited by
applicable law, Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties and, subject to Section 10.3,
amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that such conduct
was unlawful. No indemnification for Expenses shall be made under this Article 2 in respect of any claim, issue or matter
as to which Indemnitee shall have been finally adjudged (and not subject to further appeal) by a court of competent jurisdiction to be
liable to the Company, except to the extent that the Delaware Court or any court in which the Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and
reasonably entitled to indemnification.

 

ARTICLE 3

 

INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT
OF THE COMPANY

 

Subject to Article 8, the Company shall
indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article 3 if Indemnitee is, was
or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company
to procure a judgment in its favor. Subject to Article 8, to the fullest extent not prohibited by (and not merely to the extent
affirmatively permitted by) applicable law, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company. No indemnification for Expenses shall be made under this Article 3 in respect of any claim, issue or matter
as to which Indemnitee shall have been finally adjudged (and not subject to further appeal) by a court of competent jurisdiction to be
liable to the Company, except to the extent that the Delaware Court or any court in which the Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and
reasonably entitled to indemnification.

 

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ARTICLE 4

 

INDEMNIFICATION FOR EXPENSES OF A PARTY WHO
IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding any other provisions of this Agreement,
to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or
in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify, hold harmless and exonerate Indemnitee
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. For the avoidance
of doubt, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, then the Company shall indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each resolved claim, issue
or matter, whether or not Indemnitee was wholly or partly successful; provided that Indemnitee shall only be entitled to indemnification
for Expenses with respect to unsuccessful claims under this Article 4 to the extent Indemnitee acted in good faith and in
a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that such conduct was unlawful. For purposes of this Article 4 and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or by settlement, shall be
deemed to be a successful result as to such claim, issue or matter.

 

ARTICLE 5

 

INDEMNIFICATION FOR EXPENSES OF A WITNESS

 

Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is
not a party, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

ARTICLE 6

 

ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND
EXONERATION RIGHTS

 

In addition to and notwithstanding any limitations
in Articles 2, 3 or 4, but subject to Article 8, the Company shall indemnify, hold harmless and exonerate
Indemnitee to the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law if Indemnitee is, was
or is threatened to be made a party to or a participant in, any Proceeding (including a Proceeding by or in the right of the Company to
procure a judgment in its favor) against all Expenses, judgments, fines, penalties and, subject to Section 10.3, penalties
and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with the Proceeding. No indemnity shall be available under this Article 6 on account of Indemnitee’s
conduct that constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not
in good faith or that involves intentional misconduct or a knowing violation of the law.

 

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ARTICLE 7

 

CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

 

7.1.           To
the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law, if the indemnification rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying
Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute
to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

7.2.           The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

7.3.           The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable with Indemnitee subject to the other
terms and provisions of this Agreement.

 

ARTICLE 8

 

EXCLUSIONS

 

8.1.            Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity, contribution or advancement
of Expenses in connection with any claim made against Indemnitee:

 

(a)             except
as provided in Section 15.4, for which payment has actually been made to or on behalf of Indemnitee under any insurance policy
of the Company or its Subsidiaries or other indemnity provision of the Company or its Subsidiaries, except with respect to any excess
beyond any amounts that have actually been paid under any insurance policy, contract, agreement, other indemnity provision or otherwise
as of such date with respect to such claim; or

 

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(b)             for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Exchange Act (or any similar successor statute) or similar provisions of state statutory law
or common law; or

 

(c)             in
connection with any Proceeding (or any part of any Proceeding) initiated or brought voluntarily by Indemnitee, including, without limitation,
any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, managers, managing
members, employees or other indemnitees, other than a Proceeding initiated by Indemnitee to enforce its rights under this Agreement,
unless (i) the Board authorized the Proceeding (or any part of any Proceeding) or (ii) the Company provides the indemnification
payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law; or

 

(d)             for
the payment of amounts required to be reimbursed to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended,
or any similar successor statute; or

 

(e)             for
any payment to Indemnitee that is determined to be unlawful by a final judgment or other adjudication of a court or arbitration, arbitral
or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an
appeal must be filed has expired without such filing and under the procedures and subject to the presumptions of this Agreement; or

 

(f)              in
connection with any Proceeding initiated by Indemnitee to enforce its rights under this Agreement if a court or arbitration, arbitral
or administrative body of competent jurisdiction determines by final judicial decision that each of the material assertions made by Indemnitee
in such Proceeding was not made in good faith or was frivolous.

 

The exclusions in this Article 8
shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.

 

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ARTICLE 9

 

ADVANCES OF EXPENSES; SELECTION OF LAW FIRM

 

9.1.           Subject
to Article 8, the Company shall, unless prohibited by applicable law, advance the Expenses incurred by or on behalf of Indemnitee
in connection with any Proceeding within ten business days after the receipt by the Company of a statement or statements requesting such
advances, together with a reasonably detailed written explanation of the basis therefor and an itemization of legal fees and disbursements
in reasonable detail, from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and
interest free. Indemnitee shall qualify for advances, to the fullest extent permitted by this Agreement, solely upon the execution and
delivery to the Company of an undertaking providing that Indemnitee undertakes to repay the advance to the extent that it is ultimately
determined, by final judicial decision of a court or arbitration, arbitral or administrative body of competent jurisdiction from which
there is no further right to appeal, that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement
or pursuant to applicable law. This Section 9.1 shall not apply to any claim made by Indemnitee for which an indemnification
payment is excluded pursuant to Article 8.

 

9.2.            If
the Company shall be obligated under Section 9.1 hereof to pay the Expenses of any Proceeding against Indemnitee, then the
Company shall be entitled to assume the defense of such Proceeding upon the delivery to Indemnitee of written notice of its election
to do so. If the Company elects to assume the defense of such Proceeding, then unless the plaintiff or plaintiffs in such Proceeding
include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined voting power
of the Company’s then outstanding Voting Securities, the Company shall assume such defense using a single law firm (in addition
to local counsel) selected by the Company representing Indemnitee and other present and former directors or officers of the Company.
The retention of such law firm by the Company shall be subject to prior written approval by Indemnitee, which approval shall not be unreasonably
withheld, delayed or conditioned. If the Company elects to assume the defense of such Proceeding and the plaintiff or plaintiffs in such
Proceeding include one or more Persons holding, together with his, her or its Affiliates, in the aggregate, a majority of the combined
voting power of the Company’s then outstanding Voting Securities, then the Company shall assume such defense using a single law
firm (in addition to local counsel) selected by Indemnitee and any other present or former directors or officers of the Company who are
parties to such Proceeding. After (x) in the case of retention of any such law firm selected by the Company, delivery of the required
notice to Indemnitee, approval of such law firm by Indemnitee and the retention of such law firm by the Company, or (y) in the case
of retention of any such law firm selected by Indemnitee, the completion of such retention, the Company will not be liable to Indemnitee
under this Agreement for any Expenses of any other law firm incurred by Indemnitee after the date that such first law firm is retained
by the Company with respect to the same Proceeding; provided, that in the case of retention of any such law firm selected by the
Company (a) Indemnitee shall have the right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense;
and (b) if (i) the retention of a law firm by Indemnitee has been previously authorized by the Company in writing, (ii) Indemnitee
shall have reasonably concluded that (1) there may be a conflict of interest between either (x) the Company and Indemnitee
or (y) Indemnitee and another present or former director or officer of the Company also represented by such law firm in the conduct
of any such defense, or (2) there may be defenses available to Indemnitee that are incompatible or inconsistent with those available
to the Company or another present or former director represented by such law firm in the conduct of such defense, or (iii) the Company
shall not, in fact, have retained a law firm to prosecute the defense of such Proceeding within thirty days, then the reasonable Expenses
of a single law firm retained by Indemnitee shall be at the expense of the Company. Notwithstanding anything else to the contrary in
this Section 9.2, the Company will not be entitled without the written consent of the Indemnitee to assume the defense of
any Proceeding brought by or in the right of the Company.

 

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ARTICLE 10

 

PROCEDURE FOR NOTIFICATION; DEFENSE OF CLAIM;
SETTLEMENT

 

10.1.          Indemnitee
shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company notice in writing
promptly of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement; provided,
however, that a delay in giving such notice shall not deprive Indemnitee of any right to be indemnified under this Agreement unless,
and then only to the extent that, such delay is materially prejudicial to the defense of such claim. The omission or delay to notify
the Company will not relieve the Company from any liability for indemnification which it may have to Indemnitee otherwise than under
this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in
writing that Indemnitee has requested indemnification.

