Document:

Exhibit 4.1

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of September 4, 2020

 

  

    

     

    

 

TABLE OF CONTENTS

 

 

	 	Page
	Article I REGISTRATION	2
	1.1   	Demand Registrations	2
	1.2   	Piggyback Registrations	5
	1.3   	Shelf Registration Statement	6
	1.4   	Withdrawal Rights	8
	1.5   	Holdback Agreements	9
	1.6   	Registration Procedures	9
	1.7   	Registration Expenses	15
	1.8   	Miscellaneous	15
	1.9   	Registration Indemnification	16
	1.10   	Target Financial Statements	18
	 	 	 
	Article II DEFINITIONS	18
	2.1   	Defined Terms	18
	2.2  	 Interpretation	22
	 	 	 
	Article III MISCELLANEOUS	22
	3.1   	Term	22
	3.2  	Notices	23
	3.3 	Amendments and Waivers	23
	3.4  	Successors and Assigns and Transferees	24
	3.5 	Severability	24
	3.6  	Counterparts	24
	3.7  	Entire Agreement	24
	3.8   	APPLICABLE LAW; JURISDICTION OF DISPUTES	25
	3.9   	WAIVER OF JURY TRIAL	25
	3.10  	Specific Performance	25
	3.11  	No Third Party Beneficiaries	26
	3.12 	No Recourse	26

 

	EXHIBITS	 
	EXHIBIT A	Plan of Distribution
	EXHIBIT B-1	Form of Joinder for Sponsors
	EXHIBIT B-2	Form of Joinder for Holders
	EXHIBIT C	Permitted Transferees	 
	 	 	 
	SCHEDULES	 
	SCHEDULE A	Address for Holders	 

 

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REGISTRATION RIGHTS AGREEMENT, dated as
of September 4, 2020 (this “Agreement”), among Intercontinental Exchange, Inc., a Delaware corporation (the
 “Company”), and each of the persons whose name appears on the signature pages hereto or becomes a party hereto
pursuant to Section 3.4.

 

 

W I T N E S S E T H:

 

WHEREAS, the Company has entered into a
Stock Purchase Agreement, dated as of August 6, 2020 (the “Stock Purchase Agreement”), with Ellie Mae Parent,
LP, a Delaware limited partnership (the “Seller”), and Ellie Mae Intermediate Holdings I (“Ellie Mae”)
relating to the purchase by the Company from the Seller all of the issued and outstanding Class A Common Stock of Ellie Mae, par
value $0.001 per share, and Class B Common Stock of Ellie Mae, par value $0.001 per share, held by the Seller (the “Purchased
Shares”);

 

WHEREAS, pursuant to and subject to the
terms and conditions of the Stock Purchase Agreement, the Company shall at the Closing deliver to Seller shares of common stock
of the Company, par value $0.01 per share (the “Company Common Stock” and any such shares of Company Common
Stock delivered to Seller pursuant to the Stock Purchase Agreement, the “Shares”), as consideration for the
Purchased Shares ; and

 

WHEREAS, the Company has agreed to grant
registration rights in respect of the Shares and to cooperate with the Holders in connection with sales or other dispositions of
the Shares, on the terms and subject to the conditions set forth herein.

 

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

 

Article I

REGISTRATION

 

1.1             
Demand Registrations.

 

(a)              
Subject to the terms and conditions hereof, solely during any period when the Company is not eligible under Applicable
Law to register Registrable Securities on Form S-3 pursuant to Section 1.3, any Demand Stockholders (“Requesting
Stockholders”) shall be entitled to make a number of written requests of the Company (each, a “Demand”)
set forth in Section 1.1(c) hereof for registration under the Securities Act of an amount of Registrable Securities
then held by such Requesting Stockholders that equals or is greater than the Registrable Amount (a “Demand Registration”).

 

Thereupon the Company will, subject to the terms of this Agreement,
use its reasonable best efforts to effect the registration as promptly as practicable under the Securities Act of:

 

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(i)                
 the Registrable Securities which the Company has been so requested to register by the Requesting Stockholders for
disposition in accordance with the intended method of disposition stated in such Demand;

 

(ii)             
all other Registrable Securities which the Company has been requested to register pursuant to Section 1.1(b),
but subject to Section 1.1(g); and

 

(iii)           
all shares of Company Common Stock which the Company may elect to register in connection with any offering of Registrable
Securities pursuant to this Section 1.1, but subject to Section 1.1(g);

 

all to the extent necessary to permit the disposition (in accordance
with the intended methods thereof) of the Registrable Securities and the additional shares of Company Common Stock, if any, to
be so registered.

 

(b)              
A Demand shall specify (i) the aggregate number of Registrable Securities requested to be registered in such
Demand Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then
known and (iii) the identity of the Requesting Stockholder(s). Within three (3) Business Days after receipt of a Demand,
the Company shall give written notice of such Demand to all Other Holders. The Company shall include in the Demand Registration
covered by such Demand all Registrable Securities with respect to which the Company has received a written request for inclusion
therein from the Holder thereof within ten (10) days after the Company’s notice required by this paragraph has been
given, subject to Section 1.1(g). Each such written request shall comply with the requirements of a Demand as set forth
in this Section 1.1(b).

 

(c)              
The Requesting Stockholders shall have the right to request only a total of up to three (3) Demand Registrations;
provided that no more than one Demand Registration may be made in any four (4)-month period. A Demand Registration shall not be
deemed to have been effected and shall not count as a Demand Registration (i) unless a registration statement with respect
thereto has become effective and has remained effective for a period of at least one hundred eighty (180) days or such shorter
period in which all Registrable Securities included in such Demand Registration have actually been sold thereunder (provided that
such period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling
any securities included in such registration statement at the request of the Company or the lead managing underwriter(s) pursuant
to the provisions of this Agreement) or (ii) if, after it has become effective, such Demand Registration becomes subject,
prior to one hundred eighty (180) days after effectiveness, to any stop order, injunction or other order or requirement
of the Commission or other Governmental Authority, other than by reason of any act or omission by the applicable Selling Stockholders.

 

(d)              
Demand Registrations shall be on such appropriate registration form of the Commission as shall be selected by the
Company and reasonably acceptable to the Requesting Stockholders.

 

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(e)               The
Company shall not be obligated to (i) subject to Section 1.1(c), maintain the effectiveness of a
registration statement under the Securities Act filed pursuant to a Demand Registration for a period longer than one hundred
eighty (180) days or (ii) effect any Demand Registration (A) within four months of a “firm commitment”
Underwritten Offering in which all Demand Stockholders were offered “piggyback” rights pursuant to Section 1.2
(subject to Section 1.2(b)) and at least 90% of the number of Registrable Securities requested by such Requesting
Stockholders to be included in such Demand Registration were included and sold or (B) within four months of the
completion of any other Demand Registration (including, for the avoidance of doubt, any Underwritten Offering pursuant to any
Shelf Registration Statement).

 

(f)               
The Company shall be entitled to postpone (upon written notice to the Requesting Stockholders and any Other Holders
whose Registrable Securities are covered by such Demand pursuant to Section 1.1(b)) the filing or the effectiveness
of a registration statement for any Demand Registration, or suspend the availability of a registration statement and the prospectus
contained therein for sales hereunder, in the event of a Blackout Period until the expiration of the applicable Blackout Period.
In the event of a Blackout Period, the Company shall deliver to the Requesting Stockholders requesting registration and any Other
Holders whose Registrable Securities are covered by such Demand pursuant to Section 1.1(b) a certificate signed by
either the chief executive officer, the chief financial officer or the general counsel of the Company certifying that, in the good
faith judgment of the Company, the conditions described in the definition of Blackout Period are met. The Company shall promptly
provide written notice to the Requesting Stockholders of the expiration of any Blackout Period.

 

(g)              
If, in connection with a Demand Registration or Shelf Offering that involves an Underwritten Offering, the lead managing
underwriter(s) advise(s) the Company that, in its (their) opinion, the inclusion of all of the securities sought to be registered
in connection with such Demand Registration would adversely affect the success thereof, then the Company shall include in such
registration statement only such securities as the Company is advised by such lead managing underwriter(s) can be sold without
such adverse effect as follows and in the following order of priority: (i) first pro rata among the Holders (including
the Sponsors, as applicable) that have requested to participate in such Demand Registration based on the relative number of Registrable
Securities then held by each such Holder (provided that any Registrable Securities thereby allocated to a Holder that exceed
such Holder’s request shall be reallocated among the remaining requesting Holders in like manner); (ii) second, securities
the Company proposes to sell; and (iii) third, all other securities of the Company duly requested to be included in such registration
statement by other persons, pro rata on the basis of the amount of such other securities requested to be included or such other
allocation method determined by the Company.

 

(h)              
Any time that a Demand Registration or Shelf Offering involves an Underwritten Offering, Requesting Stockholders
shall select the investment banker(s) and manager(s) that will serve as managing underwriters (including which such managing underwriters
will serve as lead or co-lead) and underwriters with respect to the offering of such Registrable Securities; provided that such
investment banker(s) and manager(s) shall be subject to the prior written consent of the Company, not to be unreasonably withheld,
conditioned or delayed.

 

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1.2             
Piggyback Registrations.

 

(a)               Subject
to the terms and conditions hereof, whenever the Company proposes to register any Company Common Stock under the Securities
Act for its own account or for the account of other persons who are not Demand Stockholders (other than a registration by the
Company (i) on Form S-4 or any successor form thereto, (ii) on Form S-8 or any successor form thereto, or
(iii) pursuant to Section 1.1) (a “Piggyback Registration”), the Company shall give all
Holders prompt written notice thereof (but not less than ten days prior to the filing by the Company with the Commission of
any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify the
number of shares of Company Common Stock proposed to be registered, the proposed date of filing of such registration
statement with the Commission, the proposed means of distribution, the proposed managing underwriter(s) (if any) and a good
faith estimate by the Company of the proposed minimum offering price of such shares of Company Common Stock, in each case to
the extent then known. Subject to Section 1.2(b), the Company shall include in each such Piggyback Registration
all Registrable Securities held by Holders (a “Piggyback Seller”) with respect to which the Company has
received written requests (which written requests shall specify the number of Registrable Securities requested to be disposed
of by such Piggyback Seller) for inclusion therein within ten (10) days after such Piggyback Notice is received by such
Piggyback Seller.

 

(b)              
If, in connection with a Piggyback Registration that involves an Underwritten Offering, the lead managing underwriter(s)
advises the Company that, in its opinion, the inclusion of all the shares of Company Common Stock sought to be included in such
Piggyback Registration by (i) the Company, (ii) other Persons who have sought to have shares of Company Common Stock
registered in such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called “piggyback”
or other incidental or participation registration rights) such registration (such Persons being “Other Demanding Sellers”),
(iii) the Piggyback Sellers and (iv) any other proposed sellers of shares of Company Common Stock (such Persons being
 “Other Proposed Sellers”), as the case may be, would adversely affect the success thereof, then the Company
shall include in the registration statement applicable to such Piggyback Registration only such shares of Company Common Stock
as the Company is so advised by such lead managing underwriter(s) can be sold without such an effect, as follows and in the following
order of priority:

 

(i)                
if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such
number of shares of Company Common Stock to be sold by the Company as the Company, in its reasonable judgment and acting in good
faith and in accordance with sound financial practice, shall have determined, (B) second, Registrable Securities of Piggyback
Sellers, pro rata based on the number of Registrable Securities then held by each such Piggyback Seller (provided that any Registrable
Securities thereby allocated to a Piggyback Seller that exceed such Piggyback Seller’s request shall be reallocated among
the remaining Piggyback Sellers in like manner), (C) third, shares of Company Common Stock sought to be registered by Other
Demanding Sellers, pro rata on the basis of the number of shares of Company Common Stock proposed to be sold by such Other Demanding
Sellers and (D) fourth, other shares of Company Common Stock proposed to be sold by any Other Proposed Sellers; or

 

(ii)              if
the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first, such
number of shares of Company Common Stock sought to be registered by each Other Demanding Seller pro rata in proportion to the
number of securities sought to be registered by all such Other Demanding Sellers, (B) second, Registrable Securities of
Piggyback Sellers, pro rata based on the number of shares of Registrable Securities then held by each such Piggyback Seller
(provided that any Registrable Securities thereby allocated to a Piggyback Seller that exceed such Piggyback Seller’s
request shall be reallocated among the remaining Piggyback Sellers in like manner), (C) third, shares of Company Common
Stock to be sold by the Company and (D) fourth, other shares of Company Common Stock proposed to be sold by any Other
Proposed Sellers.

 

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(c)              
For clarity, in connection with any Underwritten Offering under this Section 1.2, the Company shall not
be required to include the Registrable Securities of a Piggyback Seller in the Underwritten Offering unless such Piggyback Seller
accepts the terms of the underwriting as agreed upon between the Company and the lead managing underwriter(s), which shall be selected
by the Company.

 

(d)              
If, at any time after giving written notice of its intention to register any shares of Company Common Stock as set
forth in this Section 1.2 and prior to the time the registration statement filed in connection with such Piggyback
Registration is declared effective, the Company shall determine for any reason not to register such shares of Company Common Stock,
the Company may, at its election, give written notice of such determination to the Piggyback Sellers within five (5) Business Days
thereof and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular
withdrawn or abandoned Piggyback Registration; provided that Demand Stockholders may continue the registration as a Demand Registration
pursuant to the terms of Section 1.1.

