Document:

Exhibit 10.2

 

 

REGISTRATION RIGHTS AGREEMENT

 

BY AND AMONG

 

HEAR.COM N.V.

 

AND

 

THE PARTIES HERETO

 

Dated as of [●], 2021

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	Article I DEFINITIONS		1
	 	 	 
	 	Section 1.01.	Defined Terms	1
	 	Section 1.02.	Other Interpretive Provisions	6
	 	 
	Article II REGISTRATION RIGHTS	7
	 	 
	 	Section 2.01.	Demand Registration	7
	 	Section 2.02.	Shelf Registration	9
	 	Section 2.03.	Piggyback Registration	12
	 	Section 2.04.	Black-out Periods	14
	 	Section 2.05.	Registration Procedures	16
	 	Section 2.06.	Underwritten Offerings	20
	 	Section 2.07.	No Inconsistent Agreements; Additional Rights	21
	 	Section 2.08.	Registration Expenses	22
	 	Section 2.09.	Indemnification	23
	 	Section 2.10.	Rules 144 and 144A and Regulation S	25
	 	Section 2.11.	Limitation on Registrations and Underwritten Offerings	25
	 	Section 2.12.	Clear Market	26
	 	Section 2.13.	In-Kind Distributions	26
	 	 	 	 
	Article III MISCELLANEOUS 	26
	 	 	 	 
	 	Section 3.01.	Term	26
	 	Section 3.02.	Injunctive Relief	27
	 	Section 3.03.	Attorneys’ Fees	27
	 	Section 3.04.	Notices	27
	 	Section 3.05.	Publicity and Confidentiality	28
	 	Section 3.06.	Amendment	29
	 	Section 3.07.	Successors, Assigns and Transferees	29
	 	Section 3.08.	Binding Effect	29
	 	Section 3.09.	Third Party Beneficiaries	30
	 	Section 3.10.	Governing Law; Jurisdiction	30
	 	Section 3.11.	Waiver of Jury Trial	30
	 	Section 3.12.	Severability	30
	 	Section 3.13.	Counterparts	30
	 	Section 3.14.	Electronic Signatures	31
	 	Section 3.15.	Headings	31
	 	Section 3.16.	Joinder	31
	 	Section 3.17.	Effectiveness	     31

 

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REGISTRATION RIGHTS AGREEMENT

 

This registration rights agreement (the “Agreement”)
is made and entered into as of [●], 2021, by and among the Company (as defined herein), the Shareholder (as defined herein),
the Holders (as defined herein) set forth on Schedule A hereto and any other Person (as defined herein) who becomes a party
hereto from time to time in accordance with this Agreement.

 

WITNESSETH:

 

WHEREAS, the Company desires
to sell certain Company Shares (as defined below) to the public in an IPO (as defined below); and

 

WHEREAS, the parties are entering
into this Agreement to set forth certain registration rights applicable to the Registrable Securities (as defined below) on the terms
and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.01.         Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Acceptable Holders” means, individually
or collectively, the EQT Investors, the T&W Investor, WS Audiology A/S and their respective Permitted Assignees and Affiliates.

 

“Adverse Disclosure” means public
disclosure of material non-public information that, in the Board of Directors’ good faith judgment, after consultation with independent
outside counsel to the Company, would be required to be made in any Registration Statement filed with the SEC by the Company so that such
Registration Statement would not contain any untrue statement of material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not materially misleading and would not be required to be made at such time but for
the filing, effectiveness or use of such Registration Statement, but in respect of which information the Company has a bona fide, material
business purpose for not disclosing publicly.

 

“Affiliate” has the meaning specified
in Rule 12b-2 under the Exchange Act; provided, that no Holder shall be deemed an Affiliate of the Company or its Subsidiaries
for purposes of this Agreement; provided, further, that neither portfolio companies (as such term is commonly used in the
private equity industry) of the EQT Investors or any of their Investment Fund Affiliates nor limited partners, non-managing members or
other similar direct or indirect third party investors in the EQT Investors or any of their Investment Fund Affiliates shall be deemed
to be Affiliates of the Shareholder. The term “Affiliated” has a correlative meaning.

 

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

 

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

 

    

     

    

 

“Business Day” means any day other
than a Saturday, Sunday or a day on which commercial banks located in Amsterdam, the Netherlands, and New York, New York, United States,
are required or authorized by law or executive order to be closed.

 

“Change of Control” means (a) the
sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries
on a consolidated basis as determined by the Board of Directors of the Company, to any “person” or “group” (as
defined in section 13(d)(3) of the Exchange Act) (excluding the Acceptable Holders) or (b) any person or group (excluding the
Acceptable Holders) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the total voting power of the voting shares of the Company (a “Sale of
Control”) and, following such Sale of Control, the Acceptable Holders cease to have the right to designate, directly or indirectly,
a majority of the members of the Board of the Company; provided, however, notwithstanding anything to the contrary in this
definition or any provision of the Exchange Act, including section 13(d)-3 or 13(d)-5 of the Exchange Act and Rules 13d-3 and
13d-5 under the Exchange Act, (A) if any such person or group includes one or more Acceptable Holders, the issued and outstanding
Company Shares and Company Share Equivalents that are directly or indirectly owned by the Acceptable Holders that are part of such person
or group shall not be treated as being beneficially owned by such person or group or any other member of such group for purposes of this
definition, (B) such person or group shall not be deemed to beneficially own Company Shares and Company Share Equivalents to be acquired
by such person or group pursuant to a share or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar
agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of Company Shares and Company
Share Equivalents in connection with the transactions contemplated by such agreement and (C) such person or group will not be deemed
to beneficially own Company Shares and Company Share Equivalents of another Person as a result of its ownership of capital stock or other
securities of such other Person or such Person’s parent (or related contractual rights) unless it owns 50% or more of the total
voting power of the capital stock or other securities entitled to vote for the election of directors or similar governing body of such
Person or such Person’s parent.

 

“Company” means hear.com N.V.,
a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands, and any successors
and assigns thereof.

 

“Company Public Sale” means any
offering of the Company’s equity securities for its own account or for the account of any other Person(s).

 

“Company Share Equivalent” means
securities exercisable, exchangeable or convertible into Company Shares.

 

“Company Shares” means the ordinary
shares of the Company, nominal value €0.01 per share, any securities into which such ordinary shares shall have been changed, or
any securities resulting from any reclassification, recapitalization or similar transactions; for the avoidance of doubt, such term shall
not include any preferred shares of the Company issued in accordance with the Company’s articles of associations.

 

“Demand Company Notice” has the
meaning set forth in Section 2.01(c).

 

“Demand Notice” has the meaning
set forth in Section 2.01(a).

 

“Demand Registration” has the
meaning set forth in Section 2.01(a).

 

“Demand Registration Statement”
has the meaning set forth in Section 2.01(a).

 

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“Demand Suspension” has the meaning
set forth in Section 2.01(d).

 

“Eligibility Notice” has the meaning
set forth in Section 2.02(a)(i).

 

“EQT Investors” means, individually
or collectively (as the context requires), Auris Luxembourg I S.A., a Luxembourg public limited company, North Harbour VII S.à
r.l., a Luxembourg limited liability company, and North Harbour VIII S.à r.l., a Luxembourg limited liability company, and any
of their successors and assigns.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same
shall be in effect from time to time.

 

“Excluded Holder” means any Holder
that is a former officer, director, employee or consultant of the Company or any of its Subsidiaries as of the applicable date of determination.

 

“F-3 Eligibility Date” has the
meaning set forth in Section 2.02(a)(i).

 

“F-3 Shelf Notice” has the meaning
set forth in Section 2.02(a)(i).

 

“FINRA” means the U.S. Financial
Industry Regulatory Authority.

 

“Form F-1” means a registration
statement on Form F-1 under the Securities Act, or any comparable or successor form or forms thereto.

 

“Form F-3” means a registration
statement on Form F-3 under the Securities Act, or any comparable or successor form or forms thereto.

 

“Form F-4” means a registration
statement on Form F-4 under the Securities Act, or any comparable or successor form or forms thereto.

 

“Form S-8” means a registration
statement on Form S-8 under the Securities Act, or any comparable or successor form or forms thereto.

 

“Holder” means any holder of Registrable
Securities that is a party hereto or that succeeds to rights hereunder pursuant to Section 3.07.

 

“Impacted Holder” has the meaning
set forth in Section 3.06.

 

“Investment Fund”
means, collectively, (i) a private equity or other investment fund that (A) makes investments in multiple portfolio companies
and was not formed primarily to invest in the Company or its Subsidiaries or (B) is an alternative investment vehicle for a fund
described in clause (A) and (ii) any Person directly or indirectly wholly-owned by any private equity or other investment
fund (or group of Affiliated private equity or other investment funds) described in clause (x) and/or any general partner or managing
member who is an Affiliate thereof.

 

“IPO” means (i) the first
registered initial public offering in the United States or foreign jurisdiction of the equity securities of the Company or any entity
into which the equity securities of the Company may be converted in connection with such offering, pursuant to an effective registration
statement under the Securities Act (other than a registration statement on Form F-4 or Form S-8 or any similar form) or pursuant
to other applicable foreign laws or (ii) the date of effectiveness of a registration of a class of securities of the Company or any
entity into which the securities of the Company may be converted in connection with such registration under the Exchange Act to be traded
on a national securities exchange in the United States that has registered with the SEC under section 6 of the Exchange Act; provided,
that, for the avoidance of doubt, the closing contemplated by a registration statement on Form F-1 publicly filed by the Company
with the SEC shall constitute an IPO.

 

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“Issuer Free Writing Prospectus”
means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of Registrable Securities.

 

“Long-Form Registration”
has the meaning set forth in Section 2.01(a).

 

“Loss” or “Losses”
has the meaning set forth in Section 2.09(a).

 

“Majority Impacted Holders” means
the Impacted Holders holding a majority of the Registrable Securities held by all Impacted Holders as of the applicable date of determination.

 

“Marketed Underwritten Offering”
means any Underwritten Offering (including a Marketed Underwritten Shelf Take-Down, but, for the avoidance of doubt, not including any
Shelf Take-Down that is not a Marketed Underwritten Shelf Take-Down) that involves a customary “road show” (including an “electronic
road show”) or other substantial marketing effort by the Company and the underwriters over a period of at least 48 hours.

 

“Marketed Underwritten Shelf Take-Down”
has the meaning set forth in Section 2.02(e)(iii).

 

“Marketed Underwritten Shelf Take-Down Notice”
has the meaning set forth in Section 2.02(e)(iii).

 

“Participating Holder” means,
with respect to any Registration, any Holder of Registrable Securities covered by the applicable Registration Statement.

 

“Permitted Assignee” has the
meaning set forth in Section 3.07(a).

 

“Person” means any individual,
partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or
political subdivision thereof or any other entity.

 

“Piggyback Registration” has the
meaning set forth in Section 2.03(a).

 

“Prospectus” means the prospectus
included in any Registration Statement, all amendments and supplements to such prospectus, including pre- and post-effective amendments
to such Registration Statement, and all other material incorporated by reference in such prospectus.

 

“Registrable Securities” means
any Company Shares and any securities that may be issued or distributed or be issuable or distributable in respect of, or in substitution
for, any Company Shares by way of conversion, exercise, dividend, share split or other distribution, merger, consolidation, exchange,
recapitalization or reclassification or similar transaction, in each case whether now owned or hereinafter acquired; provided,
however, that any such Registrable Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement
with respect to the sale of such Registrable Securities has been declared effective under the Securities Act and such Registrable Securities
have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable
Securities have been distributed pursuant to Rule 144 or Rule 145 of the Securities Act (or any successor rule or other
exemption from the registration requirements of the Securities Act), (iii) a Registration Statement on Form S-8 (or any successor
form) covering the resale of such securities is effective, (iv) such security ceases to be outstanding or (v) when a Holder
(other than the Shareholder or any of its respective Affiliates) is able to dispose of such Registrable Securities held by it pursuant
to Rule 144 under the Securities Act without any limitation. For the avoidance of doubt, it is understood that, (i) with respect
to any Registrable Securities that are subject to vesting conditions, all vesting conditions must be satisfied and such Registrable Securities
vested prior to the exercise of any registration rights with respect to such Registrable Securities pursuant to this Agreement and/or
sale of such Registrable Securities and (ii) with respect to any Registrable Securities for which a Holder holds vested but unexercised
options or other Company Share Equivalents at such time exercisable for, convertible into or exchangeable for Company Shares, to the
extent that such Registrable Securities are to be sold under a registration statement pursuant to this Agreement, such Holder must exercise
the relevant option or exercise, convert or exchange such other relevant Company Share Equivalent and agree to transfer the underlying
Registrable Securities (in each case, net of any amounts required to be withheld by the Company in connection with such exercise).

 

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“Registration” means a registration
with the SEC of the Company’s securities for offer and sale to the public under a Registration Statement. The terms “Register”
and “Registered” shall have correlative meanings.

 

“Registration Expenses” has the
meaning set forth in Section 2.08.

 

“Registration Statement” means
any registration statement of the Company that covers Registrable Securities pursuant to the provisions of this Agreement filed with,
or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including any related Prospectus,
amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material
incorporated by reference in such registration statement.

 

“Representatives” means, with
respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries, consultants,
equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“Rule 144” means Rule 144
(or any successor provisions) under the Securities Act.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Securities Act” means the Securities
Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be
in effect from time to time.

 

“Shareholder” means Auris Luxembourg
III S.à r.l., a limited liability company incorporated under the laws of Luxembourg, and any Permitted Assignee thereof that becomes
a party hereto as Shareholder, together with each of their respective successors.

 

“Shelf Holder” has the meaning
set forth in Section 2.02(c).

 

“Shelf Notice” has the meaning
set forth in Section 2.02(a)(ii).

 

“Shelf Period” has the meaning
set forth in Section 2.02(b).

 

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“Shelf Registration” means a
Registration effected pursuant to Section 2.02.

 

“Shelf Registration Statement”
means a Registration Statement of the Company filed with the SEC on either (i) Form F-3 (or any successor or similar short-form
registration statement) or (ii) if the Company is not permitted to file a Registration Statement on Form F-3, a Registration
Statement on Form F-1 (or any successor or similar registration statement), in each case for an offering to be made on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act (or any successor provision) covering all or any portion of the
Registrable Securities, as applicable.

 

“Shelf Suspension” has the meaning
set forth in Section 2.02(d).

 

“Shelf Take-Down” has the meaning
set forth in Section 2.02(e)(i).

 

“Short-Form Registration”
has the meaning set forth in Section 2.01(a).

 

“Special Registration” has the
meaning set forth in Section 2.12.

 

“Subsidiary”
means, with respect to any Person, any entity of which (i) a majority of the total voting power of shares of stock or equivalent
ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees
or other members of the applicable governing body thereof is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the Subsidiaries of that Person or a combination thereof, or (ii) if no such governing body exists at such entity,
a majority of the total voting power of shares of stock or equivalent ownership interests of the entity is at the time owned or controlled,
directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person
or Persons shall be deemed to have a majority ownership interest in a limited liability company, company, association or other business
entity if such Person or Persons shall be allocated a majority of limited liability company, company, association or other business entity
gains or losses or is (or controls) the managing member or general partner of such limited liability company, company, association or
other business entity.

 

“T&W Investor” means T&W
Medical A/S, a Danish public limited company, and its successors and assigns.

 

“Underwritten Offering” means
a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for reoffering
to the public.

 

“Underwritten Shelf Take-Down Notice”
has the meaning set forth in Section 2.02(e)(ii).

 

Section 1.02.          Other
Interpretive Provisions. (a)  In this Agreement, except as otherwise provided:

 

(i)             A
reference to an Article, Section or Schedule is a reference to an article or section of, or schedule to, this Agreement, and references
to this Agreement include any recital in or Schedule to this Agreement.

 

(ii)            The
Schedules form an integral part of and are hereby incorporated by reference into this Agreement.

 

(iii)            Headings
and the Table of Contents are inserted for convenience only and shall not affect the construction or interpretation of this Agreement.

 

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(iv)            Unless
the context otherwise requires, words importing the singular include the plural and vice versa, words importing the masculine include
the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures and limited
liability companies and vice versa.

 

(v)            Unless
the context otherwise requires, the words “hereof” and “herein”, and words of similar meaning refer to this Agreement
as a whole and not to any particular Article, Section or clause. The words “include”, “includes” and “including”
shall be deemed to be followed by the words “without limitation.”

 

(vi)            A
reference to any legislation or to any provision of any legislation shall include any amendment, modification or re-enactment thereof
and any legislative provision substituted therefor.

 

(vii)            All
determinations to be made by the Shareholder hereunder shall be made by the Shareholder in its sole discretion, and the Shareholder may
determine, in its sole discretion, whether or not to take actions that are permitted, but not required, by this Agreement to be taken
by the Shareholder, including the giving of consents required hereunder.

 

(b)            The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intention
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

 

Article II

 

REGISTRATION
RIGHTS

 

Section 2.01.          Demand
Registration.

 

(a)            Demand
by Shareholder. At any time, the Shareholder may, subject to Section 2.11, make a written request (a “Demand
Notice”) to the Company for Registration of all or part of the Registrable Securities held directly or indirectly by the Shareholder
(i) on Form F-1 (a “Long-Form Registration”) or (ii) on Form F-3 (a “Short-Form Registration”)
if the Company qualifies to use such short form (any such requested Long-Form Registration or Short-Form Registration, a “Demand
Registration”). Each Demand Notice shall specify the aggregate amount of Registrable Securities of the Shareholder to be registered
and the intended methods of disposition thereof. Subject to Section 2.11, after delivery of such Demand Notice, the Company
(x) shall file promptly (and, in any event, within (i) ninety (90) days in the case of a request for a Long-Form Registration
or (ii) thirty (30) days in the case of a request for a Short-Form Registration, in each case, following delivery of such
Demand Notice) with the SEC a Registration Statement (which the Company shall designate as an automatically effective Registration Statement
if the Company qualifies at such time to file such a Registration Statement) relating to such Demand Registration (a “Demand
Registration Statement”), and (y) shall use its reasonable best efforts to cause such Demand Registration Statement to
promptly be declared effective under (x) the Securities Act (if such Registration Statement is not automatically effective) and (y) the “Blue
Sky” laws of such jurisdictions as any Participating Holder or any underwriter, if any, reasonably requests.