 

10.2.          The
Company will be entitled to participate in the Proceeding at its own expense.

 

10.3.          The
Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any claim effected
without the Company’s prior written consent, provided the Company has not breached its obligations hereunder. The Company shall
not settle any claim, including, without limitation, any claim in which it takes the position that Indemnitee is not entitled to indemnification
in connection with such settlement, nor shall the Company settle any claim which would impose any fine or obligation on Indemnitee or
attribute to Indemnitee any admission of liability, without Indemnitee’s prior written consent. Neither the Company nor Indemnitee
shall unreasonably withhold, delay or condition their consent to any proposed settlement.

 

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ARTICLE 11

 

PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

 

11.1.          Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 10.1, a determination, if required
by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (a) by a majority
of the Company’s stockholders, (b) if a Change in Control shall have occurred, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee; or (c) if a Change in Control shall not have occurred, (i) by
a majority vote of the Disinterested Directors (provided there is a minimum of three Disinterested Directors), even though less than
a quorum of the Board, (ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors
(provided there is a minimum of three Disinterested Directors), even though less than a quorum of the Board, or (iii) if there are
less than three Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to
the Board, a copy of which shall be delivered to Indemnitee, and, if it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten business days after such determination and any future amounts due to Indemnitee shall
be paid in accordance with this Agreement. Indemnitee shall cooperate with the Persons making such determination with respect to Indemnitee’s
entitlement to indemnification, including, without limitation, providing to such Persons upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination, provided, that nothing contained in this Agreement shall require Indemnitee to waive any privilege
Indemnitee may have. Any costs or Expenses (including, without limitation, reasonable and documented attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the Persons making such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee
harmless therefrom.

 

11.2.          If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11.1 hereof,
the Independent Counsel shall be selected as provided in this Section 11.2. If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee of
the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected
by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall
apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In
either event, Indemnitee or the Company, as the case may be, may, within thirty days after such written notice of selection shall
have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Article 1 of this Agreement, and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If
such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court or arbitration, arbitral or administrative body has determined that such objection is
without merit. If, within thirty days after submission by Indemnitee of a written request for indemnification pursuant to Section 10.1
hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may seek arbitration
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the arbitrator or by such other person as the arbitrator
shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 11.1 hereof. Such arbitration referred to in the previous sentence shall be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association, and Article 13 hereof shall apply
in respect of such arbitration and the Company and Indemnitee. Upon the due commencement of any arbitration pursuant to Section 13.1
of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
to the applicable standards of professional conduct then prevailing).

 

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ARTICLE 12

 

PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

 

12.1.          In
making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 10.1 of this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden
of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its Board, its Independent Counsel and
its stockholders) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification
or advancement of expenses is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Company (including by its Board, its Independent Counsel and its stockholders) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard
of conduct.

 

12.2.          If
the Person empowered or selected under Article 11 of this Agreement to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within sixty days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent
(a) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (b) a final judicial determination that any or
all such indemnification is expressly prohibited under applicable law; provided, however, that such sixty-day period may
be extended for a reasonable time, not to exceed an additional thirty days, if the Person making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating
thereto, provided further that, if final selection of Independent Counsel has not occurred within thirty days after receipt by the Company
of the request for indemnification, such sixty-day period may be after the final selection of Independent Counsel pursuant to Section 11.2.

 

12.3.          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval),
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith
and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to
any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

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12.4.          For
purposes of any determination of good faith pursuant to this Agreement, Indemnitee shall be deemed to have acted in good faith if,
among other things, Indemnitee’s action is based on the records or books of account of the Enterprise, including financial
statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or
on the advice of legal counsel for the Enterprise, its board of directors, any committee of the board of directors or any director, or
on information or records given or reports made to the Enterprise, its board of directors, any committee of the board of directors or
any director, by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise,
its board of directors, any committee of the board of directors or any director. The provisions of this Section 12.4 shall
not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the
applicable standard of conduct set forth in this Agreement. In any event, it shall be presumed that Indemnitee has at all times acted
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

12.5.          The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

12.6.          The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid
expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party
is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action,
claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful
on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence.

 

ARTICLE 13

 

REMEDIES OF INDEMNITEE

 

13.1.          In
the event that (a) a determination is made pursuant to Article 11 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (b) advancement of Expenses, to the fullest extent permitted by applicable law, is not
timely made pursuant to Article 9 of this Agreement, (c) no determination of entitlement to indemnification shall have
been made pursuant to Section 11.1 of this Agreement within thirty days after receipt by the Company of the request for indemnification
and of reasonable documentation and information which Indemnitee may be called upon to provide pursuant to Section 11.1,
(d) payment of indemnification is not made pursuant to Articles 4, 5, 6 or the last sentence of Section 11.1
of this Agreement within ten business days after receipt by the Company of a written request therefor, (e) a contribution payment
is not made in a timely manner pursuant to Article 7 of this Agreement, (f) payment of indemnification pursuant to Article 3
or 6 of this Agreement is not made within thirty days after a determination has been made that Indemnitee is entitled to indemnification
or (g) the Company or any representative thereof takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to
Indemnitee hereunder, Indemnitee may either (a) be entitled to an adjudication by a court of competent jurisdiction of Indemnitee’s
entitlement to such indemnification, contribution or advancement of Expenses or (b) seek an award in arbitration to be conducted
by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth
herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. The award rendered by such arbitration
will be final and binding upon the parties hereto, and final judgment on the arbitration award may be entered in any court of competent
jurisdiction.

 

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13.2.          In
the event that a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Article 13 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Article 13, Indemnitee shall be presumed to be
entitled to receive advances of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled
to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination
pursuant to Section 11.1 of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding
or arbitration pursuant to this Article 13, Indemnitee shall not be required to reimburse the Company for any advances
pursuant to Article 9 until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal shall have been exhausted or lapsed).

 

13.3.          If
a determination shall have been made pursuant to Section 11.1 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article 13,
absent (a) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification or (b) a prohibition of such indemnification
under applicable law.

 

13.4.          The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article 13
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

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13.5.          The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by
Indemnitee, shall (within ten business days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest
extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration
brought by Indemnitee (a) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification,
advancement or contribution agreement or provision of the Certificate of Incorporation, or the By-Laws now or hereafter in effect; or
(b) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the
outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement, contribution or insurance
recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

13.6.          Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, or is obliged
to indemnify, for the period commencing with the date on which Indemnitee requests indemnification, contribution, reimbursement or advancement
of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

ARTICLE 14

 

SECURITY

 

Notwithstanding anything herein to the contrary,
to the extent requested by Indemnitee and approved by the Board, the Company may, as permitted by applicable securities laws, at any
time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line
of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the
prior written consent of Indemnitee.

 

ARTICLE 15

 

NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE;
PRIMACY OF INDEMNIFICATION; SUBROGATION; NOMINATING MEMBER

 

15.1.          The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the Certificate of Incorporation, the By-Laws, any agreement, a vote of stockholders or a resolution
of directors, or otherwise. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification
or advancement of Expenses than would be afforded currently under the Certificate of Incorporation, the By-Laws or this Agreement, it
is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No
right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

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15.2.          The
DGCL and the Certificate of Incorporation permit the Company to purchase and maintain insurance or furnish similar protection or make
other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee
or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status as such, whether or
not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the
DGCL, as it may then be in effect. The purchase, establishment and maintenance of any such Indemnification Arrangement shall not in any
way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations
of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

15.3.          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such person serves
at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, trustee, partner, manager, managing member, fiduciary, employee
or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies and Indemnitee shall promptly cooperate
with any request by the Company or insurers in connection with such action.

 

15.4.          The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of Expenses and/or insurance provided
by the Indemnitee-Related Entities. The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations
to Indemnitee are primary and any obligation of the Indemnitee-Related Entities to advance Expenses or to provide indemnification for
the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount
of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid
in settlement to the extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable law and as required
by the terms of this Agreement and the Certificate of Incorporation or the By-Laws (or any other agreement between the Company and Indemnitee),
without regard to any rights Indemnitee may have against the Indemnitee-Related Entities and (iii) that it irrevocably waives, relinquishes
and releases the Indemnitee-Related Entities from any and all claims against the Indemnitee-Related Entities for contribution, subrogation
or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Indemnitee-Related
Entities on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall reduce
or otherwise alter the rights of Indemnitee or the obligations of the Company hereunder. Under no circumstance shall the Company be entitled
to any right of subrogation or contribution by the Indemnitee-Related Entities. In the event that any of the Indemnitee-Related Entities
shall make any advancement or payment on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification
from the Company, the Indemnitee-Related Entity making such payment 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 Indemnitee against the Company, and Indemnitee shall execute all papers
reasonably required and take all action reasonably necessary to secure such rights, including, without limitation, execution of such
documents as are necessary to enable the Indemnitee-Related Entities to bring suit to enforce such rights. The Company and Indemnitee
agree that the Indemnitee-Related Entities are express third party beneficiaries of the terms of this Section 15.4, entitled
to enforce this Section 15.4 as though each of the Indemnitee-Related Entities were a party to this Agreement.