 

1.3             
Shelf Registration Statement.

 

(a)               If
the Company is then a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) or otherwise eligible to
offer securities under or file with automatic effectiveness, the Company shall file, as promptly as reasonably practicable
following the Closing Date (which, for the avoidance of doubt, shall be within five (5) Business Days following the Closing
Date, assuming each Holder has timely provided the Requested Information pursuant to Section 1.8(a) below), a
registration statement on Form S-3 or any successor form thereto (“Form S-3”) providing for an offering to
be made on a continuous basis pursuant to Rule 415 under the Securities Act (a “Shelf Registration
Statement”) in the form of an automatic shelf registration statement (as defined in Rule 405 under the Securities
Act) or any successor form thereto registering all Registrable Securities then held by the Holders and including a plan and
method of distribution substantially in the form of Exhibit A hereto. If the Company is not expected to be a
well-known seasoned issuer (as defined in Rule 405 under the Securities Act) immediately following the Closing Date, then,
subject to the availability of a registration statement on Form S-3 to the Company, any of the Demand Stockholders may by
written notice delivered to the Company (the “Shelf Notice”) require the Company to file as soon as
reasonably practicable, and to use reasonable best efforts to cause to be declared effective by the Commission as soon as
reasonably practicable after such filing date, a Shelf Registration Statement relating to the offer and sale, from time to
time, of an amount of Registrable Securities then held by such Demand Stockholders that equals or is greater than the
Registrable Amount and including a plan and method of distribution substantially in the form of Exhibit A. For the
avoidance of doubt, the Company may satisfy its obligations with respect to the filing of a Shelf Registration Statement by
filing with the Commission and providing the Demand Stockholders with a prospectus supplement under a “universal”
or other shelf registration statement of the Company that also registers sales of securities for the account of the Company
or other holders (provided, for the avoidance of doubt, that the Company shall comply with all of its other
obligations under this Agreement with respect to a Shelf Registration Statement, including Section 1.3(c)), it being
agreed that, if available, the Company shall file such a prospectus supplement in lieu of a new Shelf Registration Statement,
unless the Company and the Demand Stockholders otherwise agree.

 

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(b)              
Within ten (10) days after receipt of a Shelf Notice pursuant to Section 1.3(a), the Company will deliver
written notice thereof to all Other Holders. Each Other Holder may elect to participate with respect to its Registrable Securities
in the Shelf Registration Statement in accordance with this Agreement and the plan and method of distribution set forth in such
Shelf Registration Statement by delivering to the Company a written request to so participate within ten (10) days after the Shelf
Notice is received by any such Holder of Registrable Securities.

 

(c)              
Subject to Section 1.3(d), the Company will use its reasonable best efforts to keep a Shelf Registration
Statement continuously effective until the earlier of (i) the date on which all Registrable Securities covered by the Shelf
Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus
included in the Shelf Registration Statement, or otherwise cease to be Registrable Securities; and (ii) the date on which
this Agreement terminates pursuant to Section 3.1.

 

(d)              
Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to
time, by providing written notice to the Holders whose Registrable Securities are registered under the Shelf Registration Statement,
to require such Holders to suspend the use of the prospectus for sales of Registrable Securities under the Shelf Registration Statement
during any Blackout Period. In the event of a Blackout Period, the Company shall deliver to such Holders a certificate signed by
the chief executive officer, the chief financial officer or the general counsel of the Company certifying that, in the good faith
judgment of the Company, the conditions described in the definition of Blackout Period are met. After the expiration of any Blackout
Period and without any further request from a Holder of Registrable Securities, the Company to the extent necessary shall as promptly
as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus,
or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The Company shall promptly provide written notice to the Holders whose Registrable Securities are registered under
the Shelf Registration Statement of the expiration of any Blackout Period.

 

(e)               At
any time that a Shelf Registration Statement is effective, if one or more Demand Stockholders deliver a notice to the Company
(a “Take-Down Notice”) stating that such Demand Stockholder(s) intend to sell a Registrable Amount of
Registrable Securities on the Shelf Registration Statement in an Underwritten Offering (a “Shelf
Offering”), the Company shall promptly, and in a manner reasonably agreed with such Demand Stockholder(s) amend or
supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be
distributed pursuant to the Shelf Offering (taking into account, solely in connection with (x) a Non-Marketed
Underwritten Shelf Offering that will be completed prior to the one (1) year anniversary of the Closing Date or
(y) a Marketed Underwritten Shelf Offering, the inclusion of Registrable Securities by any Other Holders pursuant to
this Section 1.3). The Demand Stockholders shall have the right to request only a total of
four (4) Shelf Offerings pursuant to this Section 1.3(e) and (i) any Marketed Underwritten Shelf
Offering shall be subject to the provisions of Section 1.1(e)(ii) as if such Underwritten Shelf Offering were a
Demand Registration and (ii) the Demand Stockholders cannot effect any Non-Marketed Underwritten Shelf Offering
within 30 days of any other Underwritten Shelf Offering.

 

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(f)               
Except as provided in the immediately succeeding sentence, the right of the Other Holders to offer and sell Registrable
Securities registered on a Shelf Registration Statement shall be limited to sales by such Other Holders in transactions satisfying
the requirements of Rule 144(f) under the Securities Act. For the avoidance of doubt, no Other Holders will be entitled to
participate in Shelf Offerings unless the Demand Stockholders determine otherwise in a written notice delivered to the Company
and such Other Holders.

 

(g)              
For the avoidance of doubt, any Shelf Offering will be subject to Sections 1.1(g) and (h).

 

1.4             
Withdrawal Rights. Any Demand Stockholder having notified or directed the Company to include any or all of
its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice
or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice
to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal,
the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall
continue to be Registrable Securities for all purposes of this Agreement (subject to the other terms and conditions of this Agreement).
No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn if any
other Demand Holder has requested that Registrable Securities be included in such registration; provided, however, that in the
case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such
registration below the Registrable Amount, then the Company shall as promptly as practicable give each Demand Stockholder seeking
to register Registrable Securities notice to such effect and, within ten (10) days following the mailing of such notice, such Demand
Stockholders still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities
to satisfy the Registrable Amount or elect that such registration statement not be filed or, if theretofore filed, be withdrawn.
During such ten (10) day period, the Company shall not file such registration statement if not theretofore filed or, if such registration
statement has been theretofore filed, the Company shall not seek, and shall use reasonable best efforts to prevent, the effectiveness
thereof.

 

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1.5             
Holdback Agreements.

 

(a)              
 In connection with any Underwritten Offering in which a Holder participates pursuant to Section 1.2,
each such Holder agrees to enter into customary agreements, including such customary carve-outs and limitations as any such Holder
may reasonably request, restricting the public sale or distribution of equity securities of the Company (including sales pursuant
to Rule 144 under the Securities Act) to the extent required in writing by the lead managing underwriter(s) with respect to an
applicable Underwritten Offering during the period commencing on the date of the “pricing” of such Underwritten Offering)
and continuing for not more than the lesser of (i) the period to which the Company (subject to customary carve-outs and limitations)
is restricted and (ii) sixty (60) days after the date of the “final” prospectus (or “final” prospectus
supplement if the Underwritten Offering is made pursuant to a Shelf Registration Statement), pursuant to which such Underwritten
Offering shall be made, or such shorter period as is required by the lead managing underwriter(s). Any discretionary waiver or
termination of the requirements under the foregoing provisions made by the Company or applicable lead managing underwriter(s) shall
apply to each Holder on a pro rata basis.

 

(b)              
If any Demand Registration involves an Underwritten Offering or in the event of a Marketed Underwritten Shelf Offering,
the Company will not effect any public sale or distribution of any common equity (or securities convertible into or exchangeable
or exercisable for common equity) (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto) for
its own account, within sixty (60) days, after the date of such Underwritten Offering or Marketed Underwritten Shelf Offering,
as applicable, except as may otherwise be agreed between the Company and the lead managing underwriter(s) of such Underwritten
Offering or Marketed Underwritten Shelf Offering, as applicable.

 

1.6             
Registration Procedures.

 

(a)              
If and whenever the Company is required to use reasonable best efforts to effect the registration of any Registrable
Securities under the Securities Act as provided in Section 1.1, Section 1.2 or Section 1.3,
the Company shall as expeditiously as reasonably practicable:

 

(i)                 prepare
and file with the Commission a registration statement to effect such registration in accordance with the intended method or
methods of distribution of such securities and thereafter use reasonable best efforts to cause such registration statement to
become and remain effective pursuant to the terms of this Article I; provided, however, that the Company may discontinue
any registration of its securities which are not Registrable Securities at any time prior to the effective date of the
registration statement relating thereto; provided, further, that before filing such registration statement or any amendments
thereto, the Company will furnish to the Holders which are including Registrable Securities in such registration
(“Selling Stockholders”), their counsel (which shall be one counsel for all Selling Stockholders, as
designed by the Demand Stockholders) and the lead managing underwriter(s) and their counsel, if any, copies of all such
documents proposed to be filed, which documents will be subject to the review and reasonable comment of such counsel, and
other documents reasonably requested by such counsel, including any comment letter from the Commission, and, if requested by
such counsel, provide such counsel a reasonable opportunity to participate in the preparation of such registration statement
and each prospectus included therein. The Company shall not file any such registration statement or prospectus or any
amendments or supplements thereto with respect to a Demand Registration to which the Requesting Stockholders, their counsel
or the lead managing underwriter(s), if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion
of the Company, such filing is necessary to comply with Applicable Law;

 

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(ii)             
prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective pursuant to the terms of this Article I,
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement;

 

(iii)           
if requested by the lead managing underwriter(s), if any, or the Demand Stockholders, promptly include in a prospectus
supplement or post-effective amendment such information as the lead managing underwriter(s), if any, and such holders may reasonably
request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus
supplement or such post-effective amendment as soon as reasonably practicable after the Company has received such request;
provided, however, that the Company shall not be required to take any actions under this Section 1.6(a)(iii) that are
not, in the opinion of counsel for the Company, in compliance with Applicable Law;

 

(iv)            
furnish to the Selling Stockholders and each underwriter, if any, of the securities being sold by such Selling Stockholders
such number of conformed copies of such registration statement and of each amendment and supplement thereto, such number of copies
of the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and
each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”) utilized
in connection therewith and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements
of the Securities Act, and such other documents as such Selling Stockholders and underwriter, if any, may reasonably request in
order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Stockholders;

 

(v)               use
reasonable best efforts to register or qualify or cooperate with the Selling Stockholders, the underwriters, if any, and
their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities covered by such registration statement under such other securities laws or
 “blue sky” laws of such jurisdictions as the Selling Stockholders and any underwriter of the securities being
sold by such Selling Stockholders shall reasonably request, and to keep each such registration or qualification (or exemption
therefrom) effective during the period such registration statement is required to be kept effective and take any other action
which may be necessary or reasonably advisable to enable such Selling Stockholders and underwriters to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such Selling Stockholders, except that the Company
shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any
jurisdiction wherein it would not but for the requirements of this clause (v) be obligated to be so qualified,
(B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any
such jurisdiction;

 

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(vi)            
use reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed and, if no such securities are so listed, use reasonable best efforts
to cause such Registrable Securities to be listed on the New York Stock Exchange or the NASDAQ Stock Market;

 

(vii)         
use reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered
with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the Selling Stockholder(s)
thereof to consummate the disposition of such Registrable Securities;

 

(viii)       
use reasonable best efforts to provide and cause to be maintained a transfer agent and registrar for all Registrable
Securities covered by such registration statement from and after a date not later than the effective date of such registration
statement;

 

(ix)            
in an Underwritten Offering, enter into an underwriting agreement in form, scope and substance as is customary in
underwritten offerings and in connection therewith, (A) make representations and warranties to the Holders of such Registrable
Securities and the underwriters with respect to the business of the Company and its subsidiaries, and the registration statement,
prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance
and scope as are customarily made by issuers in underwritten offerings, and, if true, confirm the same if and when requested, (B) include
in the underwriting agreement indemnification provisions and procedures substantially to the effect set forth in Section 1.9
hereof with respect to all parties to be indemnified pursuant to said section except as otherwise agreed by the Demand Stockholders
and (C) deliver such documents and certificates as are reasonably requested by the Demand Stockholders, their counsel and the lead
managing underwriters(s), if any, to evidence the continued validity of the representations and warranties made pursuant to sub-clause
(A) above and to evidence compliance with any customary conditions contained in the underwriting agreement. The above shall be
done at each closing under such underwriting agreement, or as and to the extent required thereunder;

 

(x)              
use reasonable best efforts to obtain for the Selling Stockholders and underwriter(s) or agent(s) (A) opinions
of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings and such other
matters as may be reasonably requested by the Demand Stockholders and the underwriters or agents and (B) ”comfort”
letters and updates thereof (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort”
letter specified in Statement on Auditing Standards No. 72, an “agreed upon procedures” letter) signed by the independent
public accountants who have certified the Company’s financial statements and, to the extent required, any other financial
statements included in such registration statement, covering the matters customarily covered in “comfort” letters in
connection with underwritten offerings;

 

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(xi)            
 make available for inspection by the Selling Stockholders, any underwriter or agent participating in any disposition
pursuant to any registration statement, and any attorney, accountant or other agent or representative retained in connection with
such offering by such Selling Stockholder, underwriter or agent (collectively, the “Inspectors”), such financial
and other records, pertinent corporate documents and instruments of the Company (collectively, the “Records”),
as shall be reasonably necessary, or as shall otherwise be reasonably requested, to enable them to exercise their due diligence
responsibility, and cause the officers, directors and employees of the Company and its subsidiaries (and use its reasonable best
efforts to cause its auditors) to participate in customary due diligence calls and to supply all information in each case reasonably
requested by any such underwriter, agent or Inspector in connection with such registration statement; provided, however, that the
Company shall not be required to provide any information under this clause (xi) if (A) the Company believes, after consultation
with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable
to such information or (B) if either (1) the Company has requested and been granted from the Commission confidential
treatment of such information contained in any filing with the Commission or documents provided supplementally or otherwise or
(2) the Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing;
unless prior to furnishing any such information with respect to clause (1) or (2) such Selling Stockholder requesting such
information enters into, and causes each of its Inspectors to enter into, a confidentiality agreement on terms and conditions reasonably
acceptable to the Company; provided, further, that each Selling Stockholder agrees that it will, upon learning that disclosure
of such Records is sought in a court of competent jurisdiction or by another Governmental Authority, give notice to the Company
and allow the Company, at its expense, to undertake appropriate action seeking to prevent disclosure of the Records deemed confidential;

