Document:

Exhibit 10.4

 

June
24, 2021

 

ION
Acquisition Corp 2 Ltd.

89 Medinat Hayehudim Street

Herzliya 4676672, Israel

 

Innovid,
Inc.

30 Irving Place, 12th floor

New York, NY 10003

Attention: Nabilah Irshad

Email: nabilah@innovid.com

 

Re:
Company Stockholder Support Agreement

 

Ladies
and Gentlemen:

 

This
letter agreement (this “Company Stockholder Support Agreement”) is being delivered to ION Acquisition Corp 2 Ltd.,
a Cayman Islands exempted company limited by shares (which shall migrate to and domesticate as a Delaware corporation prior to the Closing
(as defined in the Merger Agreement)) (together with its successor, “Acquiror”), and Innovid, Inc., a Delaware corporation
(the “Company”), by the party listed on the signature pages hereto as a “Stockholder” (the “Stockholder”)
in connection with that certain Agreement and Plan of Merger, dated as of the date hereof, by and among Acquiror, the Company, and the
other parties thereto (the “Merger Agreement”) and the transactions contemplated thereby (including the PIPE Investment,
the “Business Combination”). Certain capitalized terms used herein are defined in Section 8 hereof. Capitalized
terms used but not otherwise defined herein have the respective meanings ascribed to such terms in the Merger Agreement.

 

As
of the date hereof, the Stockholder is the owner of record and Beneficially Owns (as defined below) the shares of Company Capital Stock
identified on Schedule A hereto (collectively, the “Covered Shares”).

 

Unless
the context of this Company Stockholder Support Agreement otherwise requires, (i) words of any gender include each other gender, (ii)
words using the singular or plural number also include the plural or singular number, respectively, (iii) the terms “hereof,”
“herein,” “hereby,” “hereto” and derivative or similar words refer to this entire Company Stockholder
Support Agreement, (iv) the terms “Section” and “Schedule” refer to the specified Section or Schedule of or to
this Company Stockholder Support Agreement unless otherwise specified, (v) the word “including” shall mean “including
without limitation,” (vi) the word “or” shall be disjunctive but not exclusive and have the meaning represented by
the term “and/or”, and (vii) the phrase “to the extent” means the degree to which a subject matter or other thing
extends, and such phrase shall not mean simply “if”.

 

In
order to induce the Company and Acquiror to enter into the Merger Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Stockholder hereby agrees with the Company and, at all times prior to any valid
termination of this Company Stockholder Support Agreement, Acquiror as follows:

 

		1.	Subject
                                            to the provisions of Sections 21-24, the Stockholder agrees that it, he or she shall, at
                                            any meeting of the stockholders of the Company (whether annual or special, however called
                                            and including any adjournment or postponement thereof) or in any other circumstance in which
                                            the vote, consent or other approval of the stockholders of the Company is sought:

 

		(a)	vote
                                            all Covered Shares owned by it, him or her in favor of the Business Combination;

 

		(b)	appear
                                            at such meeting or otherwise cause such Covered Shares to be counted as present thereat for
                                            the purpose of establishing a quorum;

 

     

     

    

 

		(c)	vote
                                            (or execute and return an action by written consent), or cause to be voted, or validly execute
                                            and return and cause such consent to be granted with respect to, all of such Covered Shares
                                            against any Company Alternative Transaction or any other action that would reasonably be
                                            expected to materially frustrate the purposes of or impede, interfere with, delay, postpone
                                            or adversely affect the First Merger or any of the other transactions contemplated by the
                                            Merger Agreement or result in a breach of any covenant, representation or warranty or other
                                            obligation or agreement of the Company under the Merger Agreement or any other agreement
                                            entered into by the Company or the Stockholder in connection with the Business Combination
                                            or result in any of the conditions set forth in Article IX of the Merger Agreement not being
                                            fulfilled, result in a breach of any covenant, representation or warranty or other obligation
                                            or agreement of the Stockholder contained in this Company Stockholder Support Agreement or
                                            change in any manner the dividend policy or capitalization of, including the voting rights
                                            of, any Company Capital Stock;

 

		(d)	vote
                                            (or execute and return an action by written consent), or cause to be voted, or validly execute
                                            and return and cause such consent to be granted with respect to, all of such Covered Shares
                                            against any change in business, management or board of directors of the Company or any recapitalization,
                                            reorganization, liquidation or winding up of the Company (other than in connection with the
                                            Business Combination as contemplated by the Transaction Agreements); and

 

		(e)	not
                                            redeem, or seek to redeem, any Covered Shares owned by it, him or her in connection with
                                            the Company Stockholder Approval or otherwise.

 

Subject
to the provisions of Sections 21-24, the obligations of the Stockholder specified in this Section 1 shall apply whether or not
the First Merger or any action described above is recommended by the board of directors of the Company or if the board of directors of
the Company has changed, withdrawn, withheld, amended, qualified or modified, or (privately or publicly) proposed to change, withdraw,
withhold, amend, qualify or modify the Company Board Recommendation; provided that nothing herein shall amend, limit or otherwise
modify any right or obligation contained in the Merger Agreement.

 

Subject
to the provisions of Sections 21-24, from and after the date hereof until the valid termination of this Company Stockholder Support Agreement
in accordance with its terms, the Stockholder shall not, without the prior written consent of Acquiror (not to be unreasonably withheld,
conditioned or delayed), grant any proxy, consent or power of attorney, or enter into any voting trust or other agreement or arrangement,
in each case with respect to the voting of any Covered Shares and with respect to any vote on the approval and adoption of the Merger
Agreement or any other matters set forth in this Section 1 that is inconsistent with such Person’s obligations under this
Company Stockholder Support Agreement.

 

		2.	Subject
                                            to the provisions of Sections 21-24, the Stockholder hereby agrees and acknowledges that
                                            prior to any valid termination of this Company Stockholder Support Agreement, Acquiror would
                                            be irreparably injured in the event of a breach by the Stockholder of its, his or her obligations
                                            under Section 1 or Section 3, as applicable, of this Company Stockholder
                                            Support Agreement. Further, monetary damages would not be an adequate remedy for any breach
                                            described in the foregoing sentence and the non-breaching parties shall be entitled to an
                                            injunction, specific performance or other equitable relief, in addition to any other remedy
                                            that such parties may have in law or in equity, in the event of any such breach (without
                                            providing any bond or other security in connection with any such remedy). The Stockholder
                                            hereby agrees that it, he or she will not allege, and hereby waives the defense, that Acquiror
                                            or the Company, as applicable, has an adequate remedy at law or that an award of specific
                                            performance is not an appropriate remedy for any reason at law or equity.

 

		3.	Transfers.

 

		(a)	The
                                            Stockholder shall not Transfer any Covered Shares until the earlier of (i) without limiting
                                            Section 3(b), the consummation of the Closing (the “Effective Time”)
                                            or (ii) the valid termination of this Company Stockholder Support Agreement in accordance
                                            with its terms; provided, however, that such Transfer shall be permitted (x) as required
                                            or expressly contemplated by the Merger Agreement or any other Transaction Agreements, or
                                            (y) in accordance with Section 3(c).

 

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		(b)	In
                                            the event the Business Combination is consummated, the Stockholder shall not Transfer any
                                            Equity Securities of the Acquiror Beneficially Owned or held by it, him or her immediately
                                            following the Effective Time (the “Covered Acquiror Securities”) until
                                            the Lock-Up Termination Date. “Lock-Up Termination Date” means the date
                                            that is one hundred eighty days after the Closing Date.

 

		(c)	Notwithstanding
                                            the provisions set forth in Section 3(a) or Section 3(b), Transfers of the
                                            Covered Shares or the Covered Acquiror Securities (as applicable) that are held by the Stockholder
                                            or any of its permitted transferees (that have complied with this Section 3(c)), are
                                            permitted (i) to the Company’s officers or directors, any Affiliate or any immediate
                                            family member of any of the Company’s officers or directors or any members or partners
                                            of the Stockholder or their respective Affiliates, or any Affiliates of the Stockholder;
                                            (ii) in the case of an individual, by gift to a member of such individual’s immediate
                                            family or to a trust, the beneficiary of which is a member of such individual’s immediate
                                            family, an Affiliate of such individual, or to a charitable organization; (iii) in the case
                                            of an individual, by virtue of laws of descent and distribution upon death of such individual;
                                            (iv) in the case of an individual, pursuant to a qualified domestic relations order; (v)
                                            to a nominee or custodian of a Person to whom a Transfer would be permitted under clauses
                                            (i) through (iv) above; or (vi) to Acquiror, the Company, or the Sponsor; provided,
                                            however, that in each case of clauses (i) through (v), these permitted transferees
                                            must, before any such Transfer is effected, enter into a written agreement with the Company
                                            and Acquiror agreeing to be bound by this Company Stockholder Support Agreement (including
                                            provisions relating to voting, the Trust Account, transfer restrictions, and liquidating
                                            distributions).

 

		4.	The
                                            Stockholder hereby agrees that, during the period commencing on the date hereof and ending
                                            upon the valid termination of this Company Stockholder Support Agreement in accordance with
                                            its terms, without the prior written consent of Acquiror, the Stockholder shall not and shall
                                            instruct its Representatives acting on its behalf not to, directly or indirectly, solicit
                                            or initiate, engage in or enter into discussions, negotiations or transactions with, or knowingly
                                            encourage, or provide any information to, any Person (other than Acquiror and its Representatives)
                                            or enter into or deliver any agreement (including confidentiality agreement, letter of intent,
                                            term sheet, indication of interest, indicative proposal or other agreement or instrument),
                                            in each case concerning any Company Alternative Transaction; provided, that, the execution,
                                            delivery and performance of the Merger Agreement and the other Transaction Agreements and
                                            the consummation of the Transactions shall not be deemed a violation of this Section 4
                                            or Section 8.03(a) of the Merger Agreement; and provided, further, that the Stockholder
                                            shall as promptly as practicable advise Acquiror of any inquiry or proposal regarding a Company
                                            Alternative Transaction it or its Representatives may receive following the date hereof (including
                                            the terms related thereto) and shall immediately discontinue any and all discussions or negotiations
                                            relating to any Company Alternative Transaction.

 

		5.	Solely
                                            in connection with and only for the purpose of the First Merger, to the extent not prohibited
                                            by applicable Law, the Stockholder hereby irrevocably and unconditionally waives and agrees
                                            not to assert, claim or perfect any rights of appraisal in connection with or rights to dissent
                                            from the First Merger that the Stockholder may have by virtue of ownership of the Covered
                                            Shares.

 

		6.	The
                                            Stockholder hereby represents and covenants that it has not entered into, and, prior to the
                                            valid termination of this Company Stockholder Support Agreement in accordance with its terms,
                                            shall not enter into, any Contract that could restrict, limit or interfere with the performance
                                            of the Stockholder’s obligations hereunder.

 

		7.	The
                                            Stockholder currently, and as of the Closing will, Beneficially Own all of the outstanding
                                            Covered Shares, except in connection with the Secondary Sale or for those Covered Shares
                                            Beneficially Owned by a permitted transferee in accordance with Section 3(c). The
                                            Covered Shares Beneficially Owned by the Stockholder as of the date hereof are set forth
                                            on Schedule A hereto. As of the date of this Company Stockholder Support Agreement,
                                            neither the Stockholder nor any of its Affiliates Beneficially Own any Company Capital Stock
                                            except as set forth on Schedule A and except for any equity awards granted under the
                                            Company Incentive Plan.

