Document:

Exhibit 10.2

 

This Indemnity Agreement is made
on the [•] day of [•] 2020.

 

Between:

 

		(1)	Vitru Limited, an exempted company incorporated in the Cayman Islands (the "Company");
and

 

		(2)	[●], a director and/or officer of the Company (the "Indemnitee").

 

Whereas:

 

		(A)	The Indemnitee serves as a director and/or officer of the Company.

 

		(B)	The Indemnitee will perform valuable services to the Company.

 

		(C)	The substantial increase in corporate litigation subjects directors and officers to expensive litigation
risks at the same time that the availability of directors’ and officers’ liability insurance has been severely limited.

 

		(D)	It is a condition to the appointment of the Indemnitee as a director and/or officer of the Company
that the Company indemnify the Indemnitee so as to provide him with the maximum possible protection permitted by law.

 

		(E)	The Company wishes to indemnify the Indemnitee on the terms of this Agreement.

 

Now it is agreed as follows:

 

		1	Definitions

 

In this Agreement the following capitalised
words and expressions shall have the following meanings:

 

		1.1	In this Agreement:

 

		(a)	the term "Proceeding" shall include any threatened, pending or completed action,
suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether
brought by or in the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory or investigative
nature and whether formal or informal, including any appeal therefrom, and the term "decided in a Proceeding"
shall mean a decision by a court, arbitrator(s), hearing officer or other judicial agent having the requisite legal authority to
make such a decision, which decision has become final and from which no appeal or other review proceeding is permissible;

 

		(b)	the term "Expenses" shall include, but is not limited to, all losses, liabilities,
damages, judgments, fines, penalties, awards, amounts paid in settlement (including all interest, taxes, assessments and other
charges in connection therewith) by or on behalf of the Indemnitee, expenses of investigations, judicial or administrative proceedings
or appeals, reasonable attorney’s fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and disbursements and any expenses
of establishing a right to indemnification under this Agreement; and

 

		(c)	the terms "Director" and "Director of the Company" shall include
the Indemnitee’s service at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise as well as a director or officer of the Company.

 

     

     

    

 

		2	Indemnity of Director

 

Subject only to the limitations
set forth in Clause 3, the Company hereby agrees to indemnify and hold harmless the Indemnitee in respect of and to pay on behalf
of the Indemnitee all Expenses actually and reasonably incurred by the Indemnitee because of any claim or claims made against him
in a Proceeding by reason of the fact that he is or was a Director of the Company, in each case whether or not serving in such
capacity as a Director of the Company at the time any liability or Expense is incurred for which indemnification, reimbursement
or advancement of expenses can be provided under this Agreement.

 

If the Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for a portion of any Expenses but not for the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for such portion.

 

Without limiting the foregoing,
in the event any Proceeding is initiated by the Indemnitee, the Company or any other person to enforce or interpret this Agreement
or any rights of the Indemnitee to indemnification or advancement of Expenses, or any other related obligations of the Indemnitee,
under the Company’s articles of association or instruments or any other agreement to which the Indemnitee or the Company
is party, Cayman Islands or any other applicable law or any liability insurance policy, to the fullest extent allowable under applicable
law, the Company shall indemnify the Indemnitee against Expenses incurred by the Indemnitee or on the Indemnitee’s behalf
in connection with such proceeding in proportion to the success achieved by the Indemnitee in such Proceeding, as determined by
the court presiding over such Proceeding.

 

		3	Limitations on Indemnity

 

The Company shall not be obligated
under this Agreement to make any payment of Expenses to the Indemnitee if:

 

		(a)	such payment is prohibited by applicable law;

 

		(b)	such payment is actually made to the Indemnitee under an insurance policy, except in respect of
any excess beyond the amount of payment under such insurance;

 

		(c)	the Indemnitee is indemnified by the Company otherwise than pursuant to this Agreement;

 

		(d)	such payment would result in the Indemnitee gaining any personal profit or advantage to which he
or she was not legally entitled; and

 

		(e)	it is decided in a Proceeding that such payment is brought about or contributed to by the dishonesty,
wilful default or actual fraud of the Indemnitee seeking payment hereunder; however, notwithstanding the foregoing, the Indemnitee
shall be indemnified under this Agreement as to any claims upon which suit may be brought against him by reason of any alleged
dishonesty on his part, unless it shall be decided in a Proceeding that he committed acts of active and deliberate dishonesty with
actual dishonest purpose and intent, and which acts were material to the cause of action so adjudicated.

 

    2

     

    

 

		4	Advance Payment of Costs

 

		4.1	Expenses incurred by the Indemnitee in defending a claim against him in a Proceeding shall be paid
by the Company as incurred and in advance of the final disposition of such Proceeding and without regard to whether the Indemnitee
will ultimately be entitled to be indemnified for such Expenses and without regard to whether any determination as to whether indemnification
of the Indemnitee is proper in the circumstances has been made.

 

		4.2	The Company agrees that for purposes of any advancement of Expenses for which the Indemnitee has
made a demand to the Company, all Expenses included in such demand that are certified by affidavit of the Indemnitee’s counsel
as being reasonable shall be presumed conclusively to be reasonable.

 

		4.3	The Indemnitee hereby agrees and undertakes to repay such amounts advanced by the Company if it
shall be decided in a Proceeding that he is not entitled to be indemnified by the Company pursuant to this Agreement or otherwise.
Such repayment obligation shall be unsecured and shall not bear interest.

 

		4.4	If a claim under this Agreement is not paid by the Company, or on its behalf, within thirty (30)
days after a written claim has been received by the Company, the Indemnitee may at any time thereafter bring suit against the Company
to recover the unpaid amount of the claim and if successful in whole or in part, the Indemnitee shall also be entitled to be paid
the Expenses of prosecuting such claim.

 

		5	Enforcement

 

The Company expressly confirms
and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce the Indemnitee
to serve as a Director of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving
as a Director of the Company, provided that nothing contained herein shall be construed as giving the Indemnitee any right to be
retained as a director or in the employ of the Company. For the avoidance of doubt, the indemnification and advancement of Expenses
provided under this Agreement shall continue as to the Indemnitee even though such Indemnitee may have ceased to be a director
or officer of the Company.

 

		6	Subrogation

 

In the event of payment under
this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee,
who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

		7	Procedure for Indemnification; Notification and Defense of Claim.

 

		7.1	Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding,
Indemnitee shall, if a claim in respect thereof is to be made against the Company hereunder, notify the Company in writing of the
commencement thereof. The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s
request for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to
the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of such
failure. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor including
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the Company to
determine whether and to what extent Indemnitee is entitled to indemnification.

 

    3

     

    

 

		7.2	With respect to any action, suit or proceeding of which the Company is so notified as provided
in this Agreement, the Company shall, subject to the last two sentences of this paragraph, be entitled to assume the defense of
such action, suit or proceeding, with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice
of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel
by the Company, the Company will not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate
counsel engaged by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by
Indemnitee has been previously authorized in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on the
advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Company setting forth the
basis for such conclusion) that, in the conduct of any such defense, there is or is reasonably likely to be a conflict of interest
or position between the Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without
the written consent of Indemnitee, to assume such defense. In addition, the Company will not be entitled, without the written consent
of Indemnitee, to assume the defense of any claim brought by or in the right of the Company.

 

		7.3	To the fullest extent permitted by applicable law, the Company’s assumption of the defense
of an action, suit or proceeding in accordance with paragraph 7.2 above will constitute an irrevocable acknowledgement by the Company
that any loss and liability suffered by Indemnitee and expenses (including attorneys’ fees), judgments, fines and amounts
paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under
Section 2 of this Agreement unless such Indemnitee is ineligible for indemnification pursuant to Section 3.

 

		7.4	The determination whether to grant Indemnitee’s indemnification request shall be made promptly
and in any event within 60 days following the Company’s receipt of a request for indemnification in accordance with Section
7.1. If the Company determines that Indemnitee is entitled to such indemnification or, as contemplated by paragraph 7.3 above,
the Company has acknowledged such entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within such
60-day period. If the Company is not deemed to have so acknowledged such entitlement or the Company’s determination of whether
to grant Indemnitee’s indemnification request shall not have been made within such 60-day period, the requisite determination
of entitlement to indemnification shall, subject to Section 3, and to the fullest extent permitted by law, nonetheless be deemed
to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

		7.5	In the event that (i) the Company determines in accordance with this Section 7 that Indemnitee
is not entitled to indemnification, in whole or in part, under this Agreement, (ii) the Company fails to respond or make a determination
of entitlement to indemnification required by law within 60 days following receipt of a request for indemnification as described
above, (iii) payment of indemnification is not made within such 60-day period, (iv) advancement of expenses is not timely made
in accordance with Section 4, or (v) the Company or any other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee
the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any
court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. Indemnitee’s
expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification
or advancement of expenses, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Company to
the fullest extent permitted by applicable law.

 

    4

     

    

 

		8	Contribution

 

		8.1	The Company hereby agrees to fully indemnify and hold the Indemnitee harmless from any claims of
contribution which may be brought by officers, directors or employees of the Company, other than the Indemnitee, who may be jointly
liable with the Indemnitee.

 

		8.2	To the fullest extent permissible under applicable law, if the indemnification provided for in
this Agreement is unavailable to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee,
shall contribute to the amount of Expenses incurred by the Indemnitee in connection with any Proceeding in such proportion as is
deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or
(ii) the relative fault of the Company (and its directors, officers, employees and agents) and the Indemnitee in connection with
such event(s) and/or transaction(s).

 

		9	Notice

 

		9.1	Notice to the Company shall be given at its principal office and shall be directed to the Company’s
chief executive officer (or such other address as the Company shall designate in writing to the Indemnitee from time to time).

 

		9.2	Notice shall be deemed received if (i) delivered by hand, on the date so delivered, or (ii) sent
by overnight courier, on the next business day after being so sent, or (iii) sent by facsimile, on the date so sent, or (iv) if
sent by e-mail, upon receipt of a confirmation of receipt e-mail.

 

		10	Directors and Officers Liability Insurance

 

		10.1	So long as the Company maintains liability insurance for any directors, officers, employees or
agents of any such person, the Company shall ensure that the Indemnitee is covered by such insurance in such a manner as to
provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s then current
directors and officers. If at any date (i) such insurance ceases to cover acts and omissions occurring during all or
any part of the period of the Indemnitee serving as a Director of the Company or (ii) the Company no longer maintains
any such insurance, the Company shall ensure that Indemnitee is covered, with respect to acts and omissions prior to such date,
for at least six years (or such shorter period as is available on commercially reasonable terms) from such date, by other directors
and officers liability insurance, in amounts and on terms (including the portion of the period of the Indemnitee serving as a Director
of the Company) no less favorable to Indemnitee than the amounts and terms of the liability insurance maintained by the Company
on the date hereof.

