Document:

Exhibit
10.11

 

[*]
Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

Master
Supplv Agreement

 

This
Master Supply Agreement (the “Agreement” or “MSA”) is entered into on this 28th day of
Oct. 2019 (the “Effective Date”) by and between Medical Murray, Inc., an Illinois corporation with a principal
place of business at 400 North Rand Road, North Barrington, IL 60010 (the “Supplier”) and RenovoRx, Inc. a Delaware
corporation with a principal place of business at 4546 El Camino Real, Suite 223, Los Altos, CA 94022 (the “Buyer”).

 

RECITALS:

 

	 	A.	The
    Buyer desires to purchase certain goods from Supplier; and
	 	B.	Supplier
    is the manufacturer of certain goods and is willing to sell such goods to the Buyer on the terms set forth herein.

 

NOW
THEREFORE, in consideration of the mutual promises and agreements set forth herein, as well as other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Buyer and Supplier hereby agree as follows:

 

1.
Scope. This MSA shall govern and apply to those certain products and goods listed on Exhibit A attached hereto and
incorporated herein by reference (the “Products”). This MSA shall apply to the Products ordered by the Buyer during
the Term of this MSA and for so long as any Stock Inventory (defined as finished goods, packaged, labeled and sterilized ready
to ship to Buyer’s customers) remains in Supplier’s stock under the terms of this Agreement.

 

2.
Term; Termination.

 

Term:
This agreement shall enter into force after signing of the Parties and, unless earlier terminated, shall terminate in five
years from the Effective Date. Upon expiry, this Agreement shall be automatically renewed on a year to year basis unless either
party gives the other party a written notice not to renew this agreement at least twelve months prior to the expiration date of
the original term or the extended term of this agreement.

 

Early
Termination: Either party shall have the right to terminate this agreement forthwith on written notice upon the happening
of any of the following events:

 

	 	a.	the
    other party dissolving, ceasing to do business, becoming insolvent or being unable to pay its debts.
	 	b.	the
    other party has breached a material term of condition of the agreement and such breach is not cured within sixty days of the
    other party’s receipt of written notice of such breach.
	 	c.	mutual
    agreement.

 

3.
Purchase and Sale of Products.

 

Forecast:
Buyer shall provide Supplier with the annual ordering forecast for the next Calendar year at least three months prior to the beginning
of such Calendar year.

 

    	 	Page 1 of 9
	 

     

    

 

Firm
Orders The total firm orders submitted by Buyer to Supplier in any Calendar year shall in no event be lower than seventy percent
of the annual ordering forecast for that year. If the total firm ordered quantity in any Calendar year is higher than one hundred
fifty percent of the annual ordering forecast for that year, Buyer and Seller shall make commercially reasonable efforts to supply
as much of the product as possible.

 

The
Buyer shall, during the Term of this MSA, be authorized and entitled to issue purchase orders to Supplier in the form attached
hereto as Exhibit B and incorporated herein by reference (the “Purchase Order”), subject to and in accordance with
the terms of this Section 3.

 

	 	a.	Each
    Purchase Order shall be submitted by Buyer to Supplier as and when Buyer shall have a need to purchase Products. Supplier
    shall deliver a written acknowledgment of a Purchase Order within three (3) business days of receipt of the Purchase Order
    with a notice of when the product can be shipped with the best effort for shipment to not exceed 4 months from order date.
	 	 	 
	 	b.	The
    Supplier agrees that the Supplier shall manufacture the Products specified in the Purchase Order per the requested date and
    acknowledgement.

 

	 	i.	Notwithstanding
    the foregoing or anything contained herein to the contrary, in the event that a Purchase Order specifies multiple delivery
    dates for the Products ordered by Buyer under the applicable Purchase Order, the Buyer agrees that Supplier shall only be
    responsible for manufacturing and meeting the requested installment delivery under the applicable Purchase Order.
	 	 	 
	 	ii.	For
    any such Purchase Order which contemplates multiple deliveries of the Products, the Supplier and Buyer each acknowledge and
    agree that Buyer shall only be required to pay for Products upon delivery to Supplier inventory.

 

	 	c.	Upon
    termination of this MSA, the Buyer understands and acknowledges that Buyer shall be responsible for purchasing and Supplier
    shall deliver and invoice Buyer for any and all remaining Products in Supplier’s Stock Inventory, and/or which may be
    in production at the time of termination pursuant to a Purchase Order, it being understood and agreed by Buyer that Buyer
    shall be responsible for paying for all Products ordered under a Purchase Order during the Term of this Agreement and regardless
    of whether this Agreement is terminated or not renewed for additional Renewal Term(s).

 

This
provision shall expressly survive the termination, expiration or non-renewal of this Agreement.

 

4.
Pricing. The initial pricing for the Products shall be as set forth on Exhibit C which is attached hereto and incorporated
herein by reference, to include the volume discounts as set forth on Exhibit C. Supplier shall, during the Term of the MSA, have
the ability to, no more than once per contract year (which shall mean the period from the Effective Date through the one year
anniversary of the Effective Date and each subsequent 12 month period during the Term), provide Buyer with written notice of its
increase or decrease in the pricing set forth on Exhibit C; provided however, that (i) Supplier shall not increase the pricing
set forth on Exhibit C during the first contract year, and (ii) any such price increase is no greater than * (*%) of the pricing
listed on Exhibit C. For any proposed change to the pricing set forth on Exhibit C attached hereto which would be greater than
a * percent (*%) increase, the Supplier agrees to provide Buyer with at least six (6) months prior written notice of the proposed
pricing increase in order to allow Buyer to analyze and properly plan and prepare for such pricing increase (the “Six-Month
Pricing Notice”). Upon receipt of the Six-Month Pricing Notice, the Buyer shall have a period of six (6) months to provide
written notice to Supplier of Buyer’s acceptance or rejection of the pricing increase set forth in the Six-Month Pricing
Notice. If the Buyer does not agree to the proposed terms of any such Six Month Pricing Notice, the Buyer shall have the option
to terminate this Agreement effective as of the end of the six months represented by the Six Month Pricing Notice or the parties
can negotiate in good faith to reach a mutually agreeable pricing change and thereby elect to keep this Agreement in force and
effect as amended by any such mutually agreed upon pricing change (which shall be noted on an amended Exhibit C).

 

    	 	Page 2 of 9
	 

     

    

 

5.
Shipment and Delivery; Acceptance of Products. Supplier’s standard terms and conditions shall apply to the
shipment and delivery of the Products, such terms and conditions to be attached to each Purchase Order and made a part thereof.
Without limiting the foregoing, the Buyer understands, acknowledges and agrees that the shipping terms are and shall be FOB at
the Supplier’s designated loading dock in Lake Zurich, Illinois. Buyer assumes the risk of loss as and when the Products
are loaded onto the Buyer’s designated shipping agent’s truck at the Supplier’s loading dock. Notwithstanding
the foregoing, the Buyer shall have a reasonable period of time to inspect the Products upon arrival at the Buyer’s designated
location and point of use for the Products (i.e. to include Buyer’s facilities and/or hospitals or other health care facilities
at which Buyer intends to use the Products). In the event that any such Products, upon usage by Buyer or Buyer’s customers,
are defective or non-functioning, the Buyer shall have a reasonable period of time, not to exceed twenty (20) days, to notify
the Supplier in writing of any such defective or non-functioning Product(s). The Supplier’s obligations with regard to any
such defective or non-functioning Product(s) shall be as set forth in Section 6 below.