 

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15.5.            Except
as provided in Section 15.4, in the event of any payment under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee (other than against the Indemnitee-Related Entities), who shall execute
all papers reasonably required and take all action reasonably necessary to secure such rights, including, without limitation, execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

15.6.            Except
as provided in Section 15.4, the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received
such payment under any insurance policy, contract, agreement or otherwise.

 

15.7.            Except
as provided in Section 15.4, the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is
or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of
any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification payments or advancement of Expenses
from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (a) Indemnitee shall have no obligation
to reduce, offset, allocate, pursue or apportion any indemnification advancement, contribution or insurance coverage among multiple parties
possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (b) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue
or has pursued any indemnification, advancement, contribution or insurance coverage rights against any person or entity other than the
Company.

 

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15.8.            If
(a) Indemnitee is or was affiliated with one or more investment partnerships that has invested in the Company (a “Nominating
Member”), (b) the Nominating Member is, or is threatened to be made, a party to or a participant in any Proceeding, and
(b) the Nominating Member’s involvement in the Proceeding results from any claim based on the Indemnitee’s service to
the Company as a director or other fiduciary of the Company, the Nominating Member will be entitled to indemnification hereunder for Expenses
to the same extent as Indemnitee and advancement of Expenses shall apply to any such indemnification of Nominating Member. The Company
and Indemnitee agree that each Nominating Member is an express third party beneficiary of the terms of this Section 15.8.

 

ARTICLE 16

 

ENFORCEMENT AND BINDING EFFECT

 

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

 

16.2.            This
Agreement shall be effective as of the date set forth on the first page and may apply to acts or omissions of Indemnitee which occurred
prior to such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the request of the
Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of another corporation, limited
liability company, partnership, joint venture, trust or other enterprise, at the time such act or omission occurred.

 

16.3.            The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without
any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee further agree
that Indemnitee shall be entitled to such specific performance and injunctive relief, including, without limitation, temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith.
The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court, and the Company
hereby waives any such requirement of such a bond or undertaking.

 

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ARTICLE 17

 

MISCELLANEOUS

 

17.1.            Successors
and Assigns. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee
and Indemnitee’s assigns, heirs, executors and administrators. The Company shall require and cause any successor (whether direct
or indirect successor by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession
had taken place. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee and the Nominating
Member indemnification rights to the fullest extent permitted by law.

 

17.2.            Section 409A.
It is intended that any indemnification payment or advancement of Expenses made hereunder shall be exempt from Section 409A of the
Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant to Treasury
Regulation Section 1.409A-1(b)(10). Notwithstanding the foregoing, if any indemnification payment or advancement of Expenses made
hereunder shall be determined to be “nonqualified deferred compensation” within the meaning of Section 409A, then (i) the
amount of the indemnification payment or advancement of Expenses during one taxable year shall not affect the amount of the indemnification
payments or advancement of Expenses during any other taxable year, (ii) the indemnification payments or advancement of Expenses must
be made on or before the last day of the Indemnitee’s taxable year following the year in which the expense was incurred and (iii) the
right to indemnification payments or advancement of Expenses hereunder is not subject to liquidation or exchange for another benefit.

 

17.3.            Severability.
In the event that any provision of this Agreement is determined by a court to require the Company to do or to fail to do an act which
is in violation of applicable law, such provision (including, without limitation, any provision within a single Article, Section, paragraph
or sentence) shall be limited or modified in its application to the minimum extent necessary to avoid a violation of law, and, as so limited
or modified, such provision and the balance of this Agreement shall be enforceable in accordance with their terms to the fullest extent
permitted by law.

 

17.4.            Entire
Agreement. Without limiting any of the rights of Indemnitee under the Certificate of Incorporation or By-Laws, this Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

17.5.            Modification,
Waiver and Termination. No supplement, modification, termination, cancellation or amendment of this Agreement shall be binding unless
executed in writing by each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

    21 

    

    

 

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

 

(i)            If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
in writing to the Company.

 

(ii)            If
to the Company, to:

 

European Wax Center, Inc. 

5830 Granite Parkway, 3rd
Floor 

Plano, TX 75024 

 Attention:   Gavin O’Connor, Chief Legal Officer

 

or to any other address as may have been furnished to Indemnitee in
writing by the Company.

 

17.7.            Applicable
Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. If, notwithstanding the foregoing sentence, a court of
competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification
by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest
extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.

 

17.8.            Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an
original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against
whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

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

 

17.10.          Representation
by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal counsel in connection with the
negotiation and execution of this Agreement. No provision of this Agreement shall be construed against or interpreted to the disadvantage
of any party by any court or arbitrator or any governmental authority by reason of such party having drafted or being deemed to have drafted
such provision.

 

17.11.          Period
of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company, the Indemnitee,
or Indemnitee’s spouse, heirs, executors or personal or legal representatives against the Company, Indemnitee, or Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause
of action, and any claim or cause of action of the Company, the Indemnitee, or Indemnitee’s spouse, heirs, executors or personal
or legal representatives, shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause
of action, such shorter period shall govern.

 

    22 

    

    

 

17.12.          Additional
Acts. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required,
the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement.

 

[Signature page follows]

 

    23 

    

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	EUROPEAN WAX CENTER, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	INDEMNITEE:
	 	 
	 	By:	 
	 	 	Name:
	 	 
	 	Address:

 

[Signature Page to Indemnification
Agreement]Exhibit 10.6

 

 

STOCKHOLDERS’ AGREEMENT

 

by and among

 

EUROPEAN WAX CENTER, INC.

 

AND

  

THE STOCKHOLDERS NAMED HEREIN

 

 

 

Dated as of [______]

 

 

 

 

     

     

    

 

	Table of Contents
	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	 	 
	Section 1.1	Certain Definitions	1
	Section 1.2	Interpretive Provisions	5
	 	 	 
	ARTICLE II CORPORATE GOVERNANCE	5
	 
	Section 2.1	The Board of Directors	5
	Section 2.2	Major Actions	8
	 	 	 
	ARTICLE III OTHER COVENANTS AND AGREEMENTS	10
	 
	Section 3.1	Indemnification Agreements	10
	Section 3.2	Company Charter; Company By-Laws; Corporate Opportunities	12
	Section 3.3	Conflicting Organizational Document Provisions	12
	Section 3.4	Information Rights	13
	Section 3.5	Confidentiality	13
	Section 3.6	Transfers	15
	 	 	 
	ARTICLE IV GENERAL	15
	 
	Section 4.1	Assignment	15
	Section 4.2	Termination	15
	Section 4.3	Severability	15
	Section 4.4	Entire Agreement; Amendment	15
	Section 4.5	Counterparts	16
	Section 4.6	Governing Law	16
	Section 4.7	Jurisdiction	16
	Section 4.8	Waiver of Jury Trial	16
	Section 4.9	Specific Enforcement	17
	Section 4.10	Notices	17
	Section 4.11	Binding Effect; Third Party Beneficiaries	18
	Section 4.12	Further Assurances	18
	Section 4.13	Table of Contents, Headings and Captions	18
	Section 4.14	No Recourse	18

 

     

     

    

 

Exhibits and Annexes

 

	Exhibit I 	–	Company Charter
	Exhibit II	–	Company By-Laws
	 	 
	Annex A	–	Form of Joinder Agreement
	Annex B	–	Form of Spousal Consent

 

     

     

    

 

STOCKHOLDERS’ AGREEMENT

 

This STOCKHOLDERS’ AGREEMENT (as amended, supplemented
or restated from time to time, this “Agreement”) is entered into as of [______], by and among European Wax Center,
Inc., a Delaware corporation (the “Company”), and the Persons designated as “Stockholders” on the signature
pages hereto (the “Stockholders”).