 

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		8.	As
                                            used herein, (i) “Beneficially Own” has the meaning ascribed to it in
                                            Section 13(d) of the Securities Exchange Act; and (ii) “Transfer” means
                                            the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate,
                                            pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of,
                                            in each case, directly or indirectly, or establishment or increase of a put equivalent position
                                            or liquidation with respect to or decrease of a call equivalent position within the meaning
                                            of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder
                                            with respect to any security, (b) entry into any swap or other arrangement that transfers
                                            to another, in whole or in part, any of the economic consequences of ownership of, or interest
                                            in, any security, whether any such transaction is to be settled by delivery of such securities,
                                            in cash or otherwise, or (c) public announcement of any intention to effect any transaction
                                            specified in clause (a) or (b).

 

		9.	This
                                            Company Stockholder Support Agreement and the other agreements referenced herein constitute
                                            the entire agreement and understanding of the parties hereto in respect of the subject matter
                                            hereof and supersede all prior understandings, agreements, or representations by or among
                                            the parties hereto, written or oral, to the extent they relate in any way to the subject
                                            matter hereof or the transactions contemplated hereby, including, without limitation, with
                                            respect to the Stockholder. This Company Stockholder Support Agreement may not be changed,
                                            amended, modified or waived as to any particular provision, except by a written instrument
                                            executed by Acquiror, the Company and the Stockholder.

 

		10.	No
                                            party hereto may assign either this Company Stockholder Support Agreement or any of its rights,
                                            interests or obligations hereunder, other than in conjunction with transfers expressly permitted
                                            by Section 3 (and subject to the terms thereof), without the prior written consent
                                            of the other parties. Any purported assignment in violation of this Section 10 shall
                                            be void and ineffectual and shall not operate to transfer or assign any interest or title
                                            to the purported assignee or transferee. This Company Stockholder Support Agreement shall
                                            be binding on the Stockholder, Acquiror and the Company and their respective successors,
                                            heirs and permitted assigns or transferees.

 

		11.	Nothing
                                            in this Company Stockholder Support Agreement shall be construed to confer upon, or give
                                            to, any Person or corporation other than the parties hereto any right, remedy or claim under
                                            or by reason of this Company Stockholder Support Agreement or of any covenant, condition,
                                            stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises
                                            and agreements contained in this Company Stockholder Support Agreement shall be for the sole
                                            and exclusive benefit of the parties hereto and their successors, heirs, personal representatives
                                            and permitted assigns or transferees.

 

		12.	This
                                            Company Stockholder Support Agreement may be executed in any number of original, electronic
                                            or facsimile counterparts and each of such counterparts shall for all purposes be deemed
                                            to be an original, and all such counterparts shall together constitute but one and the same
                                            instrument.

 

		13.	This
                                            Company Stockholder Support Agreement shall be deemed severable, and the invalidity or unenforceability
                                            of any term or provision hereof shall not affect the validity or enforceability of this Company
                                            Stockholder Support Agreement or of any other term or provision hereof. Furthermore, in lieu
                                            of any such invalid or unenforceable term or provision, the parties hereto intend that there
                                            shall be added as a part of this Company Stockholder Support Agreement a provision as similar
                                            in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		14.	This
                                            Company Stockholder Support Agreement, and all Actions or causes of action based upon, arising
                                            out of, or related to this Company Stockholder Support Agreement or the transactions contemplated
                                            hereby, shall be governed by, and construed in accordance with, the internal substantive
                                            Laws of the State of Delaware applicable to contracts entered into and to be performed solely
                                            within such state, without giving effect to principles or rules of conflict of laws to the
                                            extent such principles or rules would require or permit the application of Laws of another
                                            jurisdiction. Any Action based upon, arising out of or related to this Company Stockholder
                                            Support Agreement or the transactions contemplated hereby shall be brought in the Delaware
                                            Court of Chancery, and if the Delaware Court of Chancery does not have or take jurisdiction
                                            over such Action, any other federal or state courts located in the State of Delaware, and
                                            each of the parties irrevocably submits to the exclusive jurisdiction of each such court
                                            in any such Action, waives any objection it may now or hereafter have to personal jurisdiction,
                                            venue or to convenience of forum, agrees that all claims in respect of the Action shall be
                                            heard and determined only in any such court, and agrees not to bring any Action arising out
                                            of or relating to this Company Stockholder Support Agreement or the transactions contemplated
                                            hereby in any other court. Nothing herein contained shall be deemed to affect the right of
                                            any party to serve process in any manner permitted by Law or to commence legal proceedings
                                            or otherwise proceed against any other party in any other jurisdiction, in each case, to
                                            enforce judgments obtained in any Action brought pursuant to this Section 14.
                                            EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION
                                            BASED UPON, ARISING OUT OF OR RELATED TO THIS COMPANY STOCKHOLDER SUPPORT AGREEMENT OR THE
                                            TRANSACTIONS CONTEMPLATED HEREBY.

 

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		15.	Any
                                            notice, consent or request to be given in connection with any of the terms or provisions
                                            of this Company Stockholder Support Agreement shall be in writing and shall be sent or given
                                            in accordance with the terms of Section 11.02 of the Merger Agreement to the applicable party
                                            at its principal place of business or if to the Stockholder, to the address of such Stockholder
                                            as indicated on such Stockholder’s signature page hereto.

 

		16.	This
                                            Company Stockholder Support Agreement shall terminate upon the earlier to occur of (i) the
                                            Closing (other than Section 3(b), which shall remain in full force and effect), (ii)
                                            the valid termination of the Merger Agreement in accordance with its terms, or (iii) the
                                            mutual agreement of the parties hereto. In the event of a valid termination of the Merger
                                            Agreement in accordance with its terms, this Company Stockholder Support Agreement shall
                                            be of no force and effect. No such termination shall relieve the Stockholder or Acquiror
                                            from any liability resulting from a breach of this Company Stockholder Support Agreement
                                            occurring prior to such termination.

 

		17.	The
                                            Stockholder hereby represents and warrants to Acquiror and the Company as follows: (i) if
                                            the Stockholder is not an individual, it is duly organized, validly existing and in good
                                            standing under the laws of the jurisdiction in which it is organized, and the Stockholder
                                            has all necessary power and authority to execute, deliver and perform this Company Stockholder
                                            Support Agreement and consummate the transactions contemplated hereby; (ii) if the Stockholder
                                            is an individual, such Person has full legal capacity, right and authority to execute and
                                            deliver this Company Stockholder Support Agreement and to perform his or her obligations
                                            hereunder; (iii) this Company Stockholder Support Agreement has been duly executed and
                                            delivered by the Stockholder and, assuming due authorization, execution and delivery by the
                                            other parties to this Company Stockholder Support Agreement, this Company Stockholder Support
                                            Agreement constitutes a legally valid and binding obligation of the Stockholder, enforceable
                                            against the Stockholder in accordance with the terms hereof (subject to the Enforceability
                                            Exceptions); (iv) the execution and delivery of this Company Stockholder Support Agreement
                                            by the Stockholder does not, and the performance by the Stockholder of his, her or its obligations
                                            hereunder will not, (A) if the Stockholder is not an individual, conflict with or result
                                            in a violation of the Organizational Documents of the Stockholder, or (B) require any consent
                                            or approval that has not been given or other action that has not been taken by any third
                                            party (including under any Contract binding upon the Stockholder or the Stockholder’s
                                            Covered Shares), in each case, to the extent such consent, approval or other action would
                                            prevent, enjoin or materially delay the performance by the Stockholder of his, her or its
                                            obligations under this Company Stockholder Support Agreement; (v) there are no Actions
                                            pending against the Stockholder or, to the knowledge of the Stockholder, threatened against
                                            the Stockholder, before (or, in the case of threatened Actions, that would be before) any
                                            arbitrator or any Governmental Authority, which in any manner challenges or seeks to prevent,
                                            enjoin or materially delay the performance by the Stockholder of its, his or her obligations
                                            under this Company Stockholder Support Agreement; (vi) except for fees described on
                                            Schedule 4.21 of the Company Disclosure Schedules, no financial advisor, investment banker,
                                            broker, finder or other similar intermediary is entitled to any fee or commission from the
                                            Stockholder or any of its Subsidiaries or any of their respective Affiliates in connection
                                            with the Merger Agreement or this Company Stockholder Support Agreement or any of the respective
                                            transactions contemplated thereby and hereby, in each case, based upon any arrangement or
                                            agreement made by or, to the knowledge of the Stockholder, on behalf of the Stockholder,
                                            for which Acquiror, the Company or any of their respective Affiliates would have any obligations
                                            or liabilities of any kind or nature; (vii) the Stockholder has had the opportunity
                                            to read the Merger Agreement and this Company Stockholder Support Agreement and has had the
                                            opportunity to consult with its tax and legal advisors; (viii) the Stockholder has not
                                            entered into, and shall not enter into, any agreement that would restrict, limit or interfere
                                            with the performance of the Stockholder’s obligations hereunder; (ix) the Stockholder
                                            has good title to all Covered Shares, and there exist no Liens or any other limitation or
                                            restriction affecting ownership (including, without limitation, any restriction on the right
                                            to sell or otherwise dispose of such Covered Shares (other than transfer restrictions under
                                            the Securities Act)) affecting any such Covered Shares, other than pursuant to (A) this Company
                                            Stockholder Support Agreement, (B) the Organizational Documents of Stockholder, (C) the Organizational
                                            Documents of the Company, (D) the Merger Agreement, and (E) the Affiliate Agreements listed
                                            on Schedule 4.22 of the Company Disclosure Schedules; and (x) the Covered Shares identified
                                            on Schedule A are the only shares of Company Capital Stock Beneficially Owned or of
                                            record by the Stockholder as of the date hereof, and the Stockholder is not subject to any
                                            proxy, voting trust or other agreement or arrangement with respect to the voting of such
                                            Covered Shares, except as provided in this Company Stockholder Support Agreement, the Organizational
                                            Documents of the Company, and the Affiliate Agreements listed on Schedule 4.22 of the Company
                                            Disclosure Schedules.

 

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		18.	If,
                                            and as often as, (a) there are any changes in any Equity Securities of the Company by way
                                            of stock split, stock dividend, combination or reclassification, or through merger, consolidation,
                                            reorganization, recapitalization or business combination, or by any other similar means that
                                            result in the Stockholder acquiring new shares of Company Capital Stock, (b) the Stockholder
                                            purchases or otherwise acquires beneficial ownership of any shares of Company Capital Stock
                                            after the date of this Company Stockholder Support Agreement, or (c) the Stockholder acquires
                                            the right to vote or share in the voting of any shares of Company Capital Stock after the
                                            date of this Company Stockholder Support Agreement (such shares of Company Capital Stock
                                            in clauses (a) through (c), the “New Securities”), then, in each case,
                                            such New Securities acquired or purchased by the Stockholder shall be subject to the terms
                                            of this Company Stockholder Support Agreement to the same extent as if they constituted Covered
                                            Shares of the Stockholder as of the date hereof. Nothing in this Section 18 shall
                                            limit, restrict or modify any liability or other obligation of the Company under the Merger
                                            Agreement.