 

    5

     

    

 

		10.2	Upon receipt of notice of a Proceeding pursuant to Section 8.1, the Company shall give or
cause to be given prompt notice of such Proceeding to all insurers providing liability insurance in accordance with the procedures
set forth in all applicable or potentially applicable policies. The Company shall thereafter take all necessary action to cause
such insurers to pay all amounts payable in accordance with the terms of such policies, unless the Company shall have paid in full
all indemnification, advancement and other obligations payable to the Indemnitee under this Agreement.

 

		11	Saving Clause

 

If this Agreement or any portion
thereof shall be invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the
Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated or by
any other applicable law.

 

		12	Indemnification Hereunder Not Exclusive

 

Nothing herein shall be deemed
to diminish or otherwise restrict the Indemnitee’s right to indemnification under any provision of the constitutional documents
of the Company, under Cayman Islands law, any other agreement, any vote of shareholders or directors or any liability insurance
policy; provided that the obligation of the Company hereunder shall be primary and the obligations of such other indemnitors secondary.

 

		13	Coverage and Continuation of Indemnification

 

		13.1	The indemnification under this Agreement is intended to and shall extend to the Indemnitee’s
service as a Director prior to and after the date of the Agreement.

 

		13.2	The indemnification under this Agreement shall continue as to the Indemnitee even though he may
have ceased to be a Director and shall inure to the benefit of the heirs and personal representatives of the Indemnitee.

 

		14	Successors and Assigns

 

This Agreement shall be binding
upon the Company and its successors and assigns, and inure to the benefit of the Indemnitee and Indemnitee’s heirs, legal
representatives and assigns.

 

		15	Counterparts

 

This Agreement may be executed
in any number of counterparts, each of which shall constitute the original.

 

		16	Applicable Law

 

The terms and conditions of this
Agreement and the rights of the parties hereunder shall be governed by and construed in all respects in accordance with the laws
of the Cayman Islands. The parties to this Agreement hereby irrevocably agree that the courts of the Cayman Islands shall have
exclusive jurisdiction in respect of any dispute, suit, action, arbitration or proceedings which may arise out of or in connection
with this Agreement and waive any objection to such proceedings in the courts of the Cayman Islands on the grounds of venue or
on the basis that they have been brought in an inconvenient forum.

 

    6

     

    

 

		17	Entire Agreement

 

This agreement constitutes the
entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

 

 

[Remainder of page left intentionally
blank]

 

    7

     

    

 

In witness whereof the parties hereto
have entered into this Agreement on the day and year first above written.

 

 

	SIGNED for and on behalf of	)
	Vitru Limited	)
	by:	)
	 	)
	 
	 	 	Authorised Signatory
	 	 	 
	SIGNED by:	)
	 	)
	 	)
	 	)
	 
	 	 	[●]

 

    8Exhibit 10.3

 

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

VITRU LIMITED

 

dated as of September [●], 2020

 

 

 

 

 

    

     

    

 

	1.	Definitions and Interpretations	1
	 	(a)     Definitions	1
	 	(b)     Interpretations	6
	2.	Incidental Registrations	6
	 	(a)     Right to Include Registrable Securities	6
	 	(b)     Priority in Incidental Registrations	7
	3.	Registration on Request	7
	 	(a)     Request by the Demand Party	7
	 	(b)     Priority on Demand Registration	8
	 	(c)     Cancellation of a Demand Registration	9
	 	(d)     Limitations on Demand Registrations	9
	 	(e)     Postponements in Requested Registrations	10
	 	(f)     Short-Form Registrations	10
	 	(g)     Shelf Take-Downs	12
	 	(h)     Registration Statement Form	13
	 	(i)     Selection of Underwriters	13
	4.	Registration Procedures	13
	5.	Hedging Transactions	20
	6.	Indemnification	21
	 	(a)     Indemnification by the Issuer	21
	 	(b)     Indemnification by Holder of Registrable Securities	22
	 	(c)     Conduct of Indemnification Proceedings	22
	 	(d)     Contribution	23
	 	(e)     Deemed Underwriter	24
	 	(f)     Other Indemnification	24

 

    

     

    

 

	 	(g)     Non-Exclusivity	24
	 	(h)     Primacy of Indemnification	24
	7.	Registration Expenses	25
	8.	Rule 144	25
	9.	Certain Additional Agreements	25
	10.	Miscellaneous	26
	 	(a)     Termination	26
	 	(b)     Holdback Agreement	26
	 	(c)     Opt-Out Notice	27
	 	(d)     Amendments and Waivers	27
	 	(e)     Successors, Assigns and Transferees	27
	 	(f)      Notices	28
	 	(g)      Further Assurances	30
	 	(h)      Preservation of Rights	30
	 	(i)       Entire Agreement; No Third Party Beneficiaries	30
	 	(j)       Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	30
	 	(k)      Severability	31
	 	(l)       Enforcement	31
	 	(m)     Titles and Subtitles	31
	 	(n)     No Recourse	31
	 	(o)     Counterparts; Facsimile Signatures	32

 

Exhibit A — Joinder Agreement

 

    

     

    

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of [●], 2020 by and among Vitru Limited, a Cayman Islands
exempted company (the “Issuer”), Mundi Holdings I and Mundi Holdings II (collectively, “Carlyle”),
Vinci Capital Partners II J Beta Fundo de Investimento Em Participações Multiestratégia, Agresti Investments
LLC, Botticelli Investments LLC, Caravaggio Investments LLC and Raffaello Investments LLC (collectively, “Vinci”
and, together with Carlyle, the “Principal Investors” and each, a “Principal Investor”) and
NB Verrocchio LP (“Neuberger” and, together with Carlyle and Vinci, each, an “Investor” and
collectively, the “Investors”), and any Person who becomes a party hereto pursuant to Section 10(e). Capitalized
terms used herein shall have the meaning assigned to such terms in the text of this Agreement or in Section 1.

 

WHEREAS, the Parties
desire to provide the Holders with rights to registration under the Securities Act of Registrable Securities, on the terms and
subject to the conditions set forth herein.

 

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

 

AGREEMENT

 

1.           
Definitions and Interpretations

 

(a)        
Definitions. As used in this Agreement, the following capitalized terms shall have the following respective meanings:

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with,
such person as of the date on which, or at any time during the period for which, the determination of affiliation is being made
(including any investment fund the primary investment advisor to which is such Person or an Affiliate thereof); provided,
that for purposes of this Agreement, no Holder shall be deemed an Affiliate of the Issuer or any of its Subsidiaries.

 

“Agreement”
has the meaning given to such term in the Preamble, as the same may be amended, supplemented or restated from time to time.

 

“Automatic
Shelf Registration Statement” has the meaning given to such term in Section 3(f)(iii).

 

“Board”
means the Board of Directors of the Issuer.

 

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

 

“Common
Shares” means any and all common shares, par value US$0.00005 per share, of the Issuer.

 

    

     

    

 

“control”
(including the terms “controlling”, “controlled by” and “under common control with”),
with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power
to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities,
as trustee or executor, by contract or otherwise.

 

“Covered
Person” has the meaning given to such term in Section 6(a).

 

“Demand
Follow-Up Notice” has the meaning given to such term in Section 3(a).

 

“Demand
Notice” has the meaning given to such term in Section 3(a).

 

“Demand
Registration” has the meaning given to such term in Section 3(a).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and regulations
of the SEC promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Free
Writing Prospectus” has the meaning given to such term in Section 4(a).

 

“Holdback
Period” means, except as otherwise set forth in Section 10(b), in connection with a registered offering covered by this
Agreement, ninety (90) days after and during the seven (7) days before, the effective date of the related Registration Statement
or, in the case of a takedown from a Shelf Registration Statement that is a Shelf Underwritten Offering, ninety (90) days after
the date of the Prospectus supplement filed with the SEC in connection with such takedown and during such prior period (not to
exceed seven (7) days) as the Issuer has given reasonable written notice to the holder of Registrable Securities; provided,
however, that references in this definition to “ninety (90) days” shall be replaced with (i) “forty-five
(45) days” for the second offering covered by this Agreement and (ii) “thirty (30) days” for the third
and subsequent offerings covered by this Agreement; provided further, that notwithstanding this definition, a shorter period
of time may be negotiated in the lock-up agreement for the Underwritten Offering if all Holders are subject to the same reduced
lock-up period.

 

“Holder”
means (i) any of the Investors, (ii) any other Person entitled to incidental or piggyback registration rights hereunder
upon entering into a Joinder Agreement substantially in the form of Exhibit A hereto or (iii) any direct or indirect
transferee of a Holder who has acquired Registrable Securities from a Holder and who has entered into a Joinder Agreement substantially
in the form of Exhibit A hereto.

 

“Indemnified
Party” has the meaning given to such term in Section 6(c).

 

“Indemnifying
Party” has the meaning given to such term in Section 6(c).

 

“Indemnitors”
has the meaning given to such term in Section 6(h).

 

    2

     

    

 

“Inspector”
has the meaning given to such term in Section 4(p).

 

“Investor”
and “Investors” have the meaning given to such terms in the Preamble.

 

“Issuer”
has the meaning given to such term in the Preamble.

 

“Losses”
has the meaning given to such term in Section 6(a).

 

“Opt-Out
Notice” has the meaning given to such term in Section 10(c).

 

“Parties”
means the parties to this Agreement.

 

“Permitted
Transferee” means, with respect to any Holder, (x) an Affiliate (other than any “portfolio company”
described below) of such Holder, and (y) in the case of a Holder that is a partnership, limited liability company or any
foreign equivalent thereof, any partner, member or foreign equivalent thereof of such Holder (provided that such Transfer
is made in a pro rata distribution in accordance with the applicable partnership agreement, limited liability company agreement
or foreign equivalent thereof, as the case may be); provided, however, that any such transferee shall agree in a
writing in the form attached as Exhibit A hereto to be bound by and to comply with all applicable provisions of this Agreement;
provided, further, however, that in no event shall (A) the Issuer or any of its Subsidiaries or (B)
any “portfolio company” (as such term is customarily used among institutional investors) of any Holder or any entity
controlled by a portfolio company of any Holder constitute a “Permitted Transferee”.

 

“Person”
means any individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated organization, government
or any department or agency thereof or any other entity.

 

“Principal
Investor” and “Principal Investors” have the meaning given to such terms in the Preamble.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, relating to Registrable Securities, and all
other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such prospectus.

 

“Records”
has the meaning given to such term in Section 4(p).

