Document:

Document

Exhibit 10.8
Pursuant to 17 CFR 229.601, certain identified information marked “[***]” has been
excluded from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT
THIS AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT (this “Agreement”) is made as of the 21st day of October 2020 by and among SimilarWeb Ltd., an Israeli company (the “Company”), Mr. Or Offer and Mr. Nir Cohen (the “Founders”) and the persons and entities identified in Schedule 1 attached hereto (the “Preferred Holders” and, together with the Founder, severally a “Holder” and collectively the “Holders”).
WITNESSETH
WHEREAS, the Preferred Holders are, collectively, the holders of all of the Company’s issued and outstanding Series A-1 Preferred Shares, Series A-2 Preferred Shares, Series A-3 Preferred Shares, Series A-4 Preferred Shares, Series A-5 Preferred Shares, Series A-6 Preferred Shares, Series A-7 Preferred Shares, Series A-8 Preferred Shares, Series A-9 Preferred Shares, Series A-10 Preferred Shares, Series A-11 Preferred Shares par value NIS 0.01 each (the “Junior Preferred Shares”), Series B Preferred Shares par value NIS 0.01 each (the “Preferred B Shares”) and Series C Preferred Shares par value NIS 0.01 each (the “Preferred C Shares” and collectively with the Preferred B Shares and the Junior Preferred Shares, the “Preferred Shares”), and the Founder is the holder of certain of the Company’s issued and outstanding Ordinary Shares, par value NIS 0.01 each (the “Ordinary Shares”);
WHEREAS, the Company and certain shareholders of the Company are parties to that certain Amended and Restated Investors’ Rights Agreement dated March 13, 2017, as amended as of May 3, 2017 and July 29, 2020 (the “Prior Investors’ Rights Agreement”); and
WHEREAS, the requisite parties to the Prior Investors’ Rights Agreement wish to amend and restate in its entirety the Prior Investors’ Rights Agreement by entering into this Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.    Affirmative Covenants.
1.1.    Delivery of Financial Statements. The Company shall deliver the information set forth in Sections 1.1.1 through 1.1.4 to each Holder (except any Holder (other than a Holder party to this Agreement as of its execution) that shall have acquired its Company securities other than directly from the Company) as long as such Holder holds at least 3% of the issued and outstanding share capital of the Company, calculated on an as converted basis (or, solely in respect of ION (as defined in the Company's Articles of Association), at least 2% of the issued and outstanding share capital of the Company, calculated on an as converted basis), and provided that the Board of Directors of the Company has not reasonably determined that such Holder is a competitor of the Company (hereinafter, a “Major Shareholder”), provided, that if such Major Shareholder was employed or engaged by the Company as an employee, consultant or advisor, such Major Shareholder was not terminated by the Company for Cause (as defined in the relevant Major Shareholder's employment or consulting agreement with the Company):
1.1.1.    As soon as practicable, but in any event within one hundred and twenty (120) days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company as of the end of such year, and statements of income, statement of shareholder’s equity, and statements of cash flow of the Company for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, in U.S. dollar-denominated amounts, prepared in accordance with Generally Accepted Accounting Principles in the United States (“US GAAP”), audited by a firm of Independent Certified Public Accountants who are members of or affiliated with one of the “Big 4” 
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international accounting firms, and accompanied by an opinion of such firm, in customary form which opinion shall state, among other things, that such balance sheet and statements of income and cash flow have been prepared in accordance with US GAAP and present fairly in all material respects the financial position of the Company as of their date.
1.1.2.    As soon as practicable, but in any event within thirty (30) days, after the end of each of the first, second and third fiscal quarters of each fiscal year of the Company, an unaudited consolidated balance sheet of the Company as at the end of each such period and unaudited consolidated statements of (i) income and (ii) cash flow of the Company for such period, all in reasonable detail with a comparison between (x) the actual amounts as of and for such quarter and for the year to date, and (y) the comparable amounts for the same quarter in the prior year, in U.S. dollar-denominated amounts and certified by the chief financial officer (or, if none, by the chief executive officer) of the Company that such financial statements were prepared in accordance with US GAAP applied on a basis consistent with that of preceding periods and, except as otherwise stated therein, fairly present the financial position of the Company as of their date, subject to (x) there not being all footnotes required under US GAAP and (y) changes resulting from normal year-end audit adjustments.
1.1.3.    As soon as practicable, but in any event within thirty (30) days after the end of each month, a monthly report in form and substance determined from time to time by the Company’s Board of Directors prepared in accordance with US GAAP, including an income statement, balance sheet and cash flow statement, and reflecting budget against actual performance, with a comparison between (x) the actual amounts as of and for such month and for the year to date, and (y) the comparable amounts for the same month in the prior year.
1.1.4.    Such other information reasonably requested by a Major Shareholder.
1.2.    Additional Information. The Company shall permit each Major Shareholder (provided that the Board of Directors has not reasonably determined that such Major Shareholder is a competitor of the Company) , at such Major Shareholder’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Shareholder. Such authorized representatives that are not employed by such Major Shareholder may, at the Company’s request, be required to execute confidentiality agreements prior to being granted access as aforesaid; and if employed by such Major Shareholder shall be bound by confidentiality and non-use undertaking towards the Company pursuant to Section 1.5.
1.3.    Limitations on Information Rights. The Company may refrain from providing any of the information pursuant to Sections 1.1 and 1.2 : (i) which (as determined by the Board of Directors of the Company or a committee thereof in good faith) is a Company trade secret; (ii) the disclosure of which would be reasonably expected (as determined by the Board of Directors of the Company in good faith) to adversely affect the attorney-client privilege between the Company and its counsel; (iii) the disclosure of which would be reasonably expected (as determined by the Board of Directors of the Company in good faith) to create a bona fide conflict of interests between the Company and the Major Shareholder requesting to receive such information; or (iv) during any period in which the Company is prohibited to do by any relevant securities law.
1.4.    Termination of Financial Information Rights. The Company’s obligations under Sections 1.1 and 1.2 shall terminate and shall be of no further force or effect upon the earliest to occur of (i) the closing of the Company’s IPO (as defined below), (ii) the date on which the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the 1934 Act (as defined 
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below), or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company's Articles of Association (the “Articles”).
1.5.    Confidentiality. Each Holder agrees that any confidential or proprietary information relating to or obtained from the Company (including, without limitation, any information obtained pursuant to this Section 1) by such Holder will not be disclosed to any other person or used for any purpose (other than (i) to evaluate, monitor, and make decisions with respect to, such Holder's investment in the Company and to enforce such Holder's rights under any agreement with the Company; or (ii) for the purpose of a potential transfer of some or all of Holder’s shares to a third party transferee, provided that such potential transferee is not a competitor of the Company and signs and delivers to the Company a non-disclosure and confidentiality agreement with terms substantially similar to those contained in this Section 1.5 prior to such disclosure), without the prior written consent of the Company, unless such information (a) is known or becomes known to the public in general (other than as a result of a breach of the confidentiality obligation owed to the Company by such party), or (b) is or has been made known or disclosed to such party by a third party without a confidentiality obligation to the Company, or (c) is required to be made known or disclosed by applicable law, rule or regulation or is required or requested to be made known or disclosed by any court or other regulatory authority, provided that to the extent possible such party promptly notifies the Company of such request or requirement, takes reasonable steps at the Company's expense and request, to minimize the extent of any such required disclosure and only discloses that portion of the confidential or proprietary information that it is legally obligated to disclose. Notwithstanding the foregoing, a Holder may disclose confidential or proprietary information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with evaluating, monitoring, and making decisions with respect to, its investment in the Company; (ii) to any prospective purchaser of any securities of the Company from such Holder, if such prospective purchaser agrees to be bound by the provisions of Section 1.5 hereof and provided that such prospective purchaser is not a competitor of the Company, and (iii) in a summary form to any existing or prospective Affiliate (as defined below), partner, member, shareholder of such Holder (provided, in respect of existing Affiliates, that such disclosure is made in connection with periodic internal reporting of such Holder in the ordinary course of business and in respect of prospective Affiliates, that such prospective Affiliate agrees to be bound by the provisions of Section 1.5 hereof), provided that such Person is not a competitor of the Company and that in each case, the Holder takes reasonable steps to minimize the extent of any such required disclosure and provided further that each such permitted recipient is bound by confidentially obligations. This Section 1.5 shall survive the termination of this Agreement.
2.    Registration Rights.
2.1.    Definitions. For purposes of this Section 2:
(a)    Affiliate. The term “Affiliate” means (i) with respect to any entity, any entity or individual which, either itself or via one or more intermediaries, controls, is controlled by or is under common control with, such entity; (ii) with respect to an entity which is a limited partnership, any of its general or limited partners, and any affiliated limited partnership managed by the same management company or managing general partner of such entity or any entity or individual which, via one or more intermediaries, controls, is controlled by, or is under common control with, such management company or managing general partner, or (iii) with respect to any limited liability company, the members of any limited liability company and/or affiliated limited liability companies managed by the same management company or managing member of such limited liability company or by any entity or individual which, via one or more intermediaries, controls, is controlled by, or is under common control with, such management company or managing member. The term “control” as used herein shall mean the holding of 
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the majority of the shares of such party, or the power to appoint the majority of the directors of such party or the power to direct the management and policies of such party, through contractual means or otherwise. Each of Viola Growth II (A), L.P, Viola Growth II (B), L.P, Viola Partners Fund 4 2013 L.P. and VG SW L.P. shall be deemed an Affiliate of the other.
(b)    As converted basis. The term “as converted basis” has the meaning given to it in the Company’s Articles.
(c)    Business Day. The term “Business Day” means any day that is not Saturday or Sunday or any other day on which banks in the City of New York or the State of Israel are permitted or required to be closed.
(d)    Form F-1 and F-3. The terms “Form F-1” and “Form F-3” mean such form, respectively, under the Securities Act (as defined below) as is in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.
(e)    Holder. The term “Holder” means in this Section 2 any Person (as defined below) owning of record Registrable Securities who is a party to this Agreement or any permitted assignee of record of such Registrable Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.
(f)    IPO. The term “IPO” has the meaning given to it in the Company’s Articles.
(g)    Permitted Transferee. The term “Permitted Transferee” has the meaning given to it in the Company’s Articles.
(h)    Person. The term “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.
(i)    Investor Director. The term “Investor Director” has the meaning given to it in the Company’s Articles.
(j)    Registrable Securities. The term “Registrable Securities” means (i) any Ordinary Shares currently held by any Holder, (ii) any Ordinary Shares issuable upon conversion of Preferred Shares held by the Preferred Holders, including pursuant to their anti-dilution protections, (iii) any shares of the Company that the Holders may hereafter purchase from the Company pursuant to preemptive rights, or from any other shareholders of the Company pursuant to rights of first refusal or otherwise, or shares issued on conversion or exercise of other securities so purchased, and (iv) in each of clauses (i), (ii) or (iii), together with any and all securities issued or issuable with respect to the securities described in clauses (i), (ii) and (iii) above, respectively, upon any share split, share dividend or the like, or into which such shares or other securities have been or may be converted to or exchanged into in connection with any merger, consolidation, reclassification, recapitalization or similar event, provided that, it shall not include the following:
(k)    Ordinary Shares which have previously been registered under an effective registration statement filed pursuant to the Securities Act or under a similar law of another jurisdiction and disposed of in accordance with such registration statement, (b) Ordinary Shares which 
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have otherwise previously been sold to the public, (c) Ordinary Shares that could be sold by the Holder thereof (in accordance with applicable law and together with any Affiliates with whom such Holder must aggregate its sales under Rule 144) pursuant to Rule 144(b)(1) promulgated under the Securities Act if the Holder thereof and any such Affiliates (x) prior to the expiration of any “lock-up agreement” entered into with the underwriters of the IPO, hold less than 1% of the outstanding Ordinary Shares of the Company, and (y) after such time, hold less than 5% of the outstanding Ordinary Shares of the Company, and (d) any Ordinary Shares sold by a Holder in a transaction in which such Holder’s rights under Section 2 of this Agreement are not assigned in accordance with the provisions hereof.
(l)    Registrable Securities then Outstanding. The number of shares of “Registrable Securities then Outstanding” shall mean the number of Ordinary Shares and Preferred Shares of the Company that are Registrable Securities and are then issued and outstanding (on an as converted basis).
(m)    Registration. The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933, as amended, or the equivalent securities law of another jurisdiction (the “Securities Act”), and the declaration or ordering of effectiveness of such registration statement.
(n)    “Rule 144” means Rule 144 promulgated under the Securities Act.
(o)    SEC. The term “SEC” or “Commission” means the U.S. Securities and Exchange Commission or the equivalent securities commission of another jurisdiction.
2.2.    Demand Registration.
(a)    Request by Holders. If the Company shall at any time during the period commencing on the date that is one hundred eighty (180) days after the effective date of the Company’s IPO and ending five (5) years thereafter, but subject to the terms of any “lock-up agreement” entered into between the underwriters of the Company’s IPO and the Holders, as applicable (unless waived by such underwriters), receive a written request (“Form F-1 Request Notice”) from the Holders of at least twenty percent (20%) of the Registrable Securities then Outstanding that the Company file a Form F-1 registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this Section 2.2, then the Company shall, (x) within ten (10) Business Days of the receipt of such Form F-1 Request Notice, give written notice of such request to all Holders, and (y) as soon as practicable, and in any event within ninety (90) days after the date such Form F-1 Request Notice is received by the Company, file a Form F-1 registration statement under the Securities Act, and use its reasonable best efforts to effect, as soon as practicable thereafter, the registration under the Securities Act of all Registrable Securities that Holders request to be registered and included in such registration by written notice given by such Holders to the Company within twenty (20) days after receipt of the Form F-1 Request Notice, subject only to the limitations of this Section 2.2; provided, however that the Company shall not be obligated to effect any such registration (i) if the Company has, within the ninety (90) day period preceding the date of the Form F-1 Request Notice, already effected a registration under the Securities Act pursuant to this Section 2.2, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 2.3, other than a registration pursuant to the provisions of Section 2.3 from which more than twenty percent (20%) of the Registrable Securities that were requested to be included were excluded; (ii) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration (in which the Holder may include Registrable Securities pursuant to Section 2.3 of this Agreement, subject to underwriting limitations), provided that the Company is actively employing in good faith commercially reasonable efforts to cause such 
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registration statement to become effective; (iii) if the Holders propose to sell Registrable Securities at an estimated aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; or (iv) such registration could be effected at such time on a Form F-3 pursuant to Section 2.4.
(b)    Underwriting.
(i)    If the Holders initiating the registration request under this  Section 2.2 intend to distribute the Registrable Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 2.2 and the Company shall include such information in the written notice referred to in Section 2.2(a). In such event, the right of any Holder to include his Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities that have been requested to be included in the registration pursuant to Section 2.2(a), provided that the managing underwriter or underwriters shall be of international repute and approved by the Company, and further provided that such approval shall not be unreasonably withheld.