 

RECITALS

 

WHEREAS, pursuant to the terms of the Reorganization
Agreement (the “Reorganization Agreement”), dated as of the date hereof, by and among the Company, the Stockholders
and the other Persons party thereto, the parties hereto have agreed to enter into this Agreement.

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound, the parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1           
Certain Definitions. As used in this Agreement, the following definitions shall apply:

 

“Affiliate” means, with respect
to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person; provided
that no party shall be deemed to be an Affiliate of any other party or any of its Affiliates solely by virtue of such party’s ownership
of Company Securities. Notwithstanding the foregoing, no Stockholder shall be considered an Affiliate of any portfolio company in which
the direct or indirect equityholders of such Stockholder or any of their affiliated investment funds have made a debt or equity investment
(or vice versa).

 

“Affiliated Transferee”
means (i) in the case of any Person that is an individual, any transferee of Company Securities of such Person that is (a) a family
member of such Person, (b) a trust, family-partnership or estate-planning vehicle for the benefit of such Person and/or any of such
Person’s family members, (c) a charitable institution controlled by such Person and/or such Person’s family members, (d)
an individual mandated under a qualified domestic relations order, (e) a legal or personal representative of such Person and/or such
Person’s family member in the event of the death or disability thereof, or (f) otherwise an Affiliate of such Person or (ii)
in the case of any Person that is a corporation, partnership, limited liability company or other entity, any transferee of Company
Securities of such Person that is (w) a family member of the individual that controls a majority of the voting or economic interest
in such Person, (x) a trust, family-partnership or estate-planning vehicle for the benefit of such individual and/or any of its
family members, (y) otherwise an Affiliate of such Person or (z) in the case of a Stockholder, any investment fund managed,
sponsored, controlled or advised by, or managed accounts of, GA or any of its Affiliates.

 

     

     

    

 

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

 

“Amended and Restated EWC Ventures LLC Agreement”
means the Fifth Amended and Restated Limited Liability Company Agreement of EWC Ventures, dated as of the date hereof.

 

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

 

“Business Day” means a day, other
than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by applicable
law to close.

 

“Change of Control” means any
transaction or series of related transactions (whether by merger, consolidation, recapitalization, liquidation or sale or transfer of
equity securities or assets (including equity securities of Subsidiaries) or otherwise) as a result of which any Person or group, within
the meaning of Section 13(d)(3) of the Exchange Act (other than the Stockholders and their respective Affiliates, any group of which
the foregoing are members and any other members of such a group), obtains ownership, directly or indirectly, of (i) equity securities
of the Company that represent more than 50% of the total voting power of the outstanding capital stock of the Company or any applicable
successor entity or (ii) all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis.

 

“Class A Common Stock” means Class
A common stock, $0.00001 par value per share, of the Company.

 

“Class B Common Stock” means Class
B common stock, $0.00001 par value per share, of the Company.

 

“Common Unit” means a non-voting
common limited liability company interest in EWC Ventures.

 

“Company” has the meaning set
forth in the preamble.

 

“Company By-Laws” means the Amended
and Restated By-Laws of the Company, a copy of which is attached hereto as Exhibit II.

 

“Company Charter” means the Amended
and Restated Certificate of Incorporation of the Company, a copy of which is attached hereto as Exhibit I.

 

“Company Common Stock” means all
classes and series of common stock of the Company, including the Class A Common Stock and Class B Common Stock.

 

“Company Securities” means (i)
the Company Common Stock, (ii) securities then convertible into, or exercisable or exchangeable for, Company Common Stock (including
Common Units and shares of Class B Common Stock exchangeable pursuant to the Exchange Agreement) and (iii) all shares of Company Common
Stock directly or indirectly issued or issuable with respect to the securities referred to in clauses (i) or (ii) above by way of unit
or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation
or other reorganization.

 

“Confidential Information”
means any information related to the Company or its Subsidiaries that a Stockholder or its Stockholder Parties may acquire from or
on behalf of the Company, other than information that (i) is already available through publicly available sources of
information (other than as a result of an unauthorized disclosure by such Stockholder or its Stockholder Parties), (ii) was
available to a Stockholder or its Stockholder Parties on a non-confidential basis prior to its disclosure to such Stockholder or
Stockholder Party by the Company or (iii) becomes available to a Stockholder or a Stockholder Party on a non-confidential basis
from a third party; provided such third party is not known by such Stockholder or Stockholder Party, after reasonable
inquiry, to be bound by this Agreement or another confidentiality agreement or confidentiality obligation with the Company.

 

    2

     

    

 

“control” (including its correlative
meanings, “controlled by” and “under common control with”) means possession, directly or indirectly,
of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other
ownership interests, by contract or otherwise) of a Person.

 

“e-mail” has the meaning set forth
in Section 4.10.

 

“EWC Ventures” means EWC Ventures,
LLC, a Delaware limited liability company.

 

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

 

“Exchange Agreement” means the
Exchange Agreement, dated as of the date hereof, by and among the Company, EWC Ventures and the holders of Common Units and shares of
Class B Common Stock from time to time party thereto.

 

“family member” shall mean with
respect to any natural person, the spouse, parents, grandparents, lineal descendants, siblings of such person or such person's spouse,
and lineal descendants of siblings of such person or such person's spouse. Lineal descendants shall include adopted persons, but only
so long as they are adopted during minority.

 

“Fund Indemnitors” has the meaning
set forth in Section 3.1(b)(iii).

 

“GA” means General Atlantic LLC
and any successor thereto.

 

“GA Director” has the meaning
set forth in Section 2.1(a).

 

“Independent Director” means a
director of the Company that is independent for purposes of Nasdaq Equity Rule 5605(a)(2) or the governance requirements of any other
securities exchange upon which the Class A Common Stock is traded.

 

“IPO” means the initial public
offering of Company Common Stock.

 

“Losses” has the meaning set forth
in Section 3.1(b)(i).

 

    3

     

    

 

“Necessary Action” means,
with respect to a specified result, all actions necessary to cause such result, including (i) voting or providing a written
consent or proxy with respect to the Company Securities, whether at any annual or special meeting, by written consent or otherwise,
(ii) causing the adoption of stockholders’ resolutions and amendments to organizational documents of the Company, (iii)
causing members of the Board, to the extent such members were elected, nominated or designated by the Person obligated to undertake
the Necessary Action, to act (subject to any applicable fiduciary duties) in a certain manner or causing them to be removed in the
event they do not act in such a manner, (iv) executing agreements and instruments and (v) making, or causing to be made,
with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to
achieve such result.

 

“Person” means any individual,
firm, corporation, partnership, limited liability company, trust, estate, joint venture, governmental authority or other entity.

 

“Registration Rights Agreement”
means the Registration Rights Agreement by and among the Company and the stockholders party thereto, dated as of the date hereof.

 

“Reorganization Agreement” has
the meaning set forth in the recitals.

 

“Securities Act” means the Securities
Act of 1933.

 

“Stockholder Indemnitee” has the
meaning set forth in Section 3.1(b)(i).

 

“Stockholder Parties” has the
meaning set forth in Section 3.5(a).

 

“Stockholders” has the meaning
set forth in the preamble.

 

“Subsidiary” means, with respect
to any Person, any corporation, limited liability company, partnership, association or other business entity of which: (i) if a corporation,
a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, representatives or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership,
association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited
liability company, partnership, association or other business entity is at the time owned or controlled, directly or indirectly, by that
Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to
have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or
Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses
or shall be or control the managing member, managing director or other governing body or general partner of such limited liability company,
partnership, association or other business entity.

 

“transfer” means, any direct
or indirect sale, exchange, assignment, pledge, hypothecation, mortgage, gift or other transfer, disposition or encumbrance, in each
case, whether in its own right or by its representative, whether voluntary or involuntary or by operation of law, including by a
direct or indirect transfer of equity, ownership or economic interests, or options, warrants or other contractual rights to acquire
an equity, ownership or economic interest, in any Person.

 

    4

     

    

 

“Unaffiliated Director” has the
meaning set forth in Section 2.1(a).

 

Section 1.2           
Interpretive Provisions. The words “hereof”, “herein” and “hereunder” and words of like
import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions
herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to
Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall
be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or
 “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”,
whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any
statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder.
References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from
or through any date mean, unless otherwise specified, from and including or through and including, respectively. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the event of an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

ARTICLE II

CORPORATE GOVERNANCE

 

Section 2.1           
The Board of Directors.