 

		19.	Each
                                            of the parties hereto agrees to execute and deliver hereafter any further document, agreement
                                            or instrument of assignment, transfer or conveyance as may be necessary or desirable to effectuate
                                            the purposes hereof and as may be reasonably requested in writing by another party hereto.

 

		20.	Notwithstanding
                                            any provision of this Company Stockholder Support Agreement to the contrary, the Stockholder
                                            does not make any agreement or understanding in this Company Stockholder Support Agreement
                                            in his or her capacity as a director or officer of the Company (if such Stockholder holds
                                            such office). Nothing in this Agreement shall affect or otherwise modify the rights and obligations
                                            of the Stockholder in his or her capacity as a director or officer of the Company.

 

		21.	Notwithstanding
                                            any provision of this Company Stockholder Support Agreement to the contrary, except to the
                                            extent consented to in writing by the Stockholder, the Stockholder in its sole discretion
                                            may terminate this Company Stockholder Support Agreement following any material modification
                                            or amendment to, or the waiver of any provision of, the Business Combination Agreement, as
                                            in effect on the date hereof, (i) that reduces the amount or changes the form of consideration
                                            payable to the Stockholder, (ii) in a manner that would violate Article X of the Business
                                            Combination Agreement (as in effect on the date hereof), (iii) if such amendment, modification
                                            or waiver would (x) be adverse to (A) the Stockholder relative to any Other Stockholders,
                                            or (B) the class of stock in the Company such Stockholder holds relative to any other class
                                            of stock in the Company (in each case, without the Stockholder’s prior written consent)
                                            or (y) alters the consideration to be received by the Stockholder in the Business Combination
                                            or in the Secondary Sale, including the Stockholder receiving consideration other than as
                                            set forth below in Section 24; or (iv) results in the Merger being consummated when the Available
                                            Closing Acquiror Cash is less than $250 million.

 

		22.	Notwithstanding
                                            any provision of this Company Stockholder Support Agreement to the contrary, except to the
                                            extent consented to in writing by the Stockholder, the Company shall prepare a detailed schedule
                                            of the consideration to be paid to the Stockholder (the “Allocation Schedule”)
                                            and agrees to provide the Stockholder a copy of the proposed Allocation Schedule at least
                                            five days prior to delivery to Acquiror and reasonably cooperate with and consult with Stockholder
                                            with respect to the Allocation Schedule.  The Company agrees that the Allocation Schedule
                                            shall be prepared in accordance with the Company Organizational Documents. Further, the Company
                                            and Acquiror covenant and agree that in the event that the Business Combination is consummated,
                                            the Stockholder will receive at least the consideration set forth on Schedule B hereto.

 

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		23.	Notwithstanding
                                            any provision of this Company Stockholder Support Agreement to the contrary, except to the
                                            extent consented to in writing by the Stockholder, the Company and Acquiror hereby covenant
                                            and agree not to amend, modify or waive any provision of the Business Combination Agreement,
                                            as in effect on the date hereof or any schedule thereto (including the Allocation Schedule
                                            once delivered) (i) that reduces the amount or changes the form of consideration payable
                                            to such Stockholder, (ii) in a manner that would violate Article X of the Merger Agreement
                                            (as in effect on the date hereof); (iii) if such amendment, modification or waiver would
                                            be materially adverse to (A) the Stockholder relative to Other Stockholders, (B) the class
                                            of stock in the Company such Stockholder holds relative to any other class of stock in the
                                            Company or (C) alters the consideration to be received by the Stockholder in the Business
                                            Combination or in the Secondary Sale, including the Stockholder receiving consideration other
                                            than as set forth below in Section 24; or (iv) results in the Merger being consummated when
                                            the Available Closing Acquiror Cash is less than $250 million.

 

		24.	Subject
                                            to the provisions of Section 1-4, the Company and Acquiror agrees that the holders of Series
                                            F Preferred Stock (as defined in the Tenth Amended and Restated Certificate of Incorporation
                                            of the Company) as a group (the “F Holders”) shall be allocated a portion
                                            of the Secondary Sale Amount (“Allocated Portion”) based on the Available
                                            Closing Acquiror Cash, as set forth on Schedule B attached hereto, which Allocated
                                            Portion shall be allocated among the F Holders pro rata based on the number of shares of
                                            Series F Preferred Stock held thereby. Within the Available Closing Acquiror Cash levels
                                            set forth of Schedule B, the Allocated Portion shall be adjusted on a linear basis
                                            based on the actual Available Closing Acquiror Cash. It is agreed by Acquiror and the Stockholder
                                            that subject to the foregoing (and the terms of the Merger Agreement), the Company shall
                                            have the right to, and shall, allocate the Secondary Sale Amount in its sole discretion.

 

[signature
page follows]

 

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	 	Sincerely,
	 	 
	 	SPECIAL SITUATIONS INVESTING GROUP II, LLC
	 	 
	 	By:	/s/ Holger Staude
	 	Name:  	Holger Staude
	 	Title:	Authorized Signatory
	 	 	 
	 	Address for Notice:
	 	 
	 	 
	 	 
	 	 

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 	 
	ION ACQUISITION CORP 2 LTD.	 
	 	 	 
	By: 	/s/ Anthony Reich	 
	Name:  	Anthony Reich	 
	Title: 	Chief Financial Officer	 
	 	 	 
	Acknowledged and Agreed:	 
	 	 	 
	INNOVID, INC. 	 
	 	 	 
	By:  	/s/ Zvika Netter	 
	Name: 	Zvika Netter	 
	Title: 	Chief Executive Officer	 

 

     

     

    

 

Schedule
A

 

Stockholder
Ownership of Company Capital Stock

 

	Share
Type
 
	 	 	Number of Shares
	 
	Company Common Stock	 	 	[ ● ]	 
	Series A Preferred Stock	 	 	[ ● ]	 
	Series A-1 Preferred Stock	 	 	[ ● ]	 
	Series B Preferred Stock	 	 	[ ● ]	 
	Series B-1 Preferred Stock	 	 	[ ● ]	 
	Series B-2 Preferred Stock	 	 	[ ● ]	 
	Series C Preferred Stock	 	 	[ ● ]	 
	Series D Preferred Stock	 	 	[ ● ]	 
	Series E Preferred Stock	 	 	[ ● ]	 
	Series F Preferred Stock	 	 	[ ● ]	 
	Total	 	 	[ ● ]	 

 

     

     

    

 

Schedule
B

 

	 	Available Closing Acquiror Cash
 $ million
	 	Allocated Portion
 $ million

	 	250	 	30
	 	260	 	30
	 	270	 	30
	 	280	 	30
	 	290	 	33.1
	 	300	 	36.4
	 	310	 	39.7
	 	320	 	43
	 	330	 	46.3
	 	340	 	49.6
	 	350	 	52.9
	 	360	 	56.2
	 	370	 	59.5
	 	380	 	62.8
	 	390	 	66.1
	 	400	 	69.4
	 	403	 	70.4Exhibit
10.5

 

INVESTOR
RIGHTS AGREEMENT

 

THIS
INVESTOR RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among:

 

	(1)	[Innovid
    [Holdings], Inc.]., a Delaware corporation (the “Company”), which was formerly named ION Acquisition Corp 2 Ltd.
    (“ION”);

 

	(2)	certain
    equityholders of ION listed on Schedule A hereto ( the “SPAC Holders”); and

 

	(3)	certain
    former equityholders of Innovid, Inc., a Delaware corporation ( “Innovid”), listed on Schedule B hereto (the “Innovid
    Equityholders” and, together with the SPAC Holders and any Person who hereafter becomes a party to this Agreement pursuant
    to Section 7.2 of this Agreement, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
Innovid, ION, Inspire Merger Sub 1, Inc. (“Merger Sub 1”), and [Inspire Merger Sub 2 LLC] (“Merger Sub 2”)
have entered into that certain Agreement and Plan of Merger, dated as of [ ], 2021 (the “Merger Agreement”), pursuant
to which, among other things, (i) ION migrated to and domesticated as a Delaware corporation, (ii) (x) Merger Sub 1 merged with and into
Innovid (the “First Merger”), with Innovid continuing as the surviving corporation of the First Merger and becoming
a wholly owned Subsidiary of the Company (Innovid, as the surviving corporation in the First Merger, is sometimes referred to herein
as the “Surviving Corporation”), and (y) the Surviving Corporation merged with and into Merger Sub 2 (the “Second
Merger”), with Merger Sub 2 continuing as the surviving entity of the Second Merger and (iii) ION changed its name to “[Innovid
[Holdings], Inc.]”;

 

WHEREAS,
Innovid and certain of the Innovid Equityholders are parties to that certain Investors Rights Agreement, dated January 7, 2019 (the “Prior
Innovid Agreement”);

 

WHEREAS,
ION and the SPAC Holders are parties to that certain Registration Rights Agreement, dated February 10, 2021 (the “Prior ION
Agreement”);

 

WHEREAS,
Innovid and the Innovid Equityholders party to the Prior Innovid Agreement desire to terminate the Prior Innovid Agreement in its entirety
and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Innovid Agreement;

 

WHEREAS,
ION and the SPAC Holders desire to terminate the Prior ION Agreement in its entirety and to accept the rights created pursuant to this
Agreement in lieu of the rights granted to them under the Prior ION Agreement; and

 

WHEREAS,
in connection with the consummation of the transactions described above, the Company and the Holders desire to enter into this Agreement,
pursuant to which, among other things, the Company shall grant the Holders certain registration rights with respect to the Registrable
Securities (as defined below) on the terms and conditions set forth in this Agreement.

 

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

 

     

     

    

 

Article
I

DEFINITIONS

 

1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings
set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer of the Company or the Board, after consultation with counsel to the Company, (i) would be required to
be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case
of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii)
would not be required to be made at such time if the Registration Statement were not being filed, declared effective or used, as the
case may be, and (iii) the Company has a bona fide business purpose for not making such information public.

 

“Action”
means any claim, action, suit, audit, examination, assessment, arbitration, mediation or inquiry, or any proceeding or investigation,
by or before any Governmental Authority.

 

“affiliate”
of any particular person means any other person controlling, controlled by or under common control with such person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a person whether through the ownership
of voting securities, its capacity as a sole or managing member or otherwise.

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

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

 

“Block
Trade” shall have the meaning given in Section 2.4.1.

 

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

 

“Certificate
of Incorporation” means the certificate of incorporation of the Company (as amended, modified or supplemented from time to
time).

 

“Closing”
shall have the meaning given in the Merger Agreement.

 

“Closing
Date” shall have the meaning given in the Merger Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Recitals hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.

 

“Company
Common Stock” means the shares of common stock, par value $0.0001, per share of the Company.

 

“Confidential
Information” shall have the meaning given in Section 6.4.

 

“Demanding
Holder” shall have the meaning given in Section 2.1.4. 

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority Inc.

 

“First
Merger” shall have the meaning given in the Recitals hereto.