 

6. Limitation
of Liability: Remedies. Supplier’s sole liability and Buyer’s sole remedy with regard to defective or
non-functioning Products ordered and received under this MSA and any Purchase Order issued hereunder, shall expressly be
limited to repair or replacement (at Supplier’s sole option) of such defective or non-functioning Product(s). UNDER NO
CIRCUMSTANCES SHALL SUPPLIER BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OF
ANY KIND, INCLUDING BUT NOT LIMITED TO LOSS OF REVENUE, LOSS OF USE OF EQUIPMENT, FACILITIES OR PROPERTY, OR ECONOMIC
DAMAGES, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), WARRANTY OR OTHERWISE, NOTWITHSTANDING ANY INDEMNITY OR OTHER
PROVISION TO THE CONTRARY, AND REGARDLESS OF WHETHER BUYER AND/OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES. Supplier shall have no liability whatsoever for failures of the Products or other damages or losses relating to the
Products which arise as a result of improper use, installation or maintenance or incorrect application of the Product(s). Any
suits arising from the performance or nonperformance under this MSA or a Purchase Order, whether based upon contract,
negligence, strict liability or otherwise must be brought within two (2) years from the date the claim arose, or shall be
forever time barred.

 

7.
Warranties. Supplier shall provide all manufacturer warranties applicable to the Products to Buyer in accordance
with the Supplier’s manufacturer warranties per attached hereto as Exhibit D and incorporated herein by reference. Except
as set forth in the manufacturer warranties, SUPPLIER HEREBY DISCLAIMS, WITH REGARD TO THE PRODUCTS SOLD TO BUYER HEREUNDER, ANY
AND ALL OTHER WARRANTIES OF ANY KIND, EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, THIRD PARTY INFRINGEMENT, AND ANY AND ALL OTHER WARRANTIES NOT EXPRESSLY MADE HEREIN OR IN EXHIBIT
D BY SUPPLIER.

 

8.
Intellectual Property. Supplier expressly acknowledges and agrees that Buyer retains any and all of its intellectual
property rights associated with and pertaining to the Products or any of them, and Supplier further expressly acknowledges and
agrees that any and all intellectual property developed during the Term of this Agreement shall at all times be and remain the
sole and exclusive property of Buyer. Buyer understands that Supplier cannot guarantee that concepts, designs, materials or other
deliverables it manufactures for Buyer hereunder, will not infringe on the rights of third parties and Buyer further acknowledges
that Buyer shall be responsible for patent clearance and infringement and for registering and protecting any intellectual property
rights of the Buyer.

 

    	 	Page 3 of 9
	 

     

    

 

9.
Confidential Information. The Supplier and Buyer are parties to that certain Non-Disclosure Agreement (“NDA”)
dated Aug. 12 2019 (the “NIDA”), the terms of which shall remain in full force and effect during the Term of this
MSA. The NDA is hereby incorporated into this MSA by reference and notwithstanding the term or expiration date of the NDA, the
Buyer and Supplier expressly agree that the terms of the NDA shall remain in full force and effect and binding on the Supplier
and Buyer during the entire Term of this MSA.

 

10.
Notification. During the term of this MSA, the Supplier agrees to provide Buyer with written notification in the
event that Supplier contracts with or otherwise enters into a relationship or affiliation with any other company that orders or
purchases products from Supplier similar to the Products, including without limitation any products that are therapy infusion
related and which incorporate balloons in the products. Such notification shall be made promptly after Supplier enters into any
such relationship with any other third party during the Term of this MSA.

 

11.
Compliance with Laws. Buyer and Supplier each agree that in performing their respective obligations hereunder, they
shall at all times comply with and remain in compliance with any and all applicable state, federal and local laws.

 

12. Dispute
Resolution. Should any dispute between the parties arise at any time out of any aspect of this Agreement,
including its interpretation, performance or termination, the Parties will confer in good faith to resolve promptly such
dispute. In the event that the Parties are unable to resolve their dispute, and should either desire to pursue a claim
against a Party, the dispute shall be finally resolved by binding arbitration under the Commercial Arbitration Rules of the
American Arbitration Association by one or more arbitrators appointed in accordance with such rules. The arbitration,
including the rendering of the award, shall take place in Chicago, Illinois if the claimant is Buyer, and in Los Altos,
California if the claimant is Seller, and shall be the exclusive forum for resolving such dispute, controversy or claim. The
decision of the arbitrator shall be binding upon the Parties hereto, and judgment thereon may be entered by any court of
competent jurisdiction.

 

14.
Severability. In the event that any provision in this Agreement shall be deemed to be unlawful or unenforceable,
such provision shall be stricken from the Agreement, but the remainder of the Agreement shall remain in full force and effect.

 

15.
Waiver. Failure or forbearance by a Party in one instance to enforce a breach or otherwise exercise its right to
a remedy hereunder, shall not in any event result in a waiver of any such subsequent breach and shall not alter a party’s
right to enforce this Agreement at any time, including without limitation upon a subsequent breach.

 

16.
Force Majeure. Neither Party shall be in breach of this Agreement for failure to perform, or delays in performance,
due to war, terrorism, floods, rioting, fire, government actions, threats or risks to personal safety of employees, acts of suppliers
or customers, acts of God or other like circumstances beyond its reasonable control.

 

    	 	Page 4 of 9
	 

     

    

 

17.
Notices. Notices permitted or required to be given pursuant to this MSA shall be deemed received (i) immediately
upon hand delivery; (ii) one (l) business day after placement with a reputable overnight delivery company, or (iii) three (3)
business days after deposit in the US Mail, return receipt requested, in any case to the following addresses:

 

	If
    to Supplier:	Medical
        Murray, Inc.

        

        Attn:
        President

        

        400
        North Rand Road

        

        North
        Barrington IL 60010

	 	 
	If
    to Buyer.	RenovoRx,
        Inc.

        

        Attn:
        CEO

        

        4546
        El Camino Real, Suite 223

        

        Los
        Altos, CA 94022

 

18.
Attornevs’ Fees. In the event that a Party successfully enforces its rights under this Agreement through resort
to litigation, the prevailing party in such litigation shall be entitled to receive its reasonable costs incurred in successfully
enforcing its rights hereunder, including without limitation reasonable attorneys’ fees.

 

19.
Entire Agreement. This Agreement, along with the attachments, exhibits and Purchase Orders attached hereto and/or
issued in connection herewith, represent the entire agreement by and between the Buyer and Supplier. There are no other agreements,
whether written or oral, and no other understandings that shall modify or alter the terms of this Agreement.

 

IN
WITNESS WHEREOF, this MSA shall become a binding and effective agreement upon execution by the duly authorized representatives
of Supplier and Buyer respectively below.

 

	Buver	 	Supplier
	 	 	 	 	 
	RenovoRx, Inc.	 	Medical Murray, Inc.
	 	 	 	 	 
	By:	/s/
    Shaun R. Bagai	 	By:	/s/
    Eric Leopold
	 	 	 	 	 
	Print
Name: 	Shaun
    R. Bagai	 	Print Name:	 Eric Leopold
	 	 	 	 	 
	Print
    Title: 	CEO	 	Print Title:	 President
	 	 	 	 	 
	Date:
    	November
    1, 2019	 	Date:	October 28 2019

 

Attachments:
Attached to this MSA are additional Exhibits, which are incorporated into and made a part of this MSA:

 

	 	●	Exhibit
    A — Products List
	 	 	 
	 	●	Exhibit
    B— Purchase Order sample
	 	 	 
	 	●	Exhibit
    C — Pricing List
	 	 	 
	 	●	Exhibit
    D — Manufacturer Warranties

 

    	 	Page 5 of 9
	 

     

    

 

Exhibit
A

Products
List

 

RenovoCath
RC 120

 

    	 	Page 6 of 9
	 

     

    

 

Exhibit
B

Purchase
Order Sample

 

 

    	 	Page 7 of 9
	 

     

    

 

Exhibit
C

 

Pricing
List

 

The
initial pricing for the RenovoCath@ shall be $* per catheter. This pricing is effective for the duration of this Agreement unless
changed in accordance with the terms of Section 4.