 

(xii)          as
promptly as practicable notify in writing the Selling Stockholder and the underwriters, if any, of the following events:
(A) the filing of the registration statement, any amendment thereto, the prospectus or any prospectus supplement related
thereto or post-effective amendment to the registration statement or any Free Writing Prospectus utilized in connection
therewith, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become
effective; (B) any request by the Commission or any other U.S. or state governmental authority for amendments or
supplements to the registration statement or the prospectus or for additional information; (C) the issuance by the
Commission of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings
by any Person for that purpose; (D) the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
or the initiation or threat of any proceeding for such purpose; and (E) subject to the provisions of this Agreement
relating to a Blackout Period, upon the happening of any event that makes any statement made in such registration statement
or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires the making of any changes in such registration statement, prospectus or documents so that, in the
case of the registration statement, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the
prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading, and, at the request
of any Selling Stockholder, promptly prepare and furnish to such Selling Stockholder a reasonable number of copies of a
supplement to or an amendment of such registration statement or prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading;

 

    12

     

    

 

(xiii)       
use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration
statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities
for sale in any jurisdiction at the earliest reasonable practicable date, except that, subject to the requirements of Section 1.6(a)(v),
the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in
any jurisdiction wherein it would not but for the requirements of this clause (xiii) be obligated to be so qualified,
(B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such
jurisdiction;

 

(xiv)        
cooperate with the Selling Stockholders and the lead managing underwriter(s) to facilitate the timely preparation
and delivery of certificates (which shall not bear any restrictive legends unless required under Applicable Law) representing securities
sold under any registration statement, and enable such securities to be in such denominations and registered in such names as the
lead managing underwriter(s) or such Selling Stockholders may request and keep available and make available to the Company’s
transfer agent prior to the effectiveness of such registration statement a supply of such certificates;

 

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

 

(xvi)        
have appropriate officers of the Company prepare and make presentations at a reasonable number of “road shows”
and before analysts, as the case may be, and other information meetings reasonably organized by the underwriters and otherwise
use its reasonable best efforts to cooperate as reasonably requested by the Demand Stockholders and the underwriters in the offering,
marketing or selling of the Registrable Securities.

 

(b)              
The Company may require each Selling Stockholder and each underwriter, if any, to furnish the Company in writing
such information regarding each Selling Stockholder or underwriter and the distribution of such Registrable Securities as the
Company may from time to time reasonably request in writing to complete or amend the information required by such registration
statement.

 

    13

     

    

 

(c)              
Each Selling Stockholder agrees that upon receipt of any notice from the Company of the happening of any event of
the kind described in clauses (B), (C), (D), (E) and (F) of Section 1.6(a)(xii), such Selling Stockholder shall
forthwith discontinue such Selling Stockholder’s disposition of Registrable Securities pursuant to the applicable registration
statement and prospectus relating thereto until such Selling Stockholder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 1.6(a)(xii), or until it is advised in writing by the Company that the use of the
applicable prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or
deemed to be incorporated by reference in such prospectus; provided, however, that the Company shall extend the time periods under
Section 1.1(c) with respect to the length of time that the effectiveness of a registration statement must be maintained
by the amount of time the Holder is required to discontinue disposition of such securities.

 

(d)              
With a view to making available to the Holders the benefits of Rule 144 under the Securities Act and any other rule
or regulation of the Commission that may at any time permit a holder to sell securities of the Company to the public without registration
or pursuant to a registration on Form S-3 (or any successor form), the Company shall:

 

(i)                
use reasonable best efforts to make and keep public information available, as those terms are understood and defined
in Rule 144 under the Securities Act;

 

(ii)             
use reasonable best efforts to file with the Commission in a timely manner all reports and other documents required
of the Company under the Exchange Act, at any time when the Company is subject to such reporting requirements;

 

(iii)           
furnish to any Holder, promptly upon request, a written statement by the Company as to its compliance with the reporting
requirements of Rule 144 under the Securities Act and of the Exchange Act, a copy of the most recent annual or quarterly report
of the Company, and such other reports and documents so filed or furnished by the Company with the Commission as such Holder may
reasonably request in connection with the sale of Registrable Securities without registration (in each case to the extent not readily
publicly available); and

 

(iv)            
otherwise provide such Holder with such customary assistance as is reasonably requested.

 

    14

     

    

 

1.7              Registration
Expenses. All fees and expenses incident to the Company’s performance of its obligations under this Article I,
including (a) all registration and filing fees, including all fees and expenses of compliance with securities and
 “blue sky” laws (including the reasonable and documented fees and disbursements of counsel for the underwriters
in connection with “blue sky” qualifications of the Registrable Securities pursuant to Section 1.6(a)(v))
and all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and
expenses of any “qualified independent underwriter” as such term is defined in FINRA Rule 5121), (b) all
printing (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the
Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by a Demand Stockholder)
and copying expenses, (c) all messenger, telephone and delivery expenses, (d) all fees and expenses of the
Company’s independent certified public accountants and counsel (including with respect to “comfort” letters
and opinions), (e) expenses of the Company incurred in connection with any “road show” and
(f) reasonable and documented fees and disbursements of one counsel for all Holders whose Registrable Securities are
included in a registration statement, which counsel shall be selected by the Demand Stockholders, shall be borne solely by
the Company whether or not any registration statement is filed or becomes effective. In connection with the Company’s
performance of its obligations under this Article I, the Company will pay its internal expenses (including all salaries
and expenses of its officers and employees performing legal or accounting duties and the expense of any annual audit) and the
expenses and fees for listing the securities to be registered on each securities exchange. Each Selling Stockholder shall pay
its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling
Stockholder’s Registrable Securities pursuant to any registration.

 

1.8             
Miscellaneous.

 

(a)              
Not less than five (5) Business Days before the expected filing date of each registration statement pursuant to this
Agreement, the Company shall notify each Holder of Registrable Securities who has timely provided the requisite notice hereunder
entitling such Holder to register Registrable Securities in such registration statement of the information, documents and instruments
from such Holder that the Company or any underwriter reasonably requests in connection with such registration statement, including,
to the extent applicable, a questionnaire, custody agreement, power of attorney, lock-up letter (not to exceed a 60 day lock-up
period) and underwriting agreement (the “Requested Information”), provided that the Seller and the Sponsors
shall not be required to sign or deliver a custody agreement or power of attorney. If the Company has not received, on or before
the second Business Day before the expected filing date, the Requested Information from such Holder, the Company may file the registration
statement without including Registrable Securities of such Holder. The failure to so include in any registration statement the
Registrable Securities of a Holder of Registrable Securities (with regard to that registration statement) shall not result in any
liability on the part of the Company to such Holder.

 

(b)              
The Company shall not grant any demand, piggyback or shelf registration rights, the terms of which are senior to
or conflict with the rights granted to the Holders of Registrable Securities hereunder to any other Person, or enter into any other
agreements that conflict with the rights granted to the Holders of Registrable Securities under this Agreement (except to the extent
contemplated under the definition of “Blackout Period”), without the prior written consent of Demand Stockholders
holding a majority of the Registrable Securities then held by all Demand Stockholders.

 

(c)               The
Company will cooperate with the Holders and the managing underwriter(s), if any, to facilitate the timely preparation and
delivery of certificates or book entries (which, in either case, shall not bear any restrictive legends) representing Shares
to be sold by any Holder pursuant to any registration statement or sold pursuant to Rule 144 under the Securities Act
(including delivering such instruction letters, officer’s certificates and/or legal opinions as the Company’s
transfer agent may request), and enable such shares to be in such denominations and registered in such names as the selling
Holders or managing underwriter(s) may request.

 

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1.9             
Registration Indemnification.

 

(a)              
The Company agrees, without limitation as to time, to indemnify and hold harmless, to the fullest extent permitted
by Law, each Selling Stockholder and its Affiliates and their respective officers, directors, members, shareholders, employees,
managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act) such Selling Stockholder or such other indemnified Person and the officers, directors, members, shareholders,
employees, managers, partners, accountants, attorneys and agents of each such controlling Person, from and against all losses,
claims, damages, liabilities, costs, expenses (including reasonable expenses of investigation and reasonable attorneys’ fees
and expenses) and amounts paid in settlement (collectively, the “Losses”), as incurred, arising out of, caused
by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any registration
statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment 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 (in the case
of a prospectus, preliminary prospectus, Free Writing Prospectus or any amendment or supplement thereto, in light of the circumstances
under which they were made) not misleading, except insofar as the same are caused by any information furnished in writing to the
Company by any Selling Stockholder expressly for use therein.

 

(b)             
In connection with any registration statement in which a Selling Stockholder is participating, without limitation
as to time, each such Selling Stockholder shall, severally and not jointly, indemnify the Company, its directors, officers, stockholders,
employees, managers, partners and agents, and each Person who controls (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act) the Company, from and against all Losses, as incurred, arising out of, caused by,
resulting from or relating to any untrue statement (or alleged untrue statement) of material fact contained in the registration
statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment 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 (in the case
of a prospectus, preliminary prospectus, Free Writing Prospectus or any amendment or supplement thereto, in light of the circumstances
under which they were made) not misleading, in each case solely to the extent, but only to the extent, that such untrue statement
or omission is made in such registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment
or supplement thereto in reliance upon and in conformity with written information regarding such Selling Stockholder furnished
to the Company by such Selling Stockholder expressly for inclusion in such registration statement, prospectus or preliminary prospectus
or Free Writing Prospectus or any amendment or supplement thereto. Notwithstanding the foregoing, no Selling Stockholder shall
be liable under this Section 1.9(b) for amounts in excess of the net proceeds received by such holder in the offering
giving rise to such liability.

 

(c)               Any
Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release the
indemnifying party from its obligation, except to the extent that the indemnifying party has been actually and materially
prejudiced by such failure to provide such notice on a timely basis.

 

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(d)             
In any case in which any such action is brought against any indemnified party, and it notifies an indemnifying party
of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish,
to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof and acknowledging the obligations of the indemnifying
party with respect to such proceeding, the indemnifying party will not (so long as it shall continue to have the right to defend,
contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder
for any legal or other expense subsequently incurred by such indemnified party in connection with the defense thereof (unless (i) such
indemnified party reasonably objects to such assumption on the grounds that there are defenses available to it which are different
from or in addition to the defenses available to such indemnifying party and, as a result, a conflict of interest exists or (ii) the
indemnifying party shall have failed within a reasonable period of time to assume such defense and the indemnified party is or
would reasonably be expected to be materially prejudiced by such delay, in either of which events the indemnified party shall be
promptly reimbursed by the indemnifying party for the reasonable fees and expenses incurred in connection with retaining one separate
legal counsel (for the avoidance of doubt, for all indemnified parties in connection therewith)). For the avoidance of doubt, notwithstanding
any such assumption by an indemnifying party, the indemnified party shall have the right to employ separate counsel in any such
matter and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified
party except as provided in the previous sentence. An indemnifying party shall not be liable for any settlement of an action or
claim effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed). No matter shall
be settled by an indemnifying party without the consent of the indemnified party (which consent shall not be unreasonably withheld,
conditioned or delayed), unless such settlement (x) includes 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, (y) does not include
any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party and (z) is
settled solely for cash for which the indemnifying party shall be solely liable.

 

(e)              
The indemnification provided for under this Agreement shall survive the sale of the Registrable Securities and the
termination of this Agreement.

 

(f)               If
recovery is not available under the foregoing indemnification provisions for any reason or reasons other than as specified
therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to
contribution with respect to any Losses with respect to which such Person would be entitled to such indemnification but for
such reason or reasons, in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the
one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, the Persons’ relative knowledge and access to information concerning the matter with
respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other
equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable
if the amount of such contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Stockholder
shall be required to make a contribution in excess of the net proceeds received by such Selling Stockholder from its sale of
Registrable Securities in connection with the offering that gave rise to the contribution obligation.

 

    17

     

    

 

1.10           
Target Financial Statements. Notwithstanding anything in this Agreement to the contrary, if the Company determines
that the acquisition of the Target constitutes a “significant acquisition” under the Rule 3-05 of Regulation S-X, then
the Company shall not be required to file such registration statement in connection with a Demand Registration pursuant to Section
1.1 or a Shelf Registration or a prospectus supplement in connection with Section 1.3 before it has available for filing with the
Commission historical financial statements of Target and pro forma financial statements relating to the acquisition of Target effected
by the Stock Purchase Agreement that comply in all material respects with Rule 3-05 and Article 11 of Regulation S-X and Item 9.01
of Form 8-K, if the rules and regulations of the Commission would require the filing of such financial statements with the Commission
prior to or with such registration statement, Shelf Registration or prospectus supplement.

 

Article II

 

DEFINITIONS

 

2.1             
Defined Terms. Capitalized terms when used in this Agreement have the following meanings:

 

“Affiliate” means, (a) any
other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common
control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect
to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by agreement or otherwise), (b) for the avoidance
of doubt, if such specified Person is an investment fund, any other investment fund, the primary investment advisor to which is
the primary investment advisor to such specified Person or an Affiliate thereof, and (c) if such specified Person is a natural
Person, any family member of such natural Person. “Controlled” and “controlling” shall be construed accordingly.
Notwithstanding the foregoing, for all purposes of this Agreement, in no event shall an Affiliate of any Sponsor include any “portfolio
company” (as such term is customarily used among institutional investors) of any Sponsor.