 

“Form
S-1 Shelf” shall have the meaning given in Section 2.1.1.

 

“Form
S-3 Shelf” shall have the meaning given in Section 2.1.1.

 

“Governmental
Authority” means any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory
or administrative agency (which for the purposes of this Agreement shall include FINRA and the Commission), governmental commission,
department, board, bureau, agency or instrumentality, court or tribunal.

 

    2

     

    

 

“Governmental
Order” means any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or
with any Governmental Authority.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto, for so long as such Person holds any Registrable Securities.

 

“Indemnification
Sources” shall have the meaning given in Section 6.1.4.

 

“Indemnified
Liabilities” shall have the meaning given in Section 6.1.1.

 

“Indemnitee-Related
Entities” shall have the meaning given in Section 6.1.4.

 

“Independent
Committee” means the audit committee of the Board.

 

“Innovid”
shall have the meaning given in the Preamble hereto. 

 

“Innovid
Equityholders” shall have the meaning given in the Preamble hereto. 

 

“Innovid
Equityholder Lock-Up Period” means, with respect to the Innovid Lock-Up Shares, the period ending on the date that is 180 days
after the Closing Date.

 

“[Innovid
[Holdings], Inc.]” shall have the meaning given in the Preamble hereto. 

 

“ION”
shall have the meaning given in the Preamble hereto. 

 

“Jointly
Indemnifiable Claims” shall have the meaning given in Section 6.1.4.

 

“Law”
means any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental Authority and shall include
applicable case law interpreting the foregoing.

 

“Letter
Agreement” means the Letter Agreement dated February 10, 2021 among ION, Sponsor and each of the parties thereto.

 

“Lock-Up
Period” means the Sponsor Group Lock-Up Period and the Innovid Equityholder Lock-Up Period; provided that, in each case,
if earlier, the Lock-Up Period shall expire on the date on which the Company completes a liquidation, merger, share exchange, reorganization
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their Company Common
Stock for cash, securities or other property.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.

 

“Merger
Agreement” shall have the meaning given in the Recitals hereto.

 

“Merger
Sub 1” shall have the meaning given in the Recitals hereto.

 

“Merger
Sub 2” shall have the meaning given in the Recitals hereto.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus, (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.

 

“Organizational
Documents” shall have the meaning assigned to such term in the Merger Agreement.

 

    3

     

    

 

“Permitted
Transferees” shall mean any Person to whom a Holder is permitted to Transfer Registrable Securities prior to the expiration
of the Innovid Equityholder Lock-Up Period, Sponsor Group Lock-Up Period or any other lock-up period, as the case may be, under this
Agreement, the Letter Agreement, the Acquiror Restated Bylaws (as such term is defined in the Merger Agreement), [●] and any other
applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Person”
shall mean any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, governmental authority or instrumentality or other entity of any kind.

 

“Piggyback
Registration” shall have the meaning given in Section 2.2.1.

 

“Prior
Innovid Agreement” shall have the meaning given in the Recitals hereto.

 

“Prior
ION Agreement” shall have the meaning given in the Recitals hereto.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) any outstanding Company Common Stock held by a Holder immediately following the Closing (including
Company Common Stock distributable pursuant to the Merger Agreement), (b) any Company Common Stock that may be acquired by Holders upon
the exercise of a warrant or other right to acquire Company Common Stock held by a Holder immediately following the Closing, (c) any
Company Common Stock or warrants to purchase Company Common Stock (including any Company Common Stock issued or issuable upon the exercise
of any such warrant) of the Company otherwise acquired or owned by a Holder following the date hereof to the extent that such securities
are “restricted securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule
144) of the Company and for so long as the Holder may be deemed to be an Underwriter pursuant to Rule 145(c), and (d) any other equity
security of the Company or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a), (b) or
(c) above by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization
or similar transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease
to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement by the applicable Holder; (B) such securities shall have been otherwise transferred, new
certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent
public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased
to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 or any successor rule promulgated under
the Securities Act (but with no volume or other restrictions or limitations including as to manner or timing of sale); and (E) such securities
have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the expenses of a Registration, including, without limitation, the following:

 

(A)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
Inc.) and fees of any national securities exchange on which the Company Common Stock are then listed;

 

(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for
the Underwriters in connection with blue sky qualifications of Registrable Securities); 

 

(C)
printing, messenger, telephone and delivery expenses;

 

    4

     

    

 

(D)
reasonable fees and disbursements of counsel for the Company;

 

(E)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration; and

 

(F)
reasonable fees and expenses of one legal counsel selected by the majority-in-interest of the Demanding Holders in an Underwritten Offering
(not to exceed $35,000 without the consent of the Company).

 

“Registration
Statement” shall mean any registration statement that covers Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement or Prospectus, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Restricted
Securities” has the meaning given in Section 5.1.1.

 

“Requesting
Holders” shall have the meaning given in Section 2.1.5.

 

“Second
Merger” shall have the meaning given in the Recitals hereto.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf”
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in accordance
with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including
a Piggyback Registration.

 

“SPAC
Holders” shall have the meaning given in the Preamble.

 

“Sponsor”
shall mean ION Holdings 2, LP, a Cayman Islands exempted limited partnership.

 

“Sponsor
Group Holders” means the SPAC Holders identified as “Sponsor Group” on Schedule A hereto.

 

“Sponsor
Group Lock-Up Period” means, with respect to the Sponsor Group Lock-up Shares, the period ending on the earlier of (i) one
year after the Closing Date or (ii) the date that the closing price of the Company Common Stock equals or exceeds $12.00 per share (as
adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after the Closing Date; provided that in no event shall the Sponsor Group
Lock-Up Period end prior to the expiration of the Innovid Equityholder Lock-Up Period.

 

“Sponsor
Indemnitees” shall have the meaning given in Section 6.1.1.

 

“Sponsor
Parties” means each of the Sponsor, each other SPAC Holder, their respective affiliates, any of respective officers, directors
or employees, and any Persons to whom Company Common Stock have been transferred and is or has become parties to this Agreement pursuant
to one of the following types of transfers (irrespective of whether a restriction on Transfer then applies) by any of the foregoing Persons:
(i) Transfers of Company Common Stock to a trust, or other entity formed for estate planning purposes for the primary benefit of the
spouse, domestic partner, parent, sibling, child or grandchild of the undersigned or any other person with whom the Transferring Person
has a relationship by blood, marriage or adoption not more remote than first cousin; (ii) Transfers by will or intestate succession upon
the death of the Transferring Person; (iii) the Transfer of Company Common Stock pursuant to a qualified domestic order, court order
or in connection with a divorce settlement; (iv) if the Transferring Person is a corporation, partnership (whether general, limited or
otherwise), limited liability company, trust or other business entity, (A) Transfers to any affiliate, including another corporation,
partnership, limited liability company, trust or other business entity that controls, is controlled by or is under common control or
management with the Transferring Person, or (B) distributions of Company Common Stock to partners, limited liability company members
or stockholders of the Transferring Person, including, for the avoidance of doubt, where the Holder is a partnership, to its general
partner or a successor partnership or fund, or any other funds managed by such partnership; (v) if the Transferring Person is a trust,
Transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust; (vi) Transfers to the officers or
directors of the Company or the Sponsor or their respective affiliates; (vii) Transfers to a nominee or custodian of a Person to whom
a Transfer would be permissible under the foregoing clauses (i) through (vi).

 

    5

     

    

 

“Subsequent
Shelf Registration” shall have the meaning given in Section 2.1.2.

 

“Subsidiary”
shall mean, with respect to any Person (for purposes of this definition, the “Controlling Company”), any other Person
(i) of which a majority of the outstanding voting securities or other voting equity interests, or a majority of any other interests having
the power to direct or cause the direction of the management and policies of such other Person, are owned, directly or indirectly, by
the Controlling Company and/or (ii) with respect to which the Controlling Company or its Subsidiaries is a general partner or managing
member, and, in each case of the foregoing clauses (i) and (ii), any predecessor or successor of such other Person.

 

“Surviving
Corporation” shall have the meaning given in the Recitals hereto.

 

“Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b)

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal and not as part of such dealer’s market-making
activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

Article
II

REGISTRATIONS AND OFFERINGS

2.1
Shelf Registration.

 

2.1.1
Filing. The Company shall file within thirty (30) days after the Closing Date, and use commercially reasonable efforts to cause
to be declared effective as soon as practicable thereafter, a Registration Statement for a Shelf Registration on Form S-1 (the “Form
S-1 Shelf”) or, if the Company is eligible to use a Registration Statement on Form S-3, a Shelf Registration on Form S-3 (the
“Form S-3 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two business
days prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company
shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective
amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use and in compliance with the
provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the event the Company files a
Form S-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration)
to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3. 

 

    6

     

    

 

2.1.2
Subsequent Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly
as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt withdrawal
of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably
practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of
such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”)
registering the resale of all Registrable Securities (determined as of two business days prior to such filing), and pursuant to any method
or combination of methods legally available to, and requested by, any Holder named therein.

 

If
a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf
Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being
agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated
under the Securities Act) if the Company is a well- known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act)
at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration continuously effective,
available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable
Securities. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that the Company is eligible to use such form.
Otherwise, such Subsequent Shelf Registration shall be on another appropriate form.

 

2.1.3
Additional Registerable Securities. In the event that any Holder holds Registrable Securities that are not registered for resale
on a delayed or continuous basis, the Company, upon request of any such Holder or Holders that hold in the aggregate at least one percent
(1.0%) of the Registrable Securities, shall use its commercially reasonable efforts to cause the resale of such Registrable Securities
to be covered within sixty (60) days of such request by either, at the Company’s option, the Shelf (including by means of a post-effective
amendment) or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable after such filing and such
Shelf or Subsequent Shelf Registration shall be subject to the terms hereof; provided, however, that the Company shall only be required
to cause such Registrable Securities to be so covered twice per calendar year for the Innovid Equityholders, the SPAC Holders, and the
other Equityholders, respectively.

 

2.1.4
Requests for Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf is on file with the Commission,
[any Innovid Equityholder]1 or SPAC Holder (any of the Innovid Equityholders or the SPAC Holders being, in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering or other coordinated
offering that is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that the
Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed
to be sold by the Demanding Holder with a total offering price reasonably expected to exceed, in the aggregate, $[25.0 million] (the
“Minimum Takedown Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice
to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown.
Subject to Section 2.4.4, the Company and the Demanding Holder shall jointly select the Underwriters for such offering (which shall consist
of one or more reputable internationally recognized investment banks). The Innovid Equityholders or the SPAC Holders may each demand
not more than [two (2)] Underwritten Shelf Takedowns pursuant to this Section 2.1.4 in any [12]-month period, provided,
however, that this number of offerings may be increased by the decision of an Independent Committee. Notwithstanding anything
to the contrary in this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement,
including a Form S-3, that is then available for such offering. 

 

 

	1	NTD:Parties
  to discuss whether there should be a “major holder” concept for the Innovid holders, or whether the $25MM threshold in
  this section is sufficient.