 

    	 	Page 8 of 9
	 

     

    

 

Exhibit
D

Manufacturer
Warranties

 

Supplier
warrants to Buyer that until the sterility date for the Products expires, the Product will confirm to the Buyer’s
specifications. Sterility date means the expiration date for sterility of the Product as printed on the label. Any defective
device that are found to be defective at first use in the field will be replaced by the supplier (i.e. loose marker band,
leakage between lumens, balloon inflation or deflation issues, etc.) or supplier will provide credit for the defective units.
The units are built based on released specification at Supplier.

 

    	 	Page 9 of 9EX-4.2

 Exhibit 4.2 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [•], 2021, by and between Teads N.V., a naamloze
vennootschap incorporated under the laws of the Netherlands (the “Company”), Altice International S.à r.l., a private limited liability company incorporated under the laws of Luxembourg, Mr. Pierre Chappaz and
Mr. Bertrand Quesada. 
 WHEREAS, the Company has filed a registration statement on Form F-1
(File No. 333-257715) under the Securities Act (as defined herein) with respect to the initial public offering (“Offering”) of Class A common shares of the Company, par value
€0.01 per share (the “Class A Shares”); 
 WHEREAS, following the Offering, the Company will have
two classes of common shares, Class A Shares and Class B common shares, par value €0.25 per share (the “Class B Shares” and together with the Class A Shares, the “Shares”);

 WHEREAS, the parties desire to set forth certain registration rights applicable to the Registrable Securities (as defined herein) held
from time to time by the Eligible Shareholders (as defined herein) subject to the terms and conditions of this Agreement; and 
 NOW,
THEREFORE, in consideration of the recitals and the mutual premises, covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE I 

Definitions 
 In addition
to capitalized terms defined elsewhere in this Agreement, the following capitalized terms shall have the following meanings when used in this Agreement: 

“Affiliate” means, as to any specified Person, any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling”, “controlled by”
and “under common control with” have correlative meanings. 
 “Altice” means Altice International
S.à r.l. and any successors thereto. 
 “Altice Equity Holder” means (i) Altice, (ii) any Subsidiary of Next
Alt S.à r.l. to which Registrable Securities may be transferred or issued, and (iii) any Registration Rights Transferee under Section 11.02(a). 

“Agreement” shall have the meaning set forth in the Preamble. 

“Articles” means the articles of association of the Company. 

“Business Day” means any day other than a Saturday, a Sunday or any other day in New York, New York, the Netherlands or
Luxembourg City, Luxembourg on which banking institutions are authorized or required by law or regulation to close. 

“Class A Shares” shall have the meaning set forth in the Preamble. 

“Class B Shares” shall have the meaning set forth in the Preamble. 

“Commission” means the United States Securities and Exchange Commission and any successor agency performing comparable
functions. 

 “Company” shall have the meaning set forth in the Preamble. 

“Demand Registrations” shall have the meaning set forth in Section 2.02(a). 

“Eligible Shareholder” means a Qualified Holder that owns Registrable Securities, including any Registration Rights
Transferee, as set forth on Schedule 1 attached hereto, as amended from time to time. 
 “Exchange Act” means the United
States Securities Exchange Act of 1934, as amended, or any successor United States Federal statute, and the rules and regulations of the Commission thereunder, as the same shall be in effect from time to time. 

“Family Member” means, with respect to any natural person who is a Founder Equity Holder, such person’s spouse, domestic
partner, parents, stepparents, grandparents, lineal descendants, siblings and lineal descendants of siblings. Lineal descendants include adopted persons and stepchildren. 

“Founder Equity Holder” means Pierre Chappaz and Bertrand Quesada. 

“Governmental Authority” means any regional, Federal, state or local legislative, executive or judicial body or agency, any
court of competent jurisdiction, any department, political subdivision or other governmental authority or instrumentality, or any arbitral authority, in each case, whether domestic or foreign. 

“Indemnified Party” shall have the meaning set forth in Section 8.03. 

“Indemnifying Party” shall have the meaning set forth in Section 8.03. 

“Lock-Up Securities” shall have the meaning set forth in
Section 5.01.“Long-Form Demand Registration” shall have the meaning set forth in Section 2.01(b). 

“Losses” shall have the meaning set forth in Section 8.01. 

“Offering” shall have the meaning set forth in the Preamble. 

“Other Shareholders” shall have the meaning set forth in Section 4.03. 

“Permitted Entity” means (a) a Permitted Trust solely for the benefit of (i) a Founder Equity Holder, (ii) one
or more Family Members of such Founder Equity Holder and/or (iii) any other Permitted Entity of such Founder Equity Holder; 
 (b) any
general partnership, limited partnership, limited liability company, corporation or other entity exclusively owned by (i) a Founder Equity Holder, (ii) one or more Family Members of such Founder Equity Holder and/or (iii) any other
Permitted Entity of such Founder Equity Holder; 
 (c) the personal representative of the estate of a Founder Equity Holder upon the death
of such Founder Equity Holder solely to the extent such individual or entity is acting in the capacity as personal representative of such estate; 

(d) a revocable living trust, which revocable living trust is itself a Permitted Trust, following the death of the natural person grantor of
such trust, solely to the extent that Registrable Shares are held in such trust pending distribution to the beneficiaries designated in such trust, all of whom are Qualified Holders; and 

(e) a guardian or conservator of a Qualified Holder who has been adjudged disabled, incapacitated, incompetent or otherwise unable to
manage his own affairs by a court of competent jurisdiction, solely in that guardian’s or conservator’s capacity as such. 

  
 2 

 Except as explicitly provided for in the Articles, a Permitted Entity of a Founder Equity
Holder shall not cease to be a Permitted Entity of that Founder Equity Holder solely by reason of his death. 
 “Permitted
Transfer” means any transfer of Shares to a Qualified Holder. 
 “Permitted Trust” means a trust where each
trustee is (a) a Founder Equity Holder, (b) a Family Member of a Founder Equity Holder, or (c) a professional (including an attorney or accountant) in the business of providing trustee services, including private professional
fiduciaries, trust companies and bank trust departments. 
 “Person” means an individual, a company, a partnership, a joint
venture, a limited liability company or limited liability partnership, an association, a trust, estate or other fiduciary, any other legal entity or any Governmental Authority. 

“Piggyback Registration” shall have the meaning set forth in Section 4.01. 

“Public Offering” means any offering by the Company of its equity securities to the public pursuant to an effective
registration statement under the Securities Act or any comparable statement under any comparable Federal statute then in effect (other than any registration statement on Form S-8, Form F-4 or Form S-4 or any successor forms thereto). 

“Qualified Holder” means (i) any Altice Equity Holder, or (ii) any Founder Equity Holder or any Family Member or
Permitted Entity of such Founder Equity Holder. 
 “Registrable Securities” means (i) Class A Shares issued
beneficially owned by Altice or a Founder Equity Holder at the closing of the Offering, but only to the extent held by Qualified Holders, (ii) Class A Shares issuable upon the conversion of Class B Shares beneficially owned by Altice
at the closing of the Offering or received in exchange for any additional capital contributions subsequent to the Offering by an Altice Equity Holder and approved by the board of directors, but only to the extent held by Qualified Holders and
(iii) Class A Shares issued by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization or otherwise, but only to the extent held by Qualified
Holders; provided, however, that any such Shares shall cease to be Registrable Securities when they (a) have been effectively registered under the Securities Act and sold by the holder thereof in accordance with such registration;
(b) have been sold pursuant to Rule 144; or (c) are eligible for resale by an Eligible Shareholder under Rule 144 without volume or manner of sale restrictions, as determined by the Company in its discretion after consultation with Company
counsel. 
 “Registration Expenses” shall have the meaning set forth in Section 7.01. 