 

“Registrable
Securities” means any Common Shares held by a Holder and any Common Shares issued or issuable, directly or indirectly,
with respect to the Common Shares held by a Holder by way of exchange thereof or stock dividends, stock splits or in connection
with a combination of shares, reclassification, recapitalization, merger, consolidation or other reorganization. As to any particular
Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i) they are disposed
of pursuant to an effective Registration Statement under the Securities Act, (ii) they are sold to the public pursuant to
Rule 144 (or other exemption from registration under the Securities Act), (iii) they shall have ceased to be outstanding,
or (iv) they have been sold in a private transaction in which the transferor’s rights under this Agreement are not
assigned to the transferee of the securities.

 

    3

     

    

 

“Registration
Statement” means any registration statement of the Issuer filed with the SEC under the Securities Act which covers any
of the Registrable Securities pursuant to the provisions of this Agreement, including any Prospectus, Free Writing Prospectus,
amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated
by reference or deemed to be incorporated by reference in such registration statement.

 

“Rule
144” means Rule 144 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Rule
158” means Rule 158 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Rule
163B” means Rule 163B under the Securities Act, as such rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC.

 

“Rule
405” means Rule 405 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Rule
415” means Rule 415 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Rule
424” means Rule 424 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Rule
430A” means Rule 430A under the Securities Act, as such rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC.

 

“Rule
430B” means Rule 430B under the Securities Act, as such rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC.

 

“Rule
433” means Rule 433 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

    4

     

    

 

“SEC”
means the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act or the
Exchange Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of
the SEC promulgated thereunder.

 

“Shelf
Registration Statement” has the meaning given to such term in Section 3(f)(i).

 

“Shelf
Underwritten Offering” has the meaning given to such term in Section 3(g).

 

“Short-Form
Registration” has the meaning given to such term in Section 3(f)(i).

 

“Subsidiary”
means (i) any corporation of which a majority of the securities entitled to vote generally in the election of directors
thereof, at the time as of which any determination is being made, are owned by another entity, either directly or indirectly and
(ii) any joint venture, general or limited partnership, limited liability company or other legal entity in which an
entity is the record or beneficial owner, directly or indirectly, of a majority of the voting interests or the general partner.

 

“Suspension
Event” has the meaning given to such term in Section 3(e).

 

“Take-Down
Notice” has the meaning given to such term in Section 3(g).

 

“Testing-the-Waters
Communication” has the meaning given to such term in Section 6(a).

 

“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any Common Shares beneficially owned by a Person or any
interest in any Common Shares beneficially owned by a Person. In the event that any Holder that is a corporation, partnership,
limited liability company or other legal entity (other than an individual, trust or estate) ceases to be, directly or indirectly,
controlled by the Person controlling such Holder as of the date hereof or a Permitted Transferee thereof, such event shall be deemed
to constitute a “Transfer” subject to the restrictions on Transfer contained or referenced herein; provided,
however that, with respect to any Investor or any Affiliate thereof that is an investment fund, a change of control of the
direct or indirect general partner or investment advisor of such investment fund shall not constitute a Transfer.

 

“Underwritten
Offering” means an offering registered under the Securities Act in which Common Shares are sold to one or more underwriters
for reoffering to the public.

 

“WKSI”
has the meaning given to such term in Section 3(f)(iii).

 

    5

     

    

 

(b)       
Interpretations.  For purposes of this Agreement, unless otherwise noted:

 

(i)       
All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules,
regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor laws, rules, regulations
and forms thereto in effect at the time.

 

(ii)       
All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to
be references to the comparable successor thereto.

 

(iii)     
All references to agreements and other contractual instruments shall be deemed to be references to such agreements or other
instruments as they may be amended, waived, supplemented or modified from time to time.

 

(iv)     
All references to any amount of securities (including Registrable Securities) shall be deemed to be a reference to such
amount measured on an as-converted or as-exercised basis.

 

2.           
Incidental Registrations.

 

(a)       
Right to Include Registrable Securities. If the Issuer determines to register its Common Shares under the Securities
Act (other than pursuant to a Registration Statement filed by the Issuer on Form F-4 or S-8, or any successor or other forms promulgated
for similar purposes or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan),
whether or not for sale for its own account, in a manner which would permit registration of Registrable Securities for sale to
the public under the Securities Act, it will, at each such time, give prompt written notice to all Holders of Registrable Securities
of its intention to do so and of such Holders’ rights under this Section 2. Upon the written request of any such Holder
made within fifteen (15) days after the receipt of any such notice (which request shall specify the Registrable Securities intended
to be disposed of by such Holder and the intended method or methods of disposition thereof), the Issuer will use its reasonable
best efforts to effect the registration under the Securities Act of all Registrable Securities which the Issuer has been so requested
to register by the Holders thereof; provided that (i) if, at any time after giving written notice of its intention
to register any securities and prior to the effective date of the Registration Statement filed in connection with such registration,
the Issuer shall determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the
Issuer may, at its election, give written notice of such determination to each Holder of Registrable Securities and, thereupon,
shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its
obligation to pay the expenses in connection therewith) without prejudice to the rights of the Holders to request that such registration
be effected as a registration under Section 3, and (ii) if such registration involves an Underwritten Offering, all
Holders of Registrable Securities requesting to be included in the Issuer’s registration must sell their Registrable Securities
to the underwriters selected by the Issuer on the same terms and conditions as apply to the Issuer and the other Holders selling
Registrable Securities in such Underwritten Offering, with such differences, including any with respect to indemnification, as
may be customary or appropriate in combined primary and secondary offerings, provided, further that (x) no
Holder shall be required to make any representations or warranties other than those related to title and ownership of, and power
and authority to transfer, shares and as to the accuracy and completeness of statements made in a Registration Statement, Prospectus
or other document in reliance upon, and in conformity with, written information prepared and furnished to the Issuer or the managing
underwriter(s) by such Person pertaining exclusively to such Holder and (y) no Holder shall be required to agree to any
indemnification obligations on the part of such Holder that are greater than its obligations pursuant to Section 6 hereof. The
Issuer shall not be required to maintain the effectiveness of the Registration Statement for a registration requested pursuant
to this Section 2(a) beyond the earlier to occur of (i) 180 days after the effective date thereof and (ii) consummation
of the distribution by the Holders of the Registrable Securities included in such Registration Statement. Any Holder of Registrable
Securities who has elected to sell Registrable Securities in an offering pursuant to this Section 2 shall be permitted to
withdraw from such registration by written notice to the Issuer at least two (2) business days prior to the anticipated pricing
date.

 

    6

     

    

 

(b)      
Priority in Incidental Registrations. The Issuer shall use reasonable efforts to cause the managing underwriter(s)
of a proposed Underwritten Offering to permit Holders of Registrable Securities who have requested to include Registrable Securities
in such offering to include in such offering all Registrable Securities so requested to be included on the same terms and conditions
as any other shares of capital stock, if any, of the Issuer included in the offering. Notwithstanding the foregoing, if the managing
underwriter(s) of such Underwritten Offering have informed the Issuer in writing that in its good faith opinion the total number
or dollar amount of securities that such Holders and the Issuer intend to include in such offering is such as to likely have a
material adverse effect on the timing, price or distribution of such offering, then there shall be included in such Underwritten
Offering the number or dollar amount of Registrable Securities that in the good faith opinion of such managing underwriter(s) can
be sold without adversely affecting such offering, and such number of Registrable Securities shall be allocated as follows: first,
all securities of the Issuer requested to be included by the Issuer in such registration; second, all securities of the Issuer
requested to be included by each Investor and its Affiliates, pro rata among such Holders on the basis of the percentage
of Registrable Securities requested to be included in such registration by such Holders; and third, all securities of the Issuer
requested to be included by the Holders of Registrable Securities (other than any Investor and its Affiliates) requesting such
registration, pro rata among such Holders on the basis of the percentage of the Registrable Securities requested to be included
in such registration by such Holders.

 

3.           
Registration on Request.

 

(a)       
Request by the Demand Party. Subject to Section 3(d), each of the Principal Investors and its Affiliates that
is a Holder of Registrable Securities shall have the right to require the Issuer to register, pursuant to the terms of this Agreement,
under and in accordance with the provisions of the Securities Act, the number of Registrable Securities of such Holder and its
Affiliates requested to be so registered pursuant to this Agreement, in each case by delivering written notice to the Issuer (any
such written notice, a “Demand Notice” and any such registration, a “Demand Registration”).
Subject to Section 3(d), following receipt of a Demand Notice for a Demand Registration in accordance with this Section 3(a),
the Issuer shall use its reasonable best efforts to file a Registration Statement as promptly as practicable, but no later than
within forty-five (45) days, and to cause such Registration Statement to be declared effective under the Securities Act as promptly
as practicable after the filing thereof.

 

    7

     

    

 

No Demand Registration
shall be deemed to have occurred for purposes of the first sentence of the preceding paragraph if (i) the Registration Statement
relating thereto (x) does not become effective, (y) is not maintained effective for the period required pursuant
to this Section 3, or (z) the offering of the Registrable Securities pursuant to such Registration Statement is subject
to a stop order, injunction, or similar order or requirement of the SEC during such period, (ii) more than 90% of the Registrable
Securities requested by the demanding Holder to be included in such registration are not so included pursuant to Section 3(b)
or (iii) the conditions to closing specified in any underwriting agreement, purchase agreement or similar agreement entered
into in connection with the registration relating to such request are not satisfied (other than as a result of a material default
or breach thereunder by such demanding Holder or its Affiliates) or otherwise waived by such demanding Holder.

 

Within five (5) Business
Days after receipt by the Issuer of a Demand Notice in accordance with this Section 3(a), the Issuer shall give written notice
(the “Demand Follow-Up Notice”) of such Demand Notice to all other Holders of Registrable Securities and shall,
subject to the provisions of Section 3(b) hereof, include in such registration all Registrable Securities with respect to
which the Issuer received written requests for inclusion therein within five (5) Business Days after such Demand Follow-Up Notice
is given by the Issuer to such Holders.

 

All requests made pursuant
to this Section 3 will specify the number of Registrable Securities to be registered and the intended method or methods of
disposition thereof.

 

The Issuer shall be
required to maintain the effectiveness of the Registration Statement with respect to any Demand Registration for a period of at
least 180 days after the effective date thereof or such shorter period during which all Registrable Securities included in such
Registration Statement have actually been sold; provided, however, that such period shall be extended for a period
of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such Registration
Statement at the request of the Issuer or an underwriter of the Issuer pursuant to the provisions of this Agreement.