 

(a)           Prior
to the IPO, the Company and the Stockholders shall take all Necessary Action to cause the Board to be comprised of six (6)
directors, who shall be divided into three (3) classes of directors in accordance with the terms of the Company Charter, and (i)
three (3) of whom shall be designated by the Stockholders (each, together with any replacement directors designated by the
Stockholders in accordance with Section 2.1(b) or (c), a “GA Director”) and (ii) three (3) of whom
shall be an Independent Director who meets the independence criteria set forth in Rule 10A-3 under the Exchange Act (each, an
 “Unaffiliated Director”). The foregoing directors shall be divided into such classes as follows:

 

(i)               the
initial class I directors shall be Alexa Bartlett and Shaw Joseph;

 

(ii)             the
initial class II directors shall be Laurie Ann Goldman and Dorvin D. Lively; and

 

(iii)           
the initial class III directors shall be David P. Berg and Andrew Crawford.

 

    5

     

    

 

The initial term of the class I directors shall expire immediately
following the Company’s 2022 annual meeting of stockholders at which directors are elected. The initial term of the class II directors
shall expire immediately following the Company’s 2023 annual meeting of stockholders at which directors are elected. The initial
term of the class III directors shall expire immediately following the Company’s 2024 annual meeting at which directors are elected.
For the avoidance of doubt, this Section 2.1(a) is applicable solely to the initial composition of the Board (except that (i) a
director shall remain a member of the class of directors to which he or she was assigned in accordance with this Section 2.1(a)
and (ii) the initial terms of each class of directors shall expire as set forth in this Section 2.1(a)). Following the IPO, upon the written request of the Stockholders, which request shall be made no later than the one-year anniversary of
the date of effectiveness of the Company’s registration statement with respect to the IPO, the Company and the Stockholders shall
take all Necessary Action to cause the Board to be comprised of seven (7) directors, (i) four (4) of whom shall be GA Directors and (ii)
three (3) of whom shall be Unaffiliated Directors.

 

(b)           For
so long as the Stockholders beneficially own in the aggregate a number of shares of Class A Common Stock representing at least the percentage
of shares of Class A Common Stock (determined on an “as-converted” basis taking into account any and all securities then
convertible into, or exercisable or exchangeable for, shares of Class A Common Stock (including Common Units and shares of Class B Common
Stock exchangeable pursuant to the Exchange Agreement)) issued and outstanding shown below, there shall be included in the slate of nominees recommended by the Board for election as directors at each applicable
annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by the Stockholders,
that, if elected, will result in the Stockholders having the number of directors serving on the Board that is shown below.

 

	Percent	 	Number of Directors
	50% or greater	 	4
	Less than 50% but greater than or equal to 30%	 	3
	Less than 30% but greater than or equal to 15%	 	2
	Less than 15% but greater than or equal to 10%	 	1

 

Upon any decrease in the number of directors that the Stockholders
are entitled to designate for election to the Board, the Stockholders shall take all Necessary Action to cause the appropriate number
of directors designated by the Stockholders to offer to tender resignation. If such resignation is then accepted by the Board, the Company
and the Stockholders shall cause the authorized size of the Board to be reduced accordingly unless a majority of the Board (including,
so long as the Stockholders are entitled to designate at least one director for election to the Board, at least one director designated
by the Stockholders) determine not to reduce the authorized size of the Board.

 

    6

     

    

 

(c)           Except as provided in Section 2.1(b), (i) the Stockholders shall have the exclusive right to remove its designees from
the Board, and the Company shall take all Necessary Action reasonably available within its power to cause the removal of any such director
at the request of the Stockholders and (ii) the Stockholders shall have the exclusive right to designate for election to the Board directors
to fill vacancies created by reason of the permanent disability, death, removal or resignation of its designees to the Board, and the
Company shall take all Necessary Action reasonably available within its power to cause any such vacancies to be filled by replacement
directors designated by the Stockholders as promptly as reasonably practicable; provided, that, for the avoidance of doubt and
notwithstanding anything to the contrary in this Section 2.1(c), the Stockholders shall not have the right to designate a replacement
director, and the Company and the Stockholders shall not be required to take any action to cause any vacancy to be filled by any such
designee, to the extent that election or appointment of such designee to the Board would result in a number of directors designated by
the Stockholders in excess of the number of directors that the Stockholders are then entitled to designate for membership on the Board
pursuant to Section 2.1(b).

 

(d)           The
Stockholders shall use commercially reasonable efforts to cause their designees to the Board at all times to comply with the Company’s
corporate policies, including its code of ethics, and the Stockholders shall promptly remove any of their designees to the Board who
fails to comply with such corporate policies (provided, that (i) the Company has provided such designees a written copy of such
corporate policies reasonably in advance of the date on which such designees are obligated to comply therewith, (ii) such corporate
policies apply to all members of the Board in an equal manner and do not apply differently or disproportionately to such designees as
compared to each other or other members of the Board, (iii) such corporate policies are enforced by the Company against all members of
the Board equally and to the same extent, (iv) such corporate policies do not conflict with or are otherwise inconsistent with any agreement
entered into by the Stockholders (x) with the Company, EWC Ventures or any of EWC Ventures’ Subsidiaries in connection with the
IPO, including this Agreement, or (y) with the underwriters to the IPO in connection with the IPO and (v) such corporate policies do
not otherwise create any liability or obligation of such designees that is not reasonable or customary for public companies whose boards
of directors include professionals from private equity firms or financial sponsors) after reasonable notice from the Company is provided
to the Stockholders, and their designees are given a reasonable opportunity to comply with such corporate policies.

 

(e)           Except as otherwise provided in this Section 2.1, all directors of the Company shall be nominated or elected by the Board
upon the recommendation of the nominating and corporate governance committee of the Board. Notwithstanding any other provision of this
Section 2.1, if necessary due to requirements under applicable federal or state securities laws or the rules of The Nasdaq Stock
Market (or any other securities exchange upon which the Class A Common Stock is traded), the Board shall be expanded to include additional
Independent Directors to comply with such laws or rules with such Independent Directors selected in accordance with the preceding sentence.

 

    7

     

    

 

(f)            Subject to applicable laws or the rules of The Nasdaq Stock Market (or any other securities exchange upon which the Class A Common
Stock is traded), the Stockholders shall have the right to have a representative appointed to serve on each committee of the Board for
so long as the Stockholders have the right to designate at least one (1) director for election to the Board.

 

(g)           The
Company shall reimburse each Director and Unaffiliated Director for all reasonable and documented out-of-pocket costs and expenses incurred
in connection with such director’s attendance or participation in the meetings of the Board or any committee of the Board, including
reasonable travel, lodging and meal expenses.

 

Section 2.2          Major Actions.

 

(a)           In addition to any voting requirements contained in the Company Charter or the Company By-Laws (or similar governing documents
of the Company or any of its Subsidiaries), the following actions shall not be taken by the Company or any of its Subsidiaries, directly
or indirectly (including by merger, consolidation, reorganization or similar event), including any proposal by the Board to put to the vote of the stockholders
of the Company with respect thereto, without the prior written consent of the Stockholders for so long as the Stockholders beneficially
own shares of Class A Common Stock (determined on an “as-converted” basis taking into account any and all securities then
convertible into, or exercisable or exchangeable for, shares of Class A Common Stock (including Common Units and shares of Class B Common
Stock exchangeable pursuant to the Exchange Agreement)) representing at least 25% of the Class A Common Stock (determined on an “as-converted”
basis taking into account any and all securities then convertible into, or exercisable or exchangeable for, shares of Class A Common Stock
(including Common Units and shares of Class B Common Stock exchangeable pursuant to the Exchange Agreement)) then outstanding:

 

(i)           any
transaction or series of related transactions involving, or entering into any agreement providing for, (a) the purchase, lease,
license, exchange or other acquisition by the Company or its Subsidiaries of any assets and/or equity securities for consideration
having a fair market value (as reasonably determined by the Board) in excess of $100 million and/or (b) the sale, lease, license,
exchange or other disposal by the Company or its Subsidiaries of any assets and/or equity securities having a fair market value or
for consideration having a fair market value (in each case as reasonably determined by the Board) in excess of $100 million; in each
case, other than transactions solely between or among the Company and one or more of its direct or indirect wholly-owned
Subsidiaries;

 

    8

     

    

 

(ii)           any entry into or effectuation of a Change
of Control;

 

(iii)           incurrence of (or extension or
modification of the material terms of) any indebtedness for borrowed money (including any refinancing of existing indebtedness),
assuming, guaranteeing, endorsing or otherwise as an accommodation becoming responsible for the obligations of any other Person
(other than the Company or any of its Subsidiaries), or the entry into (or extension or modification any of the material terms of)
any agreement under which the Company or any Subsidiary may incur indebtedness for borrowed money in the future, in each case,
resulting in an aggregate principal amount in excess of $150 million other than a drawdown of amounts committed (including under a
revolving facility) under a debt agreement that previously received the prior written consent of the Stockholders or that was
entered into on or prior to the date hereof;