 

(b)            Demand
Withdrawal. The Shareholder may withdraw its Registrable Securities from a Demand Registration at any time prior to the effectiveness
of the applicable Demand Registration Statement. Upon delivery of a notice by the Shareholder to such effect, the Company shall cease
all efforts to secure effectiveness of the applicable Demand Registration Statement. For the avoidance of doubt, the Shareholder shall
not have any liability or obligation to any other Holder following its determination to terminate, withdraw and/or delay any Demand Registration
initiated by it under this Section 2.01.

 

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(c)            Demand
Company Notice. Subject to Section 2.11, promptly upon delivery of any Demand Notice (but in no event more than five (5) Business
Days following delivery of such Demand Notice), the Company shall deliver a written notice (a “Demand Company Notice”)
of any such Registration request to all Holders (other than the Shareholder), if any, and the Company shall include in such Demand Registration
all such Registrable Securities of such Holders which the Company has received written requests for inclusion therein within ten (10) Business
Days after the date that such Demand Company Notice has been delivered. All requests made pursuant to this Section 2.01(c) shall
specify the aggregate amount of Registrable Securities of such Holder to be registered.

 

(d)            Delay
in Filing; Suspension of Registration. If the Company furnishes to the Participating Holders a certificate signed by the Chief Executive
Officer or equivalent senior executive officer of the Company stating that the filing, effectiveness or continued use of a Demand Registration
Statement would require the Company to make an Adverse Disclosure, then the Company may delay the filing (but not the preparation of)
or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided,
however, that the Company, unless otherwise approved in writing by the Shareholder, shall not be permitted to exercise aggregate
Demand Suspensions and Shelf Suspensions more than twice, or for more than an aggregate of sixty (60) days, in each case, during
any twelve (12) month period; provided, further, that in the event of a Demand Suspension, such Demand Suspension shall
terminate at such earlier time as the Company would no longer be required to make any Adverse Disclosure. Each Participating Holder shall
keep confidential the fact that a Demand Suspension is in effect, the certificate referred to above and its contents unless and until
otherwise notified by the Company, except (i) for disclosure to such Participating Holder’s employees, agents and professional
advisers who reasonably need to know such information for purposes of assisting the Participating Holder with respect to its investment
in the Company Shares and agree to keep it confidential, (ii) for disclosures to the extent required in order to comply with reporting
obligations to its limited partners or other direct or indirect investors who have agreed to keep such information confidential, (iii) if
and to the extent such matters are publicly disclosed by the Company or any of its Subsidiaries or any other Person that, to the actual
knowledge of such Participating Holder, was not subject to an obligation or duty of confidentiality to the Company and its Subsidiaries,
(iv) as required by law, rule or regulation, (v) for disclosures to potential limited partners or investors of a Participating
Holder who have agreed to keep such information confidential and (F) for disclosures to potential transferees of a Holder’s
Registrable Securities who have agreed to keep such information confidential. In the case of a Demand Suspension, the Participating Holders
agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectus in connection with any sale or purchase of, or
offer to sell or purchase, Registrable Securities, upon delivery of the notice referred to above. The Company shall immediately notify
the Participating Holders upon the termination of any Demand Suspension, and (a) in the case of a Demand Registration Statement that
has not been declared effective, shall promptly thereafter file the Demand Registration Statement and use its reasonable best efforts
to have such Demand Registration Statement declared effective under the Securities Act and (b) in the case of an effective Demand
Registration Statement, shall amend or supplement the Prospectus and any Issuer Free Writing Prospectus, if necessary, so it does not
contain any untrue statement or omission and furnish to the Participating Holders such numbers of copies of the Prospectus and any Issuer
Free Writing Prospectus as so amended or supplemented as the Participating Holders may reasonably request. The Company agrees, if necessary,
to supplement or make amendments to the Demand Registration Statement if required by the registration form used by the Company for the
applicable Registration or by the instructions applicable to such registration form or by the Securities Act, or as may reasonably be
requested by the Shareholder.

 

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(e)            Underwritten
Offering. If the Shareholder so requests, an offering of Registrable Securities pursuant to a Demand Registration shall be in the
form of an Underwritten Offering, and the Shareholder shall have the right to select the managing underwriter or underwriters to administer
the offering. If the Shareholder intends to sell the Registrable Securities covered by its demand by means of an Underwritten Offering,
the Shareholder shall so advise the Company as part of its Demand Notice, and the Company shall include such information in the Demand
Company Notice.

 

(f)             Priority
of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten
Offering of the Registrable Securities included in a Demand Registration advise the Board of Directors in writing (with a copy provided
to the Shareholder) that, in its or their opinion, the number of securities requested to be included in such Demand Registration exceeds
the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution
of the securities offered or the market for the securities offered, the securities to be included in such Demand Registration (i) first,
shall be allocated pro rata among the Holders 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 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,
and only if all the securities referred to in clause (i) have been included in such Registration, the number of securities that the
Company proposes to include in such Registration that, in the opinion of the managing underwriter or underwriters, can be sold without
having such adverse effect and (iii) third, and only if all of the securities referred to in clause (ii) have been included
in such Registration, any other securities eligible for inclusion in such Registration that, in the opinion of the managing underwriter
or underwriters, can be sold without having such adverse effect.

 

Section 2.02.          Shelf
Registration.

 

(a)            Filing.

 

(i)             Following
the IPO, the Company shall use its reasonable best efforts to qualify for Registration on Form F-3 for secondary sales. Promptly
following the date on which the Company becomes eligible to Register on Form F-3 (the “F-3 Eligibility Date”),
the Company shall notify, in writing, the Shareholder of such eligibility and its intention to file and maintain a Shelf Registration
Statement on Form F-3 covering the Registrable Securities held by the Shareholder (the “Eligibility Notice”).
Promptly following receipt of such Eligibility Notice (but in no event more than ten (10) days after receipt of such Eligibility
Notice), the Shareholder shall deliver a written notice to the Company, which notice shall specify the aggregate amount of Registrable
Securities held by the Shareholder to be covered by such Shelf Registration Statement and the intended methods of distribution thereof
(the “F-3 Shelf Notice”). Following delivery of the F-3 Shelf Notice, the Company (x) shall file promptly
(and, in any event, within the earlier of (i) thirty (30) days of receipt of the F-3 Shelf Notice and (ii) forty (40)
days after delivery of the Eligibility Notice) with the SEC such Shelf Registration Statement (which shall be an automatic Shelf Registration
Statement if the Company qualifies at such time to file such a Shelf Registration Statement) relating to the offer and sale of all Registrable
Securities requested for inclusion therein by the Shareholder and, to the extent requested under Section 2.02(c), the other
Holders from time to time in accordance with the methods of distribution elected by such Holders (to the extent permitted in this Section 2.02)
and set forth in the Shelf Registration Statement and (y) shall use its reasonable best efforts to cause such Shelf Registration
Statement to be promptly declared effective under the Securities Act (including upon the filing thereof if the Company qualifies to file
an automatic Shelf Registration Statement); provided, however, that if the Shareholder reasonably believes that the Company
will become F-3 eligible and delivers a F-3 Shelf Notice following the IPO but prior to the F-3 Eligibility Date, the Company shall not
be obligated to file (but shall be obligated to prepare) such Shelf Registration Statement on Form F-3 and provided, however,
that notwithstanding anything to the contrary in the foregoing, the Shareholder may, by written notice to the Company, suspend the Company’s
obligations under this Section 2.02(a) until such time as the Shareholder shall determine and the Company shall then
use its reasonable best efforts to comply with its obligations under this Section 2.02(a) after giving effect to such
suspension.

 

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(ii)            Subject
to the right to deliver a Shelf Notice in the manner contemplated by the first proviso below, at any time following the first anniversary
of the IPO, to the extent that the Company is not eligible to file or maintain a Shelf Registration Statement on Form F-3 as contemplated
by Section 2.02(a)(i), the Shareholder may, subject to Section 2.11, make a written request to the Company to
file a Shelf Registration Statement on Form F-1 (a “Shelf Notice”), which Shelf Notice shall specify the
aggregate amount of Registrable Securities of the Shareholder to be registered therein and the intended methods of distribution thereof.
Following the delivery of a Shelf Notice, the Company (x) shall file promptly (and, in any event, within ninety (90) days following
delivery of such Shelf Notice) with the SEC such Shelf Registration Statement relating to the offer and sale of all Registrable Securities
requested for inclusion therein by the Shareholder and, to the extent requested under Section 2.02(c), the other Holders from
time to time in accordance with the methods of distribution elected by such Holders (to the extent permitted in this Section 2.02)
and set forth in the Shelf Registration Statement (provided, however, that if a Shelf Notice is delivered prior to the first
anniversary of the IPO, the Company shall not be obligated to file (but shall be obligated to prepare) such Shelf Registration Statement
prior to the first anniversary of the IPO) and (y) shall use its reasonable best efforts to cause such Shelf Registration Statement
to be promptly declared effective under the Securities Act. If, on the date of any such request (or, in the event of a request that is
delivered prior to the first anniversary of the IPO, on the date following the first anniversary of the IPO), the Company does not qualify
to file a Shelf Registration Statement under the Securities Act, the provisions of this Section 2.02 shall not apply, and
the provisions of Section 2.01 shall apply instead.

 

(b)            Continued
Effectiveness. The Company shall use its reasonable best efforts to keep any Shelf Registration Statement filed pursuant to Section 2.02(a) continuously
effective under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Shelf Holders until the earliest
of (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration
Statement filed under the Securities Act (but in no event prior to the applicable period referred to in section 4(a)(3) of the
Securities Act and Rule 174 thereunder), (ii) the date as of which each of the Shelf Holders is permitted to sell its Registrable
Securities without Registration pursuant to Rule 144 without volume limitation or other restrictions on transfer thereunder and (iii) such
shorter period as the Shareholder with respect to such Shelf Registration shall agree in writing (such period of effectiveness, the “Shelf
Period”). Subject to Section 2.02(d), the Company shall not be deemed to have used its reasonable best efforts to
keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any
action that would result in Shelf Holders not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration
Statement during the Shelf Period, unless such action or omission is (i) a Shelf Suspension permitted pursuant to Section 2.02(d) or
(ii) required by applicable law, rule or regulation.

 

(c)            Company
Notices. Promptly after delivery of a F-3 Shelf Notice or Shelf Notice pursuant to Section 2.02(a) (but in no event
more than ten (10) Business Days after delivery of such F-3 Shelf Notice or the Shelf Notice, as applicable), the Company shall
deliver a written notice of the F-3 Shelf Notice or the Shelf Notice, as applicable, to all Holders other than the Shareholder, if any,
and the Company shall include in such Shelf Registration all Registrable Securities of such Holders which the Company has received written
requests for inclusion therein within ten (10) Business Days after such written notice is delivered to such Holders (each such
Holder delivering such a request, together with the Shareholder, if applicable, a “Shelf Holder”). If the Company
is permitted by applicable law, rule or regulation to add selling shareholders to a Shelf Registration Statement without filing
a post-effective amendment, a Holder may request the inclusion of any amount of such Holder’s Registrable Securities in such Shelf
Registration Statement at any time or from time to time after the filing of a Shelf Registration Statement, and the Company shall add
such Registrable Securities to the Shelf Registration Statement as promptly as reasonably practicable, and such Holder shall be deemed
a Shelf Holder.

 

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(d)            Delay
in Filing; Suspension of Registration. If the Company furnishes to the Shelf Holders a certificate signed by the Chief Executive Officer
or equivalent senior executive officer of the Company stating that the filing, effectiveness or continued use of a Shelf Registration
Statement filed pursuant to Section 2.02(a) would require the Company to make an Adverse Disclosure, then the Company
may delay the filing (but not the preparation of) or initial effectiveness of, or suspend use of the Shelf Registration Statement (a “Shelf
Suspension”); provided, however, that the Company, unless otherwise approved in writing by the Shareholder, shall
not be permitted to exercise aggregate Demand Suspensions and Shelf Suspensions more than twice, or for more than an aggregate of sixty (60)
days, in each case, during any 12-month period; provided, further, that in the event of a Shelf Suspension, such Shelf Suspension
shall terminate at such earlier time as the Company would no longer be required to make any Adverse Disclosure. Each Shelf Holder shall
keep confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its contents unless and until otherwise
notified by the Company, except (i) for disclosure to such Shelf Holder’s employees, agents and professional advisers who reasonably
need to know such information for purposes of assisting the Holder with respect to its investment in the Company Shares and agree to keep
it confidential, (ii) for disclosures to the extent required in order to comply with reporting obligations to its limited partners
or other direct or indirect investors who have agreed to keep such information confidential, (iii) if and to the extent such matters
are publicly disclosed by the Company or any of its Subsidiaries or any other Person that, to the actual knowledge of such Shelf Holder,
was not subject to an obligation or duty of confidentiality to the Company and its Subsidiaries, (iv) as required by law, rule or
regulation, (v) for disclosures to potential limited partners or investors of a Participating Holder who have agreed to keep such
information confidential and (vi) for disclosures to potential transferees of a Holder’s Registrable Securities who have agreed
to keep such information confidential. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus
and any Issuer Free Writing Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities,
upon delivery of the notice referred to above. The Company shall immediately notify the Shelf Holders upon the termination of any Shelf
Suspension, and (a) in the case of a Shelf Registration Statement that has not been declared effective, shall promptly thereafter
file the Shelf Registration Statement and use its reasonable best efforts to have such Shelf Registration Statement declared effective
under the Securities Act and (b) in the case of an effective Shelf Registration Statement, shall (x) amend or supplement the
Prospectus and any Issuer Free Writing Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to
the Shelf Holders such numbers of copies of the Prospectus and any Issuer Free Writing Prospectus as so amended or supplemented as the
Shelf Holders may reasonably request and (y) if applicable, cause any post-effective amendment to the Shelf Registration Statement
to become effective. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required
by the registration form used by the Company for the applicable Registration or by the instructions applicable to such registration form
or by the Securities Act or the rules or regulations promulgated thereunder, or as may reasonably be requested by the Shareholder.

 

(e)             Shelf
Take-Downs.

 

(i)             An
offering or sale of Registrable Securities pursuant to a Shelf Registration Statement (each, a “Shelf Take-Down”)
may be initiated only by the Shareholder. Except as set forth in Section 2.02(e)(iii) with respect to Marketed Underwritten
Shelf Take-Downs, the Company shall not be required to permit the offer and sale of Registrable Securities by other Shelf Holders in
connection with any such Shelf Take-Down initiated by the Shareholder.

 

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(ii)            Subject
to Section 2.11, if the Shareholder elects by written request to the Company, a Shelf Take-Down shall be in the form of an
Underwritten Offering (an “Underwritten Shelf Take-Down Notice”) and the Company shall amend or supplement the
Shelf Registration Statement for such purpose as soon as practicable. The Shareholder shall have the right to select the managing underwriter
or underwriters to administer such offering. The provisions of Section 2.01(f) shall apply to any Underwritten Offering
pursuant to this Section 2.02(e).

 

(iii)            If
the plan of distribution set forth in any Underwritten Shelf Take-Down Notice includes a customary “road show” (including
an “electronic road show”) or other marketing effort, which may be conducted confidentially, by the Company and the underwriters
over a period expected to exceed forty-eight (48) hours (a “Marketed Underwritten Shelf Take-Down”), promptly
upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than three (3) Business Days thereafter), the
Company shall promptly deliver a written notice (a “Marketed Underwritten Shelf Take-Down Notice”) of such Marketed
Underwritten Shelf Take-Down to all Shelf Holders (other than the Shareholder), and the Company shall include in such Marketed Underwritten
Shelf Take-Down all such Registrable Securities of such Shelf Holders that are Registered on such Shelf Registration Statement for which
the Company has received written requests, which requests must specify the aggregate amount of such Registrable Securities of such Holder
to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down, for inclusion therein within three (3) Business
Days after the date that such Marketed Underwritten Shelf Take-Down Notice has been delivered.

 

Section 2.03.          Piggyback
Registration.