 

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

 

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“Applicable Law” means,
with respect to any Person, any Law applicable to such Person, its assets, properties, operations or business.

 

“Beneficial Owner” or
 “Beneficially Own” has the meaning assigned to such term in Rule 13d-3 under the Exchange Act, and a Person’s
beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule (in each case, irrespective
of whether or not such Rule is actually applicable in such circumstance).

 

“Blackout Period” means
a period of up to 60 days in the event that the Company determines in good faith (after consultation with outside counsel) that
the registration or sale of Registrable Securities would (a) reasonably be expected to materially adversely affect or materially
adversely interfere with any bona fide material financing of the Company or any bona fide material transaction under consideration
by the Company or (b) require disclosure of material information that has not been, and is not otherwise required to be, disclosed
to the public, the premature disclosure of which would materially adversely affect the Company, which determination shall be accompanied
by a good faith determination by the Company that the prospectus, if used, would make an untrue statement of a material fact or
would omit the statement of a material fact necessary in order to make the statements made, in the light of the circumstances under
which they were made, not misleading; provided that, a Blackout Period may not occur more than twice in any period of 12
consecutive months and no more than 60 days in a 180 day period. For the avoidance of doubt, a Blackout Period shall expire when
the conditions in the foregoing clauses (a) or (b), as applicable, cease to be true.

 

“Business Day” means
a day on which banks are generally open for normal business in New York, New York, which day is not a Saturday or a Sunday.

 

“Closing” has the meaning
set forth in the Stock Purchase Agreement.

 

“Closing Date” has the
meaning set forth in the Stock Purchase Agreement.

 

“Commission” means the
Securities and Exchange Commission or any other federal agency administering the Securities Act.

 

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

 

“Company Common Stock”
has the meaning set forth in the recitals.

 

“Demand” has the meaning
set forth in Section 1.1(a).

 

“Demand Registration”
has the meaning set forth in Section 1.1(a).

 

“Demand Stockholder”
means the Seller and any Sponsor that holds Registrable Securities.

 

“Ellie Mae” has the meaning
set forth in the recitals.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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“Form S-3” has the meaning
set forth in Section 1.3(a).

 

“Free Writing Prospectus”
has the meaning set forth in Section 1.6(a)(iv).

 

“Governmental Authority”
means any court, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign, or
applicable exchange or self-regulatory organization, including FINRA.

 

“Holder” means the Seller
(for so long as it Beneficially Owns any Registrable Securities) and the Sponsors and each other holder of Registrable Securities
that is or becomes a party to this Agreement.

 

“Inspectors” has the
meaning set forth in Section 1.6(a)(xi).

 

“Law” means any federal,
state, provincial, local, municipal, foreign, international, multinational or other order, judgment, decree, constitution, law,
ordinance, regulation, statute, treaty, code, rule, by-law, writ, injunction, decision, arbitration award, franchise, license,
agency requirement, permit or other award of any Governmental Authority, or any policy, guideline, notice or protocol, in each
case, to the extent that it has the force of law.

 

“Losses” has the meaning
set forth in Section 1.9(a).

 

“Marketed Underwritten Shelf Offering”
means any Shelf Offering that is an Underwritten Offering and where the plan of distribution set forth in the applicable Take Down
Notice includes a customary “road show” (including an “electronic road show”) or other substantial marketing
effort by the Company and the underwriters.

 

“Non-Marketed Underwritten Shelf
Offering” means any Shelf Offering that is an Underwritten Offering but is not a Marketed Underwritten Shelf Offering.

 

“Other Demanding Sellers”
has the meaning set forth in Section 1.2(b).

 

“Other Holder” means
each Holder other than the Demand Stockholders.

 

“Other Proposed Sellers”
has the meaning set forth in Section 1.2(b).

 

“Permitted Transferee”
means (a) any Sponsor that executes a joinder hereto in accordance with Section 3.4 and (b) each of the equityholders
of the Seller listed on Exhibit C that executes a joinder hereto in accordance with Section 3.4.

 

“Person” means any natural
person or any corporation, partnership, limited liability company, association, trust or other entity or organization, including
any Governmental Authority.

 

“Piggyback Notice” has
the meaning set forth in Section 1.2(a).

 

“Piggyback Registration”
has the meaning set forth in Section 1.2(a).

 

“Piggyback Seller” has
the meaning set forth in Section 1.2(a).

 

    20

     

    

 

“Purchased Shares” has
the meaning set forth in the recitals.

 

“Records” has the meaning
set forth in Section 1.6(a)(xi).

 

“Registrable Amount”
means an amount of Registrable Securities having an aggregate value of at least $75 million (based on the anticipated offering
price (as reasonably determined in good faith by the Company)), without regard to any underwriting discount or commission.

 

“Registrable Securities”
means the Shares and any shares of Company Common Stock received in respect of the Shares in connection with any stock split or
subdivision, stock dividend, distribution or similar transaction; provided that any such Shares shall cease to be Registrable Securities
upon the earliest of (i) when they are sold by a Holder pursuant to an effective registration statement under the Securities
Act, (ii) when they have been sold by a Holder pursuant to Rule 144 under the Securities Act, (iii) when they shall have
ceased to be outstanding, (iv) in the case of Other Holders only, when they may be sold pursuant to Rule 144 under the Securities
Act without restriction on the basis of volume limitations and (v) in the case of the Seller and the Sponsors only, on the later
of (x) the fifteen (15) month anniversary of the Closing Date and (y) when they can be sold by the Seller or such Sponsors, as
applicable, pursuant to Rule 144 under the Securities Act without restriction on the basis of volume limitations.

 

“Requested Information”
has the meaning set forth in Section 1.8(a).

 

“Requesting Stockholders”
has the meaning set forth in Section 1.1(a).

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Seller” has the meaning
set forth in the recitals.

 

“Selling Stockholders”
has the meaning set forth in Section 1.6(a)(i).

 

“Shares” has the meaning
set forth in the recitals.

 

“Shelf Notice” has the
meaning set forth in Section 1.3(a).

 

“Shelf Offering” has
the meaning set forth in Section 1.3(e).

 

“Shelf Registration Statement”
has the meaning set forth in Section 1.3(a).

 

“Sponsors” means Thoma
Bravo Fund XIII, L.P., a Delaware limited partnership, Thoma Bravo Fund XIII-A, L.P., a Delaware limited partnership, Thoma Bravo
Executive Fund XIII, L.P., a Delaware limited partnership, and any other investment fund advised or managed by Thoma Bravo, L.P.,
that becomes a party hereto pursuant to Section 3.4.

 

“Stock Purchase Agreement”
has the meaning set forth in the recitals.

 

“Take-Down Notice” has
the meaning set forth in Section 1.3(e).

 

    21

     

    

 

“Target” means Ellie
Mae Intermediate Holdings I, Inc., a Delaware corporation.

 

“Transfer” means any
direct or indirect sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer, or entry into any
Agreement with respect to any sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer, excluding
entry into this Agreement and the Stock Purchase Agreement and the consummation of the transactions contemplated hereby and thereby.

 

“Underwritten Offering”
means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

 

2.2             
Interpretation. Whenever used herein, the words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, and the words “hereof” and “herein”
and similar words shall be construed as references to this Agreement as a whole and not limited to the particular Article, Section,
Annex, Exhibit or Schedule in which the reference appears. Unless the context otherwise requires, references herein: (x) to
Articles, Sections, Annexes, Exhibits and Schedules mean the Articles, Sections and Annexes of, and Exhibits and Schedules attached
to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as
amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; and (z) to a statute
means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated
thereunder. References to “$” or “dollars” means United States dollars. Any reference in this Agreement
to any gender shall include all genders. The meanings of defined terms are equally applicable to the singular and plural forms
of the defined terms. The Annexes, and Schedules referred to herein shall be construed with, and as an integral part of, this Agreement
to the same extent as if they were set forth verbatim herein. The headings of the Articles and Sections are for convenience of
reference only and do not affect the interpretation of any of the provisions hereof. If, and as often as, there is any change in
the outstanding shares of Company Common Stock by reason of stock dividends, splits, reverse splits, spin-offs, split-ups, mergers,
reclassifications, reorganizations, recapitalizations, combinations or exchanges of shares and the like, appropriate adjustment
shall be made in the provisions of this Agreement so as to fairly and equitably preserve, as far as practicable, the rights and
obligations set forth herein that continue to be applicable on the date of such change. No rule of construction against the draftsperson
shall be applied in connection with the interpretation or enforcement of this Agreement, as this Agreement is the product of negotiation
between sophisticated parties advised by counsel.

 

Article III

 

MISCELLANEOUS

 

3.1              Term.
This Agreement will be effective as of the Closing Date and shall terminate (i) on the earliest of (a) the third
anniversary of the Closing Date, and (b) the date when the Holders cease to Beneficially Own any Registrable Securities,
or (ii) with respect to any individual Holder, by written notice at any time by such Holder to the Company; provided
that in the event of any termination pursuant to this clause (ii), any such Holder shall not sell any Shares during any
Blackout Period pending at the time of such termination. Sections 1.9 and Articles II and III shall
survive any termination.

 

    22

     

    

 

3.2             
Notices. All notices, consents and other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by hand delivery, by prepaid overnight courier (providing written proof of
delivery), by confirmed email transmission or by certified or registered mail (return receipt requested and first class postage
prepaid), addressed as follows:

 

(a)              
If to any Holder, to such Holder at the address indicated on Schedule A hereto, with a concurrent copy to
(which shall not be considered notice):

 

Kirkland & Ellis LLP

300 North LaSalle

Chicago, IL 60654

E-mail: theodore.peto@kirkland.com

E-mail: bradley.reed@kirkland.com

E-mail: peter.stach@kirkland.com

		Attention:	Theodore A. Peto, P.C.

Bradley C. Reed, P.C.

Peter Stach

 

(b)              
if to the Company, to:

 

Intercontinental Exchange,
Inc.

5660 New Northside Drive

Atlanta, GA 30328

		E-mail:	legal-notices@theice.com

		Attention:	General Counsel

 

with a concurrent copy to (which shall not be considered notice):

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

		E-mail:	rory.ohalloran@shearman.com

		E-mail:	cody.wright@shearman.com

		Attention:	Rory O’Halloran

                                                                           Cody Wright

 

3.3             
Amendments and Waivers. No provision of this Agreement may be amended or modified unless such amendment or
modification is in writing and signed by (i) the Company and (ii) the Demand Stockholders. No failure or delay by any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

 

    23

     

    

 

3.4             
Successors and Assigns and Transferees. The Seller may initially assign all or a portion of its rights hereunder
to the Sponsors to which Seller has transferred all or any of its Registrable Securities, provided that such Sponsor shall
only be admitted as a party hereunder and become a Holder upon its execution and delivery of a joinder agreement in substantially
the form attached hereto as Exhibit B-1; whereupon such Person shall be treated as a Sponsor for all intents and purposes
of this Agreement, with the same rights, benefits and obligations hereunder as the transferring Holder with respect to the transferred
Registrable Securities. Each Demand Stockholder may assign all or a portion of its rights hereunder to any Permitted Transferee
of such Demand Stockholder to which such Holder transfers all or any of its Registrable Securities; provided that such
transferee shall only be admitted as a party hereunder and become an Other Holder upon its or his or her execution and delivery
of a joinder agreement in substantially the form attached hereto as Exhibit B-2; whereupon such Person will be treated
as an Other Holder for all purposes of this Agreement; provided, further, that the number of Holders shall at no time exceed
35 in the aggregate. Notwithstanding the foregoing, no Holder hereunder may transfer Registrable Securities, or its rights, benefits
and obligations hereunder, to any Person who is not an “accredited investor” (as defined in Rule 501 promulgated under
the Securities Act), and the Permitted Transferee will provide such customary representations and warranties as may be
reasonably required by the Company to that effect. Except as provided in the immediate preceding sentence, neither this Agreement
nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent
of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and assigns. Any attempted assignment in violation of this Section 3.4
shall be void.

 

3.5             
Severability. It is the intent of the parties that the provisions of this Agreement shall be enforced to the
fullest extent permissible under Applicable Law and public policies applied in each jurisdiction in which enforcement is sought.
If any particular provision or portion of this Agreement shall be adjudicated to be invalid or unenforceable, such provision or
portion thereof shall be deemed amended to the minimum extent necessary to render such provision or portion valid and enforceable,
and such amendment will apply only with respect to the operation of such provision or portion in the particular jurisdiction in
which such adjudication is made.

 

3.6             
Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to
the other parties, it being understood that each party need not sign the same counterpart. Counterparts may be delivered via facsimile,
electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions
Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and
any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

3.7              Entire
Agreement. This Agreement (including the documents and the instruments referred to in this Agreement), together with the
Stock Purchase Agreement (including the Disclosure Schedule and Exhibits thereto, and together with the other instruments
referred to therein), constitute the entire agreement and supersede all prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter of this Agreement.