 

 (iv)           appointment or removal of the Chief Executive Officer of the Company;

 

 (v)           any increase or decrease in the size of the Board;

 

(vi)           any initiation of a voluntary
liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding, recapitalization or reorganization involving the
Company or any Subsidiary of the Company;

 

(vii)         
any redemption, repurchase or other acquisition by the Company of its equity securities or any declaration thereof, other than
(i) the redemption, repurchase or other acquisition by the Company of any equity securities of any director, officer, independent contractor
or employee in connection with the termination of the employment or services of such director, officer, independent contractor or employee
as contemplated by the applicable equity compensation plan or award agreement with respect to such equity securities, or (ii) pursuant
to an offer made to all stockholders of the Company pro rata with respect to such equity securities (regardless of whether any
or all of such stockholders elect to participate in such redemption, repurchase or other acquisition);

 

(viii)       
any payment or declaration of any dividend or distribution on any equity securities of the Company or entering into a recapitalization
transaction the primary purpose of which is to pay a dividend or distribution, other than dividends or distributions required to be made
pursuant to the terms of any outstanding preferred stock of the Company;

 

    9

     

    

 

(ix)            
 any entry, directly or indirectly, into a joint venture or similar business alliance involving, or entering into any agreement
providing for, the investment, contribution or disposition by the Company or its Subsidiaries of assets (including stock of Subsidiaries)
having a fair market value (as reasonably determined by the Board) in excess of $100 million, other than transactions solely between or
among the Company and one or more of its direct or indirect wholly-owned Subsidiaries; or

 

(x)              
any adoption, approval or issuance of any “poison pill,” stockholder or similar rights plan by the Company or its Subsidiaries
or any amendment, restatement, modification or waiver of such plan after the adoption thereof has been approved by the Stockholders in
accordance with this Section 2.2.

 

(b)           For so long as the Stockholders beneficially own any shares of Class A Common Stock (taking into account any and all securities
then convertible into, or exercisable or exchangeable for, shares of Class A Common Stock (including Common Units and shares of Class
B Common Stock exchangeable pursuant to the Exchange Agreement)) issued and outstanding, the Company shall not, and shall cause its Subsidiaries
not to, amend (including by merger, consolidation, reorganization or similar event) the Company Charter, Company By-Laws or similar governing
documents of the Company or any of its Subsidiaries if such change is adverse to the rights of the Stockholders (including, for the avoidance
of doubt, the advance waiver of corporate opportunities) or agree to, enter into or adopt any plan with respect thereto without the prior
approval (which approval may be in the form of an action by written consent or any other written instrument or writing) of the Stockholders.

 

ARTICLE III

OTHER COVENANTS AND AGREEMENTS

 

Section 3.1           
Indemnification Agreements.

 

(a)           Director
Indemnification. The Company has entered into and shall at all times maintain in effect an indemnification agreement with each Director,
in such form as has been previously agreed to by each of the Company and such director.

 

    10

     

    

 

(b)           Stockholder
Indemnification.

 

(i)                 The
Company agrees to indemnify and hold harmless each Stockholder, its respective directors, officers, partners, members, managers,
Affiliates and controlling persons (each, an “Stockholder Indemnitee”) from and against any and all liability,
including, without limitation, all obligations, costs, fines, claims, actions, injuries, demands, suits, judgments, proceedings,
investigations, arbitrations (including stockholder claims, actions, injuries, demands, suits, judgments, proceedings,
investigations or arbitrations) and reasonable expenses, including reasonable accountant’s and reasonable attorney’s
fees and expenses (together the “Losses”), incurred by such Stockholder Indemnitee before or after the date of
this Agreement to the extent arising out of, resulting from, or relating to (i) such Stockholder Indemnitee’s purchase and/or
ownership of any Company Common Stock or Common Unit or (ii) any litigation to which any Stockholder Indemnitee is made a party in
its capacity as a stockholder or owner of securities (or as a director, officer, partner, member, manager, Affiliate or controlling
person of any Stockholder) of the Company; provided, that the foregoing indemnification rights in this Section
3.1(b)(i) shall not be available to the extent that (a) any such Losses are incurred as a result of such Stockholder
Indemnitee’s willful misconduct or gross negligence; (b) any such Losses are incurred as a result of non-compliance by such
Stockholder Indemnitee with any laws or regulations applicable to it; or (c) subject to the rights of contribution provided for
below, to the extent indemnification for any Losses would violate any applicable law or public policy. For purposes of this Section
3.1(b)(i), none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence
shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case
to the extent any such limitation is so determined to apply to any Stockholder Indemnitee as to any previously advanced indemnity
payments made by the Company under this Section 3.1(b)(i), then such payments shall be promptly repaid by such Stockholder
Indemnitee to the Company. The rights of any Stockholder Indemnitee to indemnification hereunder will be in addition to any other
rights any such party may have under any other agreement or instrument to which such Stockholder Indemnitee is or becomes a party or
is or otherwise becomes a beneficiary or under law or regulation. In the event of any payment of indemnification pursuant to this Section
3.1(b)(i), to the extent that any Stockholder Indemnitee is indemnified for Losses, except as set forth in Section
3.1(b)(iii), the Company will be subrogated to the extent of such payment to all of the related rights of recovery of the
Stockholder Indemnitee to which such payment is made against all other Persons. Such Stockholder Indemnitee shall execute all papers
reasonably required to evidence such rights. The Company will be entitled at its election to participate in the defense of any third
party claim upon which indemnification is due pursuant to this Section 3.1(b)(i) or to assume the defense thereof, with
counsel reasonably satisfactory to such Stockholder Indemnitee unless, in the reasonable judgment of the Stockholder Indemnitee, a
conflict of interest between the Company and such Stockholder Indemnitee may exist, in which case such Stockholder Indemnitee shall
have the right to assume its own defense and the Company shall be liable for all reasonable expenses therefor. Except as set forth
above, should the Company assume such defense all further defense costs of the Stockholder Indemnitee in respect of such third party
claim shall be for the sole account of such party and not subject to indemnification hereunder. The Company will not without the
prior written consent of the Stockholder Indemnitee (which consent shall not be unreasonably withheld) effect any settlement of any
threatened or pending third party claim in which such Stockholder Indemnitee is or could have been a party and be entitled to
indemnification hereunder unless such settlement solely involves the payment of money by the Company and includes an unconditional
release of such Stockholder Indemnitee from all liability and claims that are the subject matter of such claim. If the
indemnification provided for above is unavailable in respect of any Losses, then the Company, in lieu of indemnifying an Stockholder
Indemnitee, shall, if and to the extent permitted by law, contribute to the amount paid or payable by such Stockholder Indemnitee in
such proportion as is appropriate to reflect the relative fault of the Company and such Stockholder Indemnitee in connection with
the actions which resulted in such Losses, as well as any other equitable considerations.

 

(ii)             
The Company agrees to pay or reimburse the Stockholders (i) for all reasonable costs and expenses (including reasonable attorneys’
fees, charges, disbursement and expenses) incurred in connection with any amendment, supplement, modification or waiver of or to any of
the terms or provisions of this Agreement or any related agreements and (ii) for all costs and expenses of the Stockholders (including
reasonable attorneys’ fees, charges, disbursement and expenses) incurred in connection with (1) the consent to any departure by
the Company or any of its Subsidiaries from the terms of any provision of this Agreement or any related agreements and (2) the enforcement
or exercise by the Stockholders of any right granted to it or provided for hereunder.