 

(b)        
Priority on Demand Registration. If any of the Registrable Securities registered pursuant to a Demand Registration
are to be sold in an Underwritten Offering, and the managing underwriter(s), after consultation with external legal counsel and
the Issuer, advise the Holders of such securities that in its good faith opinion the total number or dollar amount of Registrable
Securities proposed to be sold in such offering (including, without limitation, securities proposed to be included by other Holders
of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights)
is such as to adversely affect the success of such offering, then there shall be included in such Underwritten Offering the number
or dollar amount of Registrable Securities that in the good faith opinion of such managing underwriter(s) can be sold without adversely
affecting such offering, and such number of Registrable Securities shall be allocated as follows:

 

    8

     

    

 

(i)        
first, to each Investor and its Affiliates requesting such registration (whether pursuant to a Demand Notice or pursuant
to incidental or piggyback registration rights) pro rata among such Holders on the basis of the percentage of Registrable
Securities requested to be included in such registration by such Holders, until with respect to each such Holder, all Registrable
Securities requested for registration by such Holders have been included in such registration;

 

(ii)       
second, among the Holders of Registrable Securities (other than any Investor and its Affiliates) requesting such registration
pursuant to incidental or piggyback registration rights, pro rata on the basis of the percentage of Registrable Securities
requested to be included in such Registration Statement by such Holders, until, with respect to each such Holder, all Registrable
Securities requested for registration by such Holders have been included in such registration; and

 

(iii)      
third, the securities for which inclusion in such Demand Registration was requested by the Issuer.

 

(c)       
Cancellation of a Demand Registration. Each Holder that submitted a Demand Notice pursuant to a particular offering
and the Holders of a majority of the Registrable Securities that are to be registered in a particular offering pursuant to this
Section 3 shall have the right, prior to the effectiveness of the Registration Statement, to notify the Issuer that it or
they, as the case may be, have determined that the Registration Statement be abandoned or withdrawn, in which event the Issuer
shall abandon or withdraw such Registration Statement. Any Holder of Registrable Securities who has elected to sell Registrable
Securities in an Underwritten Offering pursuant to this Section 3 (including the Holder who delivered the Demand Notice of
such registration) shall be permitted to withdraw from such registration by written notice to the Issuer at least two (2) Business
Days prior to the effective date of the Registration Statement filed in connection with such registration, or, in the case of an
Underwritten Offering, at least two (2) Business Days prior to the anticipated pricing date.

 

(d)       
Limitations on Demand Registrations. The Principal Investors and their Affiliates shall, collectively, be entitled
to initiate no more than three (3) Demand Registrations (other than Short-Form Registrations and shelf take-downs to effect a Shelf
Underwritten Offering), provided that neither Carlyle or its Affiliates that are Holders of Registrable Securities, on the
one hand, nor Vinci or its Affiliates that are Holders of Registrable Securities, on the other hand, may request more than two
(2) of such three (3) Demand Registrations, unless otherwise agreed to by Carlyle and Vinci. With respect to each Demand Registration,
the Registrable Securities requested to be registered pursuant to Section 3(a) (including, for the avoidance of doubt, the Registrable
Securities requested to be registered in addition to the Registrable Securities of the demanding Holder) must represent the lesser
of (i) an aggregate offering price of Registrable Securities that is reasonably expected to equal at least US$25,000,000
or (ii) all of the remaining Registrable Securities owned by the demanding Principal Investor and its Affiliates that are
Holders of Registrable Securities.

 

    9

     

    

 

(e)       
Postponements in Requested Registrations. If the filing, initial effectiveness or continued use of a Registration
Statement, including a Shelf Registration Statement, with respect to a Demand Registration would require the Issuer to make a public
disclosure of material non-public information, which disclosure in the good faith judgment of the Issuer (after consultation with
external legal counsel) (i) would be required to be made in any Registration Statement so that such Registration Statement
would not contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading, (ii) would not be required to
be made at such time but for the filing, effectiveness or continued use of such Registration Statement and (iii) would reasonably
be expected to have a material adverse effect on the Issuer or its business or on the Issuer’s ability to effect a bona fide
material proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction (collectively, “Suspension
Events”), and the Issuer furnishes to the Holders a certificate signed by the Chief Executive Officer or any other senior
executive officer of the Issuer stating such, then the Issuer may, upon giving prompt written notice of such action to the Holders
participating in such registration, delay the filing or initial effectiveness (but not the preparation) of, or suspend use of,
such Registration Statement; provided that (i) the Issuer shall be permitted to do so on only two (2) occasions in
any 6-month period for a period not to exceed the earlier of (A) the termination of any such Suspension Event and (B)
forty-five (45) days following notice of any such Suspension Event and (ii) the Issuer may not postpone or suspend for periods
exceeding, in the aggregate, sixty (60) days during any 12-month period. In the event that the Issuer exercises its rights under
the preceding sentence, such Holders agree to suspend, promptly upon receipt of the notice referred to above, the use of any Prospectus
relating to such registration in connection with any sale or offer to sell Registrable Securities. Issuer covenants and agrees
that it shall not deliver a suspension notice with respect to a suspension period unless all of Issuer’s employees, officers
and directors who are subject to Issuer’s insider trading policy, and who are prohibited by the terms thereof from effecting
any public sales of securities of Issuer beneficially owned by them, are so prohibited for the duration of such suspension period.
If the Issuer so postpones the filing of a Prospectus or the effectiveness of a Registration Statement, the demanding Holder shall
be entitled to withdraw such request and, if such request is withdrawn, such registration request shall not count for the purposes
of the limitations set forth in Section 3(d). The Issuer shall promptly give the Holders requesting registration thereof pursuant
to this Section 3 written notice of any postponement made in accordance with the preceding sentence.

 

(f)        
Short-Form Registrations.

 

(i)        
The Issuer shall use its reasonable best efforts to qualify for registration on Form F-3 or any comparable or successor
form or forms or any similar short-form registration (a “Short-Form Registration”), and, if requested by any
Investor or its Affiliates that are Holders of Registrable Securities and available to the Issuer, such Short-Form Registration
shall be a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed
basis of, the Registrable Securities, pursuant to Rule 415 or otherwise (a “Shelf Registration Statement”).
Each Principal Investor and its Affiliates that are Holders of Registrable Securities shall be entitled to request an unlimited
number of Short-Form Registrations, if available to the Issuer, with respect to the Registrable Securities held by such requesting
Holder and its Affiliates in addition to the other registration rights provided in Section 2 and this Section 3; provided,
however, that the Principal Investors and their Affiliates that are Holders of Registrable Securities may not require the
Issuer to effect more than three (3) Short-Form Registrations collectively in any 12-month period, if at least one (1) such Short-Form
Registration in such 12-month period was initiated by Carlyle or its Affiliates that are Holders of Registrable Securities and
at least one (1) such Short-Form Registration in such 12-month period was initiated by Vinci or its Affiliates that are Holders
of Registrable Securities. In addition, Neuberger shall be entitled to request one (1) Short-Form Registration by means of a Shelf
Registration Statement, if available to the Issuer, with respect to the Registrable Securities held by Neuberger and its Affiliates.
If any Demand Registration is proposed by the demanding Holder to be a Short-Form Registration and an Underwritten Offering, and
if the managing underwriter(s) shall advise the Issuer and the Holders that, in its good faith opinion, it is of material importance
to the success of such proposed offering to file a registration statement on Form F-1 (or any successor or similar registration
statement) or to include in such registration statement information not required to be included in a Short-Form Registration, then
the Issuer shall file a registration statement on Form F-1 or supplement the Short-Form Registration as reasonably requested by
such managing underwriter(s). No such registration nor any other Short-Form Registration shall count as a Demand Registration for
purposes of calculating how many Demand Registrations the Principal Investors and their Affiliates have initiated pursuant to the
provisions of Section 3.

 

    10

     

    

 

(ii)       
Upon filing any Short-Form Registration, the Issuer shall use its reasonable best efforts to keep such Short-Form Registration
effective with the SEC at all times and to re-file such Short-Form Registration upon its expiration, and to cooperate in any shelf
take-down, whether or not underwritten, by amending or supplementing any Prospectus related to such Short-Form Registration as
may be reasonably requested by any Investor or any of its Affiliates that is a Holder of Registrable Securities or as otherwise
required, until such time as all Registrable Securities that could be sold in such Short-Form Registration have been sold or are
no longer outstanding. To the extent that the Issuer becomes ineligible to use Form F-3, the Issuer shall file a “shelf”
registration statement on Form F-1 not later than forty-five (45) days after the date of such ineligibility and use its reasonable
best efforts to have such registration statement declared effective as promptly as practicable.

 

(iii)      
To the extent the Issuer is a well-known seasoned issuer (as defined in Rule 405) (a “WKSI”) at the time
any Demand Notice for a Short-Form Registration is submitted to the Issuer and such Demand Notice requests that the Issuer file
a Shelf Registration Statement, the Issuer shall file an automatic shelf registration statement (as defined in Rule 405) on Form
F-3 (an “Automatic Shelf Registration Statement”) in accordance with the requirements of the Securities Act
and the rules and regulations of the SEC thereunder, which covers the number or class of Registrable Securities which are requested
to be registered. If registering a number of Registrable Securities, the Issuer shall pay the registration fee for all Registrable
Securities to be registered pursuant to an Automatic Shelf Registration Statement at the time of filing of the Automatic Shelf
Registration Statement and shall not elect to pay any portion of the registration fee on a deferred basis. The Issuer shall use
its reasonable best efforts to remain a WKSI (and not to become an ineligible issuer (as defined in Rule 405)) during the period
during which any Automatic Shelf Registration Statement is effective. If at any time following the filing of an Automatic Shelf
Registration Statement when the Issuer is required to re-evaluate its WKSI status the Issuer determines that it is not a WKSI,
the Issuer shall use its reasonable best efforts to post-effectively amend the Automatic Shelf Registration Statement to a Shelf
Registration Statement on Form F-3 or file a new Shelf Registration Statement on Form F-3 or, if such form is not available, Form
F-1, have such Shelf Registration Statement declared effective by the SEC and keep such Registration Statement effective during
the period during which such Short-Form Registration is required to be kept effective in accordance with Section 3(f)(ii).
To the extent that the Issuer is eligible to file an Automatic Shelf Registration Statement and a Principal Investor or any of
its Affiliates that is a Holder of Registrable Securities notifies the Issuer that it wishes to engage in a block sale off of such
an Automatic Shelf Registration Statement and the Issuer does not have an Automatic Shelf Registration Statement related to the
Registrable Securities, the Issuer shall use its commercially reasonable efforts to file an Automatic Shelf Registration Statement
within five (5) days of such notification by such Holder or such other period of time as agreed between such Holder and the Issuer
to the extent that the five-day filing is impracticable.