 

(a)            Participation.
If the Company at any time proposes to file a Registration Statement with respect to any Company Public Sale (other than (i) a Registration
Statement proposed to be filed in connection with the IPO, (ii) a Registration under Section 2.01 or Section 2.02,
it being understood that this clause (ii) does not limit the rights of Holders to make written requests pursuant to Sections 2.01
or 2.02 or otherwise limit the applicability thereof, (iii) a Registration Statement on Form F-4 or Form S-8, (iv) a
registration of securities solely relating to an offering and sale to employees, directors or consultants of the Company or its Subsidiaries
pursuant to any employee stock plan or other employee benefit plan arrangement, (v) a registration not otherwise covered by clause
(iii) above pursuant to which the Company is offering to exchange its own securities for other securities, (vi) a Registration
Statement relating solely to dividend reinvestment or similar plans or (vii) a Shelf Registration Statement pursuant to which only
the initial purchasers and subsequent transferees of debt securities of the Company or any of its Subsidiaries that are convertible or
exchangeable for Company Shares and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provisions)
of the Securities Act may resell such notes and sell the Company Shares into which such notes may be converted or exchanged), then, (A) as
soon as practicable (but in no event less than thirty (30) days prior to the proposed date of filing of such Registration Statement),
the Company shall give written notice of such proposed filing to the Shareholder, and such notice shall offer the Shareholder the opportunity
to Register under such Registration Statement such number of Registrable Securities as the Shareholder may request in writing delivered
to the Company within ten (10) days of delivery of such written notice by the Company, and (B) subject to Section 2.03(c),
as soon as practicable after the expiration of such ten (10) day period (but in no event less than fifteen (15) days prior
to the proposed date of filing of such Registration Statement), the Company shall give written notice of such proposed filing to the Holders
(other than the Shareholder), and such notice shall offer each such Holder the opportunity to Register under such Registration Statement
such number of Registrable Securities as such Holder may request in writing within ten (10) days of delivery of such written
notice by the Company. Subject to Sections 2.03(b) and (c), the Company shall include in such Registration Statement
all such Registrable Securities that are requested by Holders to be included therein in compliance with the immediately foregoing sentence
(a “Piggyback Registration”); provided, that, if at any time after giving written notice of its intention
to Register any equity securities and prior to the effective date of the Registration Statement filed in connection with such Piggyback
Registration, the Company shall determine for any reason not to Register or to delay Registration of the equity securities covered by
such Piggyback Registration, the Company shall give written notice of such determination to each Holder that had requested to Register
its, his or her Registrable Securities in such Registration Statement and, thereupon, (1) in the case of a determination not to Register,
shall be relieved of its obligation to Register any Registrable Securities in connection with such Registration (but not from its obligation
to pay the Registration Expenses in connection therewith, to the extent payable), without prejudice, however, to the rights of the Shareholder
to request that such Registration be effected as a Demand Registration under Section 2.01, and (2) in the case of a determination
to delay Registering, in the absence of a request by the Shareholder to request that such Registration be effected as a Demand Registration
under Section 2.01, shall be permitted to delay Registering any Registrable Securities, for the same period as the delay in
Registering the other equity securities covered by such Piggyback Registration. If the offering pursuant to such Registration Statement
is to be underwritten, the Company shall so advise the Holders as a part of the written notice given pursuant this Section 2.03(a),
and each Holder making a request for a Piggyback Registration pursuant to this Section 2.03(a) must, and the Company
shall make such arrangements with the managing underwriter or underwriters so that each such Holder may, participate in such Underwritten
Offering, subject to the conditions of Section 2.03(b) and (c). If the offering pursuant to such Registration
Statement is to be on any other basis, the Company shall so advise the Holders as part of the written notice given pursuant to this Section 2.03(a),
and each Holder making a request for a Piggyback Registration pursuant to this Section 2.03(a) must, and the Company
shall make such arrangements so that each such Holder may, participate in such offering on such basis, subject to the conditions of Section 2.03(b) and
(c). Each Holder shall be permitted to withdraw all or part of its Registrable Securities from a Piggyback Registration at any
time prior to the effectiveness of such Registration Statement.

 

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(b)            Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of Registrable Securities
included in a Piggyback Registration informs the Company and the Holders that have requested to participate in such Piggyback Registration
in writing that, in its or their opinion, the number of securities which such Holders and any other Persons intend to include in such
offering exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price,
timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such
Registration shall be (i) first, 100% of the securities that the Company or (subject to Section 2.07) any Person
(other than a Holder) exercising a contractual right to demand Registration, as the case may be, proposes to sell, (ii) second,
and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion
of such managing underwriter or underwriters, can be sold without having such adverse effect in such Registration, which such number shall
be allocated pro rata among the Holders that have requested to participate in such Registration based on the relative number of
Registrable Securities then held by each such Holder (provided, that any securities thereby allocated to a Holder that exceed such
Holder’s request shall be reallocated among the remaining requesting Holders in like manner), and (iii) third, and only
if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible
for inclusion in such Registration that, in the opinion of the managing underwriter or underwriters, can be sold without having such adverse
effect in such Registration.

 

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(c)            Restrictions
on Non-Shareholder Holders. Notwithstanding any provisions contained herein, Holders other than the Shareholder shall not be able
to exercise the right to a Piggyback Registration unless the Shareholder exercises its rights with respect to such Piggyback Registration.

 

(d)            No
Effect on Demand Registrations. No Registration of Registrable Securities effected pursuant to a request under this Section 2.03
shall be deemed to have been effected pursuant to Section 2.01 or Section 2.02 or shall relieve the Company of
its obligations under Section 2.01 or Section 2.02.

 

Section 2.04.          Black-out
Periods.

 

(a)            Black-out
Periods for Holders. In the event of a Company Public Sale of the Company’s equity securities in an Underwritten Offering, each
of the Holders agrees, if requested by the managing underwriter or underwriters in such Underwritten Offering (and, with respect to a
Company Public Sale other than the IPO, if and only if the Shareholder also agrees to such request), not to (1) offer for sale, sell,
pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition
by any Person at any time in the future of) any Company Shares (including Company Shares that may be deemed to be beneficially owned by
the undersigned in accordance with the rules and regulations of the SEC and Company Shares that may be issued upon exercise of any
options or warrants) or Company Share Equivalents or any other securities of the Company, (2) enter into any swap or other derivatives
transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Company Shares, Company
Share Equivalents or any other securities of the Company, whether any such transaction described in clause (1) or (2) above
is to be settled by delivery of Company Shares or other securities, in cash or otherwise, (3) make any demand for or exercise any
right or cause to be filed a Registration Statement, including any amendments thereto, with respect to the registration of any Company
Shares or Company Share Equivalents or any other securities of the Company or (4) publicly disclose the intention to do any of the
foregoing without the prior written consent of the Company, in each case, during the period commencing on the date of such offering and
continuing for not more than one hundred eighty (180) days (in the event of the IPO) or ninety (90) days (in the event of any
other Company Public Sale) after the date of the underwriting agreement entered into in connection with such IPO or Company Public Sale,
to the extent timely notified in writing by the Company or the managing underwriter or underwriters; provided, that no Holder shall
be subject to any such black-out period of longer duration than that applicable to the Shareholder and such restrictions shall be subject
to customary exceptions typically included in underwriter lock-up agreements, to the extent acceptable to the managing underwriter or
underwriters. If requested by the managing underwriter or underwriters of any such Company Public Sale (and, with respect to any such
Company Public Sale other than the IPO, if and only if the Shareholder agrees to such request and enters into such separate agreement),
the Holders shall execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect
to the Company Shares or Company Share Equivalents (or other securities) subject to the foregoing restriction until the end of the period
referenced above.

 

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(b)            Black-out
Period for the Company and Others. In the case of an offering of Registrable Securities pursuant to Section 2.01 or 2.02
that is a Marketed Underwritten Offering, the Company and each of the Holders agree, if requested by the managing underwriter or underwriters
with respect to such Marketed Underwritten Offering and only to the extent the Shareholder also agrees, not to (1) offer for sale,
sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in
the disposition by any Person at any time in the future of) any Company Shares (including Company Shares that may be deemed to be beneficially
owned by the undersigned in accordance with the rules and regulations of the SEC and Company Shares that may be issued upon exercise
of any options or warrants) or Company Share Equivalents or any other securities of the Company, (2) enter into any swap or other
derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Company
Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Company Shares or
other securities, in cash or otherwise, (3) make any demand for or exercise any right or cause to be filed a Registration Statement,
including any amendments thereto, with respect to the registration of any Company Shares or Company Share Equivalents or any other securities
of the Company or (4) publicly disclose the intention to do any of the foregoing without the prior written consent of the Company,
in each case, during the period commencing on the date of such offering and continuing for not more than ninety (90) days (or such
lesser period as may be agreed by the managing underwriter or underwriters) after the date of the underwriting agreement entered into
in connection with such Marketed Underwritten Offering, to the extent timely notified in writing by the Shareholder or the managing underwriter
or underwriters, as the case may be; provided, that no Holder shall be subject to any such black-out period of longer duration
than that applicable to the Shareholder and such restrictions shall be subject to customary exceptions typically included in underwriter
lock-up agreements, to the extent acceptable to the managing underwriter or underwriters. Notwithstanding the foregoing, the Company may
effect a public sale or distribution of securities of the type described above and during the periods described above if such sale or
distribution is made pursuant to Registrations on Form F-4 or Form S-8 or as part of any Registration of securities for offering
and sale to employees, directors or consultants of the Company and its Subsidiaries pursuant to any employee stock plan or other employee
benefit plan arrangement. The Company agrees to use its reasonable best efforts to obtain from each of its directors and officers and
each other holder of restricted securities of the Company which securities are the same as or similar to the Registrable Securities being
Registered, or any restricted securities convertible into or exchangeable or exercisable for any of such securities, an agreement not
to effect any public sale or distribution of such securities during any such period referred to in this paragraph, except as part of any
such Registration, if permitted. Without limiting the foregoing (but subject to Section 2.07), if after the date hereof the
Company or any of its Subsidiaries grants any Person (other than a Holder) any rights to demand or participate in a Registration, the
Company shall, and shall cause its Subsidiaries to, provide that the agreement with respect thereto shall include such Person’s
agreement to comply with any black-out period required by this Section 2.04(b) as if it were a Holder hereunder. If requested
by the managing underwriter or underwriters of any such Marketed Underwritten Offering (and if and only if the Shareholder agrees to such
request and enters into such separate agreement), the Holders shall execute a separate agreement to the foregoing effect. Subject to the
provisions of this Agreement, the Company shall be responsible for negotiating all lock-up agreements with the managing underwriters and
the Holders agree to execute the form so negotiated in accordance with the terms of this Agreement. The Company may impose stop-transfer
instructions with respect to the Company Shares (or other securities) subject to the foregoing restriction until the end of the period
referenced above.

 

(c)            Notwithstanding
anything contained to the contrary, nothing contained in this Section 2.04 shall apply to any Excluded Holder.

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Section 2.05.         Registration
Procedures.

 

(a)           In
connection with the Company’s Registration obligations under Sections 2.01, 2.02, and 2.03 and subject
to the applicable terms and conditions set forth therein, the Company shall use its reasonable best efforts to effect such Registration
to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously
as reasonably practicable, and in connection therewith the Company shall:

 

(i)            prepare
the required Registration Statement including all exhibits and financial statements required under the Securities Act to be filed therewith,
and before filing a Registration Statement, Prospectus or any Issuer Free Writing Prospectus, or any amendments or supplements thereto,
(x) furnish to the underwriters, if any, and the Shareholder, if applicable, copies of all documents prepared to be filed, which
documents shall be subject to the review of such underwriters and the Shareholder and their respective counsel and (y) except in
the case of a Registration under Section 2.03, not file any Registration Statement or Prospectus or amendments or supplements
thereto to which the underwriters, if any, or the Shareholder shall reasonably object;

 

(ii)           as
promptly as practicable and in accordance with the other provisions of this Agreement, file with the SEC a Registration Statement relating
to the Registrable Securities including all exhibits and financial statements required by the SEC to be filed therewith, and use its
reasonable best efforts to cause such Registration Statement to become effective under the Securities Act as soon as practicable;

 

(iii)          prepare
and file with the SEC such pre- and post-effective amendments to such Registration Statement, supplements to the Prospectus and such
amendments or supplements to any Issuer Free Writing Prospectus as may be (x) reasonably requested by the Shareholder, (y) reasonably
requested by any other Participating Holder (to the extent such request relates to information relating to such Participating Holder),
or (z) necessary to keep such Registration effective for the period of time required by this Agreement, and comply with provisions
of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement
during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration
Statement;

 

(iv)          promptly
notify the Participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing
and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (A) when
the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus
or Issuer Free Writing Prospectus or any amendment or supplement thereto has been filed, (B) of any written comments by the SEC
or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement,
Prospectus or Issuer Free Writing Prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending
the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the
use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus or the initiation or threatening of any proceedings
for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement
cease to be true and correct in all material respects, (E) of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction and (F) of the receipt by
the Company of any notification with respect to the initiation or threatening of any proceeding for the suspension of the qualification
of the Registrable Securities for offering or sale in any jurisdiction;

 

(v)           promptly
notify the Participating Holders and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening
of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then
in effect) or any Issuer Free Writing Prospectus contains any untrue statement of a material fact or omits to state a material fact necessary
to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or any Issuer Free Writing Prospectus, in
light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that
may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such
time period to amend or supplement such Registration Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with
the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without
charge to the Participating Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration
Statement, Prospectus or Issuer Free Writing Prospectus which shall correct such misstatement or omission or effect such compliance;

 

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(vi)          use
its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order suspending the use of any preliminary
or final Prospectus or any Issuer Free Writing Prospectus;

 

(vii)         promptly
incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment to the applicable Registration
Statement such information as the managing underwriter or underwriters and the Shareholder (to the extent the Shareholder is participating
in such Registration) agree should be included therein relating to the plan of distribution with respect to such Registrable Securities,
and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon
as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing
Prospectus or post-effective amendment;

 

(viii)        furnish
to each Participating Holder and each underwriter, if any, without charge, as many conformed copies as such Participating Holder or underwriter
may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial
statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

 

(ix)          deliver
to each Participating Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each
preliminary Prospectus), any Issuer Free Writing Prospectus and any amendment or supplement thereto as such Participating Holder or underwriter
may reasonably request (it being understood that the Company consents to the use of such Prospectus, any Issuer Free Writing Prospectus
and any amendment or supplement thereto by such Participating Holder and the underwriters, if any, in connection with the offering and
sale of the Registrable Securities thereby) and such other documents as such Participating Holder or underwriter may reasonably request
in order to facilitate the disposition of the Registrable Securities by such Participating Holder or underwriter;

 

(x)           on
or prior to the date on which the applicable Registration Statement is declared effective, use its reasonable best efforts to register
or qualify, and cooperate with the Participating Holders, the managing underwriter or underwriters, if any, and their respective counsel,
in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue
Sky” laws of each state and other jurisdiction of the United States as any Participating Holder or managing underwriter or underwriters,
if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable
to keep such registration or qualification in effect for such period as required by Section 2.02(b), provided, that
the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take
any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;

 

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(xi)          cooperate
with the Participating Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery
of certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities
to be in such denominations and registered in such names as the managing underwriters may request at least two (2) Business
Days prior to any sale of Registrable Securities to the underwriters;

 

(xii)         use
its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter
or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

(xiii)        not
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and provide
the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with
The Depository Trust Company or any other required depository;

 

(xiv)        make
such representations and warranties to the Participating Holders and the underwriters or agents, if any, in form, substance and scope
as are customarily made by issuers in secondary underwritten public offerings;

 

(xv)         enter
into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the Shareholder
or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the registration and disposition
of such Registrable Securities;

 

(xvi)        obtain
for delivery to the Participating Holders and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the
Company dated the effective date of the Registration Statement or, in the event of an Underwritten Offering, the date of the closing
under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Participating
Holders or underwriters, as the case may be, and their respective counsel;

 

(xvii)       in
the case of an Underwritten Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies to
the Participating Holders, a cold comfort letter from the Company’s independent certified public accountants in customary form
and covering such matters of the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably
request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;

 

(xviii)      cooperate
with each Participating Holder and each underwriter, if any, participating in the disposition of such Registrable Securities and their
respective counsel in connection with any filings required to be made with the FINRA;

 

(xix)         use
its reasonable best efforts to comply with all applicable securities laws and make available to its security holders, as soon as reasonably
practicable, an earnings statement satisfying the provisions of section 11(a) of the Securities Act and the rules and
regulations promulgated thereunder;

 

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(xx)          provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement
from and after a date not later than the effective date of such Registration Statement;

 

(xxi)         use
its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each
securities exchange on which any of the Company Shares are then listed or quoted and on each inter-dealer quotation system on which any
of the Company Shares are then quoted;

 

(xxii)        make
available upon reasonable notice at reasonable times and for reasonable periods for inspection by the Shareholder, by any underwriter
participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent
retained by the Shareholder or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties
of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have
certified its financial statements to make themselves available to discuss the business of the Company and to supply all information
reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise
their due diligence responsibility; provided, that any such Person gaining access to information regarding the Company pursuant
to this Section 2.05(a)(xii) shall agree to hold in strict confidence and shall not make any disclosure or use any information
regarding the Company that the Company determines in good faith to be confidential, and of which determination such Person is notified,
unless (w) the release of such information is requested or required by law or by deposition, interrogatory, requests for information
or documents by a governmental entity, subpoena or similar process, (x) such information is or becomes publicly known other than
through a breach of this or any other agreement of which such Person has actual knowledge, (y) such information is or becomes available
to such Person on a non-confidential basis from a source other than the Company or (z) such information is independently developed
by such Person;

 

(xxiii)       in
the case of an Underwritten Offering, cause the senior executive officers of the Company to participate in the customary “road
show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such Underwritten Offering
and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts
related thereto; and

 

(xxiv)      otherwise
comply in all material respects with all applicable rules and regulations of the SEC in connection with any Registration Statement
and the disposition of all Registrable Securities covered by such Registration Statement.

 

(b)           The
Company may require each Participating Holder to furnish to the Company such information regarding the distribution of such securities
and such other information relating to such Participating Holder and its ownership of Registrable Securities as the Company may from
time to time reasonably request in writing. Each Participating Holder agrees to furnish such information to the Company and to cooperate
with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.