 

    7

     

    

 

2.1.5
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith,
advises the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such
Underwritten Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Company Common
Stock or other equity securities that the Company desires to sell and all Company Common Stock or other equity securities, if any, that
have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights
held by any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success
of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, before including any Company Common Stock or other equity securities proposed
to be sold by Company or by other holders of Company Common Stock or other equity securities, first the Registrable Securities of the
Demanding Holders and the Requesting Holders (excluding in each case any Innovid Equityholders) (if any) (pro rata based on the respective
number of Registrable Securities held by each Demanding Holder and Requesting Holder) that can be sold without exceeding the Maximum
Number of Securities and second, the Registrable Securities of the Demanding Holders and the Requesting Holders that are Innovid Equityholders
(if any) (pro rata based on the respective number of Registrable Securities held by each Demanding Holder and Requesting Holder) that
can be sold without exceeding the Maximum Number of Securities. To facilitate the allocation of Registrable Securities in accordance
with the above provisions, the Company or the Underwriters may round the number of shares allocated to any Holder to the nearest 100
shares. The Company shall not be required to include any Registrable Securities in such Underwritten Shelf Takedown unless the Holders
accept the terms of the underwriting as agreed upon between the Company and its Underwriters.

 

2.1.6
Withdrawal. Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing
such Underwritten Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have
the right to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Shelf Takedown;
provided that any Innovid Equityholder or SPAC Holder may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum
Takedown Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the
Innovid Equityholders or the SPAC Holders or any of their respective Permitted Transferees, as applicable. If withdrawn, a demand for
an Underwritten Shelf Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of Section 2.1.4, unless
either (i) the Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown or (ii) the Holder reimburses the Company
for all Registration Expenses with respect to such Underwritten Shelf Takedown; provided that, if a Innovid Equityholder or a SPAC Holder
elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such Underwritten Shelf
Takedown shall instead count as an Underwritten Shelf Takedown demanded by the Innovid Equityholders or the SPAC Holders, as applicable,
for purposes of Section 2.1.4. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal
Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this
Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal
under this Section 2.1.6, other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of
the second sentence of this Section 2.1.6.

 

2.2
Piggyback Registration.

 

2.2.1
Piggyback Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of,
or if the Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for
the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, an
Underwritten Shelf Takedown pursuant to Section 2.1 hereof), other than a Registration Statement (or any registered offering with
respect thereto) (i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement
on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto),
(iii) for an offering of debt that is convertible into equity securities of the Company or, (iv) for a dividend reinvestment plan or
(v) for a rights offering, then the Company shall give written notice of such proposed offering to [all of the Holders]2 of
Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration
Statement or, in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus
or prospectus supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included
in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such registered offering
such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice
(such registered offering, a “Piggyback Registration”). Subject to Section 2.2.2, the Company shall, in good
faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities
requested by the Holders pursuant to this Section 2.2.1 to be included therein on the same terms and conditions as any similar
securities of the Company included in such registered offering and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in a Piggyback
Registration shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering.

 

 

	2	NTD: Parties to discuss whether all Innovid
  holders should be given piggyback notice/rights.

 

    8

     

    

 

2.2.2
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of Company Common Stock or other equity securities that the Company desires to sell, taken
together with (i) the Company Common Stock or other equity securities, if any, as to which Registration or a registered offering has
been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities
hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii)
the Company Common Stock or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant
to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities,
then:

 

(a) If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, the Company Common Stock or other equity securities that the Company desires to sell, which can be
sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities held by each Holder, which
can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A) and (B), the Company Common Stock or other equity securities, if any, as to which Registration
or a registered offering has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the
Company, which can be sold without exceeding the Maximum Number of Securities;

 

(b)
If the Registration or registered offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the Company Common Stock or other equity securities,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to Section
2.2.1, pro rata, based on the respective number of Registrable Securities held by each Holder, which can be sold without exceeding
the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), the Company Common Stock or other equity securities that the Company desires to sell, which can be sold without
exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A), (B) and (C), the Company Common Stock or other equity securities for the account of other persons or
entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities,
which can be sold without exceeding the Maximum Number of Securities; and

 

(c)
If the Registration or registered offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1
hereof, then the Company shall include in any such Registration or registered offering securities pursuant to Section 2.1.5.

 

    9

     

    

 

2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdrawal
from an Underwritten Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the right to withdraw
from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf
Registration, the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback
Registration used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request
for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the
Commission in connection with a Piggyback Registration (which, in no circumstance, shall include the Shelf) at any time prior to the
effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.6),
the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.

 

2.2.4
Unlimited Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration
effected pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.

 

2.3
Market Stand-off.

 

2.3.1
In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade), each Holder given an opportunity
to participate in the Underwritten Offering pursuant to the terms of this Agreement agrees that it shall not Transfer any Company Common
Stock or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), subject to customary
exceptions including without limitation transfers to affiliates, gifts, exercise of options, without the prior written consent of the
Company, during the 90-day period beginning on the date of pricing of such offering or such shorter period during which the Company agrees
not to conduct an underwritten primary offering of Company Common Stock or other equity securities, except in the event the Underwriters
managing the offering otherwise agree by written consent. Each Holder agrees to execute a customary lock-up agreement in favor of the
Underwriters to such effect (in each case on substantially the same terms and conditions as all such Holders).

 

2.4
Block Trades.

 

2.4.1
Notwithstanding the foregoing, at any time and from time to time when an effective Shelf is on file with the Commission and effective,
if a Demanding Holder wishes to engage in an underwritten or other coordinated registered offering not involving a “roadshow,”
an offer commonly known as a “block trade” (a “Block Trade”), with a total offering price reasonably expected
to exceed, in the aggregate, either (x) $[50 million] or (y) all remaining Registrable Securities held by the Demanding Holder, then
notwithstanding the time periods provided for in Section 2.1.4, such Demanding Holder need only to notify the Company of the Block
Trade at least five (5) business days prior to the day such offering is to commence and the Company shall as expeditiously as possible
use its commercially reasonable efforts to facilitate such Block Trade; provided that the Demanding Holders representing a majority of
the Registrable Securities wishing to engage in the Block Trade shall use commercially reasonable efforts to work with the Company and
any Underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other
offering documentation related to the Block Trade.

 

2.4.2
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade,
a majority-in-interest of the Demanding Holders initiating such Block Trade shall have the right to submit a Withdrawal Notice to the
Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Block Trade. Notwithstanding anything to
the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a block trade
prior to its withdrawal under this Section 2.4.2.

 

2.4.3
Notwithstanding anything to the contrary in this Agreement, Section 2.2 hereof shall not apply to a Block Trade initiated by a
Demanding Holder pursuant to this Agreement.

 

2.4.4
The Demanding Holder in a Block Trade shall have the right to select the Underwriters for such Block Trade (which shall consist of one
or more reputable internationally recognized investment banks).

 

    10

     

    

 

Article
III

COMPANY PROCEDURES

 

3.1
General Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts
to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof,
and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and
use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
have ceased to be Registrable Securities; 

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by Holders of at least $[50 million] of the Registrable Securities registered on such
Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable
to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement
effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution
set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such
Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

3.1.4
prior to any public offering of Registrable Securities (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request (or provide evidence
satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification) and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other
governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and
things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to
consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required
to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which
it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5
cause all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company
are then listed;

 

3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7
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;

 

    11

     

    

 

3.1.8
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable), furnish a copy thereof to each
seller of such Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that
is to be incorporated by reference therein); 

 

3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10
permit a representative of any Holder, the Underwriters, if any, and any attorney or accountant retained by such Holder(s) or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that such representatives or Underwriters agree to confidentiality
arrangements reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

3.1.11
obtain a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering or other coordinated offering that is registered pursuant to a Registration Statement, in customary form and covering such matters
of the type customarily covered by “comfort” letters as the managing Underwriter or other similar type of sales agent or
placement agent may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,
and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.13
in the event of any Underwritten Offering or other coordinated offering that is registered pursuant to a Registration Statement, enter
into and perform its obligations under an underwriting agreement, sales agreement or placement agreement, in usual and customary form,
with the managing Underwriter, sales agent or placement agent of such offering;

 

3.1.14 make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then in effect);

 

3.1.15
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $[50 million] with respect
to an Underwritten Offering pursuant to Section 2.1.4, use its reasonable efforts to make available senior executives of the Company
to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in such Underwritten
Offering; and

 

3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration.

 

Notwithstanding
the foregoing, the Company shall not be required to provide any documents or information to an Underwriter or other sales agent or placement
agent if such Underwriter or other sales agent or placement agent has not then been named with respect to the applicable Underwritten
Offering or other coordinated offering that is registered pursuant to a Registration Statement.

 

    12

     

    

 

3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the
Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
or agents’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition
of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3
Requirements for Participation in Registration Statement Underwritten Offerings. Notwithstanding anything in this Agreement to
the contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s
Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel,
that such information is necessary to effect the registration and such Holder continues thereafter to withhold such information. No Person
may participate in any Underwritten Offering or other coordinated offering for equity securities of the Company pursuant to a Registration
initiated by the Company hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any
arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up
agreements, underwriting or other agreements and other customary documents as may be reasonably required under the terms of such arrangements.
The exclusion of a Holder’s Registrable Securities as a result of this Section 3.3 shall not affect the registration of
the other Registrable Securities to be included in such Registration.

 

3.4
Suspension of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders
shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus
correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as
soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may
be resumed.

 

3.4.2
If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would (a)
require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement of financial statements that
are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment of the majority of the
Board such Registration, cause serious and irreparable harm to the Company and the majority of the Board concludes as a result that it
is essential to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest
period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights
under this Section 3.4.2, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their
use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities, provided,
however, that the Company shall not exercise its rights under this Section 3.4.2 on more than three (3) occasions or for
more than sixty (60) consecutive calendar days, or more than one hundred and twenty (120) total calendar days, in each case during any
twelve (12) month period.

 

3.4.3
(a) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing
of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated Registration and provided
that the Company continues to actively employ, in good faith, all reasonable efforts to maintain the effectiveness of the applicable
Shelf Registration Statement, or (b) if, pursuant to Section 2.1.4, Holders have requested an Underwritten Shelf Takedown and
the Company and such Holders are unable to obtain the commitment of underwriters to firmly underwrite such offering, the Company may,
upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant to Section 2.1.4
or 2.4.

 

3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act
and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed or
furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished
or delivered to the Holders pursuant to this Section 3.5. The Company further covenants that it shall take such further action
as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities
held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated
under the Securities Act (or any successor rule then in effect). Upon the request of any Holder, the Company shall deliver to such Holder
a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

    13

     

    

 

Article
IV

REGISTRATION RIGHTS INDEMNIFICATION AND CONTRIBUTION

 

4.1
Registration Rights Indemnification.

 

4.1.1
The Company agrees to indemnify and hold harmless, to the extent permitted by law, each Holder of Registrable Securities, and each of
such Holder’s officers, directors, trustees, employees, partners, managers, members, equityholders, beneficiaries, affiliates and
agents and each Person, if any, who controls such Holder, within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act, against all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation outside
attorneys’ fees reasonably incurred) to which they may become subject under the Securities Act, the Exchange Act, or other federal
or state law arising out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus,
offering circular, free writing prospectus or other similar document (including any related Registration Statement, notification, or
the like) incident to any such Registration, qualification, compliance or sale, 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 in light of the circumstances
in which they were made, (B) any violation or alleged violation by the Company of any Law applicable to the Company in connection with
any such Registration, qualification, compliance or sale, or (C) any failure to register or qualify Registrable Securities in any state
where the Company or its agents have affirmatively undertaken or agreed in writing that the Company will undertake such Registration
or qualification on behalf of the Holders of such Registrable Securities, and will reimburse, as incurred, each such Holder and each
such director, officer, trustee, employee, partner, manager, member, equityholder, beneficiary, affiliate, agent and controlling person,
for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action. 