“Registration Rights Transferee” shall have the meaning set forth in Section 11.02(a). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto. 
 “Securities
Act” means the United States Securities Act of 1933, as amended, or any successor United States Federal statute, and the rules and regulations of the Commission thereunder, as the same shall be in effect from time to time. 

“Shares” shall have the meaning set forth in the Recitals. 

“Shelf Registration Statement” shall have the meaning set forth in Section 3.01(a). 

“Shelf Underwritten Offering” shall have the meaning set forth in Section 2.07. 

“Short-Form Demand Registrations” shall have the meaning set forth in Section 2.02(a). 

  
 3 

 “Subsequent Shelf Registration Statement” shall have the meaning set forth
in Section 3.01(a). 
 “Subsidiary” means an incorporated or unincorporated entity in which
another Person (i) has a majority of the shareholders’ or members’ voting rights or (ii) has the right to appoint or remove a majority of the members of the administrative, management or supervisory body and is at the same time a
shareholder in or member of such entity. 
 “Take-Down Notice” shall have the meaning set forth in
Section 2.07. 
 “Transferring Shareholder” shall have the meaning set forth in
Section 11.02(a). 
 ARTICLE II 

Demand Registration 

SECTION 2.01 Long-Form Registrations. (a) Subject to the terms of this Agreement, at any time after such Registrable Securities
are no longer subject to the underwriter lock-up applicable to the Offering (which may be due to the expiration or waiver of such lock-up with respect to such
Registrable Securities), Altice Equity Holders holding at least 10% of the Registrable Securities then outstanding shall be entitled to request registration under the Securities Act of all or part of the Registrable Securities on Form F-1 or any similar long-form registration statement; provided, however, that with respect to any request under this Section 2.01(a), (i) the anticipated aggregate offering
amount of the Registrable Securities covered by such registration shall equal or exceed $75,000,000 and (ii) the Company shall not otherwise be eligible at the time of the request to file a registration statement on Form F-3 or any similar short-form registration statement for the sale of Registrable Securities by the Eligible Shareholders. 

(b) Within ten days after receipt of any written request pursuant to this Section 2.01, the Company shall give
written notice of such request to all Eligible Shareholders, and shall use its reasonable best efforts to include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion from
Eligible Shareholders within ten days after delivery of the Company’s notice, and thereupon the Company shall use its reasonable best efforts to effect, at the earliest possible date, the registration under the Securities Act. A
registration requested pursuant to this Section 2.01 is referred to herein as a “Long-Form Demand Registration”. 

SECTION 2.02 Short-Form Registrations. (a) In addition to the Long-Form Demand Registration rights provided pursuant to
Section 2.01 above, at any time after such Registrable Securities are no longer subject to the underwriter lock-up applicable to the Offering (which may be due to the expiration or
waiver of such lock-up with respect to such Registrable Securities) and commencing on the date on which the Company becomes eligible to register securities issued by it on a Form
F-3 or any similar short-form registration statement, Altice Equity Holders holding at least 10% of the Registrable Securities then outstanding shall be entitled to request registration under the Securities
Act of all or part of the Registrable Securities on Form F-3 or such similar short-form registration statement (“Short-Form Demand Registrations” and, together with Long-Form Demand
Registrations, “Demand Registrations”); provided, however, that with respect to any request under this Section 2.02(a), the anticipated aggregate offering amount of the Registrable Securities
covered by such registration shall equal or exceed $75,000,000; provided, further, that if the Company has a registration statement filed with the Commission in accordance with and pursuant to Rule 415 under the Securities Act, then
such demand right shall be exercised in accordance with Section 2.07. 
 (b) Within ten days after receipt of any
written request pursuant to this Section 2.02, the Company shall give written notice of such request to all Eligible Shareholders, and shall use its reasonable best efforts to include in such registration all Registrable
Securities with respect to which the Company has received written requests for inclusion from Eligible Shareholders within ten days after delivery of the Company’s notice, and thereupon the Company shall use its reasonable best efforts to
effect, at the earliest possible date, the registration under the Securities Act. Demand Registrations must be Short-Form Demand Registrations whenever the Company is permitted to use any applicable short form. If for marketing or other
reasons, the managing underwriter(s) with respect to any Short-Form Demand Registration request the inclusion in the registration statement of information 

  
 4 

 
that is not required under the Securities Act to be included in a registration statement on the applicable form for the Short-Form Demand Registration, the Company shall provide such information
as may be reasonably requested for inclusion by the managing underwriter(s) in the Short-Form Demand Registration. 
 SECTION 2.03
Registration Amount and Number of Demands. Each request for a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold. The maximum number of demand registration requests available under
Article II shall be unlimited. 
 SECTION 2.04 Payment of Expenses for Demand Registrations. The Company shall pay all
Registration Expenses for the Demand Registrations made under Section 2.01 or Section 2.02. A registration shall not count as a Demand Registration until it has become effective. 

SECTION 2.05 Priority. If the managing underwriter(s) with respect to a Demand Registration involving more than one Eligible
Shareholder advise the Company in writing that, in their opinion, the number of Registrable Securities requested to be included in such Demand Registration should be reduced due to adverse market conditions, market demand or otherwise, then, unless
otherwise agreed by all of the Eligible Shareholders who have requested inclusion of Registrable Securities in the applicable Demand Registration, the Company shall include in such registration statement (a) first, the Shares requested
to be included therein by the Altice Equity Holders, pro rata on the basis of the number of such Registrable Securities requested by such holders to be included in the applicable Demand Registration and (b) second, the Shares requested
to be included therein by the Founder Equity Holders, pro rata on the basis of the number of such Registrable Securities requested by such holders to be included in the applicable Demand Registration 

SECTION 2.06 Restrictions. The Company shall not be obligated to effect any Demand Registration within 120 days after the
effective date of a previous Demand Registration. In addition, with respect to any Demand Registration, if (A) (i) in the good faith judgment of the Company, there is a material adverse change in the condition, financial or otherwise,
prospects, earnings or business affairs of the Company that has not been disclosed to the general public or (ii) the Company is planning to prepare and file a registration statement for a primary offering by the Company of its securities, and
(B) the chief executive officer or chief financial officer of the Company notifies in writing the holders of the Registrable Securities requesting such Demand Registration that such officer has reasonably concluded that under such
circumstances, it would be in the Company’s best interest to postpone the filing of a Demand Registration, then the Company may postpone for up to 45 days the filing or the effectiveness (but not the preparation) of a registration statement for
a Demand Registration; provided, that the Company may not on any of the foregoing grounds postpone the filing or effectiveness of a registration statement for a Demand Registration more than three times during any 12-month period and such postponements shall not exceed 90 days in the aggregate (unless the requesting holders of Registrable Securities consent in writing to a longer postponement of the filing or effectiveness of
such registration statement). 
 SECTION 2.07 Underwritten Offerings. All Demand Registrations shall be underwritten (which
shall include “block trades”) and in no event shall the Company be obligated to effect any underwritten offering other than through a Demand Registration. At any time that a Shelf Registration Statement covering Registrable Securities
pursuant to Article III is effective, if Altice Equity Holders holding at least 10% of the Registrable Securities then outstanding deliver a notice to the Company (a “Take-Down Notice”) demanding an underwritten offering of
all or part of their Registrable Securities (the aggregate amount of such Registrable Securities to be at least $75,000,000), included by them on the Shelf Registration Statement (a “Shelf Underwritten Offering”), then the Company
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. In connection with any Shelf Underwritten Offering: 