 

    24

     

    

 

3.8             
APPLICABLE LAW; JURISDICTION OF DISPUTES. THIS AGREEMENT AND ALL LITIGATION, CLAIMS, ACTIONS, SUITS, HEARINGS
OR PROCEEDINGS (WHETHER CIVIL, CRIMINAL OR ADMINISTRATIVE AND WHETHER BASED ON CONTRACT, TORT OR OTHERWISE), DIRECTLY OR INDIRECTLY,
ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE ACTIONS OF THE COMPANY
OR ANY HOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF OR THEREOF, SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAWS PROVISION OR RULE
(WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER
THAN THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO HEREBY (A) EXPRESSLY AND IRREVOCABLY SUBMITS TO THE EXCLUSIVE PERSONAL
JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE (PROVIDED THAT IF JURISDICTION IS NOT THEN AVAILABLE IN THE COURT
OF CHANCERY OF THE STATE OF DELAWARE, THE PERSONAL JURISDICTION OF ANY UNITED STATES FEDERAL COURT LOCATED IN THE STATE OF DELAWARE
OR ANY OTHER DELAWARE STATE COURT) IN THE EVENT ANY DISPUTE ARISES OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT, (B) AGREES THAT IT WILL NOT ATTEMPT TO DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST
FOR LEAVE FROM ANY SUCH COURT AND (C) AGREES THAT IT WILL NOT BRING ANY ACTION RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT IN ANY COURT OTHER THAN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (PROVIDED THAT IF JURISDICTION
IS NOT THEN AVAILABLE IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE, SUCH ACTION MAY BE BROUGHT ANY UNITED STATES FEDERAL COURT
LOCATED IN THE STATE OF DELAWARE OR ANY OTHER DELAWARE STATE COURT); PROVIDED THAT EACH OF THE PARTIES SHALL HAVE THE RIGHT TO
BRING ANY ACTION OR PROCEEDING FOR ENFORCEMENT OF A JUDGMENT ENTERED BY ANY UNITED STATES FEDERAL COURT LOCATED IN THE STATE OF
DELAWARE OR ANY DELAWARE STATE COURT IN ANY OTHER COURT OR JURISDICTION.

 

3.9             
WAIVER OF JURY TRIAL. EACH OF THE COMPANY AND EACH HOLDER IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE ACTIONS OF THE COMPANY OR ANY HOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF.

 

3.10            Specific
Performance. The parties hereto agree that monetary damages would not be an adequate remedy in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms. It is expressly agreed that the
parties hereto shall be entitled to equitable relief, including injunctive relief and specific performance of the terms
hereof, this being in addition to any other remedies to which they are entitled at law or in equity.

 

    25

     

    

 

3.11            
No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than
the parties hereto and each such party’s respective heirs, successors and permitted assigns; provided that the Persons indemnified
under Section 1.9 are intended third party beneficiaries of Section 1.9.

 

3.12            
No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding
the fact that any party hereto may be a partnership or limited liability company, each party hereto, by its acceptance of the benefits
of this Agreement, covenants, agrees and acknowledges that no Persons other than the named parties hereto shall have any obligation
hereunder and that it has no rights of recovery hereunder against, and no recourse hereunder or in respect of any oral representations
made or alleged to be made in connection herewith shall be had against, any former, current or future director, officer, agent,
Affiliate, manager, assignee, incorporator, controlling Person, fiduciary, representative or employee of any Sponsor (or any of
their heirs, successors or permitted assigns), or against any former, current or future director, officer, agent, employee, Affiliate,
manager, assignee, incorporator, controlling Person, fiduciary, representative, general or limited partner, stockholder, manager
or member of any of the foregoing Persons, but in each case not including the named parties hereto (each, a “Non-Liable
Person”), whether by or through attempted piercing of the corporate veil, by or through a claim (whether in tort, contract
or otherwise) by or on behalf of such party against any Non-Liable Person, by the enforcement of any assignment or by any legal
or equitable proceeding, or by virtue of any statute, regulation or other Applicable Law or otherwise; it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Non-Liable
Person, as such, for any obligations of the applicable party under this Agreement or the transactions contemplated hereby, in respect
of any oral representations made or alleged to have been made in connection herewith or therewith or for any claim (whether in
tort, contract or otherwise) based on, in respect of or by reason of, such obligations or their creation.

 

[The remainder of this page left intentionally
blank.]

 

    26

     

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement by their authorized representatives as of the date first above written.

 

	 	INTERCONTINENTAL EXCHANGE, INC.
	 	 	 
		By:	/s/ David Clifton
	 	 	Name: David Clifton
	 	 	Title: VP, M&A and Integration

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement by their authorized representatives as of the date first above written.

 

	 	SELLER
	 	 
	 	Ellie
    Mae Parent, LP
	 	 
	 	By:	 /s/ Holden Spaht
	 	 	Name: Holden Spaht
	 	 	Title Vice President and Assistant Secretary

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

PLAN OF DISTRIBUTION

 

The selling securityholders, including their
pledgees, donees, transferees, distributees, beneficiaries or other successors in interest, may from time to time offer some or
all of the shares of common stock (collectively, “Securities”) covered by this prospectus. To the extent required,
this prospectus may be amended and supplemented from time to time to describe a specific plan of distribution.

 

The selling securityholders will not pay
any of the costs, expenses and fees in connection with the registration and sale of the Securities covered by this prospectus,
but they will pay any and all underwriting discounts, selling commissions and stock transfer taxes, if any, attributable to sales
of the Securities. We will not receive any proceeds from the sale of the common stock covered hereby.

 

The selling securityholders may sell the
Securities covered by this prospectus from time to time, and may also decide not to sell all or any of the Securities that they
are allowed to sell under this prospectus. The selling securityholders will act independently of us in making decisions regarding
the timing, manner and size of each sale. These dispositions may be at fixed prices, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices, at varying prices determined at the time of sale, or at privately negotiated
prices. Sales may be made by the selling securityholders in one or more types of transactions, which may include:

 

		·	purchases by underwriters, dealers and agents who may receive compensation in the form of underwriting discounts, concessions
or commissions from the selling securityholders and/or the purchasers of the Securities for whom they may act as agent;

 

		·	one or more block transactions, including transactions in which the broker or dealer so engaged will attempt to sell the Securities
as agent but may position and resell a portion of the block as principal to facilitate the transaction, or in crosses, in which
the same broker acts as an agent on both sides of the trade;

 

		·	ordinary brokerage transactions or transactions in which a broker solicits purchases;

 

		·	purchases by a broker-dealer or market maker, as principal, and resale by the broker-dealer for its account;

 

		·	the pledge of Securities for any loan or obligation, including pledges to brokers or dealers who may from time to time effect
distributions of Securities;

 

		·	short sales or transactions to cover short sales relating to the Securities;

 

    Exhibit A-1

     

    

 

		·	one or more exchanges or over the counter market transactions;

 

		·	privately negotiated transactions;

 

		·	the writing of options, whether the options are listed on an options exchange or otherwise;

 

		·	distributions to creditors of the selling securityholders; and

 

		·	any combination of the foregoing, or any other available means allowable under applicable law.

 

A selling securityholder may also resell
all or a portion of its Securities in open market transactions in reliance upon Rule 144 under the Securities Act provided it meets
the criteria and conforms to the requirements of Rule 144 and all applicable laws and regulations.

 

The selling securityholders may enter into
sale, forward sale and derivative transactions with third parties, or may sell securities not covered by this prospectus to third
parties in privately negotiated transactions. In connection with those sale, forward sale or derivative transactions, the third
parties may sell securities covered by this prospectus, including in short sale transactions and by issuing securities that are
not covered by this prospectus but are exchangeable for or represent beneficial interests in the common stock. The third parties
also may use shares received under those sale, forward sale or derivative arrangements or shares pledged by the selling securityholder
or borrowed from the selling securityholders or others to settle such third-party sales or to close out any related open borrowings
of common stock. The third parties may deliver this prospectus in connection with any such transactions. Any third party in such
sale transactions will be an underwriter and will be identified in a supplement or a post-effective amendment to the registration
statement of which this prospectus is a part as may be required.

 

In addition, the selling securityholders
may engage in hedging transactions with broker-dealers in connection with distributions of Securities or otherwise. In those
transactions, broker-dealers may engage in short sales of securities in the course of hedging the positions they assume with selling
securityholders. The selling securityholders may also sell securities short and redeliver securities to close out such short positions.
The selling securityholders may also enter into option or other transactions with broker-dealers which require the delivery of
securities to the broker-dealer. The broker-dealer may then resell or otherwise transfer such securities pursuant to this prospectus.
The selling securityholders also may loan or pledge shares, and the borrower or pledgee may sell or otherwise transfer the Securities
so loaned or pledged pursuant to this prospectus. Such borrower or pledgee also may transfer those Securities to investors in our
securities or the selling securityholders’ securities or in connection with the offering of other securities not covered
by this prospectus.

 

To the extent necessary, the specific
terms of the offering of Securities, including the specific Securities to be sold, the names of the selling securityholders,
the respective purchase prices and public offering prices, the names of any underwriter, broker-dealer or agent, if any, and
any applicable compensation in the form of discounts, concessions or commissions paid to underwriters or agents or paid or
allowed to dealers will be set forth in a supplement to this prospectus or a post-effective amendment to this registration
statement of which this prospectus forms a part. The selling securityholders may, or may authorize underwriters, dealers and
agents to, solicit offers from specified institutions to purchase Securities from the selling securityholders at the public
offering price listed in the applicable prospectus supplement. These sales may be made under “delayed delivery
contracts” or other purchase contracts that provide for payment and delivery on a specified future date. Any contracts
like this will be described in and be subject to the conditions set forth in a supplement to this prospectus or a
post-effective amendment to this registration statement of which this prospectus forms a part.

 

    Exhibit A-2

     

    

 

Broker-dealers or agents may receive compensation
in the form of commissions, discounts or concessions from the selling securityholders. Broker-dealers or agents may also receive
compensation from the purchasers of Securities for whom they act as agents or to whom they sell as principals, or both. Compensation
as to a particular broker-dealer might be in excess of customary commissions and will be in amounts to be negotiated in connection
with transactions involving securities. In effecting sales, broker-dealers engaged by the selling securityholders may arrange for
other broker-dealers to participate in the resales.

 

In connection with sales of Securities covered
hereby, the selling securityholders and any underwriter, broker-dealer or agent and any other participating broker-dealer that
executes sales for the selling securityholders may be deemed to be an “underwriter” within the meaning of the Securities
Act of 1933, as amended (the “Securities Act”). Accordingly, any profits realized by the selling securityholders
and any compensation earned by such underwriter, broker-dealer or agent may be deemed to be underwriting discounts and commissions.
Selling securityholders who are “underwriters” under the Securities Act must deliver this prospectus in the manner
required by the Securities Act. This prospectus delivery requirement may be satisfied through the facilities of the New York Stock
Exchange in accordance with Rule 153 under the Securities Act or satisfied in accordance with Rule 174 under the Securities Act.

 

We and the selling securityholders have
agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act. In addition, we or
the selling securityholders may agree to indemnify any underwriters, broker-dealers and agents against or contribute to any payments
the underwriters, broker-dealers or agents may be required to make with respect to, civil liabilities, including liabilities under
the Securities Act. Underwriters, broker-dealers and agents and their affiliates are permitted to be customers of, engage in transactions
with, or perform services for us and our affiliates or the selling securityholders or their affiliates in the ordinary course of
business.

 

In order to comply with applicable securities
laws of some states or countries, the Securities may only be sold in those jurisdictions through registered or licensed brokers
or dealers and in compliance with applicable laws and regulations. In addition, in certain states or countries the Securities may
not be sold unless they have been registered or qualified for sale in the applicable state or country or an exemption from the
registration or qualification requirements is available. In addition, any Securities of a selling securityholder covered by this
prospectus that qualify for sale pursuant to Rule 144 under the Securities Act may be sold in open market transactions under Rule
144 rather than pursuant to this prospectus.

 

In connection with an offering of Securities
under this prospectus, the underwriters may purchase and sell securities in the open market. These transactions may include short
sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters
of a greater number of securities than they are required to purchase in an offering. Stabilizing transactions consist of certain
bids or purchases made for the purpose of preventing or retarding a decline in the market price of the securities while an offering
is in progress.

 

The underwriters also may impose a penalty
bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it
because the underwriters have repurchased securities sold by or for the account of that underwriter in stabilizing or short-covering
transactions.

 

These activities by the underwriters may
stabilize, maintain or otherwise affect the market price of the Securities offered under this prospectus. As a result, the price
of the Securities may be higher than the price that otherwise might exist in the open market. If these activities are commenced,
they may be discontinued by the underwriters at any time. These transactions may be effected on the New York Stock Exchange, the
NASDAQ Stock Exchange or another securities exchange or automated quotation system, or in the over-the-counter market or otherwise.

 

    Exhibit A-3

     

    

 

FORM OF JOINDER FOR
SPONSORS

 

 

This
Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining
Party”) in accordance with the Registration Rights Agreement dated as of September 4, 2020 (as the same may be amended
from time to time, the “Registration Rights Agreement”), among Intercontinental Exchange, Inc., and the Holders
party thereto. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration
Rights Agreement.

 

The
Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall
be deemed to be a party to the Registration Rights Agreement as of the date hereof as a “Sponsor”, and shall have all
of the rights and obligations of a “Sponsor” thereunder as if it had executed the Registration Rights Agreement. The
Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained
in the Registration Rights Agreement.

 

IN
WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below.

 

	Date: [●]	 
	 	 
	 	[NAME OF JOINING PARTY]
	 	 
	 	By:	         
	 	Name: [●]
	 	Title:   [●]
	 	 
	 	Address for Notices:
	 	 
	 	[ ●]

 

    Exhibit B-1-1

     

    

 

EXHIBIT B-2

 

FORM OF JOINDER FOR HOLDERS

 

This
Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the “Joining
Party”) in accordance with the Registration Rights Agreement dated as of September 4, 2020 (as the same may be amended
from time to time, the “Registration Rights Agreement”), among Intercontinental Exchange, Inc., and the Holders
party thereto. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration
Rights Agreement.