 

    11

     

    

 

(g)       
Shelf Take-Downs. At any time that a Shelf Registration Statement covering Registrable Securities is effective, if
any Principal Investor or its Affiliates delivers a notice to the Issuer (a “Take-Down Notice”) stating that
it intends to effect an Underwritten Offering of all or part of its Registrable Securities included by it on the shelf registration
statement (a “Shelf Underwritten Offering”), then the Issuer shall amend or supplement the Shelf Registration
Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten
Offering (taking into account the inclusion of Registrable Securities by any other Holders pursuant to Section 3(g)(i)). Any
Principal Investor and its Affiliates that are Holders of Registrable Securities shall be entitled to request an unlimited number
of shelf take-downs to effect a Shelf Underwritten Offering, if available to the Issuer, with respect to the Registrable Securities
held by such requesting Holder and its Affiliates in addition to the other registration rights provided in Section 2 and this Section
3. In connection with any Shelf Underwritten Offering:

 

(i)        
the Issuer shall also deliver the Take-Down Notice to all other Holders with securities included on such shelf registration
statement (which Take-Down Notice shall be held in confidence by such Holders until the offering is publicly disclosed) and permit
each such Holder to include its Registrable Securities included on the shelf registration statement in the Shelf Underwritten Offering
if such Holder notifies the proposing Holder and the Issuer within (x) three (3) Business Days after distribution or dissemination
(including via e-mail, if available) of the Take-Down Notice to such Holder or (y) in the event that such Take-Down Notice
is for a block sale (including a block sale off of a Shelf Registration Statement or an effective Automatic Shelf Registration
Statement, or in connection with the registration of a Holder’s Registrable Securities under an Automatic Shelf Registration
Statement for purposes of effectuating a block sale), two (2) Business Days after distribution or dissemination (including via
e-mail, if available) of the Take-Down Notice to such Holder;

 

(ii)       
in the event that the underwriter advises such requesting Holder and the Issuer in its good faith opinion that the total
number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success
of such offering (including, without limitation, adversely affect the per share offering price), then the underwriter may limit
the number of shares which would otherwise be included in such take-down offering in the same manner as described in Section 3(b)
with respect to a limitation of shares to be included in a registration; and

 

    12

     

    

 

(iii)      
If at any time or from time to time, a Principal Investor desires to sell Registrable Securities in an Underwritten Offering
pursuant to a Shelf Underwritten Offering, the underwriters, including the managing underwriter, shall be selected by such Principal
Investor.

 

(h)       
Registration Statement Form. If any registration requested pursuant to this Section 3 which is proposed by the
Issuer to be effected by the filing of a Registration Statement on Form F-3 (or any successor or similar short-form registration
statement) shall be in connection with an underwritten public offering, and if the managing underwriter(s) shall advise the Issuer
that, in its good faith opinion, the use of another form of Registration Statement is of material importance to the success of
such proposed offering or is otherwise required by applicable law, then such registration shall be effected on such other form.

 

(i)        
Selection of Underwriters. If any Principal Investor or its Affiliates intends that the Registrable Securities requested
to be covered by a Demand Registration requested by such Holder shall be distributed by means of an Underwritten Offering, such
demanding Holder shall so advise the Issuer as a part of the Demand Notice, and the Issuer shall include such information in the
Notice sent by the Issuer to the other Holders with respect to such Demand Registration. In such event, the lead underwriter to
administer the offering shall be chosen by the demanding Holder following consultation with the Issuer. If the offering is underwritten,
the right of any Holder to registration pursuant to this Section 3 will be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise agreed
by the demanding Holder) and each such Holder will (together with the Issuer and the other Holders distributing their securities
through such underwriting) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting
(including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the
managing underwriter(s)), provided that (A) no Holder shall be required to sell more than the number of Registrable
Securities that such Holder has requested the Issuer to include in any registration and (B) if any Holder disapproves of
the terms of the underwriting, such Holder may elect to withdraw therefrom by written notice to the Issuer, the managing underwriter(s)
and, in connection with an underwritten registration pursuant to this Section 3, the demanding Holder, provided further
that no such Person (other than the Issuer) shall be required to make any representations or warranties other than those related
to title and ownership of, and power and authority to transfer, shares and as to the accuracy and completeness of statements made
in a Registration Statement, Prospectus or other document in reliance upon, and in conformity with, written information prepared
and furnished to the Issuer or the managing underwriter(s) by such Person pertaining exclusively to such Holder. Notwithstanding
the foregoing, no Holder shall be required to agree to any indemnification obligations on the part of such Holder that are greater
than its obligations pursuant to Section 6.

 

4.           
Registration Procedures. If and whenever the Issuer is required to use its reasonable best efforts to effect the
registration of any Registrable Securities under the Securities Act as provided in Section 2 and Section 3, the Issuer
shall effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or methods
of disposition thereof, and pursuant thereto the Issuer shall cooperate in the sale of such Registrable Securities and shall, as
expeditiously as reasonably possible:

 

    13

     

    

 

(a)       
prepare and file, in each case as promptly as practicable, with the SEC a Registration Statement or Registration Statements
on such form as shall be available for the sale of the Registrable Securities by the Holders thereof or by the Issuer in accordance
with the intended method or methods of distribution thereof, make all required filings with FINRA, and, if such Registration Statement
is not automatically effective upon filing, use its reasonable best efforts to cause such Registration Statement to be declared
effective as soon as practicable and to remain effective as provided herein; provided, however, that before filing
a Registration Statement or Prospectus or any amendments or supplements thereto (including free writing prospectuses under Rule
433 (each a “Free Writing Prospectus”)) and, to the extent reasonably practicable, documents that would be incorporated
by reference or deemed to be incorporated by reference in a Registration Statement filed pursuant to a Demand Notice (other than
a Shelf Registration Statement), the Issuer shall furnish or otherwise make available to the Holders of the Registrable Securities
covered by such Registration Statement, their counsel and the managing underwriter(s), if any, copies of all such documents proposed
to be filed (including exhibits thereto), which documents will be subject to the reasonable review and comment of such counsel,
and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by
such counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and
each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities
Act, including reasonable access to the Issuer’s books and records, officers, accountants and other advisors. The Issuer
will include comments to any Registration Statement and any amendments or supplements thereto from Holders of a majority in aggregate
principal amount of the Registrable Securities covered by such Registration Statement, or their counsel, or the managing underwriters,
if any, as reasonably requested on a timely basis. The Issuer shall not file any such Registration Statement or Prospectus, or
any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed incorporated
by reference therein and including Free Writing Prospectuses) with respect to a Demand Registration to which the demanding Holder
or the Holders of a majority of the Registrable Securities covered by such Registration Statement (or their counsel) or the managing
underwriter(s), if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Issuer, such filing
is necessary to comply with applicable law;

 

(b)     
except in the case of a Shelf Registration Statement, prepare and file with the SEC such amendments, including post-effective
amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith and such Free Writing
Prospectuses and Exchange Act reports as may be necessary to keep such Registration Statement continuously effective during the
period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition
of all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus
supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities
covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then
in force) under the Securities Act in each case, until such time as all of such securities have been disposed of in accordance
with the intended method or methods of disposition by the seller or sellers thereof set forth in such Registration Statement;

 

    14

     

    

 

(c)       
in the case of a Shelf Registration Statement, prepare and file with the SEC such amendments, including post-effective amendments,
and supplements to such Shelf Registration Statement and the Prospectus used in connection therewith and such Free Writing Prospectuses
and Exchange Act reports as may be necessary to keep such Shelf Registration Statement effective and to comply in all material
respects with the provision of the Securities Act with respect to the disposition of the Registrable Securities subject thereto
for the maximum period permitted by the rules of the SEC, and shall replace any Shelf Registration Statement at or before expiration.

 

(d)      
notify each selling Holder of Registrable Securities, its counsel and the managing underwriter(s), if any, promptly after
the Issuer receives notice thereof (i) when a Prospectus or any Prospectus supplement or post-effective amendment or any
Free Writing Prospectus has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments
or supplements to a Registration Statement or related Prospectus or for additional information, (iii) of the issuance by
the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings
for that purpose, (iv) if at any time the Issuer has reason to believe that the representations and warranties of the Issuer
contained in any agreement (including any underwriting agreement) contemplated by Section 4(o) below cease to be true and
correct, (v) of the receipt by the Issuer of any notification with respect to the suspension of the qualification or exemption
from qualification of such Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding
for such purpose, and (vi) of the happening of any event that makes any statement made in such Registration Statement or
related Prospectus, Free Writing Prospectus, amendment or supplement thereto, or any document incorporated or deemed to be incorporated
therein by reference, as then in effect, untrue in any material respect or that requires the making of any changes in such Registration
Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading (which notice shall notify the selling Holders only of the occurrence of such an event and shall provide no
additional information regarding such event to the extent such information would constitute material non-public information);

 

(e)       
use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement,
or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for
sale in any jurisdiction at the earliest date reasonably practical;

 

    15

     

    

 

(f)        
if requested by the managing underwriter(s), if any, a Holder making a Demand Notice with respect to such offering or the
Holders of a majority of the then issued and outstanding Registrable Securities being sold in connection with an Underwritten Offering,
promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriter(s), if any,
or such Holder or Holders, as the case may be, may reasonably request in order to facilitate the disposition of the Registrable
Securities in accordance with the intended method or methods of distribution of such securities set forth in the Registration Statement
and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Issuer
has received such request; provided, however, that the Issuer shall not be required to take any actions under this
Section 4(f) that are not, in the opinion of counsel for the Issuer, in compliance with applicable law;

 

(g)       
deliver to each selling Holder of Registrable Securities, its counsel, and the underwriters, if any, without charge, as
many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto (including
any Free Writing Prospectus) as such Persons may reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities in accordance with the intended method or methods of disposition thereof; and the Issuer, subject to
the last paragraph of this Section 4, hereby consents to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale
of the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto;

 

(h)       
prior to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate
with the selling Holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the
registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and
sale under the securities or blue sky laws of such jurisdictions within the United States as any seller or underwriter reasonably
requests in writing and to keep each such registration or qualification (or exemption therefrom) effective during the period such
Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable
such Holders of Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction in accordance
with the intended method or methods of disposition thereof; provided, however, that the Issuer will not be required
to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for
this Section 4(h), (ii) subject itself to taxation in any jurisdiction wherein it is not so subject or (iii)
take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject (other
than service of process in connection with such registration or qualification or any sale of Registrable Securities in connection
therewith);

 

    16

     

    

 

(i)        
cooperate with the selling Holders of Registrable Securities and the managing underwriter(s), if any, to facilitate the
timely preparation and delivery of certificates (not bearing any legends unless required under applicable law) representing Registrable
Securities to be sold, and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriter(s), if any, or Holders may request at least two (2) Business Days prior to any sale of Registrable Securities in a
firm commitment public offering, but in any other such sale, within ten (10) Business Days prior to having to issue the securities;

 

(j)        
use its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental agencies or authorities within the United States as may be necessary in light of the
business or operations of the Issuer to enable the seller or sellers thereof or the managing underwriter(s), if any, to consummate
the disposition of such Registrable Securities, in accordance with the intended method or methods thereof, except as may be required
solely as a consequence of the nature of such selling Holder’s business, in which case the Issuer will cooperate in all reasonable
respects with the filing of such Registration Statement and the granting of such approvals, as may be necessary to enable the seller
or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities in accordance with
the intended method or methods thereof;