(a) the Company shall deliver the Take-Down Notice to all other holders of Registrable Securities included on such Shelf
Registration Statement and permit each such holder to include its Registrable Securities on the Shelf Registration Statement in the Shelf Underwritten Offering if such holder notifies the Company within five days after delivery of the Take-Down
Notice to such holder; and 
 (b) in the event that the underwriter determines that marketing factors (including an adverse
effect on the per share offering price) require a limitation on the number of Registrable Securities which 

  
 5 

 
would otherwise be included in such take down, the underwriter may limit the number of Registrable Securities which would otherwise be included in such take-down offering in the same manner as
described in Section 2.05 with respect to a limitation of Shares to be included in a registration. 
 SECTION 2.08
Selection of Underwriters. In connection with any Demand Registration, the managing underwriter(s) in respect of such offering shall be chosen by the Altice Equity Holders requesting such registration, subject to the approval of the
Company (which approval shall not be unreasonably withheld). 
 ARTICLE III 

Shelf Registrations 

SECTION 3.01 Right to Shelf Registration. (a) Subject to the terms of this Agreement, in addition to the Demand Registrations and
commencing on the date on which the Company becomes eligible to register securities issued by it on a Form F-3 or any similar short-form registration statement, Altice Equity Holders holding at least 10% of
the Registrable Securities then outstanding shall be entitled to request that the Company file a shelf registration statement on Form F-3 pursuant to Rule 415 of the Securities Act (or any successor rule
thereto) with respect to all or part of the Registrable Securities (including the prospectus, amendments and supplements to the shelf registration statement or prospectus, including pre- and post-effective
amendments thereto, all exhibits thereto and all material incorporated by reference or deemed incorporated by reference therein, the “Shelf Registration Statement”. Within ten days after receipt of any written request pursuant to
this Section 3.01, the Company shall give written notice of such request to all Eligible Shareholders, and shall use its reasonable best efforts to include in such Shelf Registration Statement all Registrable Securities
with respect to which the Company has received written requests for inclusion from Eligible Shareholders within ten days after delivery of the Company’s notice. 

The Company shall use its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission as soon
as practicable after such filing, and shall use its reasonable best efforts to keep the Shelf Registration Statement effective and updated, from the date such Shelf Registration Statement is declared effective until the date as of which all of the
Registrable Securities included in the Shelf Registration Statement have been sold or cease to be Registrable Securities.
 (b) If the Shelf
Registration Statement has been effective for three years, at the end of the third year, if requested by Altice Equity Holders holding at least 10% of the Registrable Securities then outstanding, the Company shall use its reasonable best efforts to
promptly file a new shelf registration statement (a “Subsequent Shelf Registration Statement”) on Form F-3 pursuant to Rule 415 of the Securities Act (or any successor rule thereto). Within
ten days after receipt of any written request pursuant to this Section 3.01, the Company shall give written notice of such request to all Eligible Shareholders, and shall use its reasonable best efforts to include in such
Subsequent Shelf Registration Statement all Registrable Securities with respect to which the Company has received written requests for inclusion from Eligible Shareholders within ten days after delivery of the Company’s notice. 

The Company shall use its reasonable best efforts to cause any Subsequent Shelf Registration Statement to be declared effective by the
Commission as soon as practicable after such filing, and shall use its reasonable best efforts to keep any Subsequent Shelf Registration Statement effective and updated, from the date such Subsequent Shelf Registration Statement is declared
effective until the earlier of (i) the date as of which all of the Registrable Securities included in the Subsequent Shelf Registration Statement have been sold or cease to be Registrable Securities and (ii) the third anniversary of the
initial effective date of the Subsequent Shelf Registration Statement. If the Subsequent Shelf Registration Statement has been effective for three years, at the end of the third year, if requested by Altice Equity Holders holding at least 10%
of the Registrable Securities then outstanding, the Company shall use its reasonable best efforts to promptly file a new Subsequent Shelf Registration Statement on Form F-3 pursuant to Rule 415 of the
Securities Act (or any successor rule thereto). 
 (c) From time to time, Altice Equity Holders, when holding at least 10% of the
Registrable Securities, shall be entitled to request that the Company amend the Shelf Registration Statement or any Subsequent Shelf Registration Statement to (i) include all or part of the Registrable Securities not already covered by the
Shelf Registration Statement or any Subsequent Shelf Registration Statement or (ii) amend the plan of distribution as 

  
 6 

 
reasonably necessary to permit resales of Registrable Securities in the manner contemplated by such requesting holders (subject to the limitations of
Section 2.07). Upon receipt of a request to amend a Shelf Registration Statement or any Subsequent Shelf Registration Statement in accordance with this subsection, the Company shall use its reasonable best efforts to
cause such amendment to be filed as soon as reasonably practicable after the receipt of such request. 
 (d) Payment of Expenses for
Shelf Registrations. The Company shall pay all Registration Expenses for the shelf registrations made under this Article III. 

ARTICLE IV 
 Piggyback
Registrations 
 SECTION 4.01 Right to Piggyback. At any time, whenever the Company proposes to register any of its equity
securities under the Securities Act for its own account or otherwise, and the registration form to be used may be used for the registration of Registrable Securities (each, a “Piggyback Registration”) (except for registrations on
Form S-8, Form F-4 or Form S-4 or any successor forms thereto), the Company shall give written notice, at least ten days prior to
the proposed filing of such registration statement, to all Eligible Shareholders, of its intention to effect such a registration and shall use its reasonable best efforts to include in such registration all Registrable Securities (in accordance with
the priorities set forth in Sections 4.02 and 4.03 below) with respect to which the Company has received written requests for inclusion specifying the number of Registrable Securities desired to be registered, which requests shall be
delivered within ten days after the delivery of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. 

SECTION 4.02 Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary offering on behalf of the
Company and the managing underwriter(s) advise the Company in writing that, in their opinion, the number of Company securities requested to be included in the registration (including securities of the Company that are not Registrable Securities)
should be reduced due to adverse market conditions, market demand or otherwise, then the Company may exclude securities (including Registrable Securities) from the registration and the underwriting, and the number of securities to be included in
such registration and underwriting shall be determined as follows: (a) first, any securities that the Company proposes to sell; (b) second, the Registrable Securities requested to be included in such registration by Altice
Equity Holders, pro rata among such holders on the basis of the total number of Registrable Securities which are requested by such holders to be included in such registration, (c) third, the Registrable Securities requested to be
included in such registration by Founder Equity Holders, pro rata among such holders on the basis of the total number of Registrable Securities which are requested by such holders to be included in such registration, and (d) fourth,
other securities, if any, requested to be included in such registration. 
 SECTION 4.03 Priority on Secondary Registrations. If
a Piggyback Registration is an underwritten secondary offering on behalf of any Person, other than Eligible Shareholders, who has the contractual right to initiate such a registration (the “Other Shareholders”), the Company shall
provide a notice to all Eligible Holders in a manner set forth in Section 4.01. If the managing underwriter(s) advise the Company in writing that, in their opinion, the number of Company securities requested to be
included in the registration (including securities of the Company that are not Registrable Securities) should be reduced due to adverse market conditions, market demand or otherwise, the Company shall include in such registration: (a)
first, the Shares requested to be included therein by the Other Shareholders, (b) second, the Registrable Securities requested to be included in such registration by Altice Equity Holders, pro rata among such holders on the basis
of the total number of Registrable Securities which are requested by such holders to be included in such registration, (c) third, the Registrable Securities requested to be included in such registration by Founder Equity Holders, pro
rata among such holders on the basis of the total number of Registrable Securities which are requested by such holders to be included in such registration, and (d) fourth, other securities, if any, requested to be included in such
registration. 
 SECTION 4.04 Selection of Underwriters. In connection with any Piggyback Registration resulting from the
Company’s proposal to register any of its Shares for its own account, the Company shall have the right to select the managing underwriter(s) in respect of such offering in its sole discretion. 