(ii)    Notwithstanding any other provision of this Section 2.2, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated first, to each Holder who requested inclusion of their Registrable Securities in such registration statement on a pro rata and on an as converted basis based on the total number of Registrable Securities then held by such Holder (provided that with respect to a registration statement effected under this Section 2.2 prior to the date on which is the later of (i) 12 months after the IPO shall have expired, and (ii) Form F-3 is available for secondary sales of Registrable Securities by the Holders (the “F-3 Availability Date”), then for the purpose of calculating the foregoing pro rata allocation, each Ordinary Shares issued upon conversion of a Preferred C Share and Preferred B Shares shall be calculated as if it was two Ordinary Shares) and second, Ordinary Shares for sale for the Company’s own account. Any Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration.
(c)    Maximum Number of Demand Registrations. Subject to sections 2.2(d) and 2.2(e) below, the Company shall not be required to effect more than two (2) registrations pursuant to this Section 2.2, except that in the circumstances set forth in section 2.2(d) a third registration may be effected pursuant to this Section 2.2 (the “Three Demands”).
(d)    In the event that the second of the registrations pursuant to this Section 2.2 (the “Second Demand”) is effected and following the completion of such Second Demand, the former Holders of Preferred C Shares and/or Preferred B Shares will still hold fifty percent (50%) or more of the Registrable Securities held thereby immediately prior to the effective date of the Company’s IPO, then the number of registrations that may be effected pursuant to this Section 2.2 shall be three rather than two. If the number of registration will be increased to three, and upon such third registration the underwriter(s) advise(s) the Company that marketing factors require a limitation of the number of securities to be underwritten (as provided in section 2.2(b)(ii) above), then anything to the contrary notwithstanding, the Registrable Securities to be included in the third of the Three Demands shall be allocated: (i) first, to the former Holders of Preferred C Shares and Preferred B Shares who requested inclusion of their Registrable 
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Securities in such registration statement (on a pro rata basis based on the total number of Registrable Securities held by them); and (ii) then, to the extent still available, to the other Holders who requested inclusion of their Registrable Securities in such registration statement on a pro rata and on an as converted basis based on the total number of Registrable Securities then held by such Holder.
(e)    For purposes of this Section 2.2, a registration shall not be counted as one of the first two Demands or the third of the Three Demands if, as a result of an exercise of an underwriter’s cutback provisions in Section 2.2(b)(ii), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.
2.3.    Piggyback Registrations.
(a)    Other than in connection with a request for registration pursuant to Section 2.2 or 2.4 of this Agreement, if at any time the Company, including if the Company qualifies as a well-known seasoned issuer (within the meaning of Rule 405 under the Securities Act) (a “WKSI”), proposes to file (i) a prospectus supplement to an effective shelf registration statement (a “Shelf Registration Statement”), or (ii) a registration statement other than a Shelf Registration Statement for a delayed or continuous offering pursuant to Rule 415 under the Securities Act, in either case, for the sale of Ordinary Shares for its own account, or for the benefit of the holders of any of its securities (other than for the Holders pursuant to Section 2.2 or 2.4 of this Agreement), to an underwriter on a firm commitment basis for reoffering to the public or in a “bought deal” or “registered direct offering” with one or more investment banks (collectively, a “Piggy-Back Underwritten Offering”), then as soon as practicable but not less than fifteen (15) Business Days prior to the filing of (a) any preliminary prospectus supplement relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (b) any prospectus supplement relating to such Piggy-Back Underwritten Offering pursuant to Rule 424(b) under the Securities Act (if no preliminary prospectus supplement is used) or (c) such registration statement, as the case may be, the Company shall give notice of such proposed Piggy-Back Underwritten Offering to the Holders and such notice (a “Piggyback Notice”) shall offer the Holders the opportunity to include in such Piggy-Back Underwritten Offering such number of Registrable Securities as each such Holder may request in writing. Each such Holder shall then have ten (10) Business Days after receiving such notice to request, through a writing to the Company, the inclusion of Registrable Securities in the Piggy-Back Underwritten Offering, except that such Holder shall have two (2) Business Days after such Holder confirms receipt of the notice to request inclusion of Registrable Securities in the Piggy Back Underwritten Offering in the case of a “bought deal”, “registered direct offering” or “overnight transaction” where no preliminary prospectus is used. Upon receipt of any such request for inclusion from a Holder received within the specified time, the Company shall use reasonable best efforts to effect the registration in any registration statement of any of the Holders’ Registrable Securities requested to be included on the terms set forth in this Agreement. Prior to the commencement of any “road show,” any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration by giving written notice to the Company of its request to withdraw and such withdrawal shall be irrevocable and, after making such withdrawal, such Holder shall no longer have any right to include Registrable Securities in the Piggy-Back Underwritten Offering as to which such withdrawal was made.
(b)    If the Company does not qualify as a WKSI, (i) the Company shall give each Holder fifteen (15) Business Days’ notice prior to filing a Shelf Registration Statement and, upon the written request of any Holder, received by the Company within ten (10) Business Days of such notice to the Holder, the Company shall include in such Shelf Registration Statement a number of Ordinary Shares equal to the aggregate number of Registrable Securities requested to be included without naming any requesting Holder as a selling shareholder and including only a generic description of the holder of such 
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securities (the “Undesignated Registrable Securities”), (ii) the Company shall not be required to give notice to any Holder in connection with a filing pursuant to Section 2.3(a) unless such Holder provided such notice to the  Company  pursuant  to  this  Section 2.3(b) and included Undesignated Registrable Securities in the Shelf Registration Statement related to such filing, and (iii) at the written request of a Holder given to the Company more than seven (7) Business Days before the date specified in writing by the Company as the Company’s good faith estimate of a launch of a Piggy-Back Underwritten Offering (or such shorter period to which the Company in its sole discretion consents), the Company shall use reasonable best efforts to effect the registration of any of the Holders’ Undesignated Registrable Securities so requested to be included and shall file a post-effective amendment or, if available, a prospectus supplement to a Shelf Registration Statement to include such Undesignated Registrable Securities as any Holder may request, provided that (a) the Company is actively employing its reasonable best efforts to effect such Piggy-Back Underwritten Offering; and (b) the Company shall not be required to effect a post-effective amendment more than two (2) times in any twelve (12) month period.
(c)    The Company shall have the right to terminate or withdraw any registration or offering initiated by it under this Section 2.3 before the effective date of such registration or the completion of such offering, whether or not any Holder has elected to include Registrable Securities in such registration or offering. The expenses of such withdrawn registration or offering shall be borne by the Company in accordance with Section 2.5.
(d)    All Holders of Registrable Securities proposing to distribute their Registrable Securities through a Piggy-Back Underwritten Offering shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Company.
(e)    Notwithstanding any other provision of this Agreement, if the managing underwriter(s) of a Piggy-Back Underwritten Offering determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the Piggy-Back Underwritten Offering, and the number of shares that may be included in the Piggy-Back Underwritten Offering shall be allocated, first to the Company and second, to each of the Holders who requested inclusion of their Registrable Securities in such Piggy-Back Underwritten Offering on a pro rata and as converted basis based on the total number of Registrable Securities then held by each such Holder (provided that with respect to a registration statement effected under this Section 2.3 prior to the F-3 Availability Date, then for the purpose of calculating the foregoing pro rata allocation, each Ordinary Share issued upon conversion of a Preferred C Share or Preferred B Share shall be calculated as if it was two Ordinary Shares).
(f)    Not A Demand Registration. Registration pursuant to this Section 2.3 shall not be deemed to be a demand registration as described in Section 2.2 or Section 2.4. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.3.
2.4.    Form F-3 Registration.
(a)    In case the Company shall receive from any Holder (an “Initiating Holder”) a written request (a “Form F-3 Request Notice”) that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder, then, subject to the conditions of this Section 2.4, (x) the Company will give written notice of the proposed registration within ten (10) Business Days after receipt of any such Form F-3 Request Notice to all other Holders; use its reasonable best efforts to effect, as soon as practicable, and in any event within sixty (60) days after the date such Form F-3 Request Notice is received by the 
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Company, the filing of a Form F-3 registration statement under the Securities Act including in such registration statement all Registrable Securities held by all such Holders who wish to participate in such registration and who have provided the Company with written notice requests for inclusion therein within ten (10) Business Days after the receipt of the Company’s notice. The Company shall not be obligated to file a Form F-3 pursuant to this  Section 2.4 if (i) the Company has, within the ninety (90) day period preceding the date of such request, already effected a registration under the Securities Act pursuant to Section 2.2 or this Section 2.4, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 2.3, other than a registration pursuant to the provisions of Section 2.3 from which more than 20% of the Registrable Securities of Holders that were requested to be included were excluded or (ii) if the aggregate price to the public (net of any underwriters’ discounts or commissions) of the shares to be registered is less than $1,000,000. Subject to the terms hereof, the Company will use its reasonable best efforts to effect such registration as soon as practicable. All written requests from any Holder to effect a registration on Form F-3 pursuant to this Section 2.4 shall indicate whether such Holder intends to effect the offering promptly following effectiveness of the registration statement or whether, pursuant to Section 2.4(a), such Holder intends for the registration statement to remain effective so that such Holder may effect the offering on a delayed basis (a “Shelf Request”).
(b)    Shelf Request. In the event a Form F-3 is filed pursuant to a Shelf Request, upon a written request (a “Form F-3 Demand Notice”) from any Holder entitled to sell securities pursuant to such Form F-3 without filing a post-effective amendment, that the Company effect an offering with respect to Registrable Securities (a “Takedown”), the Company will, as soon as practicable, (x) deliver a notice (a “Takedown Notice”) relating to the proposed Takedown to all other Holders who are named or are entitled to be named as a selling shareholder in such Form F-3 without filing a post-effective amendment thereto and (y) promptly (and in any event not later than ten (10) Business Days after receiving such request) supplement the prospectus included in the Shelf Registration Statement as would permit or facilitate the sale and distribution of all or such portion of the Initiating Holder’s Registrable Securities as are specified in such request together with the Registrable Securities requested to be included in such Takedown by any other Holders who notify the Company in writing within ten (10) Business Days after receipt of such notice from the Company; except that (i) the Registrable Securities requested to be offered pursuant to such Takedown must have an anticipated aggregate price to the public (net of any underwriting discounts and commissions) of not less than $1,000,000, (ii) the Company shall not be obligated to effect any such Takedown (x) if the Company has within the twelve (12) month period preceding the date of such request already effected two (2) Takedowns under this Section 2.4(b), (y) within ninety (90) days of effecting a previous Takedown under this Section 2.4(b) or an offering pursuant to Section 2.2 or (z) within 90 days of a Piggy-Back Underwritten Offering in which the Holder or Holders submitting the Takedown Notice had an opportunity to participate pursuant to the provisions of Section 2.3 and from which no more the twenty percent (20%) of the Registrable Securities that were requested to be included by the Holders who requested inclusion of their Registrable Securities in such Piggy-Back Underwritten Offering were excluded pursuant to Section 3.2.3.
(c)    Registration. The Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4:
(i)    if Form F-3 is not available for such offering by the Holders; or
(ii)    during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration (in which the Holder may include Registrable Securities pursuant to this Agreement, subject to underwriting limitations), provided that the Company is actively 
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employing in good faith commercially reasonable efforts to cause such registration statement to become effective.
(d)    Not a Demand Registration. Form F-3 registrations shall not be deemed to be demand registrations as described in Section 2.2 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.4.
2.5.    Expenses. All expenses incurred in connection with any registration, filing or qualification, pursuant to Section 2.2, 2.3 or 2.4, including without limitation all federal and “blue sky” registration, filing and qualification fees, printer’s and accounting fees, and fees and disbursements of counsel for the Company and one counsel for the Holders selected by a majority in interest of the Holders participating in such registration, filing or qualification (but excluding underwriters’ discounts and commissions relating to shares sold by the Holders (collectively, the “Holders Expenses”)) shall be borne by the Company. Each Holder participating in a registration pursuant hereto shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all Holders Expenses in connection with such offering, and any fees or expenses which the Company is not required to pay pursuant to this Section. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.2 or 2.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or included in an offering pursuant to a Shelf Request (the “Withdrawing Holders”) and, in such event, the Withdrawing Holders shall pay such expenses pro rata based on the number of securities they had requested to include in such registration or offering, unless in the case of Section 2.2 the Withdrawing Holders agree that such registration constitutes the use by the Holders of one (1) demand registration pursuant to Section 2.2(c), provided, however, that any such withdrawal which is based upon information showing a material adverse change in the condition, business, or prospects of the Company and which was not known or available to such Withdrawing Holders at the time of their request for such registration and such Withdrawing Holders have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and such registration shall not constitute the use of a demand registration pursuant to Section 2.2(c).
2.6.    Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible:
(a)    Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective, provided, however, that the Company shall not be required to keep any such registration statement effective for more than one hundred and twenty (120) days or, if sooner, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended by up to sixty (60) days for a total of up to one year, if necessary, to keep the registration statement effective until all such Registrable Securities are sold.
(b)    Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with 
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such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement.
(c)    Prospectuses. Furnish to the Holders of Registrable Securities covered by such registration statement such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration.
(d)    Blue Sky. Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holder of Registrable Securities covered by such registration statement, provided that the Company shall not be required in connection therewith or as a condition thereto to subject itself to taxation or to qualify to do business or to file a general consent to service of process in any such states or jurisdictions.
(e)    Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.
(f)    Notification.
(i)    Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing.
(ii)    Notify each Holder of Registrable Securities covered by such registration statement, promptly after the Company shall receive notice thereof, of the time when such registration statement becomes effective or when any amendment or supplement or any prospectus forming a part of such registration has been filed.
(iii)    Notify each Holder of Registrable Securities covered by such registration statement promptly of any request by the SEC for the amending or supplementing of such registration statement or prospectus for additional information.
(g)    Advising the Holders. Advise each Holder whose Registrable Securities are included in such registration statement promptly after the Company shall receive notice or otherwise obtain knowledge of the issuance of any order by the SEC suspending the effectiveness of such registration statement or amendment thereto or of the initiation or threatening of any proceeding for that purpose, and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal promptly if a stop order should be issued.
(h)    Listing. Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed.
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(i)    Transfer Agent. Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.
(j)    Compliance with Rules and Regulations. Comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, any required documents.