 

The
Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall
be deemed to be a party to the Registration Rights Agreement as of the date hereof as a “Permitted Transferee” of a
Demand Stockholder thereto, and shall have all of the rights and obligations of an “Other Holder” thereunder as if
it had executed the Registration Rights Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound
by, all of the terms, provisions and conditions contained in the Registration Rights Agreement.

 

IN
WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below.

 

	Date: [●]	 
	 	 
	 	[NAME OF JOINING PARTY]
	 	 
	 	By:	           
	 	Name: [●]
	 	Title:   [●]
	 	 
	 	Address for Notices:
	 	 
	 	[ ●]

 

    Exhibit B-2-1EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED ENTREPRENEUR CLIENT LICENSE AGREEMENT 

THIS AMENDED AND RESTATED ENTREPRENEUR CLIENT LICENSE AGREEMENT (“License Agreement”), made as of the Effective Date between
Licensee, and Delaware Innovation Space, Inc., a Delaware charitable non-profit nonstock corporation (“DISI”). 

WHEREAS, DISI and Licensee are parties to that certain Entrepreneur Client License Agreement dated as of 11th day of October 2017, First Amendment dated as of 1st day or November 2018, Second Amendment dated as of 1st day of March 2019, and Third Amendment dated as of 12th day of August 2019 (collectively as “Original Agreement”) and as of the
Effective Date, Licensee and DISI agree that the Original Agreement shall be fully amended and replaced in its entirety by the terms and conditions of this License Agreement. 

WHEREAS, DISI is tax-exempt organization described in Section 501(c)(3) of the Internal Revenue
Code formed to encourage the collaboration and development of early-stage or start-up companies with businesses relating to industrial biotechnology, advanced materials, chemical ingredients, renewable energy,
nutrition, and healthcare (the “Participants”) by providing science and business incubator resources with the intent to foster innovation, development and jobs in Delaware (the “Incubator Program”); and 

WHEREAS, in furtherance of its tax-exempt purposes, DISI will provide the Incubator Program to
Participants, including the licensing and managing of space, and providing certain other services and programming, as more particularly described herein (collectively “Resources and Shared Facilities”); 

WHEREAS, Licensee has submitted an application for admission as a Participant to the Incubator Program and has developed or is developing a
business plan in support of that application; and 
 WHEREAS, DISI, upon review of Licensee’s application and supporting documentation,
has accepted Licensee such that Licensee is a Participant in the DISI Incubator Program; and 
 WHEREAS, Licensee desires to license the
Licensed Space (as hereinafter defined) and receive Resources and Shared Facilities as a Participant in the Incubator Program, in each case, in accordance with the terms and provisions of this License Agreement; 

WHEREAS, Licensee understands and acknowledges that DISI is a collaborative community designed to foster growth and development of each
Participant, of which Licensee is one, for the ultimate betterment of Delaware and its citizens, and that each Participant agrees to instruct its personnel to adhere to certain guidelines and behaviors in order to foster that growth by being
congenial to other Participants, encouraging and facilitating collaboration to the extent possible, showing respect in communications and the use of Resources and Shared Facilities, and following similar rules of courteous rules of conduct while a
Participant; 
 WHEREAS, all capitalized terms used but not defined herein shall have the meanings set forth on the Addendum to Entrepreneur
Client License Agreement which is attached hereto as Attachment A and incorporated as if fully set forth herein; 

  
 1 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements in this License
Agreement, the parties agree as follows: 
 1.    License Grant. DISI grants to Licensee and Licensee hereby
accepts from DISI, a license to use the space or spaces located within building E400 and/or E500 on the Experimental Station campus at 200 Powder Mill Road, Wilmington, Delaware 19803 (the “DISI Buildings”), the initial location and
area allowances of which are as indicated in Attachment A (the “Licensed Space”), together with (i) the rights of ingress thereto and egress therefrom, and (ii) the right to use the parking spaces in the lot(s) adjacent to
the DISI Buildings on a non-reserved basis and to the extent available. Licensee shall have exclusive possession and custody of such Licensed Space, subject to Licensee’s continued participation in the
Incubator Program and also subject to ingress and egress and other reserved rights of DISI and its agents (but only to the extent expressly permitted under this License Agreement). DISI shall also make available, and Licensee shall utilize as part
of the Incubator Program, some or all of the following additional Resources and Shared Facilities: 

(a)    Resources and Shared Facilities. DISI will provide to all Participants in the Incubator Program a
centralized reception, and limited administrative services. Other services and facilities will include direct or indirect access to centralized mail handling, certain library and reference materials and standard office equipment (to the extent
identified on Attachment A). Such services and facilities will be made available to Licensee on a shared basis with other occupants of the DISI Buildings, other Participants in the Incubator Program, and others, and, as such, Licensee understands
that DISI will make such services available on a commercially reasonable efforts basis, subject to the procedures and processes developed for shared use. The “Incubator Manager” is defined as the appointed representative of DISI as
identified by the CEO of DISI from time to time. 
 (b)    “If Available” Shared Facilities. DISI will
provide Licensee on an “if available” basis the use of conference rooms and shared laboratories within the DISI Buildings. Use of such conference rooms, laboratories and equipment shall be scheduled and reserved according to policies and
procedures published and amended by the Incubator Manager from time to time. 
 (c)    Communications
Connections. DISI shall provide wiring and jacks for one (1) telephone and one (1) computer and network hook-up within each office or lab in the Licensed Space. DISI shall also provide Wi-Fi capability. Licensee shall pay for any international calls, collect calls or other fees attributable to its respective lines or hook ups. Any replacement or upgrading of equipment or service requested by
Licensee shall be at the sole expense of Licensee and shall be made only with the prior written approval of the Incubator Manager, such approval not to be unreasonably withheld, conditioned or delayed. DISI will provide the wiring for computer
network link-up to the wall outlet at no charge. Licensee shall be responsible for ensuring that Licensee has adequate protection against viruses through the use of its own virus protection on its systems and
hardware, and DISI shall have no liability therefor, except to the extent such liability is based upon or caused by any failure by DISI to materially comply with any applicable federal, state or local laws, regulations or codes. Licensee shall
adhere to system and network security protocols and rules provided to Licensee by DISI and DISI’s network administrator, and Licensee is prohibited from engaging in any violations of system or network security or any reasonable rules DISI or
the network administrator may adopt related thereto. Internet access may not be used in connection with attempts - whether or not successful - to violate the security of a network, service or other system. DISI may disconnect Licensee’s
equipment and withhold services if DISI reasonably determines that Licensee’s hardware or software poses material risk of material harm to the network or another service or system or otherwise violates this provision. If the Incubator Manager
determines, in his or her reasonable discretion, that Licensee uses excessive amounts of bandwidth relative to other occupants of the DISI Buildings, Incubator Manager shall provide Licensee with notice of the same (together with back-up statements or invoices evidencing such excess usage). If such notice is provided, Licensee and Incubator Manager shall meet to discuss bandwidth usage, which meetings shall occur on an as needed basis based
on the sole discretion of DISI, and DISI shall be entitled to apply an additional charge for any month after the first such meeting in which Licensee uses excessive bandwidth or Licensee shall be required to reduce its usage. Such charge, if any,
shall be payable thirty days after invoice therefore. 

  
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 (d)    Utilities. Through the Services Agreement (as identified
in Section 13 below), DISI shall provide Licensee with HVAC, electricity, nitrogen, water, compressed air, vacuum, deionized water, and sewer service for seven days per week of normal office or laboratory use in available locations as specified
by DISI. DISI shall also supply normal refuse (paper, cardboard, aluminum, etc.) disposal during normal business days, Monday through Friday. Normal and reasonable janitorial service shall be provided by DISI. If the Incubator Manager determines, in
his or her reasonable discretion, that Licensee uses excessive amounts of facilities or utilities relative to other occupants of the DISI Buildings, Incubator Manager shall provide Licensee with notice of the same (together with back-up statements or invoices evidencing such excess usage). If such notice is provided, Licensee and Incubator Manager shall meet to discuss such usage, which meetings shall occur on a basis determined by DISI
throughout the remainder of the term, and DISI shall be entitled to apply an additional charge for any quarter after the first such meeting in which Licensee uses excessive facilities or utilities. Such charge, if any, shall be payable thirty days
after invoice therefore. 
 (e)    Damage to Facilities. In the event that any Resources and Shared Facilities or
Licensed Space (collectively “Facilities”), equipment, or any other DISI property is damaged or destroyed through misuse or negligence by Licensee, DISI may make the required repairs or replacement of damaged property and shall
provide Licensee with an invoice representing the reasonable loss to DISI (whether replaced or repaired or otherwise, at the Incubator Manager’s sole discretion), said invoice to be due and payable by Licensee within thirty (30) days of
the date of issuance. In the event that normal maintenance is required for said Facilities, equipment, or DISI property (including due to the ordinary course or as attributable to ordinary wear and tear), Licensee shall notify the Incubator Manager,
who is the sole person authorized to arrange for such service, and the cost for such maintenance shall be solely borne by DISI. The cost for any unauthorized repairs ordered by Licensee shall be borne exclusively by Licensee. 

(f)    Alterations. Licensee shall not make any modifications, alterations, improvements or installations to the
Facilities which are structural in nature (including modifications to or new connections that tie into the house exhaust system, utility system, or other systems that do not exclusively serve the Licensed Space) without the Incubator Manager’s
prior written consent. Licensee shall have the right to install in, and remove from, the Licensed Space, any modifications, alterations, improvements or installations to the Facilities which are non-structural
in nature, including, without limitation, equipment and/or other tenant improvements that do not constitute fixtures (collectively, “Non-Structural Alterations”) without consent, provided that
any such Non-Structural Alterations do not have a material adverse effect on the structural composition, utility, exhaust or other connections of the Facilities and that Licensee shall repair and restore any
damage or injury to the Facilities caused thereby. All Non-Structural Alterations to the Licensed Space which are now owned or are constructed, installed or otherwise made by Licensee shall be the property of
Licensee throughout the term of this License Agreement and shall be removed by Licensee unless otherwise agreed at the end of the term of this License. 

(g)    Environmental. DISI represents, warrants and agrees that Licensee shall have no responsibility for the clean-up and removal of any hazardous substances or hazardous wastes, products or pollutants, including, without limitation, asbestos, oil, petroleum products and their
by-products previously, now and in the future existing on, within or underneath the DISI Buildings except to the extent generated, used or brought onto the applicable DISI Building or Experimental Station
campus by Licensee. 
 2.    License Fees; Term. The Term of this License Agreement and Licensee’s
obligation to pay a License Fee (as defined on Attachment A and consisting of monthly cash payments, and additional License Fees, if any) are as provided below and on the Addendum. Licensee shall pay applicable sales, use, or other taxes with
respect to all License Fees. 

  
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 (a)     License Fees. Throughout the Term of the License
Agreement, Licensee shall pay the License Fee to DISI in monthly installments on the first day of each calendar month during the term and any renewal term, in advance, to DISI by check delivered to DISI’s offices at Experimental Station, E500,
200 Powder Mill Road, Wilmington, Delaware 19803, c/or President & CEO, unless DISI designates another place or method of payment. The License Fee shall be paid without abatement, deduction, or set off for any reason. If the Term of this
License Agreement includes any partial month, the License Fee for such partial month shall be prorated in accordance with the number of days covered. Notwithstanding anything to the contrary herein, Licensee shall deliver the License Fee for the
first month to DISI upon execution of this License Agreement, and such amount shall be credited to Licensee’s license fee obligation on the Commencement Date (as defined on Attachment A). If a renewal term is provided under this
Agreement and the same is validly exercised in accordance with the terms of this Agreement, then the Renewal License Fee payable for such renewal period shall be as defined on Attachment A. 

(b)    Decommissioning and Cleaning Fee. Upon execution of this Agreement, Licensee shall deliver to DISI a non
refundable lab Decommissioning and Cleaning Fee (as defined on Attachment A) to provide full decontamination services upon termination of this License Agreement and exit of the Licensee from the Licensed Space and to prepare the space for the next
client. Additional fees apply at the end of the Term of this License Agreement if any radioactive contamination is found and attributable to the Licensee. Costs for any such decontamination would be billed at cost to and paid by the Licensee above
and beyond the Decommissioning and Cleaning Fee, which payment obligation shall survive the term of this License Agreement. 

(c)    Term. The initial term together with any properly exercised renewal term shall be the
“Term”. Licensee shall have the right to extend the initial term of this License Agreement for the renewal term (to the extent set forth in the Addendum), provided written notice of the exercise of said option is furnished to DISI
at least 90 days prior to the expiration of the initial term and DISI and Licensee execute an amendment to this License Agreement in accordance with this Section 2 (provided further, however, that the failure to execute such amendment shall not
affect the extension of the initial term or the validity of this License Agreement). Licensee’s right to exercise such option is subject to provision by Licensee to DISI of a summary of Licensee’s anticipated activities and financial
situation during the renewal term and other information reasonably requested by DISI, that (in DISI’s reasonable judgment) meets DISI’s requirements with regard to its objectives and obligations to third parties. Upon request of Licensee,
DISI agrees to execute its standard non-disclosure agreement in connection with information requested by DISI in accordance with the foregoing sentence. Additional renewal terms may be requested by Licensee in
the event of special circumstances. Such requests may be approved in the sole discretion of DISI. If, for any reason, the term of either DuPont Agreement (as defined in Section 13 below) expires or is terminated prior to this License
Agreement’s expiration or termination date, this License Agreement shall terminate on the date of such DuPont Agreements’ expiration or termination (it being understood that Licensee shall not be obligated to pay any additional license fee
or other cost arising after such termination date). 
 (d)    Additional License Fees. Unless otherwise agreed
to, the cost of any services or resources requested in writing by Licensee and provided by DISI not indicated in Section 1 above shall be borne by Licensee. Licensee shall be billed separately for said additional services or resources as
additional cash license fees, payment for which shall be due and payable within thirty (30) days of invoice therefore. All such additional license fees shall be reasonable based on the services provided. 