 

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(c)           Each
Participating Holder agrees that, upon delivery of any notice by the Company of the happening of any event of the kind described in Section 2.05(a)(iv)(C),
(D), or (E) or Section 2.05(a)(v), such Participating Holder will forthwith discontinue disposition of
Registrable Securities pursuant to such Registration Statement until (i) such Participating Holder’s receipt of the copies
of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 2.05(a)(v), (ii) such
Participating Holder is advised in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case
may be, may be resumed, (iii) such Participating Holder is advised in writing by the Company of the termination, expiration or cessation
of such order or suspension referenced in Section 2.05(a)(iv)(C) or (E) or (iv) such Participating
Holder is advised in writing by the Company that the representations and warranties of the Company in such applicable underwriting agreement
are true and correct in all material respects. If so directed by the Company, such Participating Holder shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such Participating Holder’s possession, of
the Prospectus or any Issuer Free Writing Prospectus covering such Registrable Securities current at the time of delivery of such notice.
In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be
maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice
to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies
of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 2.05(a)(v) or is
advised in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus may be resumed.

 

Section 2.06.         Underwritten
Offerings.

 

(a)           Demand
and Shelf Registrations. If requested by the underwriters for any Underwritten Offering requested by the Shareholder pursuant to
a Registration under Section 2.01 or Section 2.02, as applicable, the Company shall enter into an underwriting
agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company,
the Shareholder and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally
prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 2.09.
The Shareholder shall cooperate with the Company in the negotiation of such underwriting agreement and shall give consideration to the
reasonable suggestions of the Company regarding the form thereof. The Participating Holders shall be parties to such underwriting agreement,
which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of,
the Company to and for the benefit of such Participating Holders as are customarily made by issuers to selling shareholders in secondary
underwritten public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement also shall be conditions precedent to the obligations of such Participating Holders. Any such Participating
Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters in connection
with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder, such Participating
Holder’s title to the Registrable Securities, such Participating Holder’s authority to sell the Registrable Securities, such
Participating Holder’s intended method of distribution, absence of liens with respect to the Registrable Securities, enforceability
of the applicable underwriting agreement as against such Participating Holder, receipt of all consents and approvals with respect to
the entry into such underwriting agreement and the sale of such Registrable Securities and any other representations required to be made
by such Participating Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such Participating
Holder in connection with such underwriting agreement shall not exceed such Participating Holder’s net proceeds from such Underwritten
Offering.

 

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(b)           Piggyback
Registrations. If the Company proposes to register any of its securities under the Securities Act as contemplated by Section 2.03
and such securities are to be distributed in an Underwritten Offering through one or more underwriters, the Company shall, if requested
by any Holder pursuant to Section 2.03 and subject to the provisions of Section 2.03(b) and (c), use its
reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers
in such Registration all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed
by such underwriters in such Registration. The Participating Holders shall be parties to the underwriting agreement between the Company
and such underwriters, which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements
on the part of, the Company to and for the benefit of such Participating Holders as are customarily made by issuers to selling shareholders
in secondary underwritten public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Participating Holders. Any
such Participating Holder shall not be required to make any representations or warranties to, or agreements with the Company or the underwriters
in connection with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder,
such Participating Holder’s title to the Registrable Securities, such Participating Holder’s authority to sell the Registrable
Securities, such Holder’s intended method of distribution, absence of liens with respect to the Registrable Securities, enforceability
of the applicable underwriting agreement as against such Participating Holder, receipt of all consents and approvals with respect to
the entry into such underwriting agreement and the sale of such Registrable Securities or any other representations required to be made
by such Participating Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such Participating
Holder in connection with such underwriting agreement shall not exceed such Participating Holder’s net proceeds from such Underwritten
Offering.

 

(c)           Participation
in Underwritten Registrations. Subject to the provisions of Sections 2.06(a) and 2.06(b) above, no Person
may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms
of such underwriting arrangements.

 

(d)           Price
and Underwriting Discounts. In the case of an Underwritten Offering under Section 2.01 or Section 2.02, the
price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Shareholder so long
as all Registrable Securities are subject to the same financial terms.

 

Section 2.07.         No
Inconsistent Agreements; Additional Rights. The Company is not currently a party to, and shall not hereafter enter into without the
prior written consent of the Shareholder, any agreement with respect to its securities that is inconsistent with the rights granted to
the Holders by this Agreement, including allowing any other holder or prospective holder of any securities of the Company (a) registration
rights in the nature or substantially in the nature of those set forth in Section 2.01, Section 2.02 or Section 2.03
that would have priority over the Registrable Securities with respect to the inclusion of such securities in any Registration (except
to the extent such registration rights are solely related to registrations of the type contemplated by Section 2.03(a)(iii) and
(iv)) or (b) demand registration rights in the nature or substantially in the nature of those set forth in Section 2.01
or Section 2.02 that are exercisable prior to such time as the Shareholder and the Holders can first exercise their rights
under Section 2.01 or Section 2.02, as applicable.

 

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Section 2.08.         Registration
Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the Company,
including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with
the SEC, FINRA and if applicable, the fees and expenses of any “qualified independent underwriter,” as such term is defined
in FINRA Rule 5121 (or any successor provision), and of its counsel, (ii) all fees and expenses in connection with compliance
with any securities or “Blue Sky” laws (including fees and disbursements of counsel for the underwriters in connection with
 “Blue Sky” qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger,
telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible
for deposit with The Depository Trust Company or any other required depositories and of printing Prospectuses and Issuer Free Writing
Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of
the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (v) Securities
Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi) all fees and expenses incurred in connection with the listing of Registrable Securities on any securities
exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating agency fees
with respect to the Registrable Securities, (viii) all reasonable fees and disbursements of one legal counsel and one accounting
firm as selected by the holders of a majority of the Registrable Securities included in such Registration, (ix) any reasonable fees
and disbursements of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses of any special
experts or other Persons retained by the Company in connection with any Registration, (xi) all of the Company’s internal expenses
(including all salaries and expenses of its officers and employees performing legal or accounting duties), (xii) all expenses related
to the “road-show” for any Underwritten Offering, including all travel, meals and lodging and (xiii) any other
fees and disbursements customarily paid by the issuers of securities. All such expenses are referred to herein as “Registration
Expenses.” The Company shall not be required to pay any underwriting discounts and commissions and transfer taxes, if any,
attributable to the sale of Registrable Securities. In connection with each Registration or offering made pursuant to this Agreement,
the Company shall pay (i) the reasonable fees and expenses of the Shareholder’s counsel and (ii) the reasonable fees
and expenses of one counsel to the other Holders (not including the Shareholder), which counsel shall be designated by other Holders
holding a majority of the Registrable Securities included in such Registration and may (but is not required to) be the same counsel for
the Shareholder.

 

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Section 2.09.         Indemnification.

 

(a)           Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each of the Holders, each
of their respective direct or indirect partners, members, managers or shareholders and each of such partner’s, member’s or
shareholder’s partners, members, managers or shareholders and, with respect to all of the foregoing Persons, each of their respective
Affiliates, employees, directors, officers, trustees or agents and each Person who controls (within the meaning of the Securities Act
or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties, judgments,
suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of preparation and investigation
and legal expenses) (each, a “Loss” and collectively, “Losses”) arising out of or based
upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which
such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained
therein or any amendment or supplement thereto or any documents incorporated by reference therein), any Issuer Free Writing Prospectus
or amendment or supplement thereto, or any other disclosure document produced by or on behalf of the Company or any of its Subsidiaries
including reports and other documents filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or
Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, (iii) any violation or
alleged violation by the Company of any federal, state or common law rule or regulation applicable to the Company or any of its
Subsidiaries in connection with any such registration, qualification, compliance or sale of Registrable Securities, (iv) any failure
to register or qualify Registrable Securities in any state or other jurisdiction where the Company or its agents have affirmatively undertaken
or agreed in writing that the Company (the undertaking of any underwriter being attributed to the Company) will undertake such registration
or qualification on behalf of the Holders of such Registrable Securities (provided, that, in such instance, the Company shall
not be so liable if it has undertaken its reasonable best efforts to so register or qualify such Registrable Securities) or (v) any
actions or inactions or proceedings in respect of the foregoing whether or not such indemnified party is a party thereto, and the Company
will reimburse, as incurred, each such Holder and each of their respective direct or indirect partners, members or shareholders and each
of such partner’s, member’s or shareholder’s partners members or shareholders and, with respect to all of the foregoing
Persons, each of their respective Affiliates, employees, directors, officers, trustees or agents and controlling Persons and each of
their respective Representatives, for any legal and any other expenses reasonably incurred in connection with investigating or defending
any such claim, loss, damage, liability or action; provided, that the Company shall not be liable to any particular indemnified
party to the extent that any such Loss arises out of or is based upon (A) an untrue statement or alleged untrue statement or omission
or alleged omission made in any such Registration Statement or other document in reliance upon and in conformity with written information
furnished to the Company by such indemnified party expressly for use in the preparation thereof or (B) an untrue statement or omission
in a preliminary Prospectus relating to Registrable Securities, if a Prospectus (as then amended or supplemented) that would have cured
the defect was furnished to the indemnified party from whom the Person asserting the claim giving rise to such Loss purchased Registrable
Securities at least five (5) days prior to the written confirmation of the sale of the Registrable Securities to such Person
and a copy of such Prospectus (as amended and supplemented) was not sent or given by or on behalf of such indemnified party to such Person
at or prior to the written confirmation of the sale of the Registrable Securities to such Person. This indemnity shall be in addition
to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such Holder. The Company
shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the
distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the
Exchange Act) to the same extent as provided above with respect to the indemnification of the indemnified parties.

 

(b)           Indemnification
by the Participating Holders. Each Participating Holder agrees (severally and not jointly) to indemnify and hold harmless, to the
fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning
of the Securities Act or the Exchange Act), and each other Holder, each of such other Holder’s respective direct or indirect partners,
members, managers or shareholders and each of such partner’s, member’s or shareholder’s partners, members, managers
or shareholders and, with respect to all of the foregoing Persons, each of their respective Affiliates, employees, directors, officers,
trustees or agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each
of their respective Representatives from and against any Losses resulting from (i) any untrue statement or alleged untrue statement
of a material fact in any Registration Statement under which such Registrable Securities were Registered under the Securities Act (including
any final, preliminary or summary Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by
reference therein) or any Issuer Free Writing Prospectus or amendment or supplement thereto, or (ii) any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus,
preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, in
each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission)
is contained in any information furnished in writing by such Holder to the Company specifically for inclusion in such Registration Statement
and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person
asserting the claim, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) was made in such Registration Statement, Prospectus, offering circular, Issuer Free Writing Prospectus
or other document, in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for
use therein. In no event shall the liability of such Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder under the sale of Registrable Securities giving rise to such indemnification obligation.

 

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(c)           Conduct
of Indemnification Proceedings. Any Person entitled to indemnification under this Section 2.09 shall (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, that any delay
or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent,
if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party
to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, that any Person entitled
to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim,
but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed in
writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such claim within a
reasonable time after delivery of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably
satisfactory to such Person, (C) the indemnified party has reasonably concluded (based upon advice of its counsel) that there may
be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying
party, or (D) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist
between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party
in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall
not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the
indemnifying party shall not have the right to settle such action, consent to entry of any judgment or enter into any settlement, in
each case without the prior written consent of the indemnified party, unless the entry of such judgment or settlement (i) includes
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all
liability in respect to such claim or litigation and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of such indemnified party, and provided, that any sums payable in connection with such settlement
are paid in full by the indemnifying party. If such defense is not assumed by the indemnifying party, the indemnifying party will not
be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld.
It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 2.09(c),
in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or
other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment
of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably
concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to
those available to the other indemnified parties, or (z) a conflict or potential conflict exists or may exist (based upon advice
of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying
party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.

 

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(d)           Contribution.
If for any reason the indemnification provided for in paragraphs (a) and (b) of this Section 2.09 is unavailable
to an indemnified party or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements
or omissions that resulted in such losses, as well as any other relevant equitable considerations. In connection with any Registration
Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on
the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 2.09(d) were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in this Section 2.09(d). No Person guilty of fraudulent misrepresentation (within the meaning of section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount
paid or payable by an indemnified party as a result of the Losses referred to in Sections 2.09(a) and 2.09(b) shall
be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.09(d),
in connection with any Registration Statement filed by the Company, a Participating Holder shall not be required to contribute any amount
in excess of the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such
contribution obligation less any amount paid by such Holders pursuant to Section 2.09(b). If indemnification is available
under this Section 2.09, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 2.09(a) and
2.09(b) hereof without regard to the provisions of this Section 2.09(d).

 

(e)           No
Exclusivity. The remedies provided for in this Section 2.09 are not exclusive and shall not limit any rights or remedies
which may be available to any indemnified party at law or in equity or pursuant to any other agreement.

 

(f)            Conflicts.
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement
entered into in connection with the underwritten public offering are in conflict with the foregoing provisions in this Section 2.09,
the provisions in the underwriting agreement shall control.

 

(g)           Survival.
The indemnities provided in this Section 2.09 shall survive the transfer of any Registrable Securities by such Holder.

 

Section 2.10.         Rules 144
and 144A and Regulation S. The Company covenants that it will file the reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file
such reports, it will, upon the reasonable request of the Shareholder, make publicly available such necessary information for so long
as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take such further
action as the Shareholder may reasonably request, all to the extent required from time to time to enable the Holders, following the IPO,
to sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by (i) Rules 144,
144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar rule or
regulation hereafter adopted by the SEC. Upon the reasonable request of a Holder, the Company will deliver to such Holder a written statement
as to whether it has complied with such requirements and, if not, the specifics thereof.

 

Section 2.11.         Limitation
on Registrations and Underwritten Offerings. Notwithstanding the rights and obligations set forth in Sections 2.01 and
2.02, in no event shall the Company be obligated to take any action to (i) effect more than one Marketed Underwritten Offering
in any consecutive ninety (90) day period or (ii) effect any Underwritten Offering unless the Shareholder initiating such Underwritten
Offering proposes to sell Registrable Securities in such Underwritten Offering having a reasonably anticipated gross aggregate price
(before deduction of underwriter commissions and offering expenses) of at least $10,000,000.

 

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Section 2.12.         Clear
Market. With respect to any Underwritten Offerings of Registrable Securities by the Shareholder pursuant to this Agreement, the Company
agrees not to effect (other than pursuant to the Registration applicable to such Underwritten Offering or pursuant to a Special Registration)
any public sale or distribution, or to file any Registration Statement (other than pursuant to the Registration applicable to such Underwritten
Offering or pursuant to a Special Registration) covering any of its equity securities or any securities convertible into or exchangeable
or exercisable for such securities, during the period not to exceed ten (10) days prior and sixty (60) days following
the effective date of such offering or such longer period up to ninety (90) days as may be requested by the managing underwriter
for such Underwritten Offering. “Special Registration” means the registration of (A) equity securities and/or
options or other rights in respect thereof solely registered on Form F-4 or Form S-8 or (B) shares of equity securities
and/or options or other rights in respect thereof to be offered to directors, employees, consultants, customers, lenders or vendors of
the Company or its Subsidiaries or in connection with dividend reinvestment plans.

 

Section 2.13.         In-Kind
Distributions. If the Shareholder seeks to effectuate an in-kind distribution of all or part of its Company Shares to its direct
or indirect equityholders, the Company will reasonably cooperate with and assist the Shareholder, such equityholders and the Company’s
transfer agent to facilitate such in-kind distribution in the manner reasonably requested by the Shareholder (including the delivery
of instruction letters by the Company or its counsel to the Company’s transfer agent, the delivery of customary legal opinions
by counsel to the Company and the delivery of Company Shares without restrictive legends, to the extent no longer applicable) and any
such equityholder shall, with its consent and with the consent of the Shareholder, be treated as the Shareholder and/or a Holder (as
determined by the Shareholder) for all purposes of this Agreement, with the same rights, benefits and obligations hereunder as the Shareholder
and/or a Holder, as applicable.

 

Article III

 

MISCELLANEOUS

 

Section 3.01.         Term.

 

(a)           This
Agreement shall terminate with respect to any Holder (i) with the prior written consent of the Shareholder in connection with the
consummation of a Change of Control, (ii) for those Holders (other than the Shareholder) that beneficially own less than five percent (5%)
of the Company’s outstanding Company Shares, if all of the Registrable Securities then owned by such Holder could be sold in any
ninety (90) day period pursuant to Rule 144, (iii) as to any Holder, if all of the Registrable Securities held by such
Holder have been sold or otherwise transferred in a Registration pursuant to the Securities Act or pursuant to an exemption therefrom,
or (iv) with respect to any Holder that is an officer, director, employee or consultant of the Company or any of its Subsidiaries
on the date that is ninety (90) days after the date on which such Holder ceases to be an employee, director or consultant (as applicable)
of the Company and its Subsidiaries.

 

(b)           Notwithstanding
the foregoing, the provisions of Sections 2.09, 2.10 and 2.13 and all of this Article III shall
survive any such termination. Upon the written request of the Company, each Holder agrees to promptly deliver a certificate to the Company
setting forth the number of Registrable Securities then beneficially owned by such Holder.

 

    26

     

    

 

Section 3.02.         Injunctive
Relief. It is hereby agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered if
the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved
Person will be irreparably damaged and will not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition
to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including specific performance, to enforce
such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties
hereto shall raise the defense that there is an adequate remedy at law.

 

Section 3.03.         Attorneys’
Fees. In any action or proceeding brought to enforce any provision of this Agreement or where any provision hereof is validly asserted
as a defense, the successful party shall, to the extent permitted by applicable law, be entitled to recover reasonable attorneys’
fees in addition to any other available remedy.

 

Section 3.04.         Notices.
Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications
authorized or required to be given pursuant to this Agreement shall be in writing and shall be deemed to have been given (a) when
personally delivered, (b) when transmitted via facsimile to the number set out below or on Schedule A if the sender
receives confirmation of delivery or if the sender on the same or following Business Day sends a confirming copy of such notice by a
recognized delivery service (charges prepaid), (c) the day following the day (except if not a Business Day then the next Business
Day) on which the same has been delivered prepaid to a reputable national air courier service, (d) when transmitted via email (including
via attached pdf document) to the email address set out below or on Schedule A if the sender on the same day sends a confirming
copy of such notice by a recognized delivery service (charges prepaid) or (e) the third Business Day following the day on which
the same is sent by certified or registered mail, postage prepaid, in each case, to the respective parties, as applicable, at the address,
facsimile number or email address set forth below or on Schedule A hereto (or such other address, facsimile number or email
address as any Holder may specify by notice to the Company in accordance with this Section 3.04):

 

(a)           Company:

 

hear.com N.V.