(k)    Opinion and Comfort Letter. Subject to each selling Holder to whom the comfort letter is addressed providing a customary representation letter to the independent registered public accounting firm of the Company in form and substance reasonably satisfactory to such accountants, (A) use its reasonable best efforts to obtain customary “comfort” letters from such accountants (to the extent deliverable in accordance with their professional standards) addressed to such selling Holder (to the extent consistent with the Statement on Auditing Standards No. 100 of the American Institute of Certified Public Accountants) and the managing underwriter(s), if any, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings and (B) use its reasonable best efforts to obtain opinions of counsel to the Company and updates thereof covering matters customarily covered in opinions of counsel in connection with underwritten offerings, addressed to each selling Holder and the managing underwriter(s), if any, provided that the delivery of any “10b-5 statement” and opinion may be conditioned on the prior or concurrent delivery of a comfort letter pursuant to subsection (A) above; provided, further that the Company shall only be required to comply with this clause (k) in connection with an underwritten offering.
2.7.    Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as the Company may reasonably request in writing and as may be required to timely effect the Registration of their Registrable Securities as well as to deliver any representation and/or undertaking required by the Company’s accountants, counsel or underwriters in connection therewith.
2.8.    Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting the filing of a registration statement or the undertaking of an offering, a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed or offering to be undertaken, including if it would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under applicable securities laws, then the Company shall have the right to defer the filing of a registration statement or suspend the use of a registration statement; provided, however, that the Company may not utilize this right more than twice in any twelve (12) month period nor for more than ninety (90) days during any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during any such ninety (90) day period other than (x) on Form S-4, Form F-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans.
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2.9.    Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or 2.4:
(a)    By the Company. The Company will indemnify and hold harmless each selling Holder, the partners, officers directors and shareholders of each selling Holder, legal counsel and accountants for each selling Holder, any underwriter (as determined in the Securities Act) for such selling Holder, any selling Holder deemed to be an underwriter (as determined under the Securities Act) and each Person, if any, who controls such selling Holder or underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the “1934 Act”), or the equivalent securities exchange law of another jurisdiction, against any losses, claims, damages, or liabilities (or actions in respect thereof) (joint or several) to which they may become subject under the Securities Act, the 1934 Act or other federal or state law or the equivalent securities exchange law of another jurisdiction, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”):
(i)    any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto;
(ii)    the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or
(iii)    any violation or alleged violation by the Company of the Securities Act, the 1934 Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the 1934 Act or any federal or state securities law or the equivalent securities exchange law of another jurisdiction, in connection with the offering covered by such registration statement.
The Company will reimburse each such selling Holder, partner, officer or director, shareholder, underwriter, legal consultant or accountants, or controlling Person for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs solely in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling Person of such Holder.
(b)    By Selling Holders. Each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each legal consultant or accountant, each Person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any Person who controls such Holder within the meaning of the Securities Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling Person, underwriter or other such Holder, partner or director, officer or controlling Person of such other Holder may become subject under the Securities Act, the 1934 Act or other federal or state law, or the equivalent securities exchange law of another jurisdiction, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the 
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extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, legal consultants and accountants, controlling Person, underwriter or other Holder, partner, officer, director or controlling Person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of such Holder (which shall not be unreasonably withheld), and provided, further, that in no event shall any indemnity under this subsection 2.9(b) exceed the proceeds from the offering received by such Holder (net of any underwriting discounts, selling commissions and stock transfer taxes relating to Registrable Securities paid by such Holder). The foregoing indemnity agreement is subject to the condition that, insofar as it relates to any such untrue statement or omission made in the preliminary prospectus but eliminated or remedied in the amended prospectus at the time the registration statement becomes effective or in the final prospectus, such indemnity agreement shall not inure to the benefit of (i) the Company and/or (ii) any underwriter, if a copy of the final prospectus was not furnished to the person or entity asserting the loss, liability, claim or damage at or prior to the time such furnishing is required by the Securities Act.
(c)    Notice. Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel selected by indemnifying party and reasonably satisfactory to the indemnified party; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the extent the indemnifying party is prejudiced as a result thereof, but the omission so to deliver written notice to the indemnified party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9.
(d)    Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) an indemnified party, exercising rights under this Agreement, makes a claim for indemnification pursuant to this Section 2.9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.9 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such indemnified party in circumstances for which indemnification is provided under this Section 2.9; then, and in each such case, the Company and such indemnified party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that such Holder is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion; provided, however, that, in any such 
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case: (A) no such Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation; and (C) no Holder shall be required to contribute any amount in excess of the amount such Holder would have been required to indemnify if indemnification had been applicable in accordance with its terms.
2.10.    No Registration Rights to Third Parties. Without the prior written consent of the Holders of a majority in interest of the Registrable Securities then Outstanding, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any Person, any registration rights of any kind (whether similar to the demand, “piggyback” or Form F-3 registration rights described in this Section 2, or otherwise) relating to any securities of the Company, other than rights that are on a parity with the rights of the Holders (excluding the rights granted specifically only to the Holders of Preferred C Shares and Preferred B Shares under Sections 2.2 and 2.3 which shall be senior thereto and the Company shall not grant registration rights that are senior to or on parity with such rights of the Preferred C Shares and Preferred B Share without prior written consent of the Preferred B/C Majority (as defined below), provided that in the event that rights are granted to new class(es) of preferred shares issued in connection with a future bona fide financing of the Company such rights may also be on parity with such rights of the holders of Preferred C Shares and Preferred B Shares), or otherwise subordinate in right to those granted to the Holders hereunder; provided, however, that the Company may without such consent (i) enter into an agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to include such securities in any registration pursuant to this Section 2 if the rights of such holder or prospective holder are subordinate to the rights of the Holders hereunder and (ii) enter into an agreement with any holder or prospective holder of any securities of the Company related to the filing of a resale shelf registration statement to register shares issued to such holder or prospective holder in an acquisition, if and only if such resale shelf registration statement does not permit underwritten offerings. “Preferred B/C Majority” means holders of a majority of the Preferred B Shares and the Preferred C Shares taken together.
2.11.    Reports Under Securities Exchange Act of 1934. In the event the Company becomes subject to reporting under the 1934 Act, then with a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company agrees to:
(i)    make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public;
(ii)    take such action, including the voluntary registration of its Ordinary Shares under Section 12 of the 1934 Act, as is necessary to enable the Holders to utilize Form F-3 for the sale of their Registrable Securities;
(iii)    file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the 1934 Act; and
(iv)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after the effective date of the first registration statement filed by the Company), the Securities Act and the 1934 Act (at any time after it has become 
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subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form.
2.12.    “Market Stand-Off” Agreement. Each Holder hereby agrees that such Holder shall not sell or otherwise transfer or dispose of any securities of the Company held by such Holder (other than those included in the registration) for a period specified by the underwriters of Ordinary Shares (or other securities) of the Company not to exceed (i) one hundred and eighty (180) days following the effective date of the registration statement for the Company’s IPO or (ii) ninety (90) days from the date of the final prospectus for any other offering, provided that all executive officers and directors of the Company and, in the case of the Company’s IPO, all holders of at least two percent (2%) of the Company’s voting securities are bound by and have entered into similar agreements. If the event that FINRA Rule 2711(f)(4) applies to an offering of Company securities, notwithstanding the foregoing, if (i) during the last seventeen (17) days of the one hundred eighty (180) day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (ii) prior to the expiration of the one hundred eighty (180) day restricted period, the Company announces that it will release earnings results during the sixteen (16) day period beginning on the last day of the one hundred eighty (180) day period, the restrictions imposed by this Section 2.12 shall continue to apply until the expiration of the eighteen (18) day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. The foregoing provisions of this Section shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and the provisions of the previous sentence shall not apply if the Company is an Emerging Growth Company as that term is defined under the Securities Act. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. The obligations described in this Section 2.12 shall not apply to: (i) a registration relating solely to employee benefit plans on Form S-8 or similar forms that may be promulgated in the future, or (ii) a registration relating solely to a Commission Rule 145 transaction on Form F-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the Ordinary Shares or other Company securities subject to the foregoing restriction until the end of said one hundred and eighty (180) or ninety (90) day period. In addition to the foregoing, no Holder that would be required to sign an agreement restricting its ability to transfer pursuant to this section shall distribute shares to its stockholders, partners or members after receipt of a Piggyback Notice or a Form F-1 Request Notice until such time as such Holder has signed such an agreement required pursuant hereto.
2.13.    Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to this Section 2 shall terminate upon the earlier of (i) the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Articles; (ii) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration and (iii) the fifth (5th) anniversary of the IPO.
3.    Additional Covenants.
3.1.    Insurance. The Company shall renew and continue to maintain from a financially sound and reputable insurers, Directors & Officers liability insurance, in an amount and on terms and conditions satisfactory to the Board of Directors. Notwithstanding any other provision of this Section 3.1 to the contrary, for so long as an Investor Director is serving on the Board of Directors, the Company shall not 
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cease to maintain Directors & Officers liability insurance policy in an amount of at least US$20 million unless approved by such Investor Director, and the Company shall, upon the written request of an Investor Director, deliver to such Investor Director a certification that such Directors & Officers liability insurance policy remains in effect.
3.2.    Non-Disclosure and Proprietary Information. The Company shall procure that each employee and consultant of the Company who has access to the Company’s confidential and/or proprietary information from the date hereof shall sign the Company’s form of non-disclosure and proprietary rights agreement.
3.3.    Reimbursement of Directors. The Company shall reimburse its directors for all reasonable out-of-pocket expenses as they may incur in attending meetings of the Board of Directors, or of committees of the Board of Directors, or otherwise in performing their duties as directors.
3.4.    Termination of Previous Agreements. The parties mutually agree that the agreements identified in Schedule 2 (the “Previous Agreements”) shall be irrevocably terminated solely with respect to the sections thereof referenced in Schedule 2 opposite each of such Previous Agreement as at the date hereof and, notwithstanding anything to the contrary contained therein, none of the provisions thereto, or the parties’ rights or obligations thereunder, shall survive such termination.
4.    Assignment and Amendment.
4.1.    Assignment. Notwithstanding anything herein to the contrary:
(a)    Information Rights. The financial information rights under  Sections 1.1 and 1.2 are transferable to (i) a Permitted Transferee (as defined in the Articles), (ii) any current shareholder or (iii) any third party (any of (i), (ii) or (iii) a “Transferee”) provided that such Transferee (together with its Permitted Transferees) shall hold (after giving effect to such transfer) amounts of shares in the Company such that it would be defined as a Major Shareholder; provided, however, that no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning and transferring party at the time of such assignment and transfer stating the name and address of the Transferee and identifying the securities of the Company as to which the rights in question are being assigned and transferred; and provided further that any such Transferee shall undertake in advance and in writing to be bound by this Agreement and shall receive such assigned and transferred rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 4.
(b)    Registration Rights. The registration rights of each of the Holders under Section 2 hereof may be assigned and transferred to any Transferee acquiring or receiving Registrable Securities from such Holder constituting at least 5% of the total then issued and outstanding Registrable Securities (as adjusted for any share dividend, share split, combination or other similar recapitalization); provided, however, that none of the foregoing rights be assigned and transferred to any Transferee unless the Company is given a written notice by the assigning and transferring party (not later than the time of such assignment and transfer) stating the name and address of the Transferee and identifying the securities of the Company as to which the rights in question are being assigned and transferred; and provided further that any such Transferee shall undertake in advance and in writing to be bound by this Agreement and shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation the provisions of this Section 4.
(c)    General. Except as set forth in this Section 4.1, none of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred without the prior consent in writing of the Company. Except as otherwise expressly limited 
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herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto.
4.2.    Entire Agreement; Amendment of Rights. This Agreement and the Schedules hereto constitute the full and entire understanding and agreement between the parties with regard to the subject matters hereof and thereof and supersedes and replaces any previous agreement among the parties hereto with respect to such subject matter (whether or not all parties hereto were parties to that agreement), including without limitation the Prior Investors’ Rights Agreement and any of the other Previous Agreements. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the holders of a majority of the Registrable Securities, provided that any amendment or waiver that is directly and adversely affecting any Holder(s) or class(es) of shares and not applying in the same manner to all others Holder(s) (including by improving rights of other Holder(s) or class(es) of shares in a disproportionate manner) (the “Adversely Affected Holders”), shall require the prior written consent of the holders of the majority of the Registrable Securities held by such Adversely Affected Holders.
4.3.    Any amendment or waiver effected in accordance with this Section 4.2 shall be binding upon each Holder, each permitted successor or assignee of each Holder and the Company. For avoidance of doubt and without derogating from any other provision contained herein, the granting by the Company of registration rights and/or similar rights equal or senior to those of the Holders to holders of a new class(es) of preferred shares shall not be deemed, in and of itself, an amendment pursuant to which the rights or preferences of any Holder(s) are adversely altered. Notwithstanding anything else herein to contrary, the holders of a majority of the Registrable Securities may, through their written consent and without consent of the Company, act to amend this Agreement and the Schedules hereto so as to add to the definition and amount of Registrable Securities, securities held as of the date hereof by officers of employees of the Company from time to time including Ordinary Shares issued pursuant to the exercise or conversion of any such securities.
5.    General Provisions.
5.1.    Legends. Each Holder understands that, until registered under the Securities Act or transferred pursuant to the provisions of Rule 144 as promulgated by the SEC, all certificates evidencing any shares of the Company, including upon any transfer thereof, shall bear a legend, prominently stamped or printed thereon, reading substantially as follows:
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR WITHOUT AN EXEMPTION THEREFROM OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.
THE SHARES REPRESENTED BY THIS CERTIFICATE BENEFIT FROM CERTAIN RIGHTS AND ARE SUBJECT TO CERTAIN OBLIGATIONS UNDER AN INVESTORS' RIGHTS AGREEMENT, DATED OCTOBER 21 , 2020, AMONG SIMILARWEB LTD. AND THE OTHER PARTIES THERETO.”
If some or all of the Company’s share capital is held in book entry form, the Company’s share register and/or any book entry notification shall contain a notation to the above effect.
18