 

4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information with respect to such Holder as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by law, shall
indemnify and hold harmless the Company, its directors, officers and agents and each Person who controls the Company (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation reasonable
outside attorneys’ fees) arising out of or resulting from 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 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 or alleged untrue statement or omission or alleged omission is contained in any information so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several,
among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion
to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.

 

4.1.3
Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent
to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money
is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement 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.

 

    14

     

    

 

4.1.4
The indemnification provided for under this Agreement shall 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 shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault
of the indemnifying party and indemnified party 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, was made
by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however,
that the liability of any Holder under this Section 4.1.5 shall be limited to the amount of the net proceeds received by such
Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3
above, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation
or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.1.5
were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this Section 4.1.5. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section 4.1.5 from any Person who was not guilty of such fraudulent
misrepresentation. 

 

Article
V

Lock-up

 

5.1
Lock-up.

 

5.1.1
During the Sponsor Group Lock-up Period, none of the Sponsor Group Holders shall, and during the Innovid Equityholder Lock-up Period,
none of the Innovid Equityholders shall: (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to
purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or
liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, as amended, with respect to any
shares of Company Common Stock that are subject to the applicable Lock-up Period owned by it, him or her (such securities that are subject
to an applicable Lock-up Period, the “Restricted Securities”), other than any transfer to an affiliate of a Holder
or to a Permitted Transferee, as applicable, (ii) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of any Restricted Securities owned by it, him or her, or (iii) publicly announce
any intention to effect any transaction specified in clause (i) or (ii).

 

5.1.2
Each Holder hereby represents and warrants that it now has and, except as contemplated by this Section 5.1.2 for the duration
of the applicable Lock-up Period, will have good and marketable title to its Restricted Securities, free and clear of all liens, encumbrances,
and claims that could impact the ability of such Holder to comply with the foregoing restrictions. Each Holder agrees and consents to
the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of any Restricted
Securities during the applicable Lock-up Period.

 

    15

     

    

 

Article
VI

Additional
Agreements

 

6.1
Indemnification; Exculpation.

 

6.1.1
As an inducement for the Sponsor to enter into this Agreement and approve the transactions contemplated by the Merger Agreement, subject
in each case to restrictions under applicable Law and to compliance by the Sponsor in all material respects with Section 6.1.9,
the Company will, indemnify, exonerate and hold the Sponsor and each of its respective direct and indirect partners, equityholders, members,
managers, affiliates, directors, officers, stockholders, fiduciaries, managers, controlling Persons, employees, representatives and agents
and each of the partners, equityholders, members, affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees
and agents of each of the foregoing (collectively, the “Sponsor Indemnitees”) free and harmless from and against any
and all Actions, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’
fees and expenses) incurred by the Sponsor Indemnitees or any of them before the date of this Agreement (collectively, the “Indemnified
Liabilities”), arising out of any Action arising directly or indirectly out of, or in any way relating to, Sponsor’s
control or management of the Company on or prior to the date of this Agreement, the business of the Company ono or prior to the date
of this Agreement, services provided by the Sponsor to the Company prior to the date of this Agreement, the Merger Agreement, the Transaction
Agreements (as defined in the Merger Agreement) and the transactions and related filings contemplated by the Merger Agreement and the
Transaction Agreements (other than any such Indemnified Liabilities (x) to the extent such Indemnified Liabilities arise out of any breach
by such Sponsor Indemnitee of the Merger Agreement, any Transaction Agreement or any written agreement between such Sponsor Indemnitee,
on the one hand, and the Company, on the other hand (in each case, to the extent such Sponsor Indemnitee is a party thereto) or, subject
to applicable Law, the breach by such Sponsor Indemnitee of any fiduciary or other duty or obligation of such Sponsor Indemnitee to its
direct or indirect equityholders, creditors or affiliates, or (y) to the extent such Indemnified Liabilities are directly caused by such
Person’s gross negligence, bad faith or willful misconduct); provided, however, that if and to the extent that the
foregoing undertaking may be unavailable or unenforceable for any reason, the Company will make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities that is payable pursuant to this Section 6.1.1 to the extent permissible
under applicable Law. For the purposes of this Section 6.1, none of the circumstances described in the limitations contained in
the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent
jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Sponsor Indemnitee as to
any previously advanced indemnity payments made by the Company, then such payments shall be promptly repaid by such Sponsor Indemnitee
to the Company. The rights of any Sponsor Indemnitee to indemnification hereunder will be in addition to any other rights any such Person
may have under any other agreement or instrument to which such Sponsor Indemnitee is or becomes a party or is or otherwise becomes a
beneficiary or under Law or under the Organizational Documents of the Company or its Subsidiaries, provided, however, that
(x) each Sponsor Indemnitee shall use commercially reasonable efforts to mitigate the Indemnified Liabilities, including by using commercially
reasonable efforts to pursue all applicable rights of recovery or contribution available to each Sponsor Indemnitee from third parties
(excluding Indemnitee-Related Entities (as defined below)) and making applicable claims under all available insurance policies and using
commercially reasonable efforts to pursue such claims; and (y) any amount actually received by any Sponsor Indemnitee from any such other
source (including the insurance policy) with respect to the Indemnified Liabilities shall be subject to the provisions of Section
6.1.7. Each party hereto agree that each of the Sponsor Indemnitees shall be third-party beneficiaries with respect to this Section
6.1, entitled to enforce this Section 6.1 as though each such Sponsor Indemnitee was a party to this Agreement.

 

6.1.2
If any Action shall be brought or asserted against any Sponsor Indemnitee in respect of which indemnification may be sought pursuant
to this Section 6.1, such Sponsor Indemnitee shall promptly notify the Company in writing; provided, that the failure to
notify the Company shall not relieve it from any liability that it may have under this Section 6.1 except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Company shall not relieve it from any liability that it may have to a Sponsor Indemnitee otherwise than
under the preceding paragraphs of this Section 6.1. If any such Action shall be brought or asserted against a Sponsor Indemnitee
and it shall have notified the Company thereof, absent the Sponsor Indemnitee’s reasonable conclusion that an actual or potential
differing of interests exists between the Company and such Sponsor Indemnitee, the Company shall be entitled to participate therein and,
to the extent that it shall wish, to assume the defense thereof (by providing notice of such election within thirty (30) days of receipt
of notice of such Action from such Sponsor Indemnitee), with counsel reasonably satisfactory to the Sponsor Indemnitee and shall pay
the reasonable fees and expenses of such counsel related to such Action, as incurred. After notice from the Company to a Sponsor Indemnitee
of its election to assume the defense thereof, except as set forth in Section 6.1.3, the Company shall not be liable to such Sponsor
Indemnitee under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by
such Sponsor Indemnitee, in connection with the defense thereof other than reasonable costs of investigation. Each Sponsor Indemnitee
shall reasonably cooperate with the Company and its representatives and advisors and shall give the Company and its representatives and
advisors commercially reasonable access to all information, documents and files within such Sponsor Indemnitee’s custody and control,
and to relevant witnesses with respect to any claim that in respect of which indemnification may be sought pursuant to this Section
6.1, in each case, solely to the extent reasonable and necessary to defend any such Action; provided, that the parties hereto
shall use commercially reasonable efforts to avoid the production of any information provided pursuant to this Section 6.1 (consistent
with applicable Law), and to cause all communications among employees, counsel and others representing either party to any such Action
to be made so as to preserve any applicable attorney-client or work-product privileges.

 

    16

     

    

 

6.1.3
In any such Action, any Sponsor Indemnitee shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Sponsor Indemnitee unless (i) the Company and the Sponsor Indemnitee shall have mutually agreed to the
contrary; (ii) the Company has failed within a reasonable time to retain counsel reasonably satisfactory to the Sponsor Indemnitee; or
(iii) the Sponsor Indemnitee reasonably concludes that retention of its own counsel is appropriate due to (x) actual or potential differing
interests between the Sponsor Indemnitee and the Company and/or other named parties in any such or potential Action or (y) because there
are one or more different defenses that conflict with respect to such Action. It is understood and agreed that the Company shall not,
in connection with any Action or related Action in the same jurisdiction, be liable for the reasonable fees and expenses of more than
one separate firm (in addition to any local counsel which shall be limited to one firm in each jurisdiction) for all Sponsor Indemnitees,
and that all such reasonable fees and expenses shall be paid or reimbursed as they are incurred upon receipt from the Sponsor Indemnitee
of a written request for payment thereof accompanied by a written statement with reasonable, non-privileged supporting detail of such
fees and expenses. The Company or its Subsidiaries, in the defense of any Action for which a Sponsor Indemnitee would be entitled to
indemnification under the terms of this Section 6.1, shall not, without the consent of such Sponsor Indemnitee, such consent not
to be unreasonably conditioned, withheld or delayed, enter into any settlement unless it (a) includes as a term thereof the giving by
the claimant or plaintiff or class therein to such Sponsor Indemnitee of an unconditional release from all liability with respect to
such Action, (b) does not impose any limitations (equitable or otherwise) on such Sponsor Indemnitee, and (c) does not include a statement
as to or an admission of fault, culpability or a failure to act by or on behalf of such Sponsor Indemnitee, and provided, that the only
consideration for such settlement is a monetary payment that will be paid in full by the Company or its Subsidiaries. 

 

6.1.4
The Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to any Sponsor Indemnitee
in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance
with (as applicable) the terms of, (i) the Israeli Companies Law, 1999 and the Organizational Documents of the Company, each as amended,
(ii) any director indemnification agreement, (iii) this Agreement, any other agreement between the Company or any of its Subsidiaries
and such Sponsor Indemnitee (or its affiliates) pursuant to which such Sponsor Indemnitee is indemnified, (iv) the Laws of the jurisdiction
of incorporation or organization of any Subsidiary of the Company and/or (v) the Organizational Documents of the Company’s Subsidiaries
((i) through (v) collectively, the “Indemnification Sources”), irrespective of any right of recovery such Sponsor
Indemnitee (or its affiliates) may have from any corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise (other than the Company, any of its Subsidiaries or the insurer under and pursuant to any insurance
policy of the Company or any of its Subsidiaries) from whom such Sponsor Indemnitee may be entitled to indemnification with respect to
which, in whole or in part, the Company or any of its Subsidiaries may also have an indemnification obligation (collectively, the “Indemnitee-Related
Entities”). Under no circumstance shall the Company or any of its Subsidiaries be entitled to any right of subrogation or contribution
by the Indemnitee-Related Entities and no right of advancement or recovery any Sponsor Indemnitee may have from the Indemnitee-Related
Entities shall reduce or otherwise alter the rights of such Sponsor Indemnitee or the obligations of the Company or any of its Subsidiaries
under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall make any payment to any Sponsor Indemnitee
in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Company shall reimburse the Indemnitee-Related
Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the
extent not previously and fully reimbursed by the Company pursuant to clause (x), the Indemnitee-Related Entity making such payment shall
be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Sponsor Indemnitee against
the Company, and (z) such Sponsor Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably
necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities
effectively to bring suit to enforce such rights. Each party hereto agrees that each of the Indemnitee-Related Entities shall be third-party
beneficiaries with respect to this Section 6.1, entitled to enforce this Section 6.1.4 as though each such Indemnitee-Related
Entity were a party to this Agreement. For purposes of this Section 6.1.4, the term “Jointly Indemnifiable Claims”
shall be broadly construed and shall include, without limitation, any Indemnified Liabilities for which any Sponsor Indemnitee shall
be entitled to indemnification from both (1) the Company and/or any of its Subsidiaries pursuant to the Indemnification Sources, on the
one hand, and (2) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and such Sponsor
Indemnitee (or its affiliates) pursuant to which such Sponsor Indemnitee is indemnified, the Laws of the jurisdiction of incorporation
or organization of any Indemnitee-Related Entity and/or the Organizational Documents of any Indemnitee-Related Entity, on the other hand.