 

    11

     

    

 

(iii)           
 The Company hereby acknowledges that the Stockholder Indemnitee may have certain rights to advancement and/or indemnification
by certain Affiliates of the Stockholder (collectively, the “Fund Indemnitors”). In all events, (i) the Company hereby
agrees that it is the indemnitor of first resort (i.e., its obligation to a Stockholder Indemnitee to provide advancement and/or indemnification to
such Stockholder Indemnitee are primary and any obligation of the Fund Indemnitors (including any Affiliate thereof
other than the Company) to provide advancement or indemnification hereunder or under any other indemnification agreement (whether
pursuant to contract, by-laws or charter), or any obligation of any insurer of the Fund Indemnitors to provide insurance coverage, for
the same expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such expenses, liabilities, judgments, penalties, fines and amounts paid in
settlement) incurred by such Stockholder Indemnitee are secondary and it irrevocably waives any claims against the Fund Indemnitors for
contribution, subrogation, reimbursement or any other recovery of any kind for which the Company is liable pursuant to this Agreement
and the Company’s by-laws or charter and (ii) if any Fund Indemnitor (or any Affiliate thereof, other than the Company)
pays or causes to be paid, for any reason, any amounts otherwise indemnifiable hereunder or under any other indemnification agreement
(whether pursuant to contract, by-laws or charter) with such Stockholder Indemnitee, then (x) such Fund Indemnitor (or such Affiliate,
as the case may be) shall be fully subrogated to all rights of such Stockholder Indemnitee with respect to such payment and (y) the
Company shall fully indemnify, reimburse and hold harmless such Fund Indemnitor (or such other Affiliate, as the case may be) for
all such payments actually made by such Fund Indemnitor (or such other Affiliate, as the case may be).

 

Section 3.2           
Company Charter; Company By-Laws; Corporate Opportunities. The Company Charter, as may be
amended, supplemented and/or restated from time to time, shall provide for a renunciation of corporate opportunities presented to the
Stockholders (and their respective Affiliates and director nominees) to the maximum extent permitted by Section 122(17) of the Delaware
General Corporations Law and substantially on the terms and conditions set forth in Article 10 of the Company Charter as in effect on
the date hereof. 

 

Section 3.3            Conflicting
Organizational Document Provisions. Each Stockholder shall vote all of its Company Securities
and execute proxies or written consents, as the case may be, and shall take all Necessary Action reasonably available within their
power, to ensure that the Company Charter and Company By-Laws both (i) facilitate, and do not at any time conflict with, any
provision of this Agreement and (ii) permit the parties hereof to receive the benefits to which they are entitled under this
Agreement. In the event of any ambiguity or conflict arising between the terms of this Agreement and those of the Company Charter
and/or Company By-Laws, the Company and the Stockholders shall take all Necessary Action reasonably available within their power to
amend the Company Charter and/or Company By-laws, as the case may be, to eliminate such ambiguity or conflict such that the terms of
this Agreement shall prevail. The parties hereto acknowledge and agree that the Company Charter, in the form attached hereto
as Exhibit I, and Company By-Laws, in the form attached hereto as Exhibit II, (x) do not conflict with any provision of this
Agreement and (y) permit the parties hereof to receive the benefits to which they are entitled under this Agreement.

 

    12

     

    

 

Section 3.4           
Information Rights. So long as the Stockholders beneficially own, in the aggregate, at least five percent (5%) of the outstanding
shares of Class A Common Stock (determined on an “as-converted” basis taking into account any and all securities then convertible
into, or exercisable or exchangeable for, shares of Class A Common Stock (including Common Units and shares of Class B Common Stock exchangeable
pursuant to the Exchange Agreement)), the Company shall provide the Stockholders or its authorized representatives with (i) reasonable
access to visit and inspect any of the properties of the Company or any of its Subsidiaries, including its and their books of account,
monthly management reports, operating and capital expenditure budgets, periodic information packages relating to the operations and cash
flows of the Company and other records, and to discuss the Company’s or its subsidiaries’ affairs, finances and accounts with
its and their officers, during normal business hours following reasonable notice and (ii) for so long as the Company is not a public reporting
company, (x) an unaudited consolidated balance sheet of the Company as of the end of each completed fiscal quarter in each year following
the date hereof and (y) an audited annual consolidated balance sheet of the Company as of the end of the fiscal year in each year following
the date hereof and the related audited consolidated statements of income, changes in stockholders’ equity and cash flow for the
fiscal years then ended, including the notes thereto.

 

Section 3.5           
Confidentiality.

 

(a)           Except
to the extent permitted by Section 3.5(c), each of the Stockholders shall, and shall direct those of its directors, officers,
members, stockholders, partners, employees, attorneys, accountants, consultants, trustees, Affiliates (excluding, for the avoidance of
doubt, the Company and its Subsidiaries) and other representatives (the “Stockholder Parties”) who have access to
Confidential Information to (x) keep confidential and not disclose any Confidential Information and (y) use any Confidential Information
solely in connection with Company matters and in connection with the maintenance of its Company Securities, in each case of clauses (x)
and (y), unless:

 

(i)               such
disclosure shall be (A) required by applicable law, governmental rule or regulation, court order, administrative or arbitral proceeding
or (B) requested in the course of routine supervisory examinations or regulatory oversight by regulatory authorities not targeting
the Company or the Confidential Information;

 

(ii)             
such disclosure is reasonably required in connection with any tax audit involving the Company or any Stockholder;

 

(iii)           
such disclosure is reasonably required in connection with any litigation against or involving the Company or any Stockholder;

 

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(iv)            
 such disclosure is reasonably required in connection with any proposed transfer of all or any part of such Stockholder’s
Company Securities; provided, that with respect to any such use of any Confidential Information referred to in this clause (iv),
advance notice must be given to the Board so that it may require any proposed transferee that is not a Stockholder to enter into a confidentiality
agreement with terms substantially similar to the terms of this Section 3.5 (excluding this clause (iv)) prior to the disclosure
of such Confidential Information;

 

(v)              
in the case of the Stockholders, such disclosure is customary disclosure by the Stockholders and their Affiliates that are private
equity or other investment funds provided to current and potential investors who are subject to customary confidentiality restrictions;
or

 

(vi)            
the Board provides its prior written consent.

 

(b)           In
the event that any Stockholder or any Stockholder Party of such Stockholder is required to disclose any of the Confidential Information
by judicial or administrative process or by other requirement of law or the applicable requirements of any regulatory agency or relevant
stock exchange, such Stockholder shall use commercially reasonable efforts to provide the Company with prompt written notice (provided
that no such notice shall be required in respect of disclosures requested or required in the course of routine supervisory examinations
or regulatory oversight by regulatory authorities not targeting the Company or the Confidential Information) so that the Company may
seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement, and such Stockholder
shall use commercially reasonable efforts to cooperate with the Company in any effort any such Person undertakes to obtain a protective
order or other remedy. In the event that such protective order or other remedy is not obtained, or that the Company waives compliance
with the provisions of this Section 3.5, such Stockholder and its Stockholder Parties shall furnish only that portion of the Confidential
Information that its or their counsel advises is legally required and shall exercise all reasonable efforts at the Company’s expense
to obtain reasonably reliable assurance that the Confidential Information shall be accorded confidential treatment. Each Stockholder
shall be liable for breach of this Section 3.5 by any of its Stockholder Parties, except for Stockholder Parties that are not
directors, officers or employees of such Stockholder or its Affiliates and who have agreed in writing to be directly liable to the Company
for any such breach.

 

(c)           The
Company recognizes that the GA Directors will from time to time receive Confidential Information and may share such Confidential Information
with other Persons associated with the Stockholders (other than portfolio companies of Affiliates of the Stockholders). Notwithstanding
anything in this Agreement to the contrary, the Company hereby irrevocably consents to such sharing. For the avoidance of doubt, each
Stockholder agrees that it shall be comply with, and shall use reasonable best efforts to cause the other individuals who receive Confidential
Information pursuant to this Section 3.5(c) to comply with, the provisions of Section 3.5(a) and Section 3.5(b)
with respect to the Confidential Information receives pursuant to this Section 3.5(c).

 

    14

     

    

 

 

Section 3.6           
Transfers. If any Stockholder transfers, directly or indirectly, any Company Securities to any Affiliated Transferee of
such Stockholder, such Stockholder shall, as a condition to any such transfer, require such transferee (to the extent not already a party
thereto) to enter into a Joinder Agreement in the form attached hereto as Annex A to become a party to this Agreement and be deemed
a “Stockholder” for all purposes herein. If any such transferee is an individual and married, such Stockholder shall, as
a condition to such transfer, cause such transferee to deliver to the Company and the other Stockholders a copy of a Spousal Consent
in the form attached hereto as Annex B duly executed by the spouse of such transferee.

 

ARTICLE IV

GENERAL

 

Section 4.1           
Assignment. The rights and obligations hereunder shall not be assignable without the prior written consent of the Stockholders
and the Company. Any attempted assignment of rights or obligations in violation of this Section 4.1 shall be null and void.