5.2.    Removal of Legend. In the event of any transfer of Registrable Securities subject to the second paragraph of the foregoing legend in a transaction pursuant to which registration rights are assigned in accordance with Section 4.1(b), the Registrable Securities held by the transferee following such transfer shall also bear such paragraph. The second paragraph of the legend may be removed at the request of the Company to its transfer agent (a) in the event of a transfer in which registration rights are not assigned to the transferee in accordance with Section 4.1(b), or (b) if the subject securities are otherwise no longer Registrable Securities.
5.3.    Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when sent by facsimile or electronic mail at the contact details set forth below, provided that the sending party receives an electronic confirmation of delivery (or if delivered on a non-Business Day or after recipient’s business hours, on the first business day after transmission); (c) seven (7) Business Days after deposit in the mail with first class or certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d) two (2) Business Days after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set forth below with next-Business Day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider.
If to the Company:         SimilarWeb Ltd.
Address: 121 Menachem Begin Blvd., 41st Floor, Tel Aviv, Israel
Attention: Jason Schwartz, Chief Financial Officer 
E-mail: [***]
With copy (which shall not constitute notice) to:
Meitar | Law Offices
16 Abba Hillel Road, Ramat Gan 52506 Israel 
Telephone: +972-(0)3-610-3100
Attention: Dan Shamgar and David S. Glatt
E-mail: dshamgar@meitar.com, dglatt@meitar.com
If to the Founder:           Mr. Or Offer
Address: 121 Menachem Begin Blvd., 41st Floor, Tel Aviv, Israel
E-mail: [***]
If to the Holders:            to the addresses set forth in Schedule I.
A party may change or supplement the contact details given above, or designate additional addresses, for purposes of this Section 5.3 by giving the Company (in case of the Holders) or the Holders (in case of the Company) written notice of the new contact details in the manner set forth above, provided, however, that any such notice shall only be valid upon actual receipt.
5.4.    Governing Law; Jurisdiction. This Agreement shall be governed exclusively by and construed according to the laws of the State of Israel without regard to its provisions concerning conflicts of laws. Any dispute arising under or relating to this Agreement or any transactions contemplated herein shall be resolved exclusively by the courts located in Tel Aviv-Jaffa, and each of the parties hereby submits irrevocably to such jurisdiction.
19