(e)    Delinquent Fees; Revocation of License. If Licensee fails to pay any cash License Fees for thirty
(30) days or more after such cash License Fees are due under this License Agreement, DISI, 

  
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in its sole discretion, may revoke Licensee’s license and/or discontinue the provision of any utilities or services hereunder. Licensee acknowledges that any late payments by Licensee to
DISI of any License Fee or other sums due under this License Agreement will cause DISI to incur costs not contemplated by this License Agreement, the exact amount of such costs being extremely difficult and impractical to fix. Such other costs
include, without limitation, processing, administrative and accounting charges and financing charges. Accordingly, if any License Fee or any other amount payable by Licensee hereunder is not received by DISI by the date due, Licensee shall pay to
DISI an additional sum of ten percent (10%) of the overdue amount as a late charge, but in no event more than the maximum late charge allowed by law. The parties agree that such late charge represents a fair and reasonable estimate of the costs that
DISI will incur by reason of any late payment. Acceptance of a late charge shall not constitute a waiver of Licensee’s default with respect to the overdue amount or prevent DISI from exercising any of the other rights and remedies available to
DISI under this License Agreement or at law or in equity now or hereafter in effect. However, this provision does not affect any default provisions or DISI’s termination rights under this License Agreement and does not create an obligation to
revoke Licensee’s status in the event of nonpayment or other default by Licensee. 
 (f)    Relocation.
During the term of this License Agreement, DISI shall have the right, in its sole discretion, to relocate the Licensed Space to another location within either of the DISI Buildings, provided, however, that (i) DISI provides Licensee with
at least thirty (30) days’ notice of its exercise of such relocation right, (ii) the size, layout and functionality of such relocated space is substantially similar per DISI’s opinion to that of the initial Licensed Space, and
(iii) DISI promptly reimburses Licensee for all reasonable out-of-pocket costs sustained in relocating to the relocated space (unless DISI and Licensee mutually
agree for Licensee to relocate to such relocated space, in which case, such costs shall be borne exclusively be Licensee). Following such relocation, the relocated space shall be deemed to be the “Licensed Space” for purposes of
this License Agreement. 
 3.    Termination. Nothing herein shall relieve either party of any outstanding
obligation incurred pursuant to this License Agreement prior to any termination. The Resources and Shared Facilities are provided and licensed hereunder for furthering DISI’s tax-exempt business purposes
of being an incubator and creating jobs in Delaware, which is aided by educating Licensee in successfully completing the Incubator Program Licensee’s business objectives as approved by DISI. 

(a)    Not a Lease; Right to Terminate. The parties understand and agree that this License Agreement constitutes a
license, not a lease, and that the relationship of the parties hereunder is that of licensor and licensee, and not that of landlord and tenant. Notwithstanding Section 14 below, if DISI has reason to believe at any time that Licensee is no
longer following its business plan as approved by DISI, then DISI, in its sole discretion (but subject to the provisions of Section 14 below), may review Licensee’s status. If, in DISI’s sole discretion, but after consultation with
Licensee, Licensee’s current status is not in material accord with its business plan, DISI may terminate this License Agreement with thirty (30) days’ prior written notice. 

(b)    Default; Notice of Termination. Should either party be in breach of any material terms or conditions stated
within this License Agreement, including but not limited to those stated in Section 5(a), then the other party shall have the right to terminate this License Agreement upon thirty (30) days’ written notice, if the other party does not
correct such breach within the said thirty (30) day period. Notwithstanding the foregoing, in the event that the actions of Licensee or this License Agreement are in violation of the DuPont Agreement Provisions (as defined below), then DISI
shall have the right to terminate this License Agreement immediately upon notice to Licensee. 

4.    Indemnification. Licensee shall at all times during the term of this License Agreement and thereafter,
indemnify, defend, and hold DISI, its board members, officers, employees, and affiliates 

  
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(hereinafter “Indemnitees”), harmless against all claims and expenses, including legal expenses and reasonable attorneys’ fees, whether arising from a third party claim or
resulting from DISI enforcing this indemnification clause against Licensee, or arising out of the death of or injury to any person or persons or out of any damage to property and against any other claim, proceeding, demand, expense, or liability of
any kind whatsoever resulting from the Licensee’s occupancy or use of the Licensed Space, arising from any right or obligation of Licensee hereunder, or arising out of a breach or violation of Licensee of any terms, covenants, or conditions
contained herein. This indemnification shall not apply to any liability, damage, loss, claim, demand, or expense to the extent that it is attributable to the gross negligence or intentional wrongdoing of the Indemnitees. Licensee shall, at its own
expense, provide attorneys reasonably acceptable to DISI to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully
brought. 
 5.    Insurance. During the term of this License Agreement, Licensee shall, at its sole cost and
expense, procure and maintain policies of comprehensive general liability and other insurance as set forth below naming the Indemnitees as additional insured. 

(a)    Comprehensive General Liability. The comprehensive general liability insurance shall provide broad form
contractual liability coverage for Licensee’s indemnification under this Section 5 in the following minimum amounts: 

(i)    comprehensive liability (personal injury, including death): $1,000,000 per occurrence and $2,000,000 general
aggregate limit and; 
 (ii)    property damage: insurance covering the replacement value of Licensee’s personal
property in the Licensed Space. 
 (b)    Other Insurance. Licensee shall obtain and keep in force all
worker’s compensation insurance required under the laws of the State of Delaware, and such other insurance as may be necessary to protect Indemnitees against any other liability of person or property arising hereunder by operations of law,
whether such law is now in force or is adopted subsequent to the Effective Date. Notwithstanding anything to the contrary, DISI shall have no liability for any loss in connection with Licensee’s personal property. 

(c)    Proof of Insurance; Cancellation; Replacement Insurance. Licensee shall provide DISI with written evidence
of such insurance prior to the Commencement Date of this License Agreement, and shall provide DISI with written notice at least forty-five (45) days prior to the cancellation, non-renewal, or material
change in such comprehensive general liability insurance. If Licensee does not obtain replacement insurance providing comparable coverage within such forty-five (45) day period, or provide self-insurance satisfactory to DISI, DISI shall have
the right to terminate this License Agreement. 
 (d)    Waiver of Subrogation. Each of the parties hereto hereby
releases the other from any and all liability for any loss or damage covered by such insurance (or which would have been covered if insurance was canceled in accordance with this License Agreement) which may be inflicted upon the property of such
party even if such loss or damage shall be brought about by the fault or negligence of the other party, its agents or employees, and each party agrees that it shall cause its policy of insurance to contain a clause to the effect that this release
shall not affect said policy or the right of the insured to recover thereunder, along with a waiver of the insurer’s rights of subrogation. 

  
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 6.    Destruction of Space; Personal Property; Condemnation. 

(a)    If the Licensed Space is totally destroyed (or so substantially damaged as to be uninhabitable) by storm, fire,
earthquake, or other casualty, this License Agreement shall terminate as of the date of such destruction or damage, and license fees shall be accounted for as between DISI and Licensee as of that date. If the Licensed Space is damaged but not
rendered wholly uninhabitable by any such casualty or casualties, license fees shall abate, as reasonably determined by DISI, in such proportion as the use of the Licensed Space has been destroyed until DISI has restored the Licensed Space to
substantially the same condition as before damage, whereupon full license fees shall commence. Nothing contained herein shall require DISI to make such restoration, however, if not deemed advisable in its judgment. DISI shall make its intentions to
restore or not to restore said Licensed Space to original condition known to Licensee in writing, within ninety (90) days of such occurrence. If DISI decides against such reconstruction or fails to provide such notice, Licensee may, at its
option, terminate this License Agreement. Licensee acknowledges that Licensee is solely responsible for any destruction, damage or diminution in value in any way of any personal property that it owns. 

(b)    If all of or any portion of the Licensed Space (or any portion of the applicable DISI Building that would
materially and adversely affect the use and enjoyment of the Licensed Space by Licensee) is taken by condemnation, then this License Agreement shall terminate and all obligations hereunder shall cease as of the date upon which possession is taken by
the condemnor. 
 7.    Maintenance; Survey. The interior of the Licensed Space shall be maintained in its
condition as of the Commencement Date, with normal wear and tear excepted. Prior to the Commencement Date, DISI and Licensee may perform a joint walk-through of Licensed Space and equipment, indicating any unsatisfactory or other notable conditions.
A written report of said walk through, if any, shall be attached hereto and be made also upon termination of this License Agreement. In the event that the facilities incur any loss or damage (other than normal wear and tear), Licensee shall return
the Licensed Space to its original condition to the reasonable satisfaction of DISI. Otherwise, DISI shall make the required repairs or replacement of damaged property, and shall provide Licensee with an invoice due and payable in accordance with
its terms. Licensee, under this Section 7, is deemed to have accepted the Licensed Space in the condition existing on the Commencement Date. Licensee is not liable for losses or damage to the Licensed Space, furnishings, or equipment due to any
negligent or more culpable act or omission of DISI or its personnel, including any reckless or willful misconduct, or by a failure by DISI to materially comply with any applicable federal, state or local laws, regulations or codes. Notwithstanding
anything to the contrary contained in this License Agreement, Licensee shall not be obligated to conduct, or bear the cost of conducting, any maintenance or make any repairs to the structural and exterior portions of the DISI Buildings (including,
without limitation, all structural floors, walls, supports and foundations thereof) or the existing heating, ventilation and air conditioning, plumbing and other mechanical systems in the DISI Buildings (it being understood that to the extent such
maintenance and repairs are obligations of DuPont under the DuPont Agreement, DISI agrees to use commercially reasonable efforts to enforce the provisions of the DuPont Agreements). 

8.    Interruption of Business. Except as specified in Section 6, DISI shall not be responsible to Licensee
for any damages or inconvenience caused by interruption of business or inability to occupy the Licensed Space or unavailability of any utilities or services for any reason whatsoever, providing that, Licensee shall be credited with the cash license
fee on a pro rata basis for any working day period, if the business interruption is due to circumstances caused by DISI that are not in the normal course of business or that are not a part of normal operating procedures at the DISI Buildings. 

9.    No Assignment. This License Agreement is not assignable without the prior written consent of DISI, which
consent shall not be unreasonably withheld, conditioned or delayed, and any attempt to do so shall be void; provided, however, that either party may assign this License Agreement without such consent and upon prior written notice to
the other party to one or more of its affiliates or an entity that acquires all or substantially all of the business or assets of such party to which this Agreement pertains, whether by merger, reorganization, acquisition, sale or otherwise. 

  
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 10.     Qualification for Incubator Program; Non-Interference; Animal or Human Research; Toxic Materials. 
 (a)    Licensee
Business; Reporting. Licensee’s admittance to the Incubator Program is based, in part, on DISI’s review of Licensee’s business concept, objectives, and plans as presented in the DISI license application and related documents.
Licensee agrees it shall provide to the Incubator Manager, not later than thirty (30) days after the end of each calendar year, a written report describing (i) Licensee’s business growth and development, (ii) the number of added
employees and in what job classifications, (iii) average salaries in job classifications, (iv) funding and capital raised, (v) the growth in annual output of product or other capacity measures appropriate to the business, and
(vi) such other agreed upon productivity measures and statistics in order to provide DISI with sufficiently detailed information concerning Licensee’s activities and business progression as a Participant in the Incubator Program to permit
DISI to file any public reports or grant applications necessary to support DISI’s mission and to report to the State of Delaware, DISI’s donors and partners about DISI’s programs and results thereof. DISI acknowledges and agrees that
items furnished to DISI pursuant to this Section 10(a) contain sensitive personal and/or financial material, and DISI agrees to utilize commercially reasonable efforts to keep such information confidential, which may include submitting
aggregated summaries without attribution to a given Participant. 
 (b)    Use of Licensed Space. Use of the
Licensed Space and other facilities, furnishings, equipment, and services made available to Licensee by DISI shall be in furtherance of Licensee’s business concept, objectives, and plans, and shall not be in furtherance of any illicit or
illegal purposes, or purposes not consistent with Licensee’s business concept, objectives, and plans. Licensee’s use of the Licensed Space, the Shared Facilities and the equipment, furnishings, and services available under this License
Agreement shall not interfere, in any manner, with use by other licensees or occupants of nearby facilities and equipment. Research involving the use of animals, human subjects, or the use of hazardous or toxic materials by Licensee in the
Facilities is not permitted unless consented to in writing by DISI, and then only in the manner prescribed by DISI. DISI reserves the right to approve in its sole discretion Licensee’s use of the Licensed Space and Shared Facilities, and
available equipment, furnishings, and services. 
 11.    Compliance with DISI Policies; Requirements; Disallowed
Chemicals. Licensee shall comply with all applicable DuPont Experimental Station Site Policies and Procedures, and DISI rules and policies, including policies relating to human and animal subjects, recombinant DNA/RNA practices, biohazards, and
radiation safety, as well as federal, state, or local laws, ordinances, codes, rules, permits, licensing conditions, and regulations, including any amendments thereto (collectively, the “Requirements”), in its use of the Licensed
Space, Shared Facilities and shall procure, at its expense, any licenses, permits, insurance, and government approvals necessary to the operation of its business. Licensee shall not obtain, renew or modify any permit that imposes additional
regulatory burdens on Experimental Station operations; provided, however, that this sentence shall not preclude Licensee from obtaining, renewing or modifying any permits that may impose additional minor regulatory burdens on DISI or the
Licensed Space. Licensee is responsible for the safe management and disposal of all chemicals/bioactives at all times, including upon termination of this License Agreement. Licensee acknowledges that the chemicals listed on Attachment B are not
allowed at any time on the Licensed Space or the DISI Buildings. The Incubator Manager shall have the authority to update and revise Attachment B from time to time, provided, however, that any such change shall not materially impact
Licensee’s activities in the Licensed Space unless such change is necessary for the health, safety, or legal compliance. The Incubator Manager shall provide Licensee with notice of any such change. 