Amsterdamsestraatweg 421

3551 CL Utrecht

The Netherlands

Attention:             Executive Directors
and Co-CEOs

 Email:                    marco.vietor@audibene.de; paul.crusius@audibene.de

 

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

 

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94304

 USA

Attention:            William Brentani

 Email:                    wbrentani@stblaw.com

 

    27

     

    

 

Simpson Thacher & Bartlett LLP

CityPoint, One Ropemaker Street

London EC2Y 9HU

United Kingdom

Attention:             Nicholas
J. Shaw

Email:                    nshaw@stblaw.com

 

(b)            Shareholder:

 

Auris Luxembourg III S.à r.l.

26A Boulevard Royal

2449 Luxembourg

Luxembourg

Attention:             Board of Managers

Email:                    eqtequity@eqtfunds.com

 

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

 

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94304

USA

Attention:            William Brentani

Email:                    wbrentani@stblaw.com

 

Simpson Thacher & Bartlett LLP

CityPoint, One Ropemaker Street

London EC2Y 9HU

United Kingdom

Attention:             Nicholas J. Shaw

Email:                    nshaw@stblaw.com

 

Section 3.05.         Publicity
and Confidentiality. Each of the parties hereto shall keep confidential this Agreement and the transactions contemplated hereby,
and any nonpublic information received pursuant hereto, and shall not disclose, issue any press release or otherwise make any public
statement relating hereto or thereto without the prior written consent of the Company and the Shareholder unless so required by applicable
law or any governmental authority; provided, that no such written consent shall be required (and each party shall be free to release
such information) for disclosures (a) to each party’s partners, members, advisors, employees, agents, accountants, trustee,
attorneys, Affiliates and investment vehicles managed or advised by such party or the partners, members, advisors, employees, agents,
accountants, trustee or attorneys of such Affiliates or managed or advised investment vehicles, in each case so long as such Persons
agree to keep such information confidential, (b) in the registration statement relating to the IPO, (c) to the extent required
by law, rule or regulation or (d) expressly permitted by this Agreement.

 

    28

     

    

 

Section 3.06.         Amendment.
The terms and provisions of this Agreement may only be amended, modified or waived at any time and from time to time by a writing executed
by the Company and the Shareholder; provided, however, that any modification, amendment or waiver of this Agreement that
would subject any Holder (other than the Shareholder and any Excluded Holder) to materially adverse disproportionate treatment relative
to the other Holders (other than the Shareholder and any Excluded Holder) taking into account and considering the rights of such Holder
prior to such amendment, modification or waiver (each such Holder, an “Impacted Holder”) shall require the agreement
of the Majority Impacted Holders; provided, further, that any modification, amendment or waiver of Section 2.02(c),
Section 2.02(e), Section 2.03, Section 2.04 or this Section 3.06 of this Agreement (or
to any defined term used in any such Section of this Agreement) that would materially and adversely affect the rights of any Holder
(other than the Shareholder) or any other modification, amendment or waiver of this Agreement that would impose upon any Holder (other
than the Shareholder) any additional material obligation or would materially and adversely affect the rights of any Holder (other than
the Shareholder) under Section 2.09 of this Agreement shall require the agreement of the adversely affected Holders (other
than the Shareholder) holding a majority of the Registrable Securities held by all such adversely affected Holders (other than the Shareholder)
as of the applicable date of determination; provided, further, that notwithstanding the foregoing proviso, the Shareholder
may waive Section 2.04(a) or Section 2.04(b) without the consent of any other Holder, provided,
further, that, in the event the Shareholder no longer holds any Company Shares, this Agreement may be amended, modified, supplemented,
restated, waived or terminated with the written consent of (a) the Company and (b) the Holders holding a majority of the Company
Shares held by the Holders. No waiver by any party of any of the provisions hereof will be effective unless explicitly set forth in writing
and executed by the party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including
without limitation, any investigation by or on behalf of any party, will be deemed to constitute a waiver by the party taking such action
of compliance with any covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this
Agreement will not operate or be construed as a waiver of any subsequent breach.

 

Section 3.07.         Successors,
Assigns and Transferees.

 

(a)           The
rights and obligations of each party hereto may not be assigned, in whole or in part, without the written consent of (i) the Company
and (ii) the Shareholder; provided, however, that notwithstanding the foregoing, the rights and obligations set forth
herein may be assigned, in whole or in part, by the Shareholder to any transferee of Registrable Securities that holds (after giving
effect to such transfer) in excess of one percent (1%) of the then-outstanding Registrable Securities, and such transferee shall,
with the consent of the Shareholder, be treated as the Shareholder and/or Holder (as determined by the Shareholder) for all purposes
under this Agreement (each Person to whom the rights and obligations are assigned in compliance with this Section 3.07 is
a “Permitted Assignee” and all such Persons, collectively, are “Permitted Assignees”); provided,
further, that such transferee shall only be admitted as a party hereunder upon its, his or her execution and delivery of a joinder
agreement, in form and substance acceptable to the Shareholder, agreeing to be bound by the terms and conditions of this Agreement as
if such Person were a party hereto (together with any other documents the Shareholder determines are necessary to make such Person a
party hereto), whereupon such Person will be treated as the Shareholder and/or a Holder, as applicable, for all purposes of this Agreement,
with the same rights, benefits and obligations hereunder as the Shareholder and/or a Holder, as applicable, with respect to the transferred
Registrable Securities (except that if the transferee was a Holder prior to such transfer, such transferee shall have the same rights,
benefits and obligations with respect to such transferred Registrable Securities as were applicable to Registrable Securities held by
such transferee prior to such transfer).

 

(b)           Nothing
herein shall operate to permit a transfer of Registrable Securities otherwise restricted by any other agreement to which any Holder may
be a party.

 

Section 3.08.         Binding
Effect. Except as otherwise provided in this Agreement, the terms and provisions of this Agreement shall be binding on and inure
to the benefit of each of the parties hereto and their respective successors.

 

    29

     

    

 

Section 3.09.         Third
Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any Person not
a party hereto (other than those Persons entitled to indemnity or contribution under Section 2.09, each of whom shall be
a third party beneficiary thereof) any right, remedy or claim under or by virtue of this Agreement.

 

Section 3.10.         Governing
Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES
RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE COURTS OF ANY U.S. Federal or New York State
court in the Borough of Manhattan in the City of New York, New York, UNITED STATES; so long as one of such courts shall have subject
matter jurisdiction over such action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have
arisen from a transaction of business in the State of New York, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF SUCH COURTS
(and of the appropriate appellate courts therefrom) IN RESPECT OF ANY SUCH ACTION OR PROCEEDING and irrevocably waives, to the fullest
extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such action or proceeding
in any such court or that any such action or proceeding which is brought in any such court has been brought in an inconvenient forum.
Process in any such action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in ‎Section 3.04
shall be deemed effective service of process on such party.

 

Section 3.11.         Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 3.11.

 

Section 3.12.         Severability.
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.13.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute
one and the same agreement.

 

    30

     

    

 

Section 3.14.         Electronic
Signatures. In the event that any signature to this Agreement is delivered by facsimile transmission, electronic mail, electronic
signature or otherwise by electronic transmission evidencing an intent to sign this agreement (e.g. DocuSign), such facsimile transmission,
electronic mail or other electronic transmission shall create a valid and binding obligation of the undersigned with the same force and
effect as if such signature were an original. Execution and delivery of this Agreement by facsimile transmission, electronic mail, electronic
signature or other electronic transmission is legal, valid and binding for all purposes.

 

Section 3.15.         Headings.
The heading references herein and in the table of contents hereto are for convenience purposes only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

Section 3.16.         Joinder.
Any Person that holds Company Shares may, with the prior written consent of the Shareholder, be admitted as a party to this Agreement
upon its execution and delivery of a joinder agreement, in form and substance acceptable to the Shareholder, agreeing to be bound by
the terms and conditions of this Agreement as if such Person were a party hereto (together with any other documents the Shareholder determines
are necessary to make such Person a party hereto), whereupon such Person will be treated as a Holder for all purposes of this Agreement.

 

Section 3.17.         Effectiveness.
This Agreement shall become effective when each party hereto shall have executed and delivered this Agreement. Until and unless each
party has executed and delivered this Agreement, this Agreement shall have no effect and no party shall have any right or obligation
hereunder (whether by virtue of any other oral or written agreement or other communication). This Agreement shall automatically terminate
if the underwriting agreement relating to the IPO is terminated for any reason prior to the completion of the IPO or the IPO contemplated
by the Underwriting Agreement is not consummated on or before the tenth (10th) Business Day following the date of this Agreement.

 

[Remainder of Page Intentionally Blank]

 

    31

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.

 

	 	HEAR.COM N.V.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to
Registration Rights Agreement]

 

    

     

    

 

	 	Auris Luxembourg III S.à r.l.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Registration Rights
Agreement]

 

    

     

    

 

Schedule A

 

	HOLDER	FOR
    PURPOSES OF SECTION 3.04, 

with a copy (which shall not 

constitute notice) to:
	Auris
    Luxembourg III S.à r.l.	See
    Section 3.04.Exhibit 10.3

 

Dated [·],
2021

 

SIVANTOS PTE. LTD.

 

AND

 

HEAR.COM N.V.

 

 

TRANSITIONAL SERVICES AGREEMENT

 

 

     

     

    

 

	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

CONTENT

 

	1.	DEFINITIONS AND INTERPRETATION	3
	 	 	 
	2.	SERVICES TO BE PROVIDED	5
	 	 	 
	3.	SUB-CONTRACTING	6
	 	 	 
	4.	THIRD PARTY SUPPLIERS; FORCE MAJEURE	7
	 	 	 
	5.	SERVICE CHARGE; PAYMENT TERMS	8
	 	 	 
	6.	COOPERATION OBLIGATIONS	9
	 	 	 
	7.	STANDARD FOR SERVICES	9
	 	 	 
	8.	CHANGES TO SERVICES	10
	 	 	 
	9.	LIMITATION OF LIABILITY; TIME-BAR OF CLAIMS	11
	 	 	 
	10.	TRANSITION SERVICE MANAGER	12
	 	 	 
	11.	TERM; TERMINATION	12
	 	 	 
	12.	TERMINATION OF SUPPLY AND SERVICE AGREEMENTS	13
	 	 	 
	13.	INTELLECTUAL PROPERTY	13
	 	 	 
	14.	INFORMATION TECHNOLOGY	14
	 	 	 
	15.	EMPLOYMENT	15
	 	 	 
	16.	CONFIDENTIALITY AND DATA PROTECTION	15
	 	 	 
	17.	MISCELLANEOUS	16
	 	 	 
	18.	NOTICES	17
	 	 	 
	19.	DISPUTE RESOLUTION	18
	 	 	 
	20.	GOVERNING LAW	18
	 	 	 
	Schedule 1 - Applications, Services, Other Assistance	20
	 	 	 
	Schedule 2 - Data Protection and Authorized Sub-Processors	23

 

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	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

THIS TRANSITIONAL SERVICES AGREEMENT ("Agreement")
is made on [·], 2021

 

BETWEEN:

 

		(1)	SIVANTOS PTE. LTD., a company incorporated and registered in Singapore (Registration No. 198600657G)
whose registered office is at 18 Tai Seng Street, #08-08, Singapore 539775 ("WSA"); and

 

		(2)	hear.com N.V., a company incorporated and registered in the Netherlands (Registration No. 81157959)
whose registered office is at Amsterdamsestraatweg 421, 3551 CL Utrecht, the Netherlands ("HC"),

 

each a "Party" and together the
 "Parties".

 

BACKGROUND:

 

		(A)	In preparation for HC’s initial public offering (the “IPO”), HC intends to acquire
certain entities and assets from WSA and the direct and indirect subsidiaries of WSA (the "Carve-Out").

 

		(B)	Following the Carve-out, the WSA Group (as defined below) will render to the Hear.com Group (as defined
below) certain use of applications, services and other assistance on a transitional basis for a transition period as specified in this
Agreement to allow the Hear.com Group to continue to run its business in the ordinary course of business and substantially in the same
manner as at the Effective Date (as defined below) and to allow it to obtain alternative sources of supply of such services within a reasonable
time in accordance with the terms and subject to the conditions set out in this Agreement.

 

NOW IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1.	The following definitions in this clause apply in this Agreement:

 

"Affiliate" means:

 

(a) for WSA, a legal entity, now
or hereafter, directly or indirectly, owned or controlled by, or owning or controlling, or under common control with by WSA, but such
legal entity shall be deemed to be an Affiliate only so long as such ownership or control exists; for the avoidance of doubt, following
the implementation of the Carve-out, HC and its direct and indirect subsidiaries shall no longer be deemed Affiliates of WSA; and

 

(b) for HC, a legal entity, now
or hereafter, directly or indirectly, owned or controlled by, or owning or controlling, or under common control with by HC, but such legal
entity shall be deemed to be an Affiliate only so long as such ownership or control exists; for the avoidance of doubt, following the
implementation of the Carve-out, WSA and its direct and indirect subsidiaries (excluding HC and its direct and indirect subsidiaries)
shall no longer be deemed Affiliates of HC.

 

For purposes of this definition "control"
of a legal entity shall mean to have, directly or indirectly, the power to direct or cause the direction of the management and policies
of a legal entity, whether (i) through the ownership of voting securities entitling to the right to elect or appoint, directly or
indirectly, the majority of the board of directors, or a similar managing authority; or (ii) by contract; or (iii) otherwise.

 

For the purpose of this definition,
 "ownership" means control of more than a fifty per cent (50%) interest in an entity.

 

“Applicable Laws”
means all applicable law, binding rules, enactments, secondary legislation, regulations, regulatory policies, regulatory guidelines, industry
codes, regulatory permits and regulatory licenses, in each case which are in force from time to time.

 

"Business Day" shall
mean any day other than a Saturday or Sunday, or a public holiday, on which banks are normally open for general business in Singapore,
Germany, the Netherlands and the United States.

 

    3

     

    

 

	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

“Carve-Out” has the
meaning given to it in preamble (A).

 

“Change” has the
meaning given to it in Clause 8.1.

 

“Change Note” has
the meaning given to it in Clause 8.4.

 

“Change Proposal”
has the meaning given to it in Clause 8.3.

 

“Change Request”
has the meaning given to it in Clause 8.1.

 

"Confidential Information"
means all information of a confidential nature or which would be deemed confidential by a reasonable business person (however recorded
and whether marked as confidential or not) belonging to a Party or an Affiliate which is disclosed to or received by the other Party or
its Affiliate, whether before or after the date of the Agreement, directly or indirectly, in connection with this Agreement, including
the terms of this Agreement and any financial, technical, operational, commercial, employee, management, product and other information
and/or data of whatever kind (including all information relating to the trade secrets, operations, manufacture processes, distribution
channels, sales, plans, intentions, product information, know-how, designs, market opportunities, transactions, affairs and/or business)
of the disclosing party and/or its customers, clients, suppliers and/or Affiliates.

 

“Developed Materials”
has the meaning given to it in Clause 13.1.

 

"Effective Date" has
the meaning given to it in Clause 11.1.

 

"Force Majeure" means:
act of God; fire; flood; storm; explosion; civil disorder; strike; lockout or other labor trouble; material shortages of utilities, facilities,
labor, materials or equipment; accident; any law, ordinance, regulation or requirement of a competent governmental authority; riot; war;
acts of terror or other cause beyond reasonable control of the WSA Group. In case of any Services that are provided on the basis of Third
Party Contracts, a “Force Majeure” event shall only be deemed to have occurred if, to the extent and for so long as the counterparty
under the applicable Third Party Contract is excused from performing its obligations in accordance with the equivalent provisions of the
applicable Third Party Contract.

 

“Group” means the
HC Group or the WSA Group, as the context may require.

 

"Hear.com Group" means
HC and each of its Affiliates from time to time.

 

"Intellectual Property Rights"
means all worldwide intellectual property rights, including rights in patents, design rights, utility models, copyrights, software, works
of authorship, neighboring rights, database rights, inventions, processes, know-how, and trade secrets, whether registered or not, and
including applications and registrations for any of the foregoing, and all goodwill associated with any of the foregoing. Intellectual
Property Rights do not include trademarks, tradenames, domain names, logos, or trade dress.

 

“IPO” has the meaning
given to it in preamble (A).

 

“IT” means computers,
computer systems, workstations, networks, servers, routers, hubs, circuits, switches, data communications lines, hardware, software, databases
and all other equipment and systems (including any outsourced systems and processes) used to create, receive, process, store, maintain,
transmit and operate data and functions used in conjunction with the Hear.com Group’s business, including systems to operate payroll,
accounting, billing/receivables, payable, inventory, asset tracking, customer service and human resources functions.

 

"Licensed Products"
has the meaning given to it in Clause 13.3.

 

“Omitted Service"
has the meaning given to it in Clause 2.2.

 

"Sales Tax" means value
added tax or similar tax.

 

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	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

"Schedule 1" has
the meaning given to it in Clause 2.1.

 

"Service" and "Services"
have the meaning given to it in Clause 2.1.

 

"Termination Date"
has the meaning given to it in Clause 11.1.

 

“Third Party” means
each person who is not a Party to this Agreement other than each Party’s respective Affiliates and permitted successors and assigns.

 

"Third Party Contract"
has the meaning given to it in Clause 4.1.