5.5.    Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.
5.6.    Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto and their permitted successors and assigns, any rights or remedies under or by reason of this Agreement.
5.7.    Successors and Assigns. Subject to the provisions of Section 4.1, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto.
5.8.    Aggregation of Shareholdings. All shares of the Company held or acquired by any Holder and its Permitted Transferees shall be aggregated together for all means and purposes (but without duplication), including for the determination of the availability of any rights, the applicability of any limitation under this Agreement and for the calculation of any a Holder’s pro rata share.
5.9.    Captions; Interpretation. The captions to sections of this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret this Agreement. Each of the parties acknowledges that it had assessed the risk, uncertainties and benefits of the transactions contemplated by this Agreement, and that it was represented by legal counsel in the negotiation, execution and delivery thereof. Accordingly, and based on the foregoing facts, among other factors, each party acknowledges and agrees that, for purposes of interpreting this Agreement, no party has had any preference in the design of the provisions of this Agreement (within the meaning of Section 25(b1) of the Contracts Law (General Part), 1973 (as amended)).
5.10.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, it being understood that all parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile transmission or by electronic delivery in .pdf format or the like shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original.
5.11.    Additional Investors. Notwithstanding anything to the contrary contained herein (including Section 2.10), if the Company issues additional Series B Preferred Shares after May 3, 2017, or any additional Series C Preferred Shares after the date hereof, any purchaser of such Series B Preferred Shares or Series C Preferred Shares, as the case may be, may become a party to this Agreement by executing and delivering a counterpart signature page to this Agreement or a joinder instrument approved by the Company's Board of Directors, and thereafter shall be deemed a “Preferred Holder” for all purposes hereunder and Schedule I hereto shall thereupon be automatically updated to reflect such person(s) becoming party hereto. No action or consent by the shareholders shall be required for such joinder of this Agreement by such additional Preferred Holders, so long as such additional Preferred Holder has agreed in writing to be bound by all of the obligations pursuant to this Agreement.
[SIGNATURE PAGES FOLLOW IMMEDIATELY]
20