  
 7 

 SECTION 4.05 Payment of Expenses for Demand Registrations. The Company shall pay
all Registration Expenses for the Piggyback Registrations under this Article IV. 
 ARTICLE V 

Additional Agreements 

SECTION 5.01 Holders’ Agreements. To the extent consistent with applicable law, each holder of Registrable Securities agrees
that upon request of the Company or the managing underwriter(s) of any underwritten offering of the Company’s securities, any holder participating in such underwritten offering shall not, directly or indirectly (A) offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or lend or otherwise dispose of or transfer any Shares or any securities convertible into or
exchangeable or exercisable for Shares, whether then owned or thereafter acquired by such holder or with respect to which the holder has or hereafter acquires the power of disposition (collectively, the
“Lock-Up Securities”), or exercise any right with respect to the registration of any of the Lock-up Securities, or file or cause to be filed any
registration statement in connection therewith, under the Securities Act, or (B) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of
the Lock-Up Securities, whether any such swap or transaction described in clause (A) or (B) above is to be settled by delivery of Shares or other securities, in cash or otherwise (other than those
securities included by such holder in the offering in question, if any), without the prior written consent of the Company or such underwriters, as the case may be, during the period of up to 180 days following the effective date of the
registration statement for such underwritten offering; provided, however, that the foregoing restrictions shall not apply to (a) Shares being sold in such underwritten offering, (b) transactions relating to Lock-Up Securities or other securities acquired in the open market, (c) transfers of Lock-Up Securities or any security convertible into or exercisable or exchangeable
for Lock-Up Securities (i) as bona fide gifts, gifts, or for bona fide estate planning purposes, (ii) upon death or by will, testamentary document or intestate succession, (iii) to an immediate
family member of such holder or to any trust for the direct or indirect benefit of such holder or one or more immediate family members of such holder (for purposes of this Section 5.01, “immediate family” shall
mean any spouse or domestic partner and any relationship by blood, current or former marriage or adoption, not more remote than first cousin), (d) sales or other dispositions to affiliates of such holder; provided that it shall be a condition to any
transfer pursuant to clauses (c) and (d) that (i) the transferee/donee agrees to be bound by the terms of a lock up agreement (including, without limitation, the foregoing restrictions) to the same extent as if the transferee/donee were a
party hereto and (ii) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act and the Exchange Act) to make, and shall agree to not
voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of a lock up period, and (e) the transfer of such holder’s Lock-Up Securities or any
security convertible into or exercisable or exchangeable for Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement;
provided, that the recipient of such transfer or distribution shall be subject to the foregoing restrictions. 
 In addition, each
holder of Registrable Securities shall enter into and be bound by such form of agreement with respect to the foregoing as the Company or such managing underwriter(s) may reasonably request. 

SECTION 5.02 Company’s Agreements. The Company agrees not to effect any public sale or public distribution of its equity
securities, or any securities convertible into or exchangeable or exercisable for such securities, during the 90-day period following the effective date of a registration statement filed under Article
II hereof (except as part of any such underwritten registration or pursuant to registrations on Form S-8, Form F-4 or Form
S-4 or any successor forms thereto), unless the managing underwriter(s) otherwise agree. 
 SECTION
5.03 Suspension of Resales. The Company shall be entitled to suspend for up to 45 days the use of the prospectus forming the part of any registration statement, including a Shelf Registration Statement, which has theretofore become
effective at any time if, in the good faith judgment of the Company, there is a material adverse change in the condition, financial or otherwise, prospects, earnings or business affairs of the Company that has not been disclosed to the general
public and the chief executive officer or chief financial officer of the Company notifies in writing the holders of the Registrable Securities included in such registration statement and not previously sold thereunder that such officer has
reasonably concluded that under such circumstances it would be 

  
 8 

 
in the Company’s best interest to suspend the use of such prospectus; provided, however, that the Company may not exercise its rights under this
Section 5.03 more than three times in any 12-month period and the duration of such suspensions shall not, taken together with any postponements pursuant to
Section 2.06, exceed 90 days in the aggregate in any 12-month period (unless the holders of at least 10% of the unsold Registrable Securities included in such registration statement
and not previously sold thereunder consent in writing to a longer suspension). Each holder of Registrable Securities included in any such registration statement and not previously sold thereunder agrees that upon its receipt of such written
notification it shall immediately discontinue the sale of any Registrable Securities pursuant to such registration statement or otherwise until such holder has received copies of the supplemented or amended prospectus or until such holder is advised
by the Company in writing that the use of the prospectus forming a part of such registration statement may be resumed and has received copies of any additional or supplemental filings that are incorporated by reference in such prospectus. 

ARTICLE VI 
 Registration
Procedures 
 SECTION 6.01 Registration Procedures. Whenever requests for registration have been made pursuant to this Agreement,
the Company shall use its reasonable best efforts to effect the registration of such Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company will as expeditiously as reasonably
possible: 
 (a) prepare and, as soon as practicable after the end of the period within which requests for registration may
be given to the Company, file with the Commission a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a
registration statement or prospectus, or any amendments or supplements thereto, the Company shall furnish copies of all such documents proposed to be filed to one counsel designated by Altice Equity Holders holding at least 10% of the Registrable
Securities covered by such registration statement and to the extent practicable under the circumstances, provide such counsel an opportunity to comment on any information pertaining to the holders of Registrable Securities covered by such
registration statement contained therein and the Company shall consider in good faith any comments reasonably requested by such counsel with respect to such information); 

(b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectuses
used in connection therewith as may be necessary to keep such registration statement effective until the later of (i) the date that is 180 days after its effectiveness and (ii) the date that all of the securities covered by the
registration statement have been sold, and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement; 
 (c) in connection with any filing of any
registration statement or prospectus or amendment or supplement thereto, cause such document (i) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the Commission thereunder and
(ii) to not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

(d) furnish to each seller of Registrable Securities, without charge, such number of copies of such registration statement,
each amendment and supplement thereto, the prospectuses included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by such seller; 
 (e) use its reasonable best efforts to register or qualify such Registrable
Securities under such securities or blue sky laws of such jurisdictions as the Eligible Shareholders reasonably request, keep each such registration or qualification effective during the period the associated registration statement is required to be
kept effective, and do any and all other acts and things that may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities

  
 9 

 
owned by such seller; provided, however, that the Company shall 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 subparagraph, (ii) consent to general service of process in any such jurisdiction or (iii) subject itself or any of its Affiliates to taxation in any such jurisdiction in which it is not already subject to
taxation; 
 (f) promptly notify each seller of such Registrable Securities and, if requested by such seller, confirm in
writing, when a registration statement has become effective and when any post-effective amendments and supplements thereto become effective; 

(g) promptly notify each seller of such Registrable Securities, at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or fails to state any fact necessary to make the
statements therein not misleading, and, at the request of any such seller (but subject to the terms of Section 5.03), the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered
to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

(h) use reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed or if no such securities are then listed, on a national securities exchange selected by the Company; 

(i) provide a transfer agent, registrar and CUSIP number for all such Registrable Securities not later than the effective date
of such registration statement; 
 (j) enter into such customary agreements (including, if applicable, underwriting
agreements in customary form) and take all such other customary actions as the holders of 10% of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities; 
 (k) use reasonable best efforts to cooperate with each seller and the underwriter or managing
underwriter, if any, to facilitate the timely preparation and delivery of Registrable Securities to be sold and to remove any restrictive notation from the books and records of the transfer agent or the Company, as applicable; and enable such
Registrable Securities to be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as each seller or the underwriter or managing underwriter, if any, may reasonably request at least
three Business Days prior to any sale of Registrable Securities; 
 (l) subject to confidentiality agreements in form and
substance acceptable to the Company, make available for inspection, at such place and in such manner as determined by the Company in its sole discretion, by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement, and any attorney, accountant or other agent retained by any such seller or underwriter, financial and other records, pertinent corporate documents and properties of the Company reasonably requested by any
such seller, underwriter, attorney, accountant or agent in connection with such registration statement, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant or agent in connection with such registration statement; provided, however, that any records, information or documents that are furnished by the Company and that are non-public shall be used only in connection with such registration; 
 (m) advise each
seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or
threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