 

"Third Party Consent"
shall mean any permission, consent, agreement or authorization required from a Third Party under a Third Party Contract for the provision
of any of the Services.

 

"Transition HC Manager"
has the meaning given to it in Clause 10.2.

 

"Transition Service Manager"
and "Transition Service Managers" have the meaning given to it in Clause 10.2.

 

"Transition WSA Manager"
has the meaning given to it in Clause 10.1.

 

“WSA Group” means
WSA and each of its Affiliates from time to time.

 

		1.2.	References to Clauses and Schedules are to the clauses of and the schedules to this Agreement. The Schedules
form part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any reference to this Agreement
includes the Schedules. Clause and Schedule headings shall not affect the interpretation of this Agreement.

 

		1.3.	A person includes a natural person, corporate or unincorporated body (whether or not having separate legal
personality). Unless the context otherwise requires, words in the singular shall include the plural and vice versa.

 

		1.4.	Unless expressly stated otherwise:

 

		(a)	a reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted
from time to time and shall include reference to all subordinate legislation made from time to time; and

 

		(b)	any reference to this Agreement or to any other agreement or document shall be construed as referring
to this Agreement or, as the case may be, such other agreement or document as amended, supplemented, or novated from time to time.

 

		1.5.	Any words following the terms including, include, in particular, for example or any similar expression
shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those
terms.

 

		1.6.	The Parties have participated jointly in the negotiation and drafting of this Agreement and if an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties hereto and no presumption
or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

 

		2.	SERVICES TO BE PROVIDED

 

		2.1.	On the terms and subject to the conditions of this Agreement, WSA shall provide, and shall procure that
its Affiliates provide, on the terms and subject to the conditions of this Agreement, to the Hear.com Group the applications, services
and other assistance identified and specified in Schedule 1 - Applications, Services, Other Assistance (the "Schedule 1"),
(collectively, the "Services", and each a "Service"). In the event of any discrepancy between the provisions
of Schedule 1 and this Agreement, the provisions of this Agreement shall prevail except as expressly specified in this Agreement.

 

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	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

		2.2.	Should HC during the duration of this Agreement become aware of any additional service that was provided
by the WSA Group to the hear.com Group in the 12 (twelve) months prior to the Effective Date (an “Omitted Service”,
provided that any service that was considered and discussed by the Parties when compiling Schedule 1 but intentionally left out of
Schedule 1 shall not be deemed an Omitted Service), and such service is necessary for the Hear.com Group to continue to run its business
in the ordinary course of business and substantially the same manner as at the Effective Date, HC may submit a written request to WSA,
requesting that the WSA Group provide the Omitted Service. Following receipt of such a request, WSA shall use reasonable endeavors to
provide, and shall procure that its Affiliates provide, the Omitted Service as if it were part of the Services. If the WSA Group, using
reasonable endeavors, is able to provide the Omitted Service, the provision of the Omitted Service shall commence as soon as reasonably
practicable following receipt of a written request. Unless otherwise agreed by the Parties, the term for the Omitted Service shall be
the minimum period necessary for the Hear.com Group to transition away from the Omitted Service, taking into account any interdependence
that the Omitted Service may have with other Services or Omitted Services. The cost of such Omitted Service shall be agreed by the Parties,
acting in good faith.

 

		2.3.	WSA shall use, and shall procure that its Affiliates shall use, all reasonable endeavors to perform the
Services in accordance with all lawful and reasonable directions, instructions and requests from HC, provided that any such direction,
instruction or request shall not run contrary to anything agreed between the Parties under this Agreement, including pursuant to Clauses 4
and 8.

 

		2.4.	Throughout the term of this Agreement, in connection with providing and receiving the Services, WSA and
HC shall comply, and shall procure that each of their respective Affiliates comply, with all Applicable Laws and regulations with respect
to or affecting the Services.

 

		3.	SUB-CONTRACTING

 

		3.1.	WSA and its Affiliates may subcontract any part of its obligations under this Agreement:

 

		(a)	without HC’s prior written consent, to another member of the WSA Group;

 

		(b)	without HC’s prior written consent, if that obligation relates to the performance of a Service that
WSA or its Affiliates also use and WSA or its Affiliates have also engaged the same Third Party provider to provide such Service to WSA
or its Affiliates; or

 

		(c)	otherwise with HC's prior written consent (such consent not to be unreasonably withheld or delayed).

 

		3.2.	To the extent that WSA or its Affiliates subcontracts any of its obligations under this Agreement to a
Third Party provider:

 

		(a)	performance by the Third Party provider of WSA’s obligations under this Agreement shall discharge
WSA’s obligations in respect of such Services to the same extent as if WSA had itself performed those obligations and all references
in this Agreement to “perform” the Services (or similar terms) are deemed to include performance by the WSA Group or any Third
Party service provider;

 

		(b)	WSA shall use reasonable endeavors to ensure the Third Party provider’s full compliance with all
relevant provisions of this Agreement; and

 

		(c)	subject to Clause 4, WSA shall remain liable for all acts and omissions of the Third Party provider
as if those acts and omissions were WSA’s own to the same extent that the Third Party provider is liable to WSA under the Third
Party Contract.

 

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		4.	THIRD PARTY SUPPLIERS; FORCE MAJEURE

 

		4.1.	To the extent that any Service to be provided by a member of the WSA Group to the Hear.com Group under
this Agreement is (a) provided through a Third Party provider or (b) dependent in whole or in part upon receipt by the WSA Group
of the services, rights (e.g. license rights) or functionalities provided by a Third Party, the following provisions shall apply
with respect to the relevant agreement with the Third Party provider (any such agreement a “Third Party Contract”).

 

		4.2.	To the extent not already obtained on or prior to the Effective Date, the WSA Group shall use all reasonable
endeavors to identify, obtain and maintain for the applicable term of providing a Service all Third Party Consents as are required for
the performance of the respective Services under this Agreement to permit the Supplier to provide the Services in the manner in which
they were provided or used immediately prior to the Effective Date by the Hear.com Group, as soon as reasonably practicable, on fair and
reasonable terms.

 

		4.3.	If there are any costs for obtaining Third Party Consents from Third Parties, WSA shall contact HC within
reasonable time providing reasonable details about any such costs. HC shall instruct WSA if it wants to obtain such Third Party Consent,
in which case it shall bear the costs of obtaining the Third Party Consent, or if it instead wants to change or terminate such Service
in accordance with the provisions of this Agreement. For the avoidance of doubt, the WSA Group shall bear any of its internal costs that
are incurred in connection with obtaining any Third Party Consents.

 

		4.4.	The Hear.com Group shall provide the WSA Group with such assistance as the WSA Group may reasonably require
to obtain the Third Party Consents referred to above, including, if requested by the WSA Group, disclosure of required information or
documents (subject to Applicable Laws), and other reasonable assistance with negotiating the terms and conditions with any Third Party
providers. The WSA Group shall have due regard to any reasonable representations made by the Hear.com Group in relation to any attempts
to obtain or maintain any Third Party Consent.

 

		4.5.	Nothing in this Agreement shall prevent the Hear.com Group from communicating with any Third Party in
connection with the negotiation or execution of the Hear.com Group’s own arrangements with such Third Party for standalone operations.
Where, for such purposes, HC wishes to communicate with any Third Party from whom the WSA Group is attempting to secure or has secured
a Third Party Consent, the Hear.com Group shall provide the WSA Group with prior written notice of any such direct communication. The
WSA Group shall use reasonable endeavors to comply with any reasonable requests of the Hear.com Group in order to facilitate such discussions
between the Hear.com Group and the relevant Third Party.

 

		4.6.	Where a Third Party Consent is required in order for the WSA Group to provide any element of the Services;
and either (i) despite the WSA Group using all reasonable endeavors, such Third Party Consent cannot be obtained or maintained, (ii) the
relevant Third Party provider has notified the WSA Group that it has terminated or revoked such Third Party Consent based on other reasons
than solely a fault of the WSA Group, (iii) HC has decided not to obtain such Third Party Consent in accordance with Clause 4.3,
the WSA Group shall (a) not be obligated to provide the relevant element of the Services to the Hear.com Group, (b) in the case
of (i) or (ii) notify HC of such fact as soon as reasonably practicable and (c) acting reasonably and in good faith, discuss
with HC the procurement of, and provide all reasonable assistance to enable the HC to put in place, alternative arrangements for the provision
of the replacement services.

 

		4.7.	Subject to Clause 4.3, HC shall accept the terms entered into by WSA and the Third Party provider
in the Third Party Contracts and the Third Party Consents as though it is the party entering into the contract, including but not limited
to terms of use and compensation, and HC shall comply, and shall procure that its Affiliates comply, with the terms of the Third Party
Contracts and corresponding Third Party Consents to the extent they are relevant to the receipt of the Services and to the extent HC has
received a prior written notification of the relevant terms of the Third Party Contracts and corresponding Third Party Consents which
are applicable to the Hear.com Group’s use of the Services.

 

		4.8.	The WSA Group may cease to provide any part of a Service (i) upon termination of a Third Party Contract
in the event and to the extent that the Third Party provider under such Third Party Contract is required to provide the relevant part
of the Service and the termination has not been caused by the acts or omissions of the WSA Group; or (ii) in the event a supplier
under a Third Party Contract makes a change or reduction in the systems generally utilized in rendering such Service having a material
adverse effect to the rendering of such Service; or (iii) at the request of HC. In the case of (i) and (ii), WSA shall (a) notify
HC as soon as reasonably practicable and (b) provide all reasonable assistance to enable the Hear.com Group to put in place alternative
arrangements for the provision of the replacement services.

 

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		4.9.	Each Party shall be excused from the performance of any of its obligations under this Agreement and such
obligations shall be extended by a period reasonable under the circumstances if the performance thereof is prevented or delayed by Force
Majeure. A Party shall in case of such events of Force Majeure promptly notify the other Party in writing and furnish it with all relevant
information thereof, including the likely duration of the non-performance or delay. In the case of Force Majeure, the affected provisions
of this Agreement, including the payment obligations for service charges in respect of the affected Services, shall be suspended to the
extent necessary during the period of such disability. Each Party shall use its reasonable endeavors (including implementing appropriate
contingency plans) to minimize the effects of a Force Majeure event and generally take steps with a view to resuming full performance
of its obligations under this Agreement as soon as reasonably practicable. Either Party may, without prejudice to its other rights or
remedies, terminate a Service or this Agreement (as a whole) if, as a result of Force Majeure, the provision or receipt of the relevant
Service or the other Party’s performance of its obligations under this Agreement (as applicable) is not resumed within one month
after a notice from the first Party to the other Party. For the avoidance of doubt, no event or circumstance shall be deemed to be Force
Majeure where (i) a Service is a service provided both to the Hear.com Group and the WSA Group, and (ii) ceasing to provide
such Service would unduly discriminate against the Hear.com Group as compared with the treatment that is granted, or would be granted,
to the WSA Group.

 

		5.	SERVICE CHARGE; PAYMENT TERMS

 

		5.1.	The service charges to be paid by the member(s) of the Hear.com Group receiving a Service to the
member(s) of the WSA Group providing the Service are set out in Schedule 1 and, to the extent applicable, are based on the historic
service charges paid by members of the Hear.com Group to the WSA Group, provided, however, that such Services in any event shall be charged
on arms’ length terms. If applicable, the charges of any Services may be revised by mutual agreement of the Parties (both Parties
acting reasonably and in good faith) to reflect the requirements of any transfer pricing principles applicable to the Parties and their
Groups.

 

		5.2.	All amounts payable under or provided for in this Agreement (including any service fees) are stated as
exclusive of any applicable Sales Tax. Should any transaction contemplated by this Agreement be subject to Sales Tax, (i) the relevant
member of the WSA Group shall provide a valid Sales Tax invoice to the relevant member of the Hear.Com Group and (ii) the relevant
member of the Hear.com Group shall pay such Sales Tax in addition to the respective service charge.

 

		5.3.	All payments shall be made by the members of the Hear.com Group without any deduction or withholding of
taxes. Where tax is required to be withheld in accordance with any Applicable Laws, the sum payable by members of the Hear.com Group shall
be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the relevant member of the WSA
Group receives a net sum equal to the sum which it would have received had no such deduction or withholding been made or required to be
made. Prior to the payment date, the members of the WSA Group, if eligible, shall provide such documentation prescribed by Applicable
Laws or reasonably requested by members of the Hear.com Group as will enable the members of the Hear.com Group to make such payment without
withholding or at a reduced rate of withholding.

 

		5.4.	Notwithstanding Clause 11.2, if and to the extent that, the WSA Group ceases to provide an element of
a Service, the relevant member of the Hear.com Group shall be relieved of paying that portion of the service charges which is commensurate
with, or attributable to, such element, as the case may be.

 

		5.5.	Subject to Clause 5.8, members of the WSA Group providing a Service shall invoice the member of the Hear.com
Group receiving a Service on a monthly basis. Such members of the Hear.com Group shall pay the invoiced service charge in respect of the
Services within thirty (30) days from the date of receipt of the respective invoice by transfer to the bank account designated by WSA
or its Affiliates.

 

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		5.6.	Unless otherwise agreed in writing by the Parties, (i) all Service charges shall be invoiced and
be payable in the currency specified for the relevant Service in Schedule 1 and (ii) all other amounts payable under this Agreement
shall be invoiced and payable in Euro (€).

 

		5.7.	In the event and to the extent that HC or its Affiliates are in default with any payment obligation under
this Agreement, they shall without any further notice be liable to pay default interest equal to the rate of two per cent (2%) per annum
from the due date for payment until payment calculated on the basis of a 360 day year.

 

		5.8.	Specific payment terms with respect to a Service may be set out in Schedule 1, in which case such
specific terms instead of Clause 5.5 apply.

 

		6.	COOPERATION OBLIGATIONS

 

		6.1.	Each Party shall provide, and shall procure that its Affiliates provide, the other Party and its Affiliates
with all cooperation and assistance reasonably necessary to enable the other Party and its Affiliates to perform their obligations hereunder.
This obligation shall include in particular that (a) each Party takes decisions, approvals and acceptances within reasonable time
as to matters reasonably requested by the other Party, (b) each Party is provided with all information and documentation reasonably
requested by the other Party in connection with the provision of the Services and (c) each Party shall grant reasonable access to
the other Party and its professional advisers to such records for the purpose of verifying the accuracy of any invoice, costs, expenses
or fees under this Agreement.

 

		6.2.	WSA shall provide, and shall procure that its Affiliates provide, such assistance as the Hear.com Group
may reasonably require to effect a full and orderly transfer of the provision of Services to the Hear.com Group or to a Third Party nominated
by the Hear.com Group to assist in this regard. Should such transfer or transfer assistance cause the WSA Group to incur additional costs,
the Hear.com Group shall procure that the relevant member of the Hear.com Group reimburses the WSA Group for such expenses, provided that
all such costs have been preapproved by HC in writing.

 

		6.3.	If HC fails to comply with its obligations under this Clause 6 and such failure hinders, prevents or affects
WSA's ability to provide the Services, WSA shall not be liable or responsible for any non-performance, partial non-performance or non-compliance
with any specification in respect of such Services to the extent caused by such failure.

 

		6.4.	Where any Party or any member of its Group has access to the other Party’s or any member of its
Group’s systems in order to receive or provide the Services, the Party and each member of its Group shall comply with all applicable
bona fide policies, as notified to it in writing by the other Party from time to time, applicable to the provision and the receipt of
the Services, including but not limited to information security policies. WSA shall comply with, and shall ensure that its personnel,
Affiliates, agents and subcontractors shall comply with, all applicable written policies, standards and procedures of the HC Group relating
to the security, integrity and confidentiality of the HC Groups information technology systems as if they related to WSA Group information
technology systems when performing its obligations in respect of the Services.

 

		7.	STANDARD FOR SERVICES

 

		7.1.	Except as otherwise provided in this Agreement, and provided that WSA is not restricted by an existing
contract with a Third Party or by any Applicable Laws, WSA agrees to perform, and shall procure that its Affiliates perform, the Services
such that the nature, quality, standard of care and the service levels at which such Services are performed are (i) no less than
the nature, quality, standard of care and service levels at which the substantially same services were performed by or on behalf of WSA
prior to the date of this Agreement (or, if not so previously provided, then substantially the same as that applicable to similar services
provided to WSA's Affiliates) and (ii) in no event at a lower standard than that employed by members of the WSA Group in providing
similar services to members of the WSA Group in the 12 (twelve) months immediately prior to the Effective Date. Subject to Clause 4,
in the event there is any restriction on WSA by an existing contract with a third party that would restrict the nature, quality or standard
of care applicable to the delivery of the Services, WSA shall use reasonable efforts to seek to obtain a waiver of such restriction from
such third party it being understood that WSA shall not be required to make any payments (unless HC agrees to the amount of any such payment
and provides WSA in advance with the funds to enable WSA to make such payment) or otherwise grant any accommodation to such third party
in order to obtain such waiver).

 

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		7.2.	Except as expressly set forth herein, the Parties acknowledge and agree that the Services are provided
as-is, that HC assumes all risks and liability arising from or relating to their use of and reliance upon the Services and WSA makes no
representation or warranty with respect thereto. EXCEPT AS EXPRESSLY SET FORTH HEREIN, WSA HEREBY EXPRESSLY DISCLAIM ALL REPRESENTATIONS
AND WARRANTIES REGARDING THE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY REPRESENTATION OR WARRANTY IN REGARD TO QUALITY,
PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS OF THE SERVICES FOR A PARTICULAR PURPOSE.

 

		8.	CHANGES TO SERVICES

 

		8.1.	Either Party may notify the other Party in writing of any change to the Services it proposes (a “Change”),
specifying in as much detail as is reasonably practicable the nature of the proposed Change (a “Change Request”).