  
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 12.    DISI Approval of Lab Use and Operations; PHA and SOP. Any
new equipment or process to be used or implemented by Licensee in the DISI Buildings shall first be required to comply with a Process Hazard Analysis (“PHA”) and Standard Operating Procedure (“SOP”) review by
Incubator Manager. Client agrees to supply such documentation to Incubator Manager prior to such review and such operations can commence only after approval by the Incubator Manager. Licensee also acknowledges and agrees that DISI may perform
routine lab audits and assessments at any time in order to ensure safe operations. 
 13.    Control of
Facilities. Notwithstanding anything to the contrary herein, DISI reserves the right at all times to control all Facilities licensed hereunder, and to enforce all applicable necessary laws, rules, and regulations. Notwithstanding the foregoing,
Licensee acknowledges that DISI’s rights to the DISI Buildings are subject to all matters of record and that certain Lease Agreement between DISI and E.I. du Pont de Nemours and Company (“DuPont”) dated July 1, 2017 (as to
the E400 building), that certain Land Lease Agreement between DISI and DuPont dated July 1, 2017 (as to the E500 land), and that certain Services Agreement dated July 1, 2017 between DISI and DuPont (as to utilities and services at the
Experimental Station) (collectively, the “DuPont Agreements”), which impose certain requirements on the use and operations of the DISI Buildings, including the matters set forth on the attached Attachment C (“DuPont
Agreement Provisions”). This License Agreement is subject and subordinate to the terms of the DuPont Agreement Provisions. DISI represents and warrants to Licensee that (i) the granting of this License and the terms of this License
Agreement are not prohibited by and do not conflict with the terms and provisions of either of the DuPont Agreements or any matters of record, and (ii) no event has occurred or is continuing which, with the passage of time or the giving of
notice, or both, would constitute a default by DISI under either or both of the DuPont Agreements. 
 14.    Business
Plan Review. At the request of DISI, but not more frequently than at three month intervals, Licensee agrees to review its current and prospective business plan and activities with DISI. Progress may be monitored in relation to the previous most
recent plans, including an agreed next milestone, which have been reviewed and approved in writing by both Licensee and DISI. 

15.    Locks. DISI will install all locks attached to the Licensed Space and provide two keys for each lock to
Licensee. DISI will have keys to all locks, and may enter the Licensed Space at reasonable times, for inspection, maintenance or repair, or for any other necessary reason. Entry for other than normal maintenance and inspection activities shall be
preceded by appropriate notice to Licensee. In the event of an emergency, notice will be given at the first reasonable opportunity, even after the fact. Licensee shall not change locks or copy keys without DISI’s prior written consent. 

16.    Background Check and Number of Authorized Personnel. 

(a)    Background Check. Licensee shall enable and DISI shall perform background checks on all of its employees,
agents or representatives who require routine access to the Experimental Station, to confirm that each employee has no noted discrepancies in each of the following: Criminal Background Check (CBC): Prothonotary’s Office / County Courthouse
search of criminal records for the past seven (7) year period (misdemeanor & felony); National File Search / Multi-State File Search; Legal Authorization to work (I-9, E-Verify); and Social Security Number verification and Validation. As a condition to obtaining entry or access to any part of the DISI Buildings and the Experimental Station on a routine basis, Licensee and each of
Licensee’s employees, contractors, agents or representative must complete an application and, to DISI’s sole satisfaction, pass any background check required by the Incubator Manager. It is anticipated that the background check process
will be a one-time requirement for each employee as long as the License Agreement is in effect and the employee maintains continuous employment with the Licensee during the course of this License Agreement.
Licensee and DISI agree to comply with all applicable federal, state, and local laws regarding background checks. 

  
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 (b)    Number of Authorized Personnel. All personnel who will be
in the Licensed Space on a routine basis, and not classified as a visitor, are required to have security badge following the successful completion of the background check. Licensee shall be authorized to have badged personnel on the Experimental
Station campus or in the Licensed Space, but the number of Licensee’s badged personnel shall not exceed its Badge Allocation (as defined in the Addendum) at any one time. 

17.    Right to Remove Property. Unless in default of contract, Licensee shall have the right to remove any
equipment, goods, fixtures, and other property which it owns and has placed or affixed within or to the Licensed Space, provided Licensee repairs damage caused by such removal. Licensee shall not remove improvements made to the facilities or
Licensed Space by DISI or on behalf of DISI during this License Agreement. 
 18.    Use of Names and Other
Matter. Licensee shall not use the names of DISI or its employees or agents, nor any adaptation thereof, in any way including press releases, advertising, promotional, or sales literature without prior written consent obtained from DISI in each
case. Notwithstanding the foregoing, DISI and Licensee may refer to Licensee as a “licensee” of the Licensed Space and a Participant in connection with DISI’s Incubator Program and DISI may publish such announcements in DISI
publications and on its website. Licensee may publish on its website that Licensee is a Participant in the Incubator Program for so long as it is an active participant and paying monthly license fees as specified herein this License Agreement.
Licensee shall provide DISI with a brief written description of Licensee’s business that DISI can use and adapt for DISI’s publications. Except as expressly provided in this Section, Licensee shall not use, in any manner, without
DISI’s prior express written consent and approval of the format: (i) DISI’s logo, name, nor that of the DISI Buildings’, or (ii) any photographs of the premises, the buildings or the Licensed Space. 

19.    No Partnership; Agency. Nothing contained in this License Agreement shall create any partnership or joint
venture between the parties, nor an agency relationship. Neither party may pledge the credit of the other or make any binding commitment on the part of the other. 

20.    Miscellaneous. This License Agreement shall not be subject to any change or modification except by the
execution of a written instrument subscribed to by the parties hereto. The provisions of this License Agreement are severable, and in the event that any provisions of this License Agreement shall be determined to be invalid or unenforceable under
any controlling body of the law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof. The titles herein are for convenience only. This License Agreement, including all
attachments hereto, and all matters arising out of or relating to this License Agreement, whether sounding in contract, tort or statute, shall be construed, governed, interpreted, and applied in accordance with the laws of the State of Delaware,
without giving effect to the conflict of laws provisions thereof. This License Agreement and any other documents incorporated herein by reference and all related exhibits and schedules, constitutes the sole and entire agreement of the parties to
this License Agreement with respect to the subject matter contained herein and therein and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject
matter. 
 21.    Notices. All notices required or permitted hereunder shall be given in writing and sent by
either: (a) mailed, postage prepaid by certified or registered mail; (b) sent by a nationally recognized express courier or hand delivery; or (c) electronic mail to the address listed below. Any written notice shall be deemed made
upon receipt by the receiving party, in the case of mailing, or immediately in the case of electronic mail. 

  
 10 

 In the case of DISI: 

Delaware Innovation Space, Inc. 

200 Powder Mill Road 
 P.O. Box
8354 
 Experimental Station, E500 

Wilmington, Delaware 19803 
 Attn:
President & CEO 
 In the case of Licensee to Licensee’s Address for Notice (as set forth in the Addendum). 

22.    Dispute Resolution. 

(a)    The parties shall resolve any dispute, controversy or claim arising out of or relating to this License Agreement, or
the breach, termination or invalidity hereof (each, a “Dispute”), under the provisions of this Section 22. The procedures set forth in this Section 22 shall be the exclusive mechanism for resolving any Dispute that may
arise from time to time. 
 (b)    The parties hereby agree that, in the event of any Dispute between the parties, the
parties shall first seek to resolve the Dispute through informal discussions. If the Dispute has not been resolved through informal discussions within sixty (60) calendar consecutive days after one party provides written notice to the other
party of such Dispute, then either party may initiate mediation as provided in the following paragraph (b). 
 (c)    If
the Dispute has not been resolved by negotiation as provided in paragraph (a) above, the parties shall endeavor to settle the Dispute by mediation under the Center for Public Resources (“CPR”) Model Procedure for Mediation of
Business Disputes in effect at such time; provided, however, that the parties hereby acknowledge and agree that the mediation shall be deemed in the nature of settlement discussions and that neither the fact that the mediation took place nor
any statement or conduct of any participant in such mediation shall be admissible into evidence and any subsequent litigation or any arbitration or other dispute resolution proceeding involving the Parties, and any disclosure in any form, including
oral, by any person participating in such mediation shall not operate as a waiver of any privilege, including attorney work product or attorney client privilege. 

(d)    The neutral third party mediator will be selected from the CPR Panels of Neutrals, with the assistance of CPR,
unless the parties agree otherwise. 
 (e)    In the event the parties have not resolved the Dispute pursuant to
Sections 22(a) and (b) above by such mediation within thirty (30) days after the submission to the mediator, the Dispute shall be submitted to a panel of three (3) arbitrators for arbitration to be administered by the American
Arbitration Association under the then-current Commercial Arbitration Rules of the American Arbitration Association. The decision of the arbitrators with respect to such Dispute shall be final and binding upon the parties and may be entered by any
court having jurisdiction hereunder. Except as expressly set forth herein, the arbitrators shall have no power or authority to award, and each of the parties expressly waives and foregoes any right to, consequential, punitive, special or indirect
damages. 
 (f)    The parties agree to share equally the costs and expenses of the mediation (which shall not include
the expenses incurred by each party for its own legal representation in connection with the mediation). 
 23.     Non-Discrimination. Licensee shall not discriminate on the basis of race, color, national origin, handicap, age, religion, or sex in connection with its use or occupancy of the Licensed Space or in connection
with any improvements thereto. 

  
 11 

 24.    Effect of License Agreement. The recitals of this License
Agreement are incorporated herein. Pursuant to the terms of the recitals, this License Agreement fully amends and replaces the Original Agreement as of the Effective Date of this License Agreement. As such, the parties hereby acknowledge that the
terms of the Original Agreement remain in effect prior to the Effective Date, and as of the Effective Date, the terms of this License Agreement shall control. 

[Signature page follows.] 

  
 12 

 IN WITNESS THEREOF, the parties have executed this Amended and Restated License Agreement as
of the Effective Date. 
  

			
	Delaware Innovation Space, Inc.
		
	By:	 	 /s/ William D. Provine, Ph.D.

		 	William D. Provine, Ph.D.
		 	President and Chief Executive Officer
	
	Date: June 7, 2020
	
	Prelude Therapeutics, Inc.
		
	By:	 	 /s/ Krishna Vaddi, DVM, Ph.D.

		 	Krishna Vaddi, DVM, Ph.D.
		 	Chief Executive Officer
	
	Date: June 4, 2020

 ATTACHMENT A 

ADDENDUM TO AMENDED AND RESTATED ENTREPRENEUR CLIENT LICENSE AGREEMENT 

THIS ADDENDUM TO AMENDED AND RESTATED ENTREPRENEUR CLIENT LICENSE AGREEMENT (“Addendum”) is attached to and incorporated into
that certain Amended and Restated Entrepreneur Client Services Agreement (“License Agreement”) so that all terms set forth in this Addendum are part of the License Agreement. 

Unless otherwise defined herein, all capitalized terms used in this Addendum shall have the meanings ascribed to them in the License
Agreement. In the event of any conflict between this Addendum and the License Agreement, this Addendum shall control. 
 The following terms
as used in the License Agreement shall have the meanings set forth below: 
 1.    “Effective
Date” shall mean June 1st, 2020 

2.    “Licensee” shall mean Prelude Therapeutics, Inc., a Delaware corporation 

3.    “Licensed Space” shall mean the space identified below in Buildings 400: 

 

			
	 Lab/Office
	  	Type
	E400-3200	  	Open Office Area
	E400-3213	  	Team Room
	E400-3214	  	Private Lab
	E400-3215	  	Team Room
	E400-3220	  	Private Lab
	E400-3226	  	Private Lab
	E400-3232	  	Private Lab
	E400-3238	  	Private Lab
	E400-3244	  	Private Lab
	E400-3246	  	Private Lab
	E400-3253	  	Team Room
	E400-3255	  	Team Room
	E400-3257	  	Private Office
	E400-3259	  	Private Office
	E400-3263	  	Conference Room
	E400-3265	  	Conference Room
	E400-3204	  	Private Lab
	E400-3212	  	Private Lab
	E400-3552/3552A	  	Team Room
	E400-3205	  	Private Lab
	E400-3207	  	Private Lab
	E400-3425	  	Private Lab
	E400-Cubicle A	  	Cubicle
	E400-Cubicle B	  	Cubicle
	E400-Cubicle C	  	Cubicle
	E400-Cubicle D	  	Cubicle

 4.    “License Fee” shall mean as set forth
below for the term and any renewal term: 
  

					
	 Time Period
	  	Monthly Fee (due on the 1st of each month)	 
	 June 1st, 2020 – November 30th, 2020
	  	$	85,450	 
	 December 1st, 2020 – December 31st, 2021
	  	$	87,450	 

 5.    “Commencement Date” shall mean June 1st, 2020 
 6.    The initial term of the License Agreement shall be
nineteen months, commencing on the Commencement Date and terminating on December 31st, 2021 

7.    No renewal term 

8.    Left blank 

9.    “Badge Allocation” shall mean 70 badged personnel 

5.    “Decommissioning and Cleaning Fee” shall be mean $24,000 

6.    “Licensee’s Address for Notice” shall mean: 

Prelude Therapeutics Incorporated 

200 Powder Mill Road 

Experimental Station, E400 

Wilmington, Delaware 19803 
 Attn:
Chief Executive Officer Krishna Vaddi 
 E-mail: 

with copy 
 [End of Addendum]

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