 

(k)        upon
the occurrence of any event contemplated by Section 4(d)(vi) above, promptly prepare a supplement or post-effective amendment
to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable
Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading;

 

(l)         prior
to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable
Securities;

 

(m)      
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the
effective date of such Registration Statement. In connection therewith, if required by the Issuer’s transfer agent, the Issuer
will promptly after the effective date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the
Registration Statement to be delivered to and maintained with such transfer agent, together with any other authorizations, certificates
and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities
without any such legend upon sale by the Holder or the underwriter or managing underwriter of an Underwritten Offering of Registrable
Securities, if any, of such Registrable Securities under the Registration Statement;

 

(n)       
use its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to
be listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time listed
on such exchange, prior to the effectiveness of such Registration Statement;

 

    17

     

    

 

(o)      
enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in Underwritten
Offerings) and take all such other customary actions reasonably requested by a Holder submitting a Demand Notice with respect to
such offering or the Holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably
requested by the managing underwriter(s), if any) to expedite or facilitate the disposition of such Registrable Securities, and
in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten
registration, (i) make such representations and warranties to the Holders of such Registrable Securities and the underwriters,
if any, with respect to the business of the Issuer and its Subsidiaries, and the Registration Statement, Prospectus and documents,
if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily
made by issuers to underwriters in Underwritten Offerings, and, if true, confirm the same if and when reasonably requested, (ii)
use its reasonable best efforts to furnish to the selling Holders of such Registrable Securities opinions of outside counsel (and/or
internal counsel if acceptable to the managing underwriter(s)) to the Issuer and updates thereof (which counsel and opinions (in
form, scope and substance) shall be reasonably satisfactory to the managing underwriter(s), if any, and counsels to the selling
Holders of the Registrable Securities), addressed to each selling Holder of Registrable Securities and each of the underwriters,
if any, covering the matters customarily covered in opinions requested in Underwritten Offerings and such other matters as may
be reasonably requested by such counsel and underwriters, (iii) use its reasonable best efforts to obtain “cold comfort”
letters and updates thereof from an independent registered public accounting firm with respect to the Issuer (and, if necessary,
any other independent certified public accountants of any Subsidiary of the Issuer or of any business acquired by the Issuer for
which financial statements and financial data are, or are required to be, included in the Registration Statement) who have certified
the financial statements included in such Registration Statement, addressed to each selling Holder of Registrable Securities (unless
such accountants shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and
each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in
 “cold comfort” letters in connection with Underwritten Offerings, (iv) if an underwriting agreement is entered
into, the same shall contain indemnification provisions and procedures that are customary for underwriting agreements in connection
with Underwritten Offerings except as otherwise agreed by the parties thereto and (v) deliver such documents and certificates
as may be reasonably requested by a Holder making a Demand Notice with respect to such offering, the Holders of a majority of the
Registrable Securities being sold pursuant to such Registration Statement, its or their counsel, as the case may be, or the managing
underwriter(s), if any, to evidence the continued validity of the representations and warranties made pursuant to Section 4(o)(i)
above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered
into by the Issuer. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent
required thereunder;

 

    18

     

    

 

 

(p)           upon reasonable notice, make available for inspection by a representative of the selling Holders of Registrable Securities,
the underwriters participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained
by such selling Holders or underwriter (collectively, the “Inspectors”) at the offices where normally kept,
during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Issuer and
its Subsidiaries (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise
their due diligence responsibility, and cause the officers, directors and employees of the Issuer and its Subsidiaries to supply
all information in each case reasonably requested by any such representative, underwriter, attorney or accountant in connection
with such Registration Statement; provided, however, that any information and Records that are not generally publicly
available at the time of delivery of such information shall be kept confidential by the Inspectors unless (i) disclosure
of such information or Records is required by court or administrative order, (ii) disclosure of such information or Records,
in the opinion of counsel to such Inspector, is required by law or applicable legal process, (iii) such information or Records
become generally available to the public other than as a result of a disclosure or failure to safeguard by such Inspector, (iv)
such information or Records becomes available to such Inspector on a non-confidential basis from a source other than the Issuer
or (v) such information or Records is independently developed by such Inspector. In the case of a proposed disclosure pursuant
to (i) or (ii) above, such Inspector shall be required to give the Issuer written notice of the proposed disclosure prior to such
disclosure and, if requested by the Issuer, assist the Issuer in seeking to prevent or limit the proposed disclosure;

 

(q)           cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by
the Registration Statement (including, without limitation, participation in such number of “road shows” as the underwriter(s)
reasonably request);

 

(r)            cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA;

 

(s)           otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available
to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months
beginning with the first day of the Issuer’s first full calendar quarter after the effective date of the Registration Statement,
which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; and

 

(t)            take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent
that any prohibition is applicable to the Issuer, the Issuer will take all reasonable action to make such prohibition inapplicable.

 

The Issuer may require
each Holder of Registrable Securities as to which any registration is being effected to furnish to the Issuer in writing such information
required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the
Issuer may, from time to time, reasonably request and the Issuer may exclude from such registration the Registrable Securities
of any Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request.

 

    19

     

    

 

The Issuer agrees not
to file or make any amendment to any Registration Statement with respect to any Registrable Securities, or any amendment of or
supplement to the Prospectus or any Free Writing Prospectus used in connection therewith, that refers to any Holder covered thereby
by name, or otherwise identifies such Holder as the holder of any securities of the Issuer, without the consent of such Holder,
such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by law, rule or regulation,
in which case the Issuer shall provide prompt written notice to such Holders prior to the filing of such amendment to any Registration
Statement or amendment of or supplement to the Prospectus or any Free Writing Prospectus.

 

If the Issuer files
any Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Issuer agrees
that it shall use its reasonable best efforts to include in such registration statement such disclosures as may be required by
Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial
offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement
at a later time through the filing of a Prospectus supplement rather than a post-effective amendment.

 

Each Holder of Registrable
Securities agrees if such Holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice
from the Issuer of the happening of any event of the kind described in Section 4(d)(ii), 4(d)(iii), 4(d)(iv), 4(d)(v) and
4(d)(vi) hereof, such Holder will promptly discontinue disposition of such Registrable Securities covered by such Registration
Statement or Prospectus until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated
by Section 4(k) hereof, or until it is advised in writing by the Issuer that the use of the applicable Prospectus may be resumed,
and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference
in such Prospectus; provided, however, that the time periods under Section 3 with respect to the length of time
that the effectiveness of a Registration Statement must be maintained shall automatically be extended by the amount of time the
Holder is required to discontinue disposition of such securities.

 

5.             Hedging Transactions. The Parties agree that the provisions of this Agreement relating to the registration, offer
and sale of Registrable Securities apply also to (i) any transaction which Transfers some or all of the economic risk of
ownership of Registrable Securities, including any forward contract, equity swap, put or call, put or call equivalent position,
collar, margin loan, sale of exchangeable security or similar transaction (including the registration, offer and sale under the
Securities Act of Registrable Securities pledged to the counterparty to such transaction or of securities of the same class as
the underlying Registrable Securities by the counterparty to such transaction in connection therewith), and that the counterparty
to such transaction shall be selected in the sole discretion of the Holders and (ii) any derivative transactions in which
a broker-dealer, other financial institution or unaffiliated Person may sell Registrable Securities covered by any Prospectus and
the applicable prospectus supplement including short sale transactions using Registrable Securities pledged by a Holder or borrowed
from the Holder or others and Registrable Securities loaned, pledged or hypothecated to any such party. The Prospectus shall permit,
in connection with derivative transactions, a broker-dealer, other financial institution or third party to sell shares of the Registrable
Securities covered by such Prospectus and the applicable prospectus supplement, including in short sale transactions.

 

    20

     

    

 

6.             Indemnification.

 

(a)           Indemnification by the Issuer. The Issuer shall, without limitation as to time, indemnify and hold harmless, to the
fullest extent permitted by law, each Holder of Registrable Securities whose Registrable Securities are covered by a Registration
Statement or Prospectus, the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and
employees of each of them, each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) each such Holder and the officers, directors, partners, members, managers, shareholders, accountants, attorneys,
agents and employees of each such controlling person, each underwriter, if any, and each Person who controls (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter (each such person being referred
to herein as a “Covered Person”), from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred
by such party in connection with any investigation or proceeding), expenses, judgments, fines, penalties, charges and amounts paid
in settlement (collectively, “Losses”), as incurred, arising out of or based upon any untrue or alleged untrue
statement of a material fact contained in any Prospectus, offering circular, or other document (including any related Registration
Statement, notification, or the like, any Free Writing Prospectus, any “roadshow” as defined in Rule 433(h) or any
oral or written communication with potential investors in reliance on Section 5(d) of the Securities Act or Rule 163B (a “Testing-the-Waters
Communication”) or any amendment or supplement to any of the foregoing or any document incorporated by reference therein)
incident to any such registration, qualification, or compliance, or based on any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the
Issuer of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation thereunder applicable to the
Issuer and relating to any action or inaction in connection with the related offering of Registrable Securities, and will reimburse
each such Covered Person for any legal and any other expenses reasonably incurred in connection with investigating and defending
or settling any such Loss, provided that the Issuer will not be liable in any such case to the extent that any such Loss
arises out of or is based on any untrue statement or omission by such Covered Person relating to such Covered Person or its Affiliates
(other than the Issuer or any of its Subsidiaries), but only to the extent, that such untrue statement (or alleged untrue statement)
or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering circular, Free Writing Prospectus,
roadshow, Testing-the-Waters Communication or any amendment or supplement to any of the foregoing, or any document incorporated
by reference therein, or other document in reliance upon and in conformity with written information furnished to the Issuer by
such Covered Person with respect to such Covered Person for use therein. It is agreed that the indemnity agreement contained in
this Section 6(a) shall not apply to amounts paid in settlement of any such Loss or action if such settlement is effected
without the consent of the Issuer (which consent shall not be unreasonably withheld).