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
The Company:
									
	SIMILARWEB LTD.	
			
	By:	/s/ Or Offer
	
			
	Name:	Or Offer
	
			
	Title:	CEO	
			
			
			
			
	Founders:	
			
	/s/ Or Offer
	
	MR. OR OFFER	
			
	/s/  Nir Cohen	
	MR. NIR COHEN	

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
The Preferred Holders:
									
	VIOLA GROWTH II (A), L.P.	VIOLA GROWTH II (B), L.P.	VIOLA PARTNERS FUND 4 2013 
	By:____________________	By:_________________________	L.P.
	its General Partner	its General Partner	By:__________________________
	By:_____________________	By:___________________________	its General Partner

	its General Partner
	its General Partner	By:____________________________
	By: /s/ Itzik Avidor                      
	By: /s/ Itzik Avidor                      
	its General Partner

	Name: Itzik Avidor                      
	Name: Itzik Avidor                      
	By: /s/ Itzik Avidor                      

	Title: Partner_________________	Title: Partner___________________
	Name: Itzik Avidor                      

			Title: Partner___________________

			
	VG SW L.P.	S-WEB SPV, L.P.	ICP S1 Partners L.P.
	By:________________________	By: Kerem Investments LLC            
	By: ION CROSSOVER

	its General Partner	its General Partner	 PARTNERS GP L.P.,                           

	By:_________________________	By:__________________________	its General Partner
	its General Partner
		By: ION Crossover Partners Fund       

	By:/s/ Itzik Avidor
	By: /s/ Jaime Contreras                     
	Ltd.                                                      

	Name: Itzik Avidor
	Name: Jaime Contreras                     
	its General Partner

	Title:Partner_________________
	Title:Authorized Signatory                
	By: /s/ Gilad Shany                              

			Name: Gilad Shany                              

			Title:Director                                       

			
	SABAN AA I VENTURES LLC	SB VENTURES LTD.	Israel Innovation Fund, L.P.
	By: /s/ Adam Chesnoff                   
	By: /s/ Barak Pridor                           
	By:____________________________
	its General Partner	its General Partner	its General Partner
	Name: Adam Chesnoff                   
	Name: Barak Pridor                            
	By: ___________________________
	Title: Authorized Signatory           
	Title: Authorized Signatory               
	its General Partner
			By: /s/ Benjamin Eli Weiss                  

			Name: Benjamin Eli Weiss                  

			Title: Director                                      

			
	Fine Family L.P.	Israel Innovation Fund 2, L.P.	Kingfisher Equity Partners II, L.P.
	By: /s/ Fred Branovan                    
	By: __________________________	By: Kingfisher Investment Management LLC
	its General Partner	its General Partner	its General Partner
	By: _________________________	By: __________________________	By: ___________________________
	its General Partner	its General Partner	its General Partner
	By: _________________________	By: /s/ Benjamin Eli Weiss                
	By: /s/ Yariv Robinson                        

	Name: Fred Branovan                     
	Name: Benjamin Eli Weiss                
	Name: Yariv Robinson                        

	Title: President of the G.P.              
	Title: Director                                    
	Title: Managing Member of GP          

			

									
		Vintage Investment Partners VI 	Vintage Investment Partners VI 
		(Cayman), L.P.	(Israel), L.P.
		By: Vintage Investments VI, L.P.	By: Vintage Investments VI, L.P.       

		its General Partner	its General Partner
		By: __________________________	By: ___________________________
		its General Partner	its General Partner
		By: /s/ Alan Feld, Abe Finkelstein    
	By: /s/ Alan Feld, Abe Finkelstein     

		Name: Alan Feld, Abe Finkelstein    
	Name: Alan Feld, Abe Finkelstein     

		Title: General Partners                       
	Title: General Partners                        

															
	/s/ Moshe Lichtman		/s/ Yossi Vardi		/s/ ZAG Trust Company Ltd.
	Moshe Lichtman		Yossi Vardi		ZAG Trust Company
					
					
					Name: ZAG Trust Company Ltd.
					By: _______________________
					
	/s/ Liron Rose		/s/ Ruth Kaplan		/s/ Boaz Laor
	Liron Rose		Ruth Kaplan		Docor International BV
					
					
					Name: Boaz Laor                         

					By: _______________________
					
	/s/ Ben Chakir		/s/ Omer Kaplan		/s/ Leroux Neethling
	ARB Holdings LLC		Omer Kaplan		NNV Holdings B.V.
					
					
	Name: Ben Chakir, CEO_______
				Name: Leroux Neethling              

	By: _______________________				By: ______________________
					
	/s/ Joshua Alliance				
	Anglo-Peacock Nominees				
	Limited				
					
					
	Name: Joshua Alliance                
				
	By: Joshua AllianceDocument

Exhibit 10.9
Pursuant to 17 CFR 229.601, certain identified information marked “[***]” has been
excluded from this exhibit because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