 

		8.2.	Within 5 (five) Business Days (or, in the event that the Change Request relates to a Service that the
WSA Group is required to procure from a Third Party, 10 (ten) Business Days) after sending or receiving a Change Request, WSA shall provide
HC with brief written information in relation to the relevant Change, including:

 

		(a)	brief details of the likely impact, if any, of the Change Request on the Services, and any significant
likely impact on any other part of this Agreement; and

 

		(b)	an estimate of the cost of implementation and/or ongoing operation of the relevant Change, including any
alteration of the Service charges or any additional Service charges.

 

		8.3.	WSA shall, as soon as reasonably practicable and in any event no later than 10 (ten) Business Days after
receiving notice from HC that it wishes to proceed with the proposed Change, provide HC with a written proposal in relation to the relevant
Change (a “Change Proposal”), including:

 

		(a)	full details of the proposed Change and its impact on the Services including any changes to its description
(including the service levels) and any other variations to this Agreement;

 

		(b)	a statement of the cost and expense of implementation and ongoing operation of the relevant Change, including
any alteration of the Service charges or any additional Service charges;

 

		(c)	a timetable for the implementation of the Change, including for obtaining any relevant Third Party Consents;
and

 

		(d)	any other information that HC may specify.

 

		8.4.	HC shall notify WSA if it accepts (with or without modifications) or rejects the Change Proposal as soon
as reasonably practicable (and in any event within 10 (ten) Business Days) after its receipt of it. The Parties shall act reasonably in
agreeing any Change Proposal. If the Parties agree the Change Proposal, each Party shall sign a change note authorizing the Change (a
 “Change Note”). If the Parties cannot reach agreement on any Change Proposal, either Party may escalate the matter
to be resolved in accordance with the terms of this Agreement, provided that, and subject to the obligation to act reasonably, no Party
is obliged to agree to any Change (other than in accordance with Clauses 8.5 and 8.6).

 

		8.5.	HC shall agree to any Change requested by WSA which is:

 

		(a)	necessary for the WSA Group to comply with Applicable Laws (provided that it shall not cause HC or any
member of the Hear.com Group to be in breach of Applicable Laws); or

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		(b)	subject to any Third Party Contracts and required Third Party Consents, reasonably necessary to avoid
an adverse effect on the WSA Group’s business, unless such Change would: (A) adversely impact the ability of the Hear.com Group
to comply with Applicable Laws or any Third Party Contracts and Third Party Consents; (B) increase the Hear.com Group’s costs
and expenses associated with the provision of the Services (unless the Hear.com Group has agreed to reimburse such increased costs and
expenses); or (C) have a material adverse effect on the performance, functionality or architecture of the Hear.com Group’s
systems, or the business of the Hear.com Group.

 

		8.6.	WSA shall agree to any Change requested by HC which is:

 

		(a)	necessary for the Hear.com Group to comply with Applicable Laws (provided that it shall not cause WSA
or any member of the WSA Group to be in breach of Applicable Laws);

 

		(b)	subject to any relevant Third Party Consents being obtained, necessary to enable the Hear.com Group’s
continued receipt of the Services; or

 

		(c)	reasonably necessary to avoid an adverse effect on the Hear.com Group’s business, unless such Change
would: (A) adversely impact the ability of the WSA Group to comply with Applicable Laws or any Third Party Contracts and Third Party
Consents; (B) increase the WSA Group’s costs and expenses associated with the provision of the Services (unless the WSA Group
has agreed to reimburse such increased costs and expenses); or (C) have a material adverse effect on the performance, functionality
or architecture of the WSA Group’s systems, or the business of the WSA Group.

 

		8.7.	Neither Party shall have any obligation to commence work or make any payment in connection with any Change
until the relevant Change Note is agreed by the Parties. Unless and until a Change has been agreed by the Parties pursuant to the Change
Proposal, this Agreement and the Parties' respective rights and obligations under it shall remain unchanged.

 

		9.	LIMITATION OF LIABILITY; TIME-BAR OF CLAIMS

 

		9.1.	The liability of WSA under this Agreement shall in no event exceed 100% of the total Service charges that
have been paid or become payable under this Agreement.

 

		9.2.	Under no circumstances whatsoever shall either Party and its Affiliates be liable to the other Party and
its Affiliates, whether in contract, tort (including negligence) or restitution, or for breach of statutory duty or misrepresentation,
or otherwise, for any loss of profit, loss of goodwill, loss of business, loss of business opportunity, loss of anticipated saving, loss
or corruption of data or information, procurement of substitute goods and/or services, or any special, indirect or consequential damage
suffered by the other Party and its Affiliates that arises under or in connection with this Agreement.

 

		9.3.	Any claim HC and its Affiliates may have under this Agreement shall, to the extent legally permissible,
become time-barred within six (6) months after HC obtains actual knowledge of the respective breach of obligation caused by WSA or
any of its Affiliates.

 

		9.4.	Nothing in this Agreement shall limit or exclude the liability of either Party for:

 

		(a)	any liability for fraud or fraudulent misrepresentation;

 

		(b)	any willful default; or

 

		(c)	any other liability to the extent to which it cannot be lawfully excluded.

 

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		10.	TRANSITION SERVICE MANAGER

 

		10.1.	WSA shall appoint one or more persons as "Transition WSA Manager" who shall have the
overall responsibility for managing and coordinating the delivery of all Services. The Transition WSA Manager(s) shall consult and
coordinate all important aspects of the Services with the Transition HC Manager(s). WSA may at its discretion select and exchange the
appointed persons.

 

		10.2.	HC shall appoint one or more persons as "Transition HC Manager" (the Transition WSA Manager
and the Transition HC Manager collectively the "Transition Service Managers" and individually also "Transition
Service Manager") who shall have the overall responsibility for managing and coordinating the receipt of all Services. The Transition
HC Manager(s) shall consult and coordinate all important aspects of the Services with the Transition WSA Manager(s). HC may at its
discretion select and exchange the appointed persons.

 

		10.3.	The Transaction Service Managers shall be the following:

 

	Party	Name	Email
	Transition WSA Manager	
    For IT: Roman Lychman

     

    For Treasury: Henning Klemmensen
	
    For IT: roman.lychman@wsa.com

     

    For Treasury: henning.klemmensen@wsa.com

	Transition HC Manager	
    For IT: Lennart Will

     

    For Treasury: Dirk Reuther
	
    For IT: lennart.will@audibene.de

     

    For Treasury: dirk.reuther@audibene.de

 

		10.4.	Each Party shall procure that the owners of certain Services and subject matter experts respond as soon
as reasonably practicable to any reasonable request from a Transition Service Manager for information in respect of the status and performance
of each of the Services, which information may be provided in writing or orally to the Parties (subject to any bona fide confidentiality
obligations and Applicable Laws).

 

		11.	TERM; TERMINATION

 

		11.1.	This Agreement shall become effective at the time of pricing of the IPO (the "Effective Date")
and, unless otherwise agreed between the Parties, shall expire on 31 December 2023 (the “Termination Date”). The
term of all Services shall be as specified in Schedule 1, with an automatic extension by one (1) period of three months
where this is indicated in Schedule 1, unless HC terminates the term of a Service as of an earlier date in accordance with Clause 11.2.
Where the term of a Service is automatically extended in accordance with this Clause 11.1, all Services that are being provided by
the WSA Group immediately prior to such point in time are to be provided by the WSA Group for such extended term. For the avoidance of
doubt, where the term of a Service has expired in accordance with the terms of this Agreement, this Agreement shall only apply to any
Services for which the term is still running and the Service charges shall be proportionately reduced to cover only such Services that
are still subject to the terms of this Agreement.

 

		11.2.	HC is entitled to terminate or reduce the Hear.com Group’s use of any Service (or any separable
element of any of the Services) received by it prior to the Termination Date by providing 30 (thirty) days' prior written notice
to WSA, provided that no such reduction or termination shall be possible for Services listed in Category A, line 1 of Schedule 1
(Office, Windows, Azure Cloud). Due to dependencies between Services set out in Schedule 1, certain Services in Schedule 1
may have to be terminated simultaneously. In circumstances where the provision of Services is reduced or terminated in accordance with
this Clause 11.2, the Service charges attributable to such Services shall be proportionately reduced to reflect such reduction or
termination, either (i) as per the details of Schedule 1; or (ii) as agreed by the Parties acting in good faith.

 

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		11.3.	Either Party may terminate this
Agreement with immediate effect by written notice upon the occurrence of one of the following
events:

 

		(a)	the other Party commits a single material breach, or a series of breaches that taken together constitute
a material breach, of any term of this Agreement if such material breach is irremediable or (if such material breach is remediable) it
fails to remedy that material breach within a period of thirty (30) days after being notified in writing to do so; or

 

		(b)	the other Party voluntarily files a petition in bankruptcy or a petition in bankruptcy is involuntarily
filed against the other Party (which petition is not discharged within thirty (30) days after filing), the other Party ceases to be able
to pay its debts as and when they become due or any step is taken to appoint a receiver, a liquidator, an administrator or other like
person in respect of the other Party.

 

		11.4.	In the event that the Service is dependent in whole or in part upon receipt by WSA of services, rights
(e.g. license rights) or functionalities provided by a Third Party, including but not limited to software, HC shall, and shall
procure its Affiliates, remove from its computer system all such services, rights or functionalities.

 

		11.5.	Termination or expiry of this Agreement for whichever cause shall not affect any rights or obligations
which may have arisen prior to such termination or expiry. Provisions of this Agreement which either are expressed to survive its expiry
or termination or from their nature or context it is contemplated that they are to survive such termination, shall remain in full force
and effect notwithstanding such expiry or termination, including Clauses 1, 9, 11.5, 13, 16, 17, 18, 19 and 20 of this Agreement
and Clauses 1.6 and 1.9 of Schedule 3, which shall continue in full force and effect notwithstanding termination or expiry of this
Agreement.

 

		12.	TERMINATION OF SUPPLY AND SERVICE AGREEMENTS

 

		12.1.	Subject to Clause 12.2 below, the Parties agree that all supply and service relationships between
the Parties are herewith terminated with effect as of the Effective Date, whether based on supply or service agreements or on internal
cash settlements, and the Parties shall procure that the same applies to the supply and service relationships between their respective
Affiliates and the other Party and/or the other Party’s Affiliates.

 

		12.2.	For the avoidance of doubt, the following agreements and relationships between the Parties and/or their
Affiliates shall not be subject to Clause 12.1:

 

		(a)	the framework agreement between WSA and HC regarding the supply of hearing aids, related products and
services;

 

		(b)	the relationship agreement between, among others, HC and certain entities of the WSA Group and any other
agreements to be entered into in connection with HC’s IPO; and

 

		(c)	the registration rights agreement between, among others, HC and certain entities of the WSA Group to be
entered into in connection with HC’s IPO.

 

		13.	INTELLECTUAL PROPERTY

 

		13.1.	Unless explicitly stated otherwise herein, this Agreement and the performance by each Party of its obligations
hereunder will not affect the ownership of any Intellectual Property Rights of any Party. All rights and licenses not expressly granted
by a Party under this Agreement are reserved by such Party.

 

		13.2.	All Intellectual Property Rights in work product developed by WSA or any of its employees, Affiliates,
or subcontractors in the course of performing any Services and that relate exclusively to the business and operations of the Hear.com
Group or that are developed specifically for the Hear.com group, including in any materials, software, processes, methods, know-how, inventions,
developments, algorithms, software, specifications, and data (the “Developed Materials”) will be owned by HC and WSA
hereby assigns to HC all of its right, title and interest in and to the Developed Materials. WSA shall procure the assignment by its employees,
Affiliates or subcontractors of all necessary rights to WSA for the purpose of making the foregoing assignment. To the extent that the
foregoing assignment is not permitted by Applicable Laws, WSA hereby waives all of its rights under such Intellectual Property Rights,
and shall ensure that the such non-assignable Intellectual Property Rights are waived by each of its employees, Affiliates, and subcontractors.

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		13.3.	With regard to any software and documents provided hereunder and necessary for the provision of the Services
("Licensed Products") and WSA’s Intellectual Property Rights, the WSA Group hereby grants to the Hear.com Group
a royalty-free, non-exclusive, non-transferrable (other than as expressly permitted herein), and sub-licensable (solely to third parties
providing services on behalf of the Hear.com Group) license to use the Licensed Products and WSA Group’s Intellectual Property Rights,
to the extent and for such time as necessary for the receipt and use of the Services.

 

		13.4.	HC hereby grants to WSA Group a non-exclusive, non-transferable (other than as expressly permitted herein),
royalty-free and sub-licensable (solely to third parties providing services on behalf of WSA Group) license to use the HC Group’s
Intellectual Property Rights, including in the Developed Materials, to the extent and for such time as necessary for the performance of
its obligations under this Agreement.

 

		13.5.	Promptly following their creation, WSA shall deliver to HC (or to a designee appointed by HC) all tangible
embodiments of Developed Materials, including any applicable source code (along with compilation and execution scripts, configuration
files, lists of programming tools, libraries and other elements and the necessary documentation and information necessary to bring such
source code to executable form).

 

		13.6.	WSA shall defend, hold harmless and indemnify, or, at its option, settle all actions, suits or proceedings
brought by any Third Party against the Hear.com Group arising out of or in connection with any claim that the Services, including the
Developed Materials, infringe any Third Party Intellectual Property Rights, provided that the Hear.com Group: (i) is using such Intellectual
Property Rights in accordance with the terms of this Agreement; (ii) promptly notifies WSA in writing of such claim; (iii) does
not agree to any settlement or compromise of the claim without WSA’s prior written consent; (iv) gives WSA express authority
to conduct all negotiations and litigation arising from such claim; and (v) provides WSA with all available information and assistance
as WSA may reasonably require. Notwithstanding anything to the contrary in the foregoing, if, and solely to the extent, the Developed
Materials or Services alleged to infringe Third Party Intellectual Property Rights are a Licensed product or a Developed Material created
by a Third Party subcontractor for WSA, then WSA shall indemnify HC to the fullest extent that WSA is indemnified by such Third Party
under WSA’s agreement with such Third Party.

 

		14.	INFORMATION TECHNOLOGY

 

		14.1.	Each Party shall:

 

		(a)	maintain reasonable and appropriate technical and organizational privacy and security measures at a standard
that is, at a minimum, comparable to that which was maintained in the twelve (12) months prior to the Effective Date to protect IT used
by each Party (and data stored therein and processed thereby) from unauthorized access, use, disclosure, alteration, deletion, or disruption.

 

		(b)	not attempt to obtain access to, use, disclose or interfere with any IT or data collected, used, created,
received, maintained, transmitted, or processed by the other Party except to the extent necessary to do so in order to provide or to receive
the Services;

 

		(c)	comply with the other Party's IT, privacy and systems and security procedures as notified by each Party
to the other in writing from time to time. If either Party reasonably determines that the other (or any person acting under its authority)
is not in full compliance with its IT, privacy and systems and security procedures, that Party may immediately terminate the access of
the other Party (or any person acting under its authority, as applicable) to its IT upon notification to the other Party, provided that
the breaching Party has first been given ten (10) Business Days to rectify the non-compliance and has failed to do so.

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		14.2.	Unless otherwise expressly agreed in writing, each Party shall at its sole cost and expense (subject to
advance confirmation and agreement on the expected cost and expense) reasonably cooperate with and undertake any actions (including planning
and sourcing specific IT infrastructure, systems, services and products and providing all necessary resources, including personnel, tools,
means of communication and software) in order to procure that the Hear.com Group becomes independent from the WSA Group’s IT and
Services as soon as reasonably possible after the Effective Date.

 

		15.	EMPLOYMENT

 

		15.1.	The Parties acknowledge and agree that it is intended that the WSA Group’s employees providing Services
under this Agreement shall, subject to the relevant WSA Group company’s right to terminate under the terms and conditions of the
relevant contract of employment and Applicable Laws, remain the employees of the relevant company of the WSA Group for the duration of
this Agreement, subject to the terms of this Clause 15.

 

		15.2.	The Parties acknowledge and agree that it is intended that any provisions under Applicable Laws providing
for an automatic transfer of employees or Third Party providers from the WSA Group by operation of law or for employer substitution, or
that permit the transfer of employees without an offer of employment, and similar laws and regulations in any jurisdictions due to the
provision or cessation of any of the Services and/or any of the other matters contemplated by this Agreement or its termination shall
not apply in respect of any such employees or Third Party providers. Accordingly, no individual’s employment with any member of
the WSA Group shall terminate as a result of the provision or cessation of any of the Services and/or any of the other matters contemplated
by this Agreement or its termination.

 

		16.	CONFIDENTIALITY AND DATA PROTECTION

 

		16.1.	Each Party undertakes to keep, and shall procure its Affiliates to keep, as confidential all Confidential
Information belonging to the other Party and their Affiliates and to not, either during or after the duration of this Agreement, use or
disclose any such Confidential Information, except with the prior written consent of the other Party or as permitted by this Clause 16.

 

		16.2.	Each Party may, strictly for the purposes of performing, implementing and/or exercising that Party’s
rights and/or obligations under this Agreement and/or seeking professional advice in respect of the same, use the other Party’s
Confidential Information and/or disclose it under obligations of confidence to that Party’s employees, officers, agents, personnel,
professional advisors and, to the extent they are subject to confidentiality undertakings in accordance with this Clause 15.2 and
disclosure is necessary for a Party or its Affiliates to comply with their obligations under this Agreement (or, in the case of the Hear.com
Group, the set-up of its own corporate functions and services), Third Parties . Each Party shall take all reasonable steps and precautions
to ensure that the other Party’s Confidential Information and that of their Affiliates remains confidential at all times and the
persons to whom it makes such disclosures comply with the confidentiality obligations contained in this Clause 16 as though they were
a party to this Agreement. Each Party shall at all times remain primarily responsible for any unauthorized use or disclosure of the other
Party’s Confidential Information by it and/or any person to whom it has disclosed the same.