 

    21

     

    

 

(b)           Indemnification by Holder of Registrable Securities. As a condition to including any Registrable Securities in any
Registration Statement filed in accordance with Section 4 hereof, the Issuer shall have received an undertaking reasonably
satisfactory to it from the prospective seller of such Registrable Securities to indemnify, to the fullest extent permitted by
law, severally and not jointly with any other Holders of Registrable Securities, the Issuer, its directors and officers and each
Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the Issuer
and all other prospective sellers, from and against all Losses arising out of or based on any untrue or alleged untrue statement
of a material fact contained in any such Registration Statement, Prospectus, Free Writing Prospectus, offering circular, or other
document, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse the Issuer, such directors, controlling persons and prospective sellers
for any legal or any other expenses reasonably incurred in connection with investigating or defending any such Loss, in each case
to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus,
Free Writing Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished
to the Issuer by such Holder with respect to such Holder for inclusion in such Registration Statement, Prospectus, offering circular
or other document; provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid
in settlement of any such Losses (or actions in respect thereof) if such settlement is effected without the consent of such Holder
(which consent shall not be unreasonably withheld); and provided, further, that the liability of such Holder of Registrable
Securities shall be limited to the net proceeds after underwriting commissions and discounts (but before any taxes and expenses
which may be payable by such Holder) received by such selling Holder from the sale of Registrable Securities covered by such Registration
Statement.

 

(c)           Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “Indemnified
Party”), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the “Indemnifying
Party”) of any claim or of the commencement of any proceeding with respect to which such Indemnified Party seeks indemnification
or contribution pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party
shall not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has
been materially prejudiced by such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written
notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or proceeding,
to, unless in the Indemnified Party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist in respect of such claim, assume, at the Indemnifying Party’s expense, the defense of any such claim or
proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that an Indemnified
Party shall have the right to employ separate counsel in any such claim or proceeding and to participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Indemnifying
Party agrees to pay such fees and expenses; or (ii) the Indemnifying Party fails promptly to assume, or in the event of
a conflict of interest cannot assume, the defense of such claim or proceeding or fails to employ counsel reasonably satisfactory
to such Indemnified Party; in which case the Indemnified Party shall have the right to employ counsel and to assume the defense
of such claim or proceeding at the Indemnifying Party’s expense; provided, further, however, that the
Indemnifying Party shall not, in connection with any one (1) such claim or proceeding or separate but substantially similar or
related claims or proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable
for the fees and expenses of more than one (1) firm of attorneys (together with appropriate local counsel) at any time for all
of the Indemnified Parties, or for fees and expenses that are not reasonable. Whether or not such defense is assumed by the Indemnifying
Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent (but such consent
will not be unreasonably withheld or delayed). The Indemnifying Party shall not consent to entry of any judgment or enter into
any settlement that (x) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect
of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder or (y) involves
the imposition of equitable remedies or the imposition of any obligations on the Indemnified Party or adversely affects such Indemnified
Party other than as a result of financial obligations for which such Indemnified Party would be entitled to indemnification hereunder.

 

    22

     

    

 

(d)           Contribution. If the indemnification provided for in this Section 6 is unavailable to an Indemnified Party in
respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in
such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified
Party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other
relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the
other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or
relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent any such action, statement or omission.

 

The Parties agree that
it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 6(d), an Indemnifying Party that is a selling Holder of
Registrable Securities shall not be required to contribute any amount in excess of the amount that such Indemnifying Party has
otherwise been, or would otherwise be, required to pay pursuant to Section 6(b) by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

Notwithstanding the
foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are more favorable to the Holders than the foregoing provisions, the provisions
in the underwriting agreement shall control.

 

    23

     

    

 

(e)           Deemed Underwriter. To the extent that any of the Holders is, or would be expected to be, deemed to be an underwriter
of Registrable Securities pursuant to any SEC comments or policies or any court of law or otherwise, the Issuer agrees that (i)
the indemnification and contribution provisions contained in this Section 6 shall be applicable to the benefit of such Holder
in its role as deemed underwriter in addition to its capacity as a Holder (so long as the amount for which any other Holder is
or becomes responsible does not exceed the amount for which such Holder would be responsible if the Holder were not deemed to be
an underwriter of Registrable Securities) and (ii) such Holder and its representatives shall be entitled to conduct the
due diligence which would normally be conducted in connection with an offering of securities registered under the Securities Act,
including receipt of customary opinions and comfort letters.

 

(f)            Other Indemnification. Indemnification similar to that specified in the preceding provisions of this Section 6
(with appropriate modifications) shall be given by the Issuer and each seller of Registrable Securities with respect to any required
registration or other qualification of securities under any federal or state law or regulation or governmental authority other
than the Securities Act.

 

(g)           Non-Exclusivity. The obligations of the Parties under this Section 6 shall be in addition to any liability which
any party may otherwise have to any other party.

 

(h)           Primacy of Indemnification. The Issuer hereby acknowledges that certain of the Investors have certain rights to indemnification,
advancement of expenses and/or insurance provided by certain of their affiliates (collectively, the “Indemnitors”). 
The Issuer hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to the Investors are
primary and any obligation of the Indemnitors to advance expenses or to provide indemnification for the same Losses incurred by
any of the Investors are secondary to any such obligation of the Issuer), (ii) that it shall be liable for the full amount
of all Losses to the extent legally permitted and as required by the terms of this Agreement and the articles and other organizational
documents of the Issuer (or any other agreement between the Issuer and the relevant Investor), without regard to any rights any
Investor may have against the Indemnitors, and (iii) it irrevocably waives, relinquishes and releases the Indemnitors from
any and all claims (x) against the Indemnitors for contribution, indemnification, subrogation or any other recovery of any
kind in respect thereof and (y) that any Investor must seek indemnification from any Indemnitor before the Issuer must perform
its indemnification obligations under this Agreement.  No advancement or payment by the Indemnitors on behalf of any Investor
with respect to any claim for which such Investor has sought indemnification from the Issuer hereunder shall affect the foregoing. 
The Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of
the rights of recovery which any Investor would have had against the Issuer if the Indemnitors had not advanced or paid any amount
to or on behalf of such Investor.  The Issuer and the Investors agree that the Indemnitors are express third party beneficiaries
of this Section 6.

 

    24

     

    

 

7.             Registration Expenses. All reasonable fees and expenses incurred in the performance of or compliance with this Agreement
by the Issuer including, without limitation, (i) all registration and filing fees (including, without limitation, fees and
expenses with respect to (A) filings required to be made with the SEC, all applicable securities exchanges and/or FINRA
and (B) compliance with securities or blue sky laws, including, without limitation, any reasonable fees and disbursements
of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities pursuant to Section 4(h)),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a
form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested
by the managing underwriter(s), if any, or by a Holder making a Demand Notice with respect to such offering or the Holders of a
majority of the Registrable Securities included in any Registration Statement), (iii) messenger, telephone and delivery
expenses of the Issuer, (iv) fees and disbursements of counsel for the Issuer, (v) expenses of the Issuer incurred
in connection with any road show, (vi) fees and disbursements of all independent registered public accounting firms
referred to in Section 4(o) hereof (including, without limitation, the expenses of any “cold comfort” letters
required by this Agreement) and any other persons, including special experts retained by the Issuer and (vii) fees and disbursements
of separate counsel (including any required local counsel) for each Investor and its Affiliates if any of them is participating
in the offering (which counsel shall be selected by such Investor) shall be borne by the Issuer whether or not any Registration
Statement is filed or becomes effective. In addition, the Issuer shall pay its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit,
the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange on
which similar securities issued by the Issuer are then listed and rating agency fees and the fees and expenses of any Person, including
special experts, retained by the Issuer.

 

The Issuer shall not
be required to pay (i) fees and disbursements of any counsel retained by any Holder of Registrable Securities or by any
underwriter (except as set forth above in this Section 7), (ii) any underwriter’s fees (including discounts, commissions
or fees of underwriters, selling brokers, dealer managers or similar securities industry professionals) relating to the distribution
of the Registrable Securities (other than with respect to Registrable Securities sold by the Issuer), or (iii) any other
expenses of the Holders of Registrable Securities not specifically required to be paid by the Issuer pursuant to the first paragraph
of this Section 7.

 

8.             Rule 144. The Issuer covenants that it will file the reports required to be filed by it under the Securities Act
and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Issuer is not required to file such
reports, it will, upon the request of any Holder, make publicly available such information so long as necessary to permit sales
of Registrable Securities pursuant to Rule 144), and it will take such further action as any Holder of Registrable Securities (or,
if the Issuer is not required to file reports as provided above, any Holder) may reasonably request, all to the extent required
from time to time to enable such Holder to sell shares of Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144. Upon the request of any Holder of Registrable Securities, the Issuer
will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics
thereof.

 

9.             Certain Additional Agreements. If any Registration Statement or comparable statement under state blue sky laws refers
to any Holder by name or otherwise as the Holder of any securities of the Issuer, then such Holder shall have the right to require
(a) the insertion therein of language, in form and substance satisfactory to such Holder and the Issuer, to the effect that
the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality
of the Issuer’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any
future financial requirements of the Issuer, or (b) in the event that such reference to such Holder by name or otherwise
is not in the judgment of the Issuer required by the Securities Act or any similar federal statute or any state blue sky or securities
law then in force, the deletion of the reference to such Holder.

 

    25

     

    

 

10.           Miscellaneous.

 

(a)           Termination. The provisions of this Agreement shall terminate upon the earliest to occur of (i) its termination
by the written agreement of all Parties or their respective successors in interest, (ii) with respect to a Holder, the date
on which all Common Shares held by such Holder have ceased to be Registrable Securities (except to the extent certain provisions
are terminated earlier by delivery of an Opt-Out Notice in accordance with Section 10(c)), (iii) with respect to the Issuer,
the date on which all Common Shares have ceased to be Registrable Securities and (iv) the dissolution, liquidation or winding
up of the Issuer. Nothing herein shall relieve any party from any liability for the breach of any of the agreements set forth in
this Agreement. The provisions of Sections 6 and 7 shall survive any termination of this Agreement.

 

(b)           Holdback Agreement. In consideration for the Issuer agreeing to its obligations under this Agreement, each Holder
agrees in connection with any registration of the Issuer’s securities (whether or not such Holder is participating in such
registration) upon the request of the underwriter(s) managing any Underwritten Offering of the Issuer’s securities, not to
effect (other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not
limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of, or enter into any swap or other arrangement that transfers to another Person any of the economic consequences of ownership
of, any Registrable Securities, any other equity securities of the Issuer or any securities convertible into or exchangeable or
exercisable for any equity securities of the Issuer without the prior written consent of such underwriters during the Holdback
Period. If, during the applicable Holdback Period, any Holder is released from a lock-up obligation by such underwriters, then
all other Holders shall be released from their lock-up obligations on a pro rata basis.

 

If any registration
pursuant to Section 3 of this Agreement shall be in connection with any underwritten public offering, the Issuer will not
effect any public sale or distribution of any common equity (or securities convertible into or exchangeable or exercisable for
common equity) (other than a registration statement (i) on Form F-4, Form S-8 or any successor forms promulgated for similar
purposes, (ii) filed in connection with an exchange offer or any employee benefit or dividend reinvestment plan) for its
own account, during the Holdback Period.