  
 10 

 (n) make available to its security holders, as soon as reasonably
practicable, an earnings statement (which need not be audited) covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(o) cooperate and assist in any filing required to be made with the Financial Industry Regulatory Authority; 

(p) at the request of any seller of such Registrable Securities in connection with an underwritten offering, furnish on the
date or dates provided for in the underwriting agreement (i) all legal opinions from counsels of the Company addressed to the underwriters and the sellers of Registrable Securities, covering such matters as such underwriters and sellers of
Registrable Securities may reasonably agree upon and (ii) a “comfort letter” or “comfort letters” from the independent certified public accountants of the Company addressed to the underwriters and the sellers of Registrable
Securities, covering such matters as such accountants, underwriters and sellers may reasonably agree upon, in which comfort letter(s) such accountants shall state, without limiting the generality of the foregoing, that they are an independent
registered public accounting firm within the meaning of the Securities Act and that in their opinion the financial statements and other financial data of the Company included in the registration statement, the prospectuses, or any amendment or
supplement thereto, comply in all material respects with the applicable accounting requirements of the Securities Act; and 

(q) with respect to Demand Registrations, make senior executives of the Company reasonably available to assist the managing
underwriter(s) with respect to, and participate, in “road shows” in connection with the marketing efforts for the distribution and sale of Registrable Securities pursuant to a registration statement. 

ARTICLE VII 
 Registration
Expenses 
 SECTION 7.01 Company’s Expenses. The Company shall pay all expenses incident to the Company’s
performance of or compliance with this Agreement, including, but not limited to: all registration and filing fees; fees and expenses of compliance with securities or blue sky laws; printing expenses; messenger and delivery expenses; fees and
disbursements of counsel for the Company; reasonable fees and disbursements of one counsel chosen by Altice Equity Holders holding 10% of the Registrable Securities to be included in such registration to represent all holders of Registrable
Securities to be included in the registration; fees and disbursements of the Company’s registered public accounting firm; and reasonable fees and disbursements of all other Persons retained by the Company (all such expenses being herein called
“Registration Expenses”); provided, however, that, as between the Company and holders of Registrable Securities, all underwriting discounts and commissions and transfer taxes relating to the Registrable Securities will
be borne by the holders of such Registrable Securities. In addition, the Company shall pay its internal expenses (including, but not limited to, all salaries and expenses of its officers and employees performing legal or accounting duties), the
expense of any annual audit or quarterly review, the expense of any liability insurance obtained by the Company and the expenses and fees for listing the securities to be registered on each securities exchange. 

SECTION 7.02 Holder’s Expenses. To the extent that any expenses incident to any registration are not required to be paid by
the Company, each holder of Registrable Securities included in a registration shall pay all such expenses which are clearly and solely attributable to the registration of such holder’s Registrable Securities so included in such registration,
and any other expenses not so attributable to one holder shall be borne and paid by all sellers of securities included in such registration in proportion to the number of securities so included by each such seller. 

  
 11 

 ARTICLE VIII 

Indemnification 
 SECTION
8.01 By the Company. The Company agrees to indemnify, to the extent permitted by law, each Eligible Shareholder and, as applicable, each of its trustees, shareholders, members, directors, managers, partners, officers and employees, and
each Person who controls such holder (within the meaning of the Securities Act), against all losses, claims, damages, liabilities and expenses (including, but not limited to, reasonable attorneys’ fees and expenses) (collectively,
“Losses”) caused by any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto (including, in each case, all
documents incorporated therein by reference), or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in
any information furnished in writing to the Company by such holder expressly for use therein. In connection with an underwritten offering, the Company shall indemnify such underwriters, their officers and directors and each Person who controls
such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Eligible Shareholders. The payments required by this Section 8.01 must be
made periodically during the course of the investigation or defense, as and when bills are received or expenses incurred; provided, however, that if a final and non-appealable judicial
determination shall be made that such Indemnified Party (as defined below) is not entitled to indemnification for any such Losses, such Indemnified Party shall repay to the Company the amount of such Losses for which the Company shall have paid or
reimbursed such Indemnified Party. 
 SECTION 8.02 By Each Eligible Shareholder. In connection with any registration statement
in which an Eligible Shareholder is participating, each such holder shall furnish to the Company in writing such information relating to such holder as is reasonably necessary for use in connection with any such registration statement or prospectus
and, to the extent permitted by law, shall indemnify the Company and, as applicable, each of its directors, employees and officers and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from
any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto (including, in each case, all documents incorporated therein by
reference), or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in or omitted
from any information furnished in writing by such holder expressly for use in such registration statement, prospectus or preliminary prospectus. In connection with a Demand Registration or any other underwritten offering in which a holder of
Registrable Securities is participating, such holder shall indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with
respect to the indemnification of the Company; provided, however, that any obligation to indemnify under this Section 8.02 will be several, not joint and several, among such holders of Registrable Securities
and the liability of each such holder of Registrable Securities will be in proportion to and limited to the gross amount (before underwriting discounts) received by such holder from the sale of Registrable Securities pursuant to such registration
statement, unless such Losses resulted from such holder’s intentionally fraudulent conduct. 
 SECTION 8.03 Procedure. Each
party entitled to indemnification under this Article VIII (the “Indemnified Party”) shall give written notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such
Indemnified Party has received written notice of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that the counsel for the
Indemnifying Party who is to conduct the defense of such claim or litigation is reasonably satisfactory to the Indemnified Party (whose approval shall not be unreasonably withheld or delayed). The Indemnified Party may participate in such
defense at such Indemnified Party’s expense; provided, however, that the Indemnifying Party shall bear the expense of such participation if (i) the Indemnifying Party has agreed in writing to pay such expenses, (ii) the
Indemnifying Party shall have failed to assume the defense of such claim or to employ counsel reasonably satisfactory to the Indemnified Party or (iii) in the reasonable judgment of the Indemnified Party, based upon the written advice of such
Indemnified Party’s counsel, representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest; provided, further, that in no event shall the Indemnifying Party be liable
for the fees and expenses of more 

  
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than one counsel (excluding one local counsel per jurisdiction as necessary) for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same event, allegations or circumstances. The Indemnified Party shall not enter into any settlement without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or
delayed. The failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Article VIII only to the extent that such failure to give notice shall materially
prejudice the Indemnifying Party in the defense of any such claim or any such litigation. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement (a) that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or
litigation in form and substance reasonably satisfactory to such Indemnified Party or (b) that includes an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

SECTION 8.04 Survival. The indemnification (and contribution provisions in Section 9.01 below) provided
for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive the transfer of
securities. 
 ARTICLE IX 

Contribution 
 SECTION
9.01 Contribution. If the indemnification provided for in Section 8.01 from the Indemnifying Party is unavailable to or unenforceable by the Indemnified Party in respect of any Losses, then the 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
and Indemnified Parties in connection with the actions which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties 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 by, or relates to information supplied by, such
Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of any Losses shall be
deemed to include, subject to the limitations set forth in Article VIII, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. Notwithstanding this Article IX, an
indemnifying holder shall not be required to contribute any amount in excess of the amount by which (a) the gross amount (before underwriting discounts) received by such holders from the sale of Registrable Securities sold by such holder
exceeds (b) the amount of any damages which such indemnifying holder has otherwise been required to pay by reason of the untrue or alleged untrue statement or omission or alleged omission giving rise to such payments, unless such Losses in
respect of which contribution is required resulted from such holder’s intentionally fraudulent conduct. 
 SECTION 9.02 Equitable
Considerations; Etc. The Company and the Eligible Shareholders agree that it would not be just and equitable if contribution pursuant to this Article IX were determined by pro rata allocation or by any other method of allocation
which does not take into account the equitable considerations referred to in the immediately preceding paragraph. 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. 
 ARTICLE X 