 

    17

     

    

 

6.1.5
In no event shall any Sponsor Indemnitee be liable to the Company or any of its Subsidiaries for any act, alleged act, omission or alleged
omission that does not constitute willful misconduct or fraud of such Sponsor Indemnitee as determined by a final, nonappealable determination
of a court of competent jurisdiction.

 

6.1.6
Notwithstanding anything to the contrary contained in this Investor Rights Agreement, for purposes of this Section 6.1, the term
Sponsor Indemnitees shall not include any Sponsor or its any of its partners, equityholders, members, affiliates, directors, officers,
fiduciaries, managers, controlling Persons, employees and agents or any of the partners, equityholders, members, affiliates, directors,
officers, fiduciaries, managers, controlling Persons, employees and agents of any of the foregoing who, in each case, is an officer or
director of the Company or any of its subsidiaries in such capacity as officer or director. Such officers and directors are or will be
subject to separate indemnification in such capacity through this Agreement and/or the Organizational Documents and other agreements
and instruments of the Company and its Subsidiaries.

 

6.1.7
The rights of any Sponsor Indemnitee to indemnification pursuant to this Section 6.1 will be in addition to any other rights any
such Person may have under any other section of this Agreement or any other agreement or instrument to which such Sponsor Indemnitee
is or becomes a party or is or otherwise becomes a beneficiary or under Law or under the Organizational Documents of the Company and
its Subsidiaries.5.1.8 Notwithstanding the foregoing provisions of this Article VI, all payments to be made by the Company and
its Subsidiaries pursuant to the foregoing provisions of this Article VI shall be limited to the amount of any Indemnified Liabilities
that remains after deducting therefrom any insurance proceeds and any indemnity, contribution or other similar payment actually received
by the Sponsor Indemnitee from any third parties (other than the Company and its Subsidiaries) in respect of any such Action, net of
any out-of-pocket costs and expenses of recovery, the amount of any deductibles or retentions, and increases in premiums. If any Sponsor
Indemnitee receives any payment from the Company or its Subsidiaries in respect of any Indemnified Liability and the Sponsor Indemnitee
recovers from a third party insurance proceeds or any other amount in respect of the underlying claim or demand asserted pursuant to
this Article VI against the Company or such Subsidiary, such Sponsor Indemnitee shall, as soon as reasonably practicable, pay
over to the Company or such Subsidiary such insurance proceeds or other amount so recovered (after deducting therefrom the amount of
reasonable and documented out-of-pocket costs and expenses incurred by it in procuring such recovery, the amount of any deductibles or
retentions, and any increases in premiums), but not in excess of the sum of any amount previously paid by the Company and its Subsidiaries
to or on behalf of the Sponsor Indemnitee in respect of such claim.

 

6.1.8
Notwithstanding anything herein to the contrary, to the extent that the Company is unable to fulfill its obligations, in whole or in
part, under this Section 6.1 as a result of applicable Law, then the Company shall cause its applicable Subsidiaries who are not
similarly constrained or restricted by applicable Law to fulfill such obligations of behalf of the Company under this Section 6.1.

 

    18

     

    

 

6.2
Sponsor Directors. Subject to applicable Law, for so long as any nominee of the Sponsor serves as a director of the Company (a
“Sponsor Director”), (i) the Company shall provide such Sponsor Director with the same expense reimbursement, benefits,
indemnity, exculpation and other arrangements provided to the other non-executive directors of the Company who are not “external
directors” under the Companies Law, subject to the payment of additional benefits for committee membership and/or chair positions,
as well as expert director status under the Companies Law, and (ii) the Company’s Organizational Documents and any indemnification
agreements with directors (whether such right is contained in the Organizational Documents or another document) shall contain provisions
pursuant to which the Company shall not amend, alter or repeal any right to indemnification or exculpation covering or benefiting any
Sponsor Director as and to the extent consistent with applicable Law, (except to the extent such amendment or alteration permits the
Company to provide broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto). Subject to applicable
Law, for so long as any Sponsor Director is serving or participating on the Board, (i) the Company shall not implement or maintain any
trading policy, equity ownership guidelines (including with respect to the use of Rule 10b5-1 plans and preclearance or notification
to the Company of any trades in the Company’s securities) or similar guideline or policy with respect to the trading of securities
of the Company that applies to any stockholder of the Company in its capacity as such or any stockholder’s affiliates (including
a policy that limits, prohibits, or restricts any stockholder of the Company or its affiliates from entering into any hedging or derivative
arrangements), in each case other than any director designee of such stockholder (including in respect of the Sponsor, the Sponsor Directors)
solely in his or her individual capacity if such stockholder engages in the investment of securities in the ordinary course of its business
and confirms to the reasonable satisfaction of the Company that it has established its own policies and procedures for compliance with
insider trading restrictions under applicable Laws, (ii) any share ownership requirement for the Sponsor Directors serving on the Board
will be deemed satisfied by the securities owned by the Sponsor, the Sponsor Parties and/or their respective affiliates and under no
circumstances shall any of such policies, procedures, processes, codes, rules, standards and guidelines impose any restrictions on the
transfers of securities by the Sponsor, the Sponsor Parties or their respective affiliates (other than in connection with any bona fide
insider trading policies), and (iii) under no circumstances shall any policy, procedure, code, rule, standard or guideline applicable
to the Board be violated by any Sponsor Director (x) accepting an invitation to serve on another board of directors of a company whose
principal lines(s) of business do not compete with the principal line(s) of business of the Company or failing to notify an officer or
director of the Company prior to doing so, (y) receiving compensation from the Sponsor or its affiliates, or (z) failing to offer his
or her resignation from the Board except as otherwise expressly provided in this Agreement or the Organizational Documents, and, in each
case of (i), (ii) and (iii), it is agreed that any such policies in effect from time to time that purport to impose terms inconsistent
with this Section 6.2 shall not apply to the extent inconsistent with this Section 6.2.

 

6.3
Other Business Opportunities.

 

6.3.1
The Company hereby confirms that no Sponsor Director shall have any duty or obligation to the Company and its Subsidiaries, other than
such mandatory duties and obligations set forth under applicable Laws (including with respect of having no limitations upon his or her
ability to exploit business opportunities that he or she receives not resulting from his or her position in the Company) and has no obligations
other than such mandatory duties and obligations set forth under applicable Laws to share with the Company or any of its Subsidiaries
information that came to his or her possession not resulting from his or position in the Company.

 

6.3.2
Each of the parties hereby, to the fullest extent permitted by applicable Law (but subject to the mandatory obligations and duties set
forth in applicable Law):

 

(a)
confirms that none of the Sponsor nor any of its affiliates have any duty to the Company or any of its Subsidiaries or to any other Investor
other than the specific covenants and agreements set forth in this Agreement; 

 

(b)
acknowledges and agrees that (A) in the event of any conflict of interest between the Company or any of its Subsidiaries, on the one
hand, and any of the Sponsor or any of its affiliates, on the other hand, the Sponsor or such applicable affiliates may act in its best
interest and (B) none of the Sponsor or any of its affiliates, shall be obligated (1) to reveal to the Company or any of its Subsidiaries
confidential information belonging to or relating to the business of such Person or any of its affiliates or (2) to recommend or take
any action in its capacity as a direct or indirect stockholder or director, as the case may be, that prefers the interest of the Company
or its Subsidiaries over the interest of such Person.

 

6.3.3
Each of the parties hereto agrees that the waivers, limitations, acknowledgments and agreements set forth in this Section ‎6.1
shall not apply to any alleged claim or cause of action against a Sponsor Director based upon the breach or nonperformance by such
person of this Agreement or any other agreement to which such person is a party.

 

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6.4
Sharing of Information. To the extent permitted by antitrust, competition or any other applicable Law, each of the Company and
the Holders agrees and acknowledges that the Sponsor may share confidential, non-public information about the Company and its Subsidiaries
(“Confidential Information”) with the Sponsor Parties in order to enable the Sponsor to monitor its investment in
the Company. Each Sponsor Party recognizes that it, or its affiliates and representatives, has acquired or will acquire Confidential
Information the use or disclosure of which could cause the Company substantial loss and damages that could not be readily calculated
and for which no remedy at law would be adequate. Accordingly, each Sponsor Party covenants and agrees with the Company that it will
not (and will cause its respective controlled affiliates and representatives not to) at any time, except with the prior written consent
of the Company, directly or indirectly, disclose any Confidential Information known to it to any third party, unless (a) such information
becomes known to the public through disclosure made or approved by the Company, (b) disclosure is required by applicable Law (including
any filing following the Closing with the Commission pursuant to applicable securities Laws) or court of competent jurisdiction or requested
by a governmental or regulatory authority; provided, that (other than in the case of any required filing following the Closing with the
Commission or in connection with any routine audit or examination as described below) such Sponsor Party promptly notifies the Company
of such requirement or request and takes commercially reasonable steps, at the sole cost and expense of the Company, to minimize the
extent of any such required disclosure, (c) such information was available or becomes available to such Sponsor Party before, on or after
the Closing, without restriction, from a source (other than the Company) without any breach of duty to the Company or (d) such information
was independently developed by such Sponsor Party, its affiliates or its representatives without the use of the Confidential Information.
Notwithstanding the foregoing, nothing in this Agreement shall prohibit any Sponsor Party from disclosing Confidential Information (x)
to any affiliate or representative of such Sponsor Party, or any limited partner, member or stockholder of any of the foregoing, provided,
that such Person shall be bound by an obligation of confidentiality with respect to such Confidential Information and such Sponsor Party
shall be responsible for any breach of this Section 6.4 by any such Person or (y) if such disclosure is made to a governmental
or regulatory authority with jurisdiction over such Sponsor Party in connection with a routine audit or examination that is not specifically
directed at the Company or the Confidential Information, provided, that such Sponsor Party shall request that confidential treatment
be accorded to any information so disclosed. No Confidential Information shall be deemed to be provided to any Person, including any
affiliate of the Sponsor Parties unless such Confidential Information is actually provided to such Person.