 

Section 4.2           
Termination. If not otherwise stipulated, this Agreement shall terminate automatically (without any action by any party
hereto) on the date as of when the Stockholders no longer have the right to nominate any GA Directors to the Board pursuant to Article
II hereof; provided, that (i) no such termination shall relieve any party for any breach of this Agreement prior to its termination
and (ii) the provisions of Section 3.5 and this Article 4 shall survive any such termination.

 

Section 4.3           
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other governmental authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a
determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the fullest extent possible.

 

Section 4.4           
Entire Agreement; Amendment; Waiver.

 

(a)              
This Agreement sets forth the entire understanding and agreement between the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter
of this Agreement. This Agreement or any provision hereof may only be amended or modified, in whole or in part, at any time by an instrument
in writing signed by the Company and the holders of a majority in interest of the voting power of the Company Securities held by all Stockholders.

 

    15

     

    

 

(b)              
 No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing
and executed and delivered to the Company and the other Stockholders by the party against whom such waiver is claimed. The waiver by any
party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such
breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any
party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or
in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude
any other or further exercise thereof or the exercise of any other right, power or remedy.

 

Section 4.5           
Counterparts. This Agreement may be signed in any number of counterparts (including via facsimile or e-mail in.pdf format),
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until
and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party
shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 4.6           
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

 

Section 4.7           
Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based
on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party
or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court
shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties
hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action
or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying
of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in
the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service
of process on such party as provided in Section 4.10 shall be deemed effective service of process on such party.

 

Section 4.8           
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

    16

     

    

 

Section 4.9           
Specific Enforcement. The parties hereto acknowledge that the remedies at law of the other parties for a breach or threatened
breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond,
and in addition to all other remedies that may be available, shall be entitled to equitable relief in the form of specific performance,
a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available.

 

Section 4.10       
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile
transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received
by non-automated response). All such notices, requests and other communications shall be delivered in person or sent by facsimile, e-mail
or nationally recognized overnight courier and shall be deemed received on the date of receipt by the recipient thereof if received prior
to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been
received on the next succeeding Business Day in the place of receipt. All such notices, requests and other communications to any party
hereunder shall be given to such party as follows:

 

If to any of the Stockholders, addressed to it at:

 

General Atlantic LLC

55 East 52nd Street, 33rd Floor

New York, NY 10055

Attention: Christopher Lanning, Managing
Director, Chief Legal Officer and General Counsel

Facsimile: (212) 759-5708

 

With copies (which shall not constitute actual or constructive
notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Matthew W. Abbott

                 John C. Kennedy

                Monica K. Thurmond

Facsimile: (212) 757-3990

E-mail: mabbott@paulweiss.com

             jkennedy@paulweiss.com

             mthurmond@paulweiss.com

 

If to the Company, addressed to it at:

 

European Wax Center, Inc.

5830 Granite Parkway, 3rd Floor

Plano, TX 75024

Attention:    Gavin O’Connor, Chief Legal Officer

 

    17

     

    

 

With copies (which shall not constitute actual or constructive
notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention: Matthew W. Abbott

                 John C. Kennedy

                 Monica K. Thurmond

Facsimile: (212) 757-3990

E-mail: mabbott@paulweiss.com

             jkennedy@paulweiss.com

             mthurmond@paulweiss.com

 

or to such other address or to such other Person as either party shall
have last designated by such notice to the other party.

 

Section 4.11       
Binding Effect; Third Party Beneficiaries. The provisions of this Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns. Except as provided in Section 4.14, no provision
of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than
the parties hereto and their respective successors and assigns. Notwithstanding the foregoing, each GA Director and Unaffiliated Director
shall be a third party beneficiary of the provisions of Section 2.1(h) and shall be entitled to enforce such provisions directly.

 

Section 4.12       
Further Assurances. The parties hereto will sign such further documents, cause such meetings
to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper
or advisable in order to give full effect to this Agreement and every provision hereof. 

 

Section 4.13       
Table of Contents, Headings and Captions. The table of contents, headings, subheadings and
captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope
of this Agreement or the intent of any provision hereof. 

 

Section 4.14        No
Recourse. This Agreement may only be enforced against, and any claims or cause of action that
may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only
be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director,
officer, employee, incorporator, member, manager, partner, stockholder, controlling person, fiduciary, agent, attorney or
representative of any party hereto, or any past, present or future Affiliate, director, officer, employee, incorporator, member,
manager, partner, stockholder, controlling person, fiduciary, agent, attorney or representative of any of the foregoing shall
have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or
by reason of, the transactions contemplated hereby.

 

[Signatures on Next Page]

 

    18

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has caused this Stockholders’ Agreement to be executed by its duly authorized officers as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	EUROPEAN WAX CENTER, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Stockholders’ Agreement]

 

     

     

    

 

	 	STOCKHOLDERS:
	 	 
	 	GAPCO AIV INTERHOLDCO (EW), L.P.
	 	 
	 	By:	General Atlantic (SPV) GP, LLC,
	 	 	its general partner
	 	 
	 	By:	General Atlantic LLC,
	 	 	its sole member
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

  

	 	GA AIV-1 B INTERHOLDCO (EW), L.P.
	 	 
	 	By:	General Atlantic (SPV) GP, LLC,
	 	 	its general partner
	 	 
	 	By:	General Atlantic LLC,
	 	 	its sole member
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	GENERAL ATLANTIC PARTNERS AIV (EW), L.P.
	 	 
	 	By:	General Atlantic GenPar (EW), L.P.,
	 	 	its general partner
	 	 
	 	By:	General Atlantic (SPV) GP, LLC,
	 	 	its general partner
	 	 
	 	By:	General Atlantic LLC,
	 	 	its sole member
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Stockholders’ Agreement]

 

     

     

    

 

Exhibit I

 

Company Charter

 

[See attached.]

 

     

     

    

 

Exhibit
II

 

Company By-Laws

 

[See attached.]

 

     

     

    

 

Annex A

 

FORM OF

JOINDER AGREEMENT

 

The undersigned is executing and delivering this
Joinder Agreement pursuant to that certain Stockholders’ Agreement, dated as of [______], 2021 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereof, the “Stockholders’ Agreement”) by and among European
Wax Center, Inc., a Delaware corporation, the Persons designated as “Stockholders” on the signature pages thereto and any
other Persons thereto or who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this
Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders’ Agreement.

 

By executing and delivering this Joinder Agreement
to the Stockholders’ Agreement, the undersigned hereby adopts and approves the Stockholders’ Agreement and agrees, effective
commencing on the date hereof and as a condition to the undersigned’s becoming the beneficial owner and/or transferee of Company
Securities, to become a party as a Stockholder to, and to be bound by and comply with the provisions of, the Stockholders’ Agreement
applicable to a Stockholder in the same manner as if the undersigned were an original signatory to the Stockholders’ Agreement.

 

The undersigned acknowledges and agrees that Article
IV of the Stockholders’ Agreement is incorporated herein by reference, mutatis mutandis.

 

Accordingly, the undersigned has executed and delivered
this Joinder Agreement as of the __ day of ____________, _____.

 

	 	
	 	(Signature of Stockholder
    Affiliated Transferee)
	 
		
	 	(Print Name of Stockholder
    Affiliated Transferee)
	 	 
	 	 
	 	Address:	 
	 	 
	 	 

 

 

	 	Telephone:	

 

	 	Facsimile:	 

 

	 	Email:	 

 

     

     

    

 

AGREED AND ACCEPTED

as of the ____ day of ____________,
_____.

 

	 	 
	EUROPEAN WAX CENTER, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Annex B 

 

FORM OF

SPOUSAL CONSENT

 

 

In consideration of the execution of that
certain Stockholders’ Agreement, dated as of [______], 2021, (as amended, restated, supplemented or otherwise
modified in accordance with the terms thereof, the “Stockholders’ Agreement”) by and among European Wax Center, Inc., a Delaware corporation, the Persons designated as “Stockholders” on the signature pages
thereto and any other Persons thereto or who become a party thereto in accordance with the terms thereof, I, ____________________,
the spouse of _____________, who is a party to the Stockholders’ Agreement, do hereby join with my spouse in
executing the foregoing Stockholders’ Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in
consideration of the issuance, acquisition or receipt of Company Securities and all other interests I may have in the shares and
securities subject thereto, whether the interest may be pursuant to community property laws or similar laws relating to marital
property in effect in the state or province of my or our residence as of the date of signing this consent. Capitalized terms used
but not defined herein shall have the meaning ascribed to such terms in the Stockholders’ Agreement.

 

	 	
	 Dated as of _______ __, ____	(Signature of Spouse)
	 	
	 	 (Print Name of Spouse)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]