Compliance with Rule 144 

SECTION 10.01 Compliance with Rule 144. At the request of any holder of Registrable Securities who proposes to sell securities in
compliance with Rule 144, the Company shall (i) promptly furnish to such holder a written statement of compliance with the filing requirements of the Commission as set forth in Rule 

  
 13 

 
144, and (ii) make available to the public and such holders such information, and take such action as is reasonably necessary, to enable the holders of Registrable Securities to make sales
pursuant to Rule 144. 
 ARTICLE XI 

Miscellaneous 
 SECTION
11.01 Amendments and Waivers. Any waiver, consent or approval of any kind of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing. Except as
set forth in Section 11.02(c), any amendment, modification, supplement or restatement of this Agreement must be effected by written agreement of the Company and a majority-in-interest of the holders of Registrable Securities. No waiver by any party of any default, misrepresentation or breach of covenant hereunder, whether intentional or not, shall be deemed to
extend to any prior or subsequent default, misrepresentation or breach of covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. 

SECTION 11.02 Transfer of Rights. (a) The rights of any Altice Equity Holder (a “Transferring Shareholder”) under
this Agreement shall be transferable at the option of such Transferring Shareholder, by notice to the Company, to any transferee of Registrable Securities that acquires at least 5% of the Registrable Securities outstanding on the date of the
transfer (a “Registration Rights Transferee”). 
 (b) Any such transfer of rights under
Section 11.02(a) will be effective upon (i) receipt by the Company of a written notice from such Transferring Shareholder stating the name and address of any Registration Rights Transferee and identifying the number of
Registrable Securities with respect to which rights under this Agreement are being transferred and the nature of the rights so transferred and (ii) receipt by the Company of a written agreement from the Registration Rights Transferee to be
bound by the terms of this Agreement, upon which such Registration Rights Transferee will be deemed to be a party hereto and have the rights and obligations of the Transferring Shareholder hereunder with respect to the Registrable Securities
transferred, as if it were an original signatory to this Agreement. 
 (c) In connection with (1) any Permitted Transfer and
(2) any transfer pursuant to Section 11.02(a), Schedule 1 of this Agreement will be amended so as to reflect such transfer or receipt, and each of the Persons and Registration Rights Transferees listed on such amended
Schedule 1 will be deemed to be party to, and will be entitled to the benefits of, this Agreement (as if it were an original signatory to this Agreement). 

SECTION 11.03 Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in
this Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors, assigns, heirs, executors and personal representatives of the parties hereto, whether so expressed or not. 

SECTION 11.04 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience of reference only and
do not constitute a part of and shall not be utilized in interpreting this Agreement. 
 SECTION 11.05 Notices. Any notice or
communication by the Company or any Eligible Shareholder is duly given if in writing and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier
guaranteeing next day delivery, to the recipient’s address: 
 If to the Company: 

Teads N.V. 

Danzigerkade 15B 

1013 AP Amsterdam 

The Netherlands 

  
 14 

 Attention:    Bertrand Quesada 

                    
Caroline Barbery 

                    Natacha
Marty 
 With a copy to: 

Shearman & Sterling LLP 

599 Lexington Avenue 

New York, New York 10022 

Attention:    Richard Alsop 

                    
Kristina Trauger 
 Facsimile:   (646) 848-7333 

If to an Eligible Shareholder, to the address indicated on Schedule 1 attached hereto as amended from time to time. 

The Company or any Eligible Shareholder, by notice to the other party hereto, may designate additional or different addresses for subsequent
notices or communications. All notices and communications will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. If a notice or communication is mailed, transmitted or sent
in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 SECTION 11.06
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCLUDING (TO THE GREATEST EXTENT PERMISSIBLE BY LAW) ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF
ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 SECTION 11.07 Consent to Jurisdiction. Each of the parties
(a) consents to submit itself to the personal jurisdiction of the courts of the State of New York and any Federal court sitting in the State of New York in the event any dispute arises out of this Agreement or the transactions contemplated by
this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it will not bring any action relating to this Agreement or the
transactions contemplated by this Agreement in any court other than the courts of the State of New York or any Federal court sitting in the State of New York. 

SECTION 11.08 Remedies. Altice, the Company and Eligible Shareholders holding at least 25% of the Registrable Securities then
outstanding will be entitled to enforce its rights and entitlements under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The
parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party shall be entitled to immediate injunctive relief or specific performance without bond or the
necessity of showing actual monetary damages in order to enforce or prevent any violations of the provisions of this Agreement. For the avoidance of doubt, Eligible Shareholders holding less than 25% of the Registrable Securities then outstanding
will not be entitled to enforce any of the rights and entitlements under this Agreement. 
 SECTION 11.09 Further
Assurances. Each of the parties hereto shall, without additional consideration, execute and deliver such further instruments and take such other action as may be reasonably requested by any other party hereto in order to carry out the
purposes and intent of this Agreement. 
 SECTION 11.10 Severability. If any provision of this Agreement (or any portion
thereof) or the application of any such provision (or any portion thereof) to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a Governmental Authority, such invalidity, illegality or unenforceability
shall not affect any other provision hereof (or the remaining portion thereof) or the application of such provision to any other persons or circumstances. Upon such determination that any provision of this Agreement (or any portion

  
 15 

 
thereof) or the application of any such provision (or any portion thereof) to any Person or circumstance is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

SECTION 11.11 Entire Agreement. This Agreement (including Schedule 1 attached hereto) constitutes the
entire agreement of the parties with respect to the subject matter hereof and supersede and shall supersede all prior agreements and understandings (whether written or oral) among the Company and the Eligible Shareholders, with respect to the
subject matter hereof. 
 SECTION 11.12 Execution in Counterparts. This Agreement may be executed (manually or by electronic
means) by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Agreement by facsimile or other electronic image scan (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and
Records Act or other applicable law, e.g., www.docusign.com) shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 11.13 No Third-Party Beneficiaries. Except as provided in Articles VIII and
IX and Section 11.02, nothing in this Agreement is intended or shall be construed to give any Person, other than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or
claim under or in respect of this Agreement or any provision contained herein. 
 SECTION 11.14 Waiver of Certain Damages. To
the extent permitted by applicable law, each party hereto agrees not to assert, and hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement or any of the transactions contemplated hereby. 

SECTION 11.15 WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARISING OUT OF THIS AGREEMENT. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 11.15. 
 [Signature pages follow] 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as
of the date first above written. 
  

			
	Teads N.V.
		
	by:	 	  

		 	Name:
		 	Title:
	
	Altice International S.à r.l.
		
	by:	 	  

		 	Name:
		 	Title:
	
	Pierre Chappaz
	
	  

	
	Bertrand Quesada
	
	  

 Schedule 1 

Eligible Shareholders 
 Altice
International S.à r.l. 
 5 rue Eugène Ruppert 
 L-2453 Luxembourg 
 Grand Duchy of Luxembourg 

Pierre Chappaz 
 Immeuble One Monte Carlo 

Place du Casino 
 98000 Monaco 

Monaco 
 Bertrand Quesada 

Flat 6 Tenby Mansions 
 Nottingham Street 

Marylebone, London W1U5ER 
 United Kingdom

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