DATA SUPPLY & LICENSE AGREEMENT
This Data Supply & License Agreement (this “Agreement”) is made and entered into as of this 14 day of February, 2014 (the “Effective Date״), by and between Myriad International Holdings BV, a corporation organized and existing under the laws of the Netherlands, with offices at Taurusavenue 105, 2132LS Hoofddorp, Amsterdam, The Netherlands (“Naspers”) and SimilarWeb Ltd., an Israeli corporation with offices at Levistein Tower, 4th floor, 23 Menachem Begin Road, Tel Aviv (“SimilarWeb”).
Whereas it is the parties’ intent to engage in data and information sharing on SimilarWeb’s behalf for the purpose of enhancing the potential mutual commercial benefits of the engagement between the parties and contributing to the growth of the parties’ respective businesses; and
Whereas SimilarWeb is the owner of the SimilarWeb Pro platform (as defined hereunder), and Naspers desires to obtain a license from SimilarWeb to use the SimilarWeb Pro platform on most favored terms and conditions, and SimilarWeb is willing to grant such rights and licenses to Naspers in accordance with the terms herein;
Now, therefore, the parties hereby agree as follows:
1.    Definitions
The following terms shall have the meanings ascribed to them as follows:
1.1    “Confidential Information” means either party’s (and, with respect to Naspers, any Naspers Group Members’) non-public information, in any form whatsoever, tangible or intangible, including information in oral, visual or computer database form, disclosed hereunder and with respect to SimilarWeb, also – the SimilarWeb Data. Confidential Information shall include any information concerning past, present, or future ideas, research and development, know-how, trade secrets, inventions, formulas, specifications, compositions, manufacturing and production processes and techniques, technical data, code, technology and/or product designs, drawings, engineering and/or development specifications, business and marketing plans, forecasts and projections, financial data, traffic metrics of websites owned and/or operated by disclosing party and supplied to the receiving party. Confidential Information of Naspers and the Naspers Group Members shall be referred to herein as the “Naspers Confidential Information”. Confidential Information of either party shall not include information that (i) is publicly available or becomes publicly available through no act or omission of the receiving party, or anyone else on its behalf; (ii) is legitimately obtained by the receiving party without restriction, from a source other than the disclosing party; (iii) is independently developed by the receiving party without use of the disclosing party’s Confidential Information; or (iv) is explicitly approved for release by written authorization of the disclosing party. Any combination of features shall not be deemed to be within the foregoing exceptions merely because individual features thereof are in the public domain or in the possession of the receiving party, but only if the combination itself and its principle of operation are in the public domain or in the possession of the receiving party.
1.2    “Naspers Group Members” – means Naspers Limited and any legal entity in which Naspers Limited (or one or more of its subsidiary companies, or subsequent holding or subsidiary companies) holds shares; in each case other than Naspers; provided however that Naspers Group Members shall not include any entity providing services or products similar to or competing with the services and/or products of SimilarWeb.
1.3    “PII” - means any information that identifies the person to whom such information pertains. This includes information that is used in a way that is personally identified, including, but not limited to, name, address, phone number, fax number, email address, financial profiles, social security number and credit card information.
1.4    “Pro Platform” – means SimilarWeb’s competitive intelligence solution that enables viewing of traffic data for websites and which is currently known as “SimilarWeb Pro”, including any and all 
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new versions, updates, upgrades, releases and new features and capabilities as may be developed and/or provided by SimilarWeb hereafter.
1.5    “SimilarWeb Data” - means any and all data and information on all SimilarWeb databases including, without limitation, raw data, system architectural diagrams, database schemas and other such technical documentation that illustrate the collection, flow, transformation, manipulation, storage and presentation of data to allow the analyzing of raw data. For the avoidance of doubt, SimilarWeb Data shall not include SimilarWeb’s proprietary technical, research and development information concerning SimilarWeb’s then current and future business and products, including plans, processes, procedures, projections, product roadmaps and intended new features.
2.    Data and Knowledge Sharing
2.1    License. SimilarWeb hereby grants to Naspers and all Naspers Group Members, a non-exclusive internal right and license for the term of this Agreement, to access, evaluate, analyze, copy, reproduce, compile, merge, aggregate and process the SimilarWeb Data; all of which for the internal purposes of Naspers and any Naspers Group Member (collectively, the “License”). Naspers and all Naspers Group Members may not utilize the SimilarWeb Data to develop and/or provide a service or product that competes with SimilarWeb’s products or services as provided by SimilarWeb at any time .
2.2    API Access. As part of the License granted above Naspers shall be granted, free of charge, API access to the SimilarWeb databases on which the SimilarWeb Data is stored. Naspers will not use such API access to access any data or information which is not SimilarWeb Data. Such API access shall be established within reasonable time following the Effective Date (not to exceed 30 (thirty) days) and shall be established in a manner according to SimilarWeb standards. Should any SimilarWeb Data not be accessible or available via the API, the relevant data will be made delivered to Naspers in such format as may be reasonably requested by Naspers within five (5) business days of the request. Naspers and all Naspers Group Members shall be entitled to use the API Access for receiving data with respect to not more than one (1) million queries to the SimilarWeb server per month. SimilarWeb confirms that should the limit of one (1) million queries to the SimilarWeb server per month be reached, the SimilarWeb Data may be exported via the Professional web interface and shall, accordingly, still be accessible by Naspers and all Naspers Group Members.
2.3    Dedicated Resource. As soon as reasonably possible after the Effective Date, and for the duration of the term of the Agreement, SimilarWeb shall engage a data analyst as a full-time employee as part of SimilarWeb’s R&D team in Israel (the “Dedicated Resource”) who shall be responsible for implementing and managing the data sharing License granted to Naspers above on a dedicated and an ongoing basis. The Dedicated Resource, including any replacement from time to time will be hired by SimilarWeb according to the job description and criteria provided by Naspers in consultation with SimilarWeb, and Naspers shall have approval and veto right with respect to the identity of the Dedicated Resource before his or her hiring. Each of Naspers and SimilarWeb shall be entitled to terminate (or, in the case of Naspers, request the termination of) the employment of the Dedicated Resource at its discretion (based however on reasonable grounds). All matters relating to the Dedicated Resource’s salary and terms (including bonus payments, if any) shall be subject to prior written approval by Naspers. Any planned leave time of the Dedicated Resource for more than 5 days, whether as a result of leave or otherwise, will be discussed with Naspers so that suitable arrangements will be made which are reasonably acceptable to Naspers. The Dedicated Resource will provide Naspers with such reports and data with respect to the SimilarWeb Data as Naspers may reasonably request from time to time and will be the main contact person on behalf of SimilarWeb in relation to the day-to-day management of the relationship between Naspers and SimilarWeb. SimilarWeb shall provide the Dedicated Resource with all infrastructure equipment required to perform his/her obligations including, without limitation, adequate office space and desk, computer, telephone, etc. For the sake of 
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absolute clarity the Dedicated Resource is an employee of SimilarWeb only and no employer-employee relationship exists or shall be deemed to exist between the Dedicated Resource and Naspers.
2.4    Service Fee. In consideration for certain services to be provided under this Agreement including the designation of the Dedicated Resource, Naspers shall pay SimilarWeb an annual service fee in the approximate amount of [***] (the “Service Fee”). The final amount of the Service Fee shall be mutually agreed upon in writing. The Service Fee agreed upon by Naspers shall be due and payable annually in advance, within 30 days from receipt of SimilarWeb’s invoice, and shall be reduced pro-rata for the actual period of receiving services of the Company through the Dedicated Resource for a period less than a full year.
3.    SimilarWeb Pro Licenses
3.1    License. Subject to the terms set forth herein, SimilarWeb hereby grants Naspers and all Naspers Group Members a non-exclusive, worldwide, non transferable right and license for the use of the SimilarWeb Pro “Enterprise” product for all countries (“SimilarWeb Pro Licenses”) on the following terms:
3.1.1.    from the Effective Date to 31 December 2014 – 200 SimilarWeb Pro “Enterprise” product licences for no charge;
3.1.2.    from 1 January 2015 to 31 December 2015 – 200 SimilarWeb Pro “Enterprise” product licences for a fee of [***];
3.1.3.    from 1 January 2016 to 31 December 2016 – 225 SimilarWeb Pro “Enterprise” product licences for a fee of [***]; and
3.1.4.    from 1 January 2017 and for each year thereafter, such number of SimilarWeb Pro “Enterprise” licences as Naspers and the Naspers Group Members may require at a [***] discount to the lowest price charged as of January 1, 2017 by SimilarWeb for the same or substantially similar SimilarWeb Pro product/license and volume of licenses to any person or entity worldwide, subject to the exclusion in section 3.4.
For the sake of clarity Naspers and all of the Naspers Group Members may purchase additional licenses during the periods set forth in subsections 3.1.1 – 3.1.4 above under the terms of section 3.4 below.
3.2    Naspers’ and the Naspers Group Members’ use of the SimilarWeb Pro Licenses shall be subject to the terms of SimilarWeb’s License Agreement attached hereto as Schedule A but shall always include the highest and most favored commercially available product provided by SimilarWeb, including mobile panel data as well as any other mobile traffic statistics or reports offered by SimilarWeb. In case of any conflict between the terms set forth in Schedule A and the terms set forth in the body of this Agreement, the terms set forth in the body of this Agreement shall prevail.
3.3    Terms of Payment. The licence fees set out in section 3.1 above (the “License Fees”) shall be due and payable annually in advance, within 30 days from receipt of SimilarWeb’s invoice.
3.4    Most Favored Customer. The License Fees that will be determined under section 3.1.4 above will be based on a [***] discount to the lowest price charged by SimilarWeb for the same or substantially similar SimilarWeb Pro product/license and volume of licenses purchased to any person or entity worldwide from time to time. Without derogating from the foregoing, if SimilarWeb provides any customer for the same or substantially similar SimilarWeb Pro product/license and volume of licenses purchased with prices, discounts, warranties, benefits and/or other terms and conditions which are more favorable to such other customer than the price, discount, warranties, benefits or other terms and conditions set forth in this Agreement (including the terms 
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of Schedule A hereto), SimilarWeb shall promptly notify Naspers (or the Naspers Group Member, as applicable) of the more favorable terms and shall offer to amend the terms of this Agreement so that Naspers (or the Naspers Group Member, as applicable) may also receive the SimilarWeb Pro product/license on the more favorable terms and at [***] discount off the most favorable price. Without derogating from the other provisions of the Section for the purposes of determining the lowest price charged by SimilarWeb for the same or substantially similar SimilarWeb Pro product/license, the parties will exclude customers of SimilarWeb who have licensed the SimilarWeb Pro “Enterprise” product for all countries at a volume of more than twice the number of licences licenced by Naspers and the Naspers Group Members.
4.    Parties’ Obligations
4.1    SimilarWeb’s Obligations. During the Term of this Agreement SimilarWeb shall not engage in any other agreement or enter into any other arrangement for the appointment of a dedicated resource including a dedicated resource accessing raw data similar to the arrangement set forth in section 2.3 herein.
4.2    Naspers’ Obligations. Naspers shall undertake to encourage each Naspers Group Member to furnish SimilarWeb with traffic metrics from their respective websites for use by SimilarWeb solely for purposes of enhancing the accuracy of SimilarWeb’s measurement systems, products and services (whether current or future products and services) generally available.
5.    Confidential Information
5.1    Dedicated Resource Confidentiality Undertakings. As the job description of the Dedicated Resource requires, by definition, the disclosure of SimilarWeb data and information (including confidential and proprietary SimilarWeb information), it is agreed that the disclosure of such information by the Dedicated Resource shall be excluded from any confidentiality undertakings towards SimilarWeb and SimilarWeb shall have no claims towards the Dedicated Resource and/or Naspers with respect thereto. For the avoidance of doubt, such disclosure of Confidential Information of SimilarWeb by the Dedicated Resource to Naspers and/or any Naspers Group Members shall not relieve Naspers and/or any Naspers Group Members from its confidentiality obligations towards SimilarWeb in connection with such Confidential Information disclosed by the Dedicated Resource.
5.2    Treatment of Confidential Information. Receiving party shall refrain from using or exploiting the disclosing party’s Confidential Information for any purposes or activities other than for the performance of this Agreement. Receiving party shall: (i) keep the disclosing party’s Confidential Information confidential using at least the same degree of care it uses to protect its own confidential information, which shall in any event not be less than a reasonable degree of care; and (ii) refrain from disclosing or facilitating disclosure of the disclosing party’s Confidential Information to anyone, without disclosing party’s prior written consent, except its employees and consultants with a need to know such information for the purposes of the performance of this Agreement, and will advise those of its employees and consultants to whom the Confidential Information is disclosed of their obligations under this Agreement with respect to the Confidential Information. Receiving party shall obtain and maintain in effect written confidentiality agreements similar in scope to the provisions of this section with each of its employees and/or consultants who need to receive the Confidential Information or any part thereof and in any event shall remain liable for any acts and omissions of its such employees and consultants in connection with their use and handling of the Confidential Information. If receiving party is required by an order of a court, administrative agency, or other government body, to disclose disclosing party’s Confidential Information, receiving party shall provide disclosing party with prompt notice of such order to enable disclosing party to seek a protective order or otherwise prevent or restrict such disclosure, and the receiving party shall reasonably cooperate with disclosing party in its efforts to obtain such protective order at the sole cost and expense of disclosing party. The obligations of confidentiality 
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under this Agreement shall survive the termination of this Agreement and remain in effect in perpetuity. It is hereby clarified that Naspers shall be liable to SimilarWeb for any breach of confidentiality by any of Naspers Group Member.
6.    Term and Termination
6.1    Term. This Agreement shall come into effect on the Effective Date and shall remain in effect until and unless terminated as set forth below (“Term”).
6.2    Termination. This Agreement may be terminated by Naspers upon providing 30 days prior written notice of termination to SimilarWeb for any reason; or by either party in the event the other party is in material breach of its obligations under this Agreement and such material breach goes un-remedied for a period of 30 days after receiving written notice stating the nature of the breach.
Notwithstanding the foregoing, SimilarWeb shall be entitled to terminate this Agreement in the event that SimilarWeb is in the process of negotiating an M&A Event (as such term is defined in SimilarWeb’s Articles of Association) and the counter party to the M&A Event (the “Counterparty”) requests as a condition to consummating the M&A Event that certain terms in this Agreement be amended, SimilarWeb shall notify Naspers in writing of such request by the Counterparty and the Counterparty and Naspers shall thereafter discuss in good faith and acting reasonably potential modifications to the terms of this Agreement to address the business concerns raised by the Counterparty; should Naspers and the Counterparty, despite acting reasonably and in good faith, fail to reach an agreement on the modified terms by no later than ten (10) business days prior to signing the definitive agreement of the M&A Event (the “Pre-Signing Period”), SimilarWeb shall be entitled to elect to (i) terminate this Agreement upon written notice, such termination to take effect 12 months following the end of the then-current calendar year (“Notice Period”); OR (ii) allow this Agreement to continue in full force and effect without amendments. If SimilarWeb elects to terminate this Agreement as aforesaid, then Intervision (Services) Holdings BV or its permitted transferred (“Intervision”) shall be entitled to exercise a tag along right in connection with such M&A Event as provided for under the Articles of Association of SimilarWeb. If the M&A Event is not consummated, then any modifications, which may have been agreed to this Agreement, shall be of no force or effect and any termination notice shall be null and void, and this Agreement shall continue in full force and effect without modification.
SimilarWeb shall furthermore be entitled to terminate this Agreement in the event that Intervision holds less than 10% of the issued and outstanding share capital of SimilarWeb on a fully diluted basis. SimilarWeb shall exercise this right upon written notice to Naspers, such termination to take effect upon expiry of a notice period equal to the Notice Period defined above.
6.3    Effects of Termination. Upon termination of this Agreement SimilarWeb will provide Naspers with a pro rata refund of any Service Fee to the extent entitled to Naspers as per section 2.4 above. Further, upon termination of this Agreement, Naspers and the Naspers Group Members will not be required to return or destroy any of the data and information received under this Agreement and the License granted to Naspers and the Naspers Group Members under section 2.1 in relation to the data received up to the effective date of termination of the Agreement shall continue and remain in effect in perpetuity. In addition, SimilarWeb shall provide Naspers with a pro rata refund of any License Fees paid by Naspers after January 1, 2017 if such termination occurs during a certain calendar year with respect to such year.
7.    Representations and Warranties
7.1    SimilarWeb represents and warrants that (i) it has full right, power, and authority to perform its obligations hereunder and disclose the information and data described under this Agreement, (ii) it shall perform its obligations hereunder in a timely, competent and professional manner and in accordance with the specifications and requirements set forth in this Agreement, (iii) it has all 
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rights, licenses, permissions and other clearances from third parties necessary for it to perform its obligations hereunder, (iv) to the best of its knowledge, the performance of its obligations hereunder will not infringe any laws or any copyrights, patents, trade secrets, or other intellectual, privacy or proprietary rights of a third party ; (v) it shall, at its own expense, obtain all permits, inspections and licenses from governmental authorities that may be required in connection with its performance of its obligations hereunder; (vi) it has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement, or that would preclude it from fully complying with the provisions hereof; (vii) it is permitted to disclose the information and data described in this Agreement to Naspers and the Naspers Group Members and nothing in its privacy policies and/or user agreements prohibits the disclosure of such data and information to Naspers and the Naspers Group Members; and (viii) the data and information provided under this Agreement will not contain any PII. All representations and warranties made by SimilarWeb herein shall be deemed first made on the Effective Date and shall run continuously thereafter. SimilarWeb shall promptly notify Naspers if any material change in circumstance makes any representation inaccurate, or causes or is likely to cause a breach of any representation or warranty, and shall provide any and all information and cooperation reasonably requested in connection therewith.
7.2    Naspers represents and warrants (also with respect to each Naspers Group Member using API or the SimilarWeb Pro License) that: (i) it has full right, power, and authority to perform its obligations hereunder and disclose the information and data described under this Agreement, (ii) it shall perform its obligations hereunder in a timely, competent and professional manner and in accordance with the specifications and requirements set forth in this Agreement, (iii) it has all rights, licenses, permissions and other clearances from third parties necessary for it to perform its obligations hereunder; (iv) to the best of its knowledge, the performance of its obligations hereunder will not infringe any laws or any copyrights, patents, trade secrets, or other intellectual, privacy or proprietary rights of a third party; (v) it shall, at its own expense, obtain all permits, inspections and licenses from governmental authorities that may be required in connection with its performance of its obligations hereunder; (vi) to the best of its knowledge, it has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement, or that would preclude it from fully complying with the provisions hereof; (vii) it is permitted to disclose the information and data described in this Agreement to SimiarWeb and, to the best of its knowledge, nothing in its privacy policies and/or user agreements prohibits the disclosure of such data and information to SimilarWeb; (viii) the data and information provided under this Agreement will not be used by Naspers and/or the Naspers Group Members to derive any PII of any third party; and (ix) make usage of the data obtained from using API or the SimilarWeb Pro License in a way that will compete with any of SimilarGroup’s products, services or otherwise make such data available to any third party or used in any manner other than to Naspers and/or the Naspers Group Members.
8.    Indemnification; Limitation of Liability
8.1    Indemnity by SimilarWeb. SimilarWeb will defend Naspers and the Naspers Group Members and their respective affiliates, stockholders, officers, directors, employees and representatives (collectively, the “Naspers Indemnitiees”) against any action, suit, claim or proceeding brought by a third party (a “Claim”), and indemnify and hold harmless the Naspers Indemnitees from all costs, damages, liabilities, expenses (including all reasonable legal costs and reasonable attorneys’ fees) finally awarded by a competent court and arising out of, connected with, or resulting in any way from any breach by SimilarWeb of its representations and warranties herein or in connection with a third party claim that the data and information provided by SimilarWeb under this Agreement infringes upon third party intellectual property rights. SimilarWeb shall have sole control over the investigation, preparation, defense and settlement or compromise of a Claim, except that SimilarWeb shall not agree to any settlement or compromise that results in any admission on the part of the Naspers Indemnitees or imposes any obligation or liability on the 
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Naspers Indemnitiees or might have a judicially binding effect on the Naspers Indemnitees, without the Naspers Indemnitees’ prior written consent. If SimilarWeb does not avail itself of the opportunity to defend against or resist any Claim within 30 days after receipt of notice thereof (or such shorter time specified in the notice as circumstances may dictate), the Naspers Indemnitees shall be free to investigate, defend, compromise, settle or otherwise dispose of the Claim and be reimbursed by SimilarWeb for all reasonable incurred costs associated therewith.
8.2    Indemnity by Naspers. Naspers will defend SimilarWeb and its respective affiliates, stockholders, officers, directors, employees and representatives (collectively, the “SimilarWeb Indemnitiees”) against any action, suit, claim or proceeding brought by a third party (a “Claim”), and indemnify and hold harmless the SimilarWeb Indemnitees from all costs, damages, liabilities, expenses (including all reasonable legal costs and reasonable attorneys’ fees) finally awarded by a competent court and arising out of, connected with, or resulting in any way from any breach by Naspers and/or Naspers Group Members of its representations and warranties herein or in connection with a third party claim that the data and information provided by Naspers and/or Naspers Group Members under this Agreement infringes upon third party intellectual property rights. SimilarWeb shall have sole control over the investigation, preparation, defense and settlement or compromise of a Claim, except that Naspers shall not agree to any settlement or compromise that results in any admission on the part of the SimilarWeb Indemnitees or imposes any obligation or liability on the SimilarWeb Indemnitiees or might have a judicially binding effect on the SimilarWeb Indemnitees, without the SimilarWeb Indemnitees’ prior written consent. If Naspers does not avail itself of the opportunity to defend against or resist any Claim within 30 days after receipt of notice thereof (or such shorter time specified in the notice as circumstances may dictate), the SimilarWeb Indemnitees shall be free to investigate, defend, compromise, settle or otherwise dispose of the Claim and be reimbursed by Naspers for all reasonable incurred costs associated therewith.
8.3    Limitation of Liability. EXCEPT WITH RESPECT TO EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS AND EXCEPT FOR WILFULL BREACH/MISREPRESENTATION OF A PARTY:(A) NEITHER PARTY WILL BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL OR INCIDENTAL DAMAGES (INCLUDING DAMAGES FOR LOSS OF BUSINESS PROFITS, BUSINESS INTERRUPTION, LOSS OF BUSINESS INFORMATION AND THE LIKE) IN CONNECTION WITH THIS AGREEMENT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; (B) EACH PARTY’S MAXIMUM LIABILITY FOR ANY CLAIM UNDER THIS DATA SUPPLY & LICENSE AGREEMENT SHALL NOT EXCEED THE AMOUNT OF SERVICE FEES PAID TO SIMILARWEB PER SECTION 2.4 ABOVE DURING THE ONE YEAR PERIOD PRIOR TO THE DATE THAT THE RELEVANT CLAIM IS INSTITUTED.
9.    Miscellaneous
9.1    Assignment. Neither party may assign this Agreement to any third party without the prior written approval of the other party which shall not be unreasonably withheld or delayed, except that upon written notice to the other party to this effect: (i) either party may assign this Agreement to its parent, affiliate or subsidiary and to any third party pursuant to any merger, acquisition, reorganization, sale or transfer of all or substantially all its assets; and (ii) Naspers may assign this Agreement to any Naspers Group Member.
9.2    No Waiver. No delay or omission by either party hereto to exercise any right or power occurring upon any noncompliance or default by the other party with respect to any of the terms of this Agreement shall impair any such right or power or be construed to be a waiver thereof. A waiver by either of the parties hereto of any of the covenants, conditions, or agreements to be performed by the other shall not be construed to be a waiver of any succeeding breach thereof or of any covenant, condition, or agreement herein contained. Unless stated otherwise, all remedies provided 
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for in this Agreement shall be cumulative and in addition to and not in place of any other remedies available to either party at law, in equity, or otherwise.
9.3    Severability. If any term, clause or provision of this Agreement is construed to be or adjudged invalid, void or unenforceable, such term, clause or provision will be modified or severed in such manner as to cause this Agreement to be valid and enforceable while preserving to the maximum extent possible the terms, conditions and benefits of this Agreement as negotiated by the parties, and the remaining terms, clauses and provisions will remain in full force and effect.
9.4    Governing Law and Jurisdiction. This Agreement is governed by and construed and interpreted in accordance with the laws of England without regard to choice of law rules. Except for seeking for equitable relief in which case any jurisdiction is agreed to, any action arising out of or in any way connected with this Agreement shall be brought exclusively in the competent courts in London, England.
9.5    Survival. The provisions of Sections 5, 6.3, 8 and 9 (and any other provision which expressly contemplates rights or obligations after termination) will survive termination of this Agreement and continue in full force and effect for the period set forth therein, or if no period is set forth therein, indefinitely.
9.6    Headings. The headings and sub-headings contained in this Agreement are for convenience and reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
9.7    Entire Agreement. This Agreement, together with the Schedules hereto, constitutes the entire agreement between the parties and replaces any other agreements, oral or written, between the parties in connection with the subject matter herein.
9.8    Amendment. This Agreement may only be amended by an instrument in writing signed by each of the parties hereto.
9.9    Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together will constitute one single agreement between the parties.
9.10    Notices. All notices or other communications required or permitted to be given pursuant to this Agreement shall be in writing and shall be deemed as properly given or made on the date same if hand delivered or five days after mailing, if mailed first class registered mail, postage prepaid, or on the first business day after being sent if sent by facsimile to the respective addresses set forth in the preamble to this Agreement, or to such other address as either party may have designated by similar notice given to the other party.
[Signature page below]
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IN WITNESS THEREOF, Naspers and SimilarWeb have caused this Agreement to be signed and delivered by their duly authorized officers, all as of the date hereinabove written.
															