 

		16.3.	The obligations of confidentiality in this Clause 16 shall not extend to any matter which a Party can
show:

 

		(a)	is in, or has become part of, the public domain other than as a result of a breach of confidence by that
Party or any person to whom it has disclosed the information; or

 

		(b)	was independently disclosed to it without obligations of confidence by a Third Party entitled to disclose
the same; or

 

		(c)	is required to be disclosed under any Applicable Laws, or by order of a court or governmental body or
authority of competent jurisdiction, provided that to the extent it is legally permitted to do so, it gives the other Party as much notice
of such disclosure as possible, limits the information so disclosed, takes into account the reasonable requests of the other Party in
relation to the content of such disclosure and provides all reasonable assistance (at the other Party’s cost) in seeking a protective
or similar order restricting the extent of the disclosure.

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		16.4.	Neither Party shall make any announcement, press release and/or statement relating to the other Party
and/or in connection with this Agreement at any time during or after the duration of this Agreement, except with the prior written agreement
of the other Party and/or to the extent required pursuant to any Applicable Laws or by order of a court or governmental body or authority
of competent jurisdiction.

 

		16.5.	The rights and obligations of the Hear.com Group and the WSA Group under this Agreement shall be subject
to Schedule 2 - Data Protection and Authorized Sub-Processors.

 

		16.6.	The Party receiving Confidential Information shall not be entitled to file for patents or other statutory
protection in any country based on or using any such Confidential Information received hereunder, and any such patent or statutory protection
must be transferred to the disclosing Party upon its request and without any charge. The disclosure of Confidential Information under
this Agreement does not constitute any right of prior use for the receiving Party.

 

		16.7.	This Clause 16 shall continue in force following termination of this Agreement until the fifth anniversary
of the Termination Date.

 

		17.	MISCELLANEOUS

 

		17.1.	If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable,
it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible,
the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under
this Clause 17.1 shall not affect the validity and enforceability of the rest of this Agreement.

 

		17.2.	In entering into this Agreement, each Party acknowledges that it does not rely on and shall have no remedies
in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not expressly set
out in this Agreement.

 

		17.3.	Unless expressly stated otherwise in this Agreement, no variation of this Agreement shall be effective
unless it is in writing and signed by the Parties (or their authorized representatives).

 

		17.4.	No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law
shall constitute a waiver or abandonment of that or any other right or remedy, nor shall it prevent or restrict the further exercise of
that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise
of that or any other right or remedy.

 

		17.5.	This Agreement, and any documents referred to in it constitute the entire agreement between the Parties
and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between
them, whether written or oral, relating to its subject matter.

 

		17.6.	Neither Party may assign, transfer, mortgage, charge, sub-contract or deal in any other manner with all
or any of its rights or obligations under this Agreement without the prior written consent of the other Party (such consent not to be
unreasonably withheld or delayed), save that each Party may assign this Agreement (in whole or in part) to any of its respective Affiliates
provided that if such assignee ceases to be a member of the respective Group all benefits relating to this Agreement assigned to such
assignee shall be deemed automatically by that fact to be re-assigned to the relevant Party immediately before such cessation, provided
further, that:

 

		(a)	any such assignee shall not be entitled to receive under this Agreement any greater amount than that to
which the assignor would have been entitled and neither Party, as applicable, shall be under any greater obligation or liability than
if such assignment had never occurred;

 

		(b)	notwithstanding any assignment of a Party's benefit under this Agreement (whether in whole or in part),
the relevant Party shall still be liable to perform, discharge and satisfy its obligations and liabilities under this Agreement; and

 

		(c)	such assignor also assigns the corresponding rights, benefits and obligations under the SPA to the same
assignee with effect from, and on the same terms as, the assignment of the relevant rights, benefits and obligations under this Agreement.

 

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	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

 

		17.7.	Each Party shall pay its own expenses, including the costs of its advisors, incurred in connection with
this Agreement.

 

		17.8.	The Parties agree that their relationship is one of independent contractors.

 

		17.9.	Nothing in this Agreement and no action taken by the Parties or either of them under this Agreement shall
constitute a partnership, association, trust, joint venture or other co-operative entity between any of the Parties.

 

		17.10.	Save to the extent to which a Party is specifically authorized in writing in advance by the other Party
or in accordance with the terms of this Agreement, neither Party is authorized or empowered to act as agent for the other Party for any
purpose or to enter into any agreement or commitment or give any warranty or representation on behalf of the other Party. Neither Party
will be bound by the acts or conduct of the other Party save for acts or conduct which the first Party specifically authorizes in writing
in advance.

 

		17.11.	This Agreement may be executed in any number of counterparts, each of which when executed and delivered
shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement. This Agreement may also be
executed electronically (e.g. DocuSign) or by way of exchanging pdf copies of signature pages via email.

 

		18.	NOTICES

 

		18.1.	All notices and other communications required or permitted under this Agreement must be in writing in
the English language, and shall be addressed as set out below or to such other addresses as may be given by written notice in accordance
with this Clause 18.1.

 

If to WSA to:

Sivantos Pte. Ltd.

18 Tai Seng Street, #08-08

Singapore 539775

roman.lychman@wsa.com and henning.klemmensen@wsa.com

 

If to HC to:

hear.com N.V.

Att: Oliver Ottens and Lennart Will

Amsterdamsestraatweg 421

3551 CL Utrecht

The Netherlands

oliver.ottens@audibene.de and lennart.will@audibene.de

 

with a copy (which shall not itself
constitute Notice) to:

 

Sivantos Pte. Ltd.

Att: Group Legal & Compliance
Department

18 Tai Seng Street, #08-08

Singapore 539775

ericz.tay@wsa.com

 

Simpson Thacher & Bartlett
LLP

Att: William B. Brentani

2475 Hanover Street

Palo Alto, California 94304

wbrentani@stblaw.com

 

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	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

Simpson Thacher & Bartlett
LLP

Att: Nicholas J. Shaw

CityPoint, One Ropemaker Street

London EC2Y 9HU

nshaw@stblaw.com

 

		18.2.	All such notices and other communications shall be deemed received:

 

		(a)	if delivered by hand, sent by reputable international overnight courier on the date of receipt thereof,
if received prior to 5 p.m. and such day is a Business Day, and otherwise on the next succeeding Business Day;

 

		(b)	5 (five) Business Days after having been sent by registered or certified mail, return or delivery receipt
requested, postage prepaid; and

 

		(c)	if delivered by e-mail, after confirmation of receipt from the other Party.

 

		19.	DISPUTE RESOLUTION

 

All disputes arising out of or in connection
with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by three arbitrators.
The claimant(s) shall nominate one arbitrator in the request for arbitration. The respondent(s) shall nominate one arbitrator
in the answer to the request. The two party-nominated arbitrators shall then have 30 days to agree, in consultation with the parties to
the arbitration, upon the nomination of a third arbitrator to act as president of the tribunal, barring which the ICC Court shall select
the third arbitrator (or any arbitrator that claimant(s) or respondent(s) shall fail to nominate in accordance with the foregoing).
The place of arbitration shall be Amsterdam, The Netherlands. The language of the arbitration shall be English. The law governing this
arbitration agreement shall be the law of England and Wales.

 

		20.	GOVERNING LAW

 

This Agreement and any dispute or claim
arising out of or in connection with it, its subject matter or formation (including non-contractual disputes and claims) shall be governed
by and construed in accordance with the law of England and Wales.

 

[Signatures on the next page]

 

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	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

	SIVANTOS PTE. LTD.:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
		 	
	Name:	 	Name:
	Designation:	 	Designation:
	 	 	 
	 	 	 
	HEAR.COM N.V.
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
		 	
	Name: Dr. Marco Vietor	 	Name: Paul Crusius
	Designation: Executive Director	 	Designation: Executive Director

 

[Signature Page –
Transitional Services Agreement]

 

    

     

    

 

	WSA-HEAR.COM:  TRANSITIONAL
    SERVICE AGREEMENT	 

 

 

Schedule 2 -Data Protection and Authorized
Sub-Processors

 

1. DATA PROTECTION

 

		1.1	In this Clause 1 of this Schedule 3:

 

		(a)	“Data Protection Laws” means the following legislations to the extent applicable from
time to time: (a) national laws implementing the Directive on Privacy and Electronic Communications (2002/58/EC) (as amended by Directive
2009/136); (b) the General Data Protection Regulation (2016/679) (the “GDPR”) and any national law supplementing
the GDPR (such as, in the United Kingdom, the Data Protection Act 2018) or any successor laws arising out of the withdrawal of a member
state from the European Union, and (c) any other data protection or privacy laws, regulations, or regulatory requirements, guidance
and codes of practice applicable to the Processing of Personal Data (as amended and/or replaced from time to time);

 

		(b)	“Controller”, “Data Subject”, “Personal Data”,
 “Processing”, “Processor”, “Personal Data Breach” and “Supervisory Authority”
(and cognates of the foregoing) shall have the same meaning given to them in the Data Protection Laws;

 

		(c)	“Hear.com Group Personal Data” means any Personal Data Processed by the WSA Group on
behalf of the Hear.com Group in connection with the provision of the Services or performance of its other obligations set out in this
Agreement; and

 

		(d)	“Incident” means (i) a complaint or a request with respect to the exercise of
a Data Subject’s rights under Data Protection Laws, (ii) an investigation or seizure of the Personal Data by government officials,
or a specific indication that such an investigation or seizure is imminent, (iii) any unauthorized or accidental access, Processing,
deleting, or loss or any form of unlawful Processing of Personal Data, (iv) any breach of the security or confidentiality of data
under Clause 13 or Clause 15 of the Agreement leading to the accidental or unlawful destruction, loss, alternation, unauthorized disclosure
of, or access to, the Personal Data, or any indication of such breach having taken place or being about to take place, (v) where,
in the opinion of the WSA Group, implementing an instruction received from the Hear.com Group would violate the Data Protection Laws to
which the WSA Group or the Hear.com Group are subject.

 

		1.2	The Hear.com Group shall ensure that it has, and will maintain in place, all consents, registrations,
rights, and authorizations as may be required under applicable Data Protection Laws to enable the WSA Group to Process the Hear.com Group
Personal Data for the purposes set out in this Agreement. The Hear.com Group shall be responsible for ensuring necessary privacy notices
are provided to Data Subjects, and for ensuring that a record of any applicable consents is maintained. If such a consent is revoked by
a Data Subject, the Hear.com Group shall communicate the fact of such revocation to the WSA Group. The Parties acknowledge that, for the
purposes of Data Protection Laws, the Hear.com Group is the Controller and the WSA Group is the Processor of any Hear.com Group Personal
Data. The particulars of the Processing are as follows:

 

		(a)	Subject Matter of the Processing: WSA has agreed to provide the Services under this Agreement, possibly
involving the Processing of Personal Data.

 

		(b)	Nature and purpose of the Processing: To provide the Services.

 

		(c)	Types of Personal Data Processed: The WSA Group will possibly Process the following types of Personal
Data during the course of the provision of the Services: (i) biographical data (including title, first name, last name and other
identification numbers), (ii) contact data (including email addresses, billing and postal addresses and telephone numbers) and (iii) financial
data (including bank account numbers). The processing of special categories of personal data may take place in relation to the provision
of certain HR-related Services and may include the processing of health data for the purposes of the administration of the Hear.com Group’s
employee benefits.

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		(d)	Categories of Data Subjects: The clients, suppliers and employees, workers and independent contractors
of the Hear.com Group.

  

		(e)	Duration of the Processing: For the term of this Agreement.

 

		1.3	The WSA Group shall:

 

		(a)	only Process the Hear.com Group Personal Data in accordance with the terms of this Agreement, and only
to the extent reasonably necessary for the purpose of providing the Services and not Process the Hear.com Group Personal Data for any
other purpose or in any other manner. To the extent that the WSA Group’s Processing activities are not adequately described in this
Agreement, the Hear.com Group will determine the scope, purposes, and manner by which the Personal Data may be accessed or processed by
the WSA Group, and the WSA Group will Process the Personal Data only as set forth in this Agreement or in Hear.com Group’s written
instructions;

 

		(b)	not transfer Personal Data to a third country without first obtaining authorization from the Hear.com
Group, which may be refused in the Hear.com Group’s sole discretion;

 

		(c)	should the WSA Group reasonably believe that a specific Processing activity beyond the scope of its instructions
is required to comply with a legal obligation to which the WSA Group is subject, the WSA Group shall inform the Hear.com Group of that
legal obligation and seek explicit authorization from the Hear.com Group before undertaking such processing;

 

		(d)	treat all Personal Data as confidential, and inform its employees, agents, and approved sub-Processors
of the confidential nature of the Personal Data, and that all such persons or parties have signed an appropriate confidentiality agreement,
or are otherwise bound to a duty of confidentiality (statutory or otherwise);

 

		(e)	Process the Hear.com Group Personal Data in accordance with the specified subject matter, duration, purpose,
type of Personal Data and categories of Data Subjects as set out in Clause 1.2 of this Schedule 3;

 

		(f)	promptly inform the Hear.com Group if, in its reasonable opinion, any instruction or direction from Hear.com
Group would be in breach of Data Protection Laws; provided that such notification will not constitute a general obligation on the part
of the WSA Group to monitor or interpret the laws applicable to the Hear.com Group, and such notification will not constitute legal advice
to the Hear.com Group;

 

		(g)	(i) upon the request of the Hear.com Group, or as required under the Data Protection Laws, enter
into standard contractual clauses or other data transfer agreement with the Hear.com Group or approved sub-Processors, and (ii) to
the extent that either Party is relying on a specific statutory mechanism to normalize international data transfers and that mechanism
is subsequently modified, revoked, or held in a court of competent jurisdiction to be invalid, cooperate with the Hear.com Group in good
faith to promptly suspend such transfer or to pursue a suitable alternate mechanism that can lawfully support such transfer;

 

		(h)	evaluate the measures taken in accordance with Clause 14 of the Agreement on a regular basis, and implement
appropriate changes, including any change required by the Data Protection Laws’

 

		(i)	ensure that any employee, director, agent, contractor or Affiliate of the WSA Group or any Third Party
with access to Personal Data only access such Hear.com Group Personal Data in connection with the provision of the Services and this Agreement,
or where permitted by Applicable Law. The WSA Group shall further ensure that all persons authorized by it to Process the Hear.com Group
Personal Data (i) have undergone training about Data Protection Laws and (ii) are subject to a duty of confidence with respect
to the Hear.com Group Personal Data;

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		(j)	implement appropriate technical and organizational measures to protect the Hear.com Group Personal Data
against accidental or unlawful destruction or accidental loss, alteration, unauthorized disclosure or access as required under Data Protection
Laws, in accordance with Clause 14;

 

		(k)	promptly notify the Hear.com Group if it receives a request from a Data Subject attempting to exercise
their rights under Data Protection Laws in relation to the Hear.com Group Personal Data. The WSA Group shall act in accordance with the
Hear.com Group's reasonable instructions when dealing with any such request;

 

		(l)	promptly notify the Hear.com Group if it becomes aware of an Incident that has a material impact on the
Processing of Personal Data under this Agreement, and cooperate with and follow the Hear.com Group’s instructions with regard to
such incidents in order for the Hear.com Group to perform a thorough investigation into the incident, to formulate a response, and to
take suitable further steps in respect of the incident;

 

		(m)	maintain written procedures which enable it to promptly notify and respond to the Hear.com Group about
an Incident;

 

		(n)	cooperate and provide reasonable assistance to the Hear.com Group to respond to any Incident; and

 

		(o)	assist the Hear.com Group with the conduct of privacy impact assessments and in relation to the security
of the Processing where and as required under Data Protection Laws.

 

		1.4	At the request of the Hear.com Group, the WSA Group shall provide all information necessary to demonstrate
evidence of its compliance with this Agreement and the Data Protection Laws, and security measures in accordance with Clause 13 of the
Agreement, and allow for and contribute to audits, including without limitation inspections, conducted by the Hear.com Group or another
auditor nominated by the Hear.com Group to verify the WSA Group's compliance with Data Protection Laws. The Hear.com Group shall bear
the WSA Group's reasonable costs for assisting with the provision of information and allowing for and contributing to such audit (save
where the result of such audit or inspection or information request reveals that the WSA Group has failed to comply with its obligations
under this Clause 1 of this Schedule 3 in relation to the Processing of the Hear.com Group Personal Data and/or Data Protection
Laws, then the WSA Group shall take at its own cost all corrective actions including any temporary workarounds necessary to comply with
the provisions of this Clause 1 of this Schedule 3 and/or Data Protection Laws). The Hear.com Group shall use reasonable endeavors
to ensure that each audit is conducted during Working Hours and in such a manner as not to disrupt or to interfere, or to limit disruption
or interference, with the business or operations of the WSA Group and its Representatives.

 

		1.5	The WSA Group shall notify the Hear.com Group without undue delay (but in no event longer than 48 hours)
of becoming aware of, or reasonably suspecting there has been a Personal Data Breach affecting the Hear.com Group Personal Data in accordance
with the level of details for the Hear.com Group to fulfil any reporting or other requirements imposed on it under Data Protection Laws.
Where and in so far as, it is not possible to provide all of the information as part of the initial notification of the Personal Data
Breach, the WSA Group shall provide this information in phases as soon as the same is reasonably available;

 

		1.6	On termination or expiry of the Agreement or any part of it and at the option of the Hear.com Group, the
WSA Group shall promptly return (in the format reasonably requested by the Hear.com Group) or delete the Hear.com Group Personal Data
Processed in relation to the Services (and any copies thereof) and certify in writing that it has done so where requested by the Hear.com
Group, save that the WSA Group shall be