 

Notwithstanding anything
to the contrary set forth in this Section 10(b), in connection with an Underwritten Offering that is a block sale, (i) no
Holder shall be subject to a lock-up agreement, other than, if requested by the managing underwriter for such offering, a Holder
that is (A) participating in such block sale or (B) a Holder of five percent (5%) or more of the equity securities
of the Issuer then outstanding, and (ii) such Holdback Period shall not exceed sixty (60) days in connection with any block
sale. Notwithstanding anything to the contrary set forth in this Section 10(b), no Holder shall be required to be subject to a
lock-up agreement in connection with an Underwritten Offering that is a block sale in which such Holder does not participate (a
 “Skipped Block Sale”), if during the preceding twelve (12) month period, such Holder has twice been subject
to a lock-up agreement in connection with Skipped Block Sales.

 

    26

     

    

 

(c)           Opt-Out Notice. Any Holder may, at any time, deliver to the Issuer a notice terminating certain of its rights and
obligations set forth herein (an “Opt-Out Notice”). Following the delivery of the Opt-Out Notice to the Issuer,
all of such Holder’s rights and obligations under Sections 2, 3, 4, 5 and 10(b) of this Agreement shall terminate automatically,
and without further action by the Issuer or any other Person; provided, however, that any applicable lock-up restrictions
then currently in effect at the time of delivery of the Opt-Out Notice to the Issuer shall remain in effect until the expiration
of the applicable Holdback Period. For the avoidance of doubt, no transferee in a transfer of shares from a Holder that has delivered
a valid Opt-Out Notice shall be required to become a party to this Agreement.

 

(d)           Amendments and Waivers. This Agreement may be amended and the Issuer may take any action herein prohibited, or omit
to perform any act herein required to be performed by it, only if any such amendment, action or omission to act, has received the
written consent of the Issuer, and each of the Investors and its Affiliates that is a Holder of Registrable Securities, or if no
such Holders remain, the Holders of a majority of the Registrable Securities; provided that this Agreement may not be amended
in a manner that would, by its terms, adversely affect the rights or obligations of any of the Investors or its Affiliates that
is a Holder of Registrable Securities without the consent of such Holders. The failure of any party to enforce any of the provisions
of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter
to enforce each and every provision of this Agreement in accordance with its terms. Any Holder may waive (in writing) the benefit
of any provision of this Agreement with respect to itself for any purpose. Any such waiver shall constitute a waiver only with
respect to the specific matter described in such writing and shall in no way impair the rights of the Holder granting such waiver
in any other respect or at any other time.

 

(e)           Successors, Assigns and Transferees. This Agreement shall be binding upon and inure to the benefit of and be enforceable
by the Parties and their respective successors and assigns who agree in writing to be bound by the provisions of this Agreement.
In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the
benefit of Holders shall also be for the benefit of and enforceable by any subsequent Holder of any Registrable Securities, subject
to the provisions contained herein. The rights of a Holder hereunder may be assigned (but only with all related obligations set
forth below) in connection with a Transfer of Registrable Securities effected in accordance with the terms of this Agreement to
a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to such
Transfer, no assignment permitted under the terms of this Section 10(e) will be effective unless and until the Permitted Transferee
to which the assignment is being made, if not a Holder, has delivered to the Issuer the executed Joinder Agreement in the form
attached as Exhibit A hereto agreeing to be bound by, and be party to, this Agreement. A Permitted Transferee to whom rights
are transferred pursuant to this Section 10(e) may not again Transfer those rights to any other Permitted Transferee, other than
as provided in this Section 10(e).

 

    27

     

    

 

(f)            Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile
transmission) and e-mail transmission if confirmed by telephone or return e-mail (including automated return receipt) and shall
be given:

 

If to the Issuer, to:

 

Rodovia José Carlos Daux,

5500, Torre Jurerê A,

2nd floor, Saco Grande, Florianópolis,

State of Santa Catarina, 88032-005, Brazil

Attention: Pedro Jorge Guterres Quintans Graça

 (pedro.graca@uniasselvi.com.br)

Fax: [●]

 

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

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

United States of America

Attention: Manuel Garciadiaz (manuel.garciadiaz@davispolk.com)

Fax: +55-11-4871-8501

 

if to Carlyle, to:

 

Robert Rosen

c/o The Carlyle Group

1001 Pennsylvania Avenue NW

Washington, DC 20004-2505

+1 (202) 729-5626

Robert.Rosen@carlyle.com

 

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

 

Debevoise & Plimpton LLP

919 Third Avenue

New York, New York 10022

Attention: Paul M. Rodel (pmrodel@debevoise.com)

Fax: (212) 909-6836

 

if to Vinci, to:

 

Bruno Zaremba, Director

T. +55 21 2159 6000

Av. Bartolomeu Mitre, 336, 5o andar – Leblon

bzaremba@vincipartners.com

 

    28

     

    

 

Marco Antonio Franklin, Principal

T. +55 21 2159 6000

Av. Bartolomeu Mitre, 336, 5o andar – Leblon

mafranklin@vincipartners.com

 

and

 

juridico@vincipartners.com

 

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

 

Mayer Brown LLP

1221 Avenue of the Americas

10020-1001

New York, NY, United States of America

Attention: John P. Berkery (jberkery@mayerbrown.com)

T: +1 (212) 506-255

 

Tauil & Chequer Advogados associado a Mayer Brown

Av. Juscelino Kubitschek, 1455 - 5o, 6o e
7o andares

Vila Nova Conceição - 04543-011

São Paulo – SP, Brazil

Attention: Carlos Motta (cmotta@mayerbrown.com)

T: +55 11 2504-4204

 

if to Neuberger, to:

 

NB Verrocchio LP

325 N. Saint Paul Street, Suite 4900

Dallas, TX 75201

Attention: NB Alternatives Legal

Email: NB.Alts.Legal@nb.com

 

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

 

Haynes and Boone LLP

2323 Victory Avenue, Suite 700

Dallas, TX 75219

Attention: Matthew Fry

Email: matt.fry@haynesboone.com

 

or such other address, facsimile number
or e-mail address as such party may hereafter specify for the purpose by notice to the other Parties.

 

    29

     

    

 

If to any other Holder
of Registrable Securities, to the e-mail or physical address of such other Holder as shown in the stock record book of the Issuer.
Each Holder shall provide the Issuer with an updated e-mail address or physical address if such address changes by notice to the
Issuer pursuant to this Section 10(f). The e-mail address or physical address shown on the stock record books of the Issuer shall
be presumed to be current for purposes of giving any notice under this Agreement.

 

All such notices, requests
and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:30 p.m.
on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received
on the next succeeding Business Day in the place of receipt.

 

(g)           Further Assurances. At any time or from time to time after the date hereof, the Parties agree to cooperate with each
other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such
further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions
contemplated hereby and to otherwise carry out the intent of the Parties hereunder.

 

(h)           Preservation of Rights. The Issuer will not enter into any agreement with any holder or prospective holder of any
securities of the Issuer giving such holder or prospective holder any registration rights the terms of which are more favorable
than or inconsistent with the registration rights granted to the Investors under this Agreement, or which would reduce the amount
of Registrable Securities any of the Investors or its Affiliates can include in any Registration Statement.

 

(i)            Entire Agreement; No Third Party Beneficiaries. This Agreement (i) constitutes the entire agreement among
the Parties with respect to the subject matter of this Agreement and supersede any prior discussions, correspondence, negotiation,
proposed term sheet, agreement, understanding or agreement and there are no agreements, understandings, representations or warranties
between the Parties other than those set forth or referred to in this Agreement and (ii) except as provided in Section 6
with respect to an Indemnified Party, is not intended to confer in or on behalf of any Person not a party to this Agreement (and
their successors and assigns) any rights, benefits, causes of action or remedies with respect to the subject matter or any provision
hereof.

 

(j)            Governing Law; Jurisdiction and Forum; Waiver of Jury Trial.

 

(i)            This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
executed and to be performed wholly within such State and without reference to the choice-of-law principles that would result in
the application of the laws of a different jurisdiction.

 

(ii)           Each party to this Agreement irrevocably submits to the jurisdiction of the United States District Court for the Southern
District of New York or any court of the State of New York located in such district any suit, action or other proceeding arising
out of or relating to this Agreement, and hereby irrevocably agrees that all claims in respect of such suit, action or proceeding
may be heard and determined in such court. Each party to this Agreement hereby irrevocably waives, to the fullest extent that it
may effectively do so, the defense of an inconvenient forum to the maintenance of such suit, action or other proceeding. The Parties
further agree, to the extent permitted by law, that final and unappealable judgment against any of them in any suit, action or
other proceeding contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United
States by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment.

 

    30

     

    

 

(iii)          EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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

 

(l)            Enforcement. Each party hereto acknowledges that money damages would not be an adequate remedy in the event that
any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed
that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to
an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such
breach and enforcing specifically the terms and provisions hereof.

 

(m)          Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and will not affect the meaning or interpretation of this Agreement.

 

(n)           No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Issuer and each Holder
(other than the Investors) covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments
delivered in connection with this Agreement shall be had against any current or future director, officer, employee, shareholder,
general or limited partner or member of any of the Investors or of any Affiliate or assignee thereof, whether by the enforcement
of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred
by any current or future director, officer, employee, shareholder, general or limited partner or member of any of the Investors
or of any Affiliate or assignee thereof, as such for any obligation of any of the Investors under this Agreement or any documents
or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations
or their creation.

 

    31

     

    

 

(o)           Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts (including via facsimile
and electronic transmission), each of which shall be an original, but all of which together shall constitute one instrument. This
Agreement may be executed by facsimile signature(s).

 

[Remainder of page left intentionally blank]

 

    32

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Agreement or caused this Agreement to be duly executed on its behalf as of the date first
written above.

 

	 	VITRU LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Mundi
    Holdings I
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Mundi
    Holdings II
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	VINCI CAPITAL PARTNERS II J
    BETA FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES MULTIESTRATÉGIA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	AGRESTI INVESTMENTS LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	BOTTICELLI INVESTMENTS LLC
	 	 
	 	By:	   
	 	 	Name:       
	 	 	Title:

 

[Signature Page
to Registration Rights Agreement]

 

    

     

    

 

	 	CARAVAGGIO INVESTMENTS LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	RAFFAELLO INVESTMENTS LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NB VERROCCHIO LP
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page
to Registration Rights Agreement]

 

    

     

    

 

Exhibit A

 

JOINDER AGREEMENT

 

Reference is made to
the Registration Rights Agreement, dated as of September [●], 2020 (as amended from time to time, the “Registration
Rights Agreement”), by and among Vitru Limited and the other parties thereto, if any. The undersigned agrees, by execution
hereof, to become a party to, and to be subject to the rights and obligations under the Registration Rights Agreement.

 

[NAME]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date:

 

Address:

 

	 	Acknowledged by:
	 	 
	 	VITRU LIMITED
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:

 

    A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]