	Myriad International Holdings BV		SimilarWeb Ltd.
			
			
	By:	S De Reus		By:	Or Offer
	Title:	Director		Title:	CEO
	Date:	February 14, 2014		Date:	
	Signature:	/s/ S De Reus		Signature:	/s/ Or Offer

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Schedule A
SimilarWeb Pro License Agreement
This License Agreement (“Agreement”), dated as of the [ ] of January 2014 (“Effective Date”), is by and between SimilarWeb Ltd., an Israeli Company (Company Number 514244714) with an address at 23 Menachem Begin Blvd. (“SimilarWeb”), and Myriad International Holdings BV , a company registered under the laws of the Netherlandswith an address at Taurusavenue 105, 2132LS Hoofddorp, Amsterdam, The Netherlands (“Licensee”).
WHEREAS SimilarWeb is the owner of the SimilarWeb PRO platform, a competitive intelligence solution that enables viewing traffic data for websites (“Platform”); and WHEREAS Licensee desires to obtain a license from SimilarWeb to use the Platform, and SimilarWeb is willing to grant such rights and licenses to use the Platform on the terms and conditions as set forth herein; NOW, THEREFORE, the parties hereby agree as follows:
1.    Scope of License. SimilarWeb grants Licensee a non-exclusive, non transferable, worldwide license to use the Platform for the purpose of Licensee’s performing competitive intelligence enabled via the Platform for Licensee (“License”). Under the License, Licensee shall be given a user name and password from SimilarWeb for logging into the Platform, following which Licensee’s use of the Platform shall be enabled. It is further agreed that the License granted herein shall apply to all Naspers Group Members (as such term is defined in the Data Supply and License Agreement to which this SimilarWeb Pro License Agreement is annexed – hereinafter, the “Data Agreement”), who shall be entitled to the use of the License granted under this Agreement in accordance with the terms herein and subject to the maximum usage of number of licenses under the Data Agreement
2.    Intellectual Property Rights & Restrictions. All intellectual property rights in the Platform and any part thereof, including any and all derivatives, changes and improvements thereof lie exclusively with SimilarWeb. Licensee shall (i) not sell, lease, sublicense or distribute any rights of use in the Platform or any part thereof or 

allow any third party to use such rights, for any purpose; (ii) not attempt to reverse engineer, decompile, or disassemble the Platform, or any part thereof; (iii) refrain from modifying the Platform, or granting any other third party the right to do so; (iv) not represent that it possess any proprietary interest in the Platform; (v) not directly or indirectly, take any action to contest SimilarWeb’s intellectual property rights or infringe them in any way; (vi) except as specifically permitted hereunder, not use the name, trademarks, trade-names, and logos of SimilarWeb.
3.    Consideration. In consideration for the License granted to Licensee, Licensee shall pay SimilarWeb a fee as set forth in section 3.2 of the Data Agreement (“License Fee”). Payments shall be made according to the payment terms set forth in the Data Agreement. Any payment not paid by Licensee to SimilarWeb when due and payable shall bear interest at the rate of 1.5% per month (but no more than the maximum rate allowed by applicable law), and shall constitute sufficient cause for SimilarWeb to immediately suspend performance under this Agreement pending payment.
4.    Taxes. Licensee is solely responsible for payment of any taxes resulting from the acceptance of the License. If any such taxes are required to be withheld, Licensee shall pay an amount to SimilarWeb such that the net amount payable to SimilarWeb after withholding of taxes shall equal the amount that would have been otherwise payable under this Agreement.
5.    Technical Support. During the term of this Agreement, SimilarWeb will provide Licensee technical support for the Platform during SimilarWeb’s normal working hours (Mon – Fri, 9:00 – 18:00 time), and shall include trouble shooting response (by telephone, chat or email), receipt of minor updates and bug fixes and patches for reproducible and verifiable errors in the Platform. First line technical support shall 

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be provided by the Dedicated Resource (as defined in the Data Agreement) and where the Dedicated Resource is not able to resolve the support quesrt such shall be attended to by other appropriate SimilarWeb technicians.
6.    Confidentiality. Subject to the confidentiality provisions set forth in the Data Agreement, all designs, engineering details, and other technical, financial, marketing, commercial and other information pertaining to the Platform and/or SimilarWeb’s business activities shall be considered “Confidential Information”. Licensee agrees to use SimilarWeb’s Confidential Information only in connection with the License and the Data Agreement, to keep such Confidential Information confidential, and not to reproduce, copy, or disclose such Confidential Information to any third party, except with SimilarWeb’s prior written consent.
7.    Disclaimer of Warranties. Licensee acknowledges that the data contained on the Platform are based on information, data, requirements and content obtained by SimilarWeb from third parties. It is further understood and agreed that SimilarWeb does not intend and will not be required to edit or review for accuracy or appropriateness any information and/or data provided by Licensee (including such information contained in Licensee’s website) in connection with the Platform. For the sake of clarity, the above shall not derogate from SimilarWeb’s representations and warranties set forth in the Data Agreement. EXCEPT FOR THE WARRANTIES PROVIDED HEREIN AND IN THE DATA AGREEMENT, IF ANY, SIMILARWEB PROVIDES THE USAGE OF THE PLATFORM TO LICENSEE ON AN “AS IS” BASIS, WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, AND FITNESS FOR PARTICULAR PURPOSE. SIMILARWEB DOES NOT WARRANT THAT THE PLATFORM OR ANY SERVICES RELATED THERETO WILL BE DELIVERED OR PERFORMED 

ERROR-FREE OR WITHOUT INTERRUPTION.
8.    Indemnification. Subject to the limitation of section 10 below, Licensee shall indemnify, defend and hold SimilarWeb harmless from any and all losses, damages, fees and damages finally awarded against SimilarWeb (including reasonable attorney’s fees) and arising from a third party claim based on Licensee’s breach of its warranties and obligations as set forth in this Agreement. SimilarWeb shall provide Licensee with: (a) prompt written notice of such claim; (b) sole control over the defense and settlement of such claim; and (c) information as may be reasonably requested by Licensee.
9.    Services. SimilarWeb developed a unique and proprietary method to collect certain non identifiable information through our own resources and through third parties resources. Such information is aggregated, analyzed and shown through SimilarWeb’s Platform. Furthermore, the information presented through our Platform does not in any way create any representation or warranty on our behalf with respect to such third party’s websites or internet pages. By using the Platform, the Licensee shall use reasonable commercial efforts , save as authorized under the Data Agreement, not to violate any laws, third party rights or our policies which are provided to Licensee in writing and accepted by Licensee in writing.
10.    Limitation of Liability. EXCEPT WITH RESPECT TO EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS AND EXCEPT FOR WILFULL BREACH MISREPRESENTATION OF A PARTY, EITHER PARTY’S MAXIMUM AGGREGATE LIABILITY FOR EACH CLAIM ARISING OUT OF OR RELATING TO THIS SCHEDULE A SHALL NOT EXCEED THE TOTAL AMOUNT OF LICENSE FEES PAID BY LICENSEE TO SIMILARWEB AS PER SECTION 3.1 OF THE DATA AGREEMENT DURING THE TWELVE (12) MONTHS PRECEEDING THE DATE THE LIABILITY FIRST ARISES. TO THE 

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EXTENT PERMITTED BY LAW, IN NO EVENT WILL EITHER PARTY BE LIABLE FOR LOST PROFITS, LOSS OF USE, LOSS OF DATA, COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, OR ANY OTHER SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES, HOWEVER CAUSED, AND ON ANY THEORY OF LIABILITY, WHETHER FOR BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY), OR OTHERWISE, WHETHER OR NOT SIMILARWEB HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
11.    Term. This Agreement shall commence on the Effective Date and shall remain in effect for the term of the Data Agreement.
12.    Termination. Either party may terminate this Agreement at any time by giving written notice to the other party if: (i) the other party breaches a material provision of this Agreement and fails to cure the breach within thirty (30) days after being given written notice thereof; (ii) the other party is judged bankrupt or insolvent, makes a general assignment for the benefit of its creditors, a trustee or receiver is appointed for such party; or any petition by or on behalf of such party is filed under any bankruptcy or similar laws. Upon termination of this Agreement for any reason whatsoever, Licensee will immediately cease use of the Platform and return all Confidential Information to SimilarWeb; provided however that Licensee will not be required to return or destroy any of the data and information received through authorized use of the licenses under the Data Agreement up to the effective date of termination of the Agreement. Sections 2, 6, 9, 10, 12 and 13 shall survive any termination of this Agreement.
13.    Governing law. This Agreement is governed by the laws of England, without regards to its conflict of laws principles, and any dispute arising from this Agreement 

shall be brought exclusively before the courts of London, England.
14.    Publicity:. (a) Neither party shall issue publicity or general marketing communications concerning the other party without such other party’s prior written/verbal approval. Any such issuance by a party shall be the party’s “Publicity”. SimilarWeb may not disclose the fact that Licensee is a customer of SimilarWeb to any party, including its existing and potential customers, without Licensee’s prior written consent. Client agrees that it shall encourage Naspers Group Member to (i) assist SimilarWeb in its preparation of a press release announcing Client being new SimilarWeb customer (ii) provide SimilarWeb with Client’s logo(s) for use on SimilarWeb’s Web site and in its sales collateral; (iii) reasonably assist SimilarWeb in the preparation of a case study; and (iv) serve as a reference to media and/or industry analysts and to SimilarWeb potential customers, but acknowledges that the express consent of each Naspers Group Member shall be required for any of the aforegoing.
15.    Assignment. Neither party may assign this Agreement to any third party without the prior written approval of the other party which shall not be unreasonably withheld or delayed, except that upon written notice to the other party to this effect: (i) either party may assign this Agreement to its parent, affiliate or subsidiary and to any third party pursuant to any merger, acquisition, reorganization, sale or transfer of all or substantially all its assets; and (ii) Licensee may assign this Agreement to any Naspers Group Member.
16.    Entire Agreement. Subject to the Data Agreement, this Agreement and any Exhibits hereto constitutes the entire agreement between SimilarWeb and Licensee and supersedes any previous agreements or representations, either oral or written with respect to the subject matter of this Agreement. All amendments may be made only in writing.

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IN WITNESS WHEREOF, the parties by their dully-authorized representatives have caused this Agreement to be executed as of the later of the two signature dates below:
															
	Myriad International Holdings BV		SimilarWeb Ltd.
			
	By:	S De Reus		By:	Or Offer
	Title:	Director		Title:	CEO
	Date:	February 14, 2014		Date:	
	Signature:	/s/ S De Reus		Signature:	/s/ Or Offer

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