 

Article
VII

MISCELLANEOUS

 

7.1
Notices. All notices, requests, claims, demands and other communications among the parties shall be in writing and shall be deemed
to have been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered
or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery
service or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as
follows:

 

	 	(a)	If
    to the Company to:

 

[Innovid
[Holdings], Inc.]

30
Irving Place, 12th floor

New
York, NY 10003

Attention:
Nabilah Irshad

Email:
nabilah@innovid.com

 

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

 

Latham
& Watkins LLP

1271
Avenue of the Americas

New
York, New York 10020

Attention:
Eyal Orgad and Michael Vardanian

Email:
Eyal.Orgad@lw.com; Michael.Vardanian@lw.com

 

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	 	(b)	If to Sponsor:

 

ION
Holdings 2, LP

 

89
Medinat Hayehudim Street

Herzliya
4676672, Israel

Attention:
Anthony Reich

Email:
anthony@ion-am.com

 

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

 

White
& Case LLP

1221
Avenue of the Americas

New
York, New York 10020

Attn:
Colin Diamond, Robert Chung and Jason Rocha

E-mail:
cdiamond@whitecase.com, robert.chung@whitecase.com,

jason.rocha@whitecase.com

 

(c)
If to a SPAC Holder, to the address or contact information as set forth in the Company’s books and records.

 

(d)
If to an Innovid Equityholder, to the address or contact information as set forth in the Company’s books and records.

 

7.2
Assignment; No Third Party Beneficiaries.

 

7.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

 

7.2.2
A Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, to any Person
to whom it transfers Registrable Securities; provided that such Registrable Securities remain Registrable Securities following such transfer
and such Person agrees to become bound by the terms and provisions of this Agreement.

 

7.2.3
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 7.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by the Addendum Agreement set forth in Exhibit A).

 

7.2.4
Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. Any attempted assignment in violation of the terms of this Section 7.2 shall be null and void, ab initio.

 

7.2.5
This Agreement shall not confer any rights or benefits on any Persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 7.2 hereof.

 

7.3
Captions; Counterparts. The headings, subheadings and captions contained in this Agreement are inserted for convenience only and
shall not affect in any way the meaning or interpretation of this Agreement. This Agreement and any amendment hereto may be executed
in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement or any amendment hereto by electronic means, including docusign,
e-mail, or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement or any amendment hereto.

 

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7.4
Organizational Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement,
shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the
law of any jurisdiction other than the State of Delaware.

 

7.5
Jurisdiction; Waiver of Jury Trial.

 

7.5.1
Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Chancery Court of the State of
Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal court sitting in the
Borough of Manhattan, State of New York, New York County), for the purposes of any Proceeding (as defined in the Merger Agreement), claim,
demand, action or cause of action (a) arising under this Agreement or (b) in any way connected with or related or incidental to the dealings
of the parties hereto in respect of this Agreement, and irrevocably and unconditionally waives any objection to the laying of venue of
any such Proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such Proceeding has been brought in an inconvenient forum. Each party hereby irrevocably and unconditionally waives, and
agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Proceeding, claim, demand, action or cause
of action against such party (i) arising under this Agreement or (ii) in any way connected with or related or incidental to the dealings
of the parties hereto in respect of this Agreement, (A) any claim that such party is not personally subject to the jurisdiction of the
courts as described in this Section 7.5 for any reason, (B) that such party or such party’s property is exempt or immune
from the jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (C) that (x) the Proceeding, claim,
demand, action or cause of action in any such court is brought against such party in an inconvenient forum, (y) the venue of such Proceeding,
claim, demand, action or cause of action against such party is improper or (z) this Agreement, or the subject matter hereof, may not
be enforced against such party in or by such courts. Each party agrees that service of any process, summons, notice or document by registered
mail to such party’s respective address set forth in Section 7.5 shall be effective service of process for any such Proceeding,
claim, demand, action or cause of action.

 

7.5.2
THE PARTIES HERETO EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY PROCEEDING, CLAIM, DEMAND,
ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR UNDER ANY ANCILLARY DOCUMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES HERETO EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH PROCEEDING, CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART
OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL
BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) 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, (B) EACH SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.5.

 

    22

     

    

 

7.6
Amendments and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total Registrable
Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
provisions, covenants or conditions may be amended or modified; provided, however, that in the event any such waiver, amendment or modification
(including with respect to any defined term as used therein, whether or not such defined term is defined therein) would be adverse in
any material respect to the material rights or obligations hereunder of a Holder of at least five (5.0%) percent of the Registrable Securities,
the written consent of such Holder will also be required; provided further that in the event any such waiver, amendment or modification
(including with respect to any defined term as used therein, whether or not such defined term is defined therein) would be disproportionate
and adverse in any material respect to the material rights or obligations hereunder of a Holder, the written consent of such Holder will
also be required; provided further that and amendment or modification to, or waiver of, Article VI (including with respect to any defined
term as used therein, whether or not such defined term is defined therein) that adversely affects any right granted to the Sponsor (including
with respect to any Sponsor Director) or Financial Investor shall require the prior written consent of the Sponsor or such Financial
Investor, as applicable. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on
the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights
or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

7.7
Termination of Existing Registration Rights. The registration rights granted under this Agreement shall supersede any registration,
qualification or similar rights of the Holders with respect to any shares or securities of ION or the Company granted under any other
agreement, including, but not limited to, the Prior Innovid Agreement, and any of such preexisting registration, qualification or similar
rights and such agreements shall be terminated and of no further force and effect.

 

7.8
Term. This Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities.
The provisions of Sections 3.5, 7.1, 7.4, 7.5, 7.10, 7.11, and Article V and Article
VI shall survive any termination. In the event the Merger Agreement is terminated in accordance with its terms, this Agreement shall
automatically terminate and be of no further force and effect.

 

7.9
Holder Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities
held by such Holder in order for the Company to make determinations hereunder.

 

7.10
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

7.11
Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all
prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral
or written, including without limitation the Prior Innovid Agreement and the Prior ION Agreement.

 

[Remainder
of the page intentionally left blank]

 

    23

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	[INNOVID HOLDINGS, INC.]
	 	 	               
	 	By:	
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	HOLDERS:
	 	 	 
	 	ION Holdings
    2, LP
	 	 
	 	By its General Partner,
	 	ION Acquisition
    Corp 2 Ltd.
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	THE
                    PHOENIX INSURANCE COMPANY

                    (NOSTRO)
                    LTD.

	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title: 	[●]
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title: 	[●]
	 	 	 
	 	THE PHOENIX INSURANCE COMPANY LTD.
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title: 	[●]
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title: 	[●]

 

Signature
Page to Registration Rights Agreement

 

    24

     

    

 

	 	THE PHOENIX EXCELLENCE PENSION AND PROVIDENT
    FUND LTD.
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title: 	[●]
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title: 	[●]
	 	 	 
	 	ION CROSSOVER PARTNERS LP
	 	 	 
	 	By its General Partner,
	 	ION CROSSOVER
    PARTNERS GP LP
	 	 	 
	 	By ION CROSSOVER PARTNERS FUND 
		LTD., as general partner
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	 
	 	Name:	 Jonathan Kolber
	 	 	 
	 	 
	 	Name: 	 Gilad Shany
	 	 	 
	 	 
	 	Name: 	 Avrom Gilbert
	 	 	 
	 	 
	 	Name: 	 Anthony Reich
	 	 	 
	 	 
		Name: 	 Gabriel Seligsohn
	 	 	 
	 	 
	 	Name: 	 Rinat Gazit
	 	 	 
	 	 
	 	Name: 	 Lior Shemesh

 

Signature
Page to Registration Rights Agreement

 

    25

     

    

 

	 	[INNOVID
    EQUITY HOLDER]
	 	 	        
	 	By:	
	 	Name:	[●]
	 	Title:	[●]

 

Signature
Page to Registration Rights Agreement

 

    26

     

    

 

 

Schedule
A

SPAC Holders

 

	Name
	 
	ION
    Holdings 2, LP
	The
    Phoenix Insurance Company Ltd.
	The
    Phoenix Insurance Company Ltd. (Nostro)
	The
    Phoenix Excellence Pension and Provident Fund Ltd.
	ION
    Crossover Partners LP
	Jonathan
    Kolber
	Gilad
    Shany
	Avrom
    Gilbert
	Anthony
    Reich
	Gabriel
    Seligsohn
	Rinat
    Gazit
	Lior
    Shemesh

 

Sponsor
Group Holders

 

	Name
	 
	ION
    Holdings 2, LP
	Jonathan
    Kolber
	Gilad
    Shany
	Avrom
    Gilbert
	Anthony
    Reich
	Gabriel
    Seligsohn
	Rinat
    Gazit
	Lior
    Shemesh

 

    27

     

    

 

Schedule
B

Innovid Equityholder

 

	Name
	 
	Goldman
    Sachs & Co. LLC
	Genesis
    Partners III L.P.,
	Lauderdale
    GMBH & CO.KG
	Sequoia
    Capital Israel IV Holdings L.P.
	Zohar
    Gilon Ltd.
	Amos
    and Daughters Investments and Properties Ltd.,
	Vintage
    Venture Partners III (Israel) L.P.
	Vintage
    Investment Partners V (Cayman) L.P.
	Vintage
    Investment Partners V (Israel) L.P.
	Vintage
    Venture Partners VI (Cayman) L.P.
	Vintage
    Investment Partners VI (Israel) L.P.
	Vintage
    Venture Partners III (Cayman) L.P.
	Cisco
    Systems Inc.,
	NewSpring
    Growth Capital III, L.P.
	Cerca
    Partners L.P.,
	Ibex
    Israel Fund LLLP

 

    28

     

    

 

EXHIBIT
A

 

Addendum
Agreement

 

This
Addendum Agreement (“Addendum Agreement”) is executed on [ ], 20[ ], by the undersigned (the “New Holder”)
pursuant to the terms of that certain Investor Rights Agreement dated as of [ ], 2021 (the “Agreement”), by and among
the Company and the other parties thereto, as such Agreement may be amended, supplemented or otherwise modified from time to time. Capitalized
terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed to such terms in the Agreement. By
the execution of this Addendum Agreement, the New Holder agrees as follows:

 

1. Acknowledgment.
New Holder acknowledges that New Holder is acquiring certain Company Common Stock of the Company (the “Shares”) as
a transferee of such Shares from a party in such party’s capacity as a holder of Registrable Securities under the Agreement, and
after such transfer, New Holder shall be considered an “Investor” and a holder of Registrable Securities for all purposes
under the Agreement.

 

2. Agreement.
New Holder hereby (a) agrees that the Shares shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement
with the same force and effect as if the New Holder were originally a party thereto.

 

3. Notice.
Any notice required or permitted by the Agreement shall be given to New Holder at the address or facsimile number listed below New Holder’s
signature below.

 

	NEW
    HOLDER:	ACCEPTED
    AND AGREED
	 	 	[Innovid
    [Holdings], Inc.]
	 	 	 
	Print
    Name:	 	 	Print
    Name:	 

 

	By:	 	 	By:	 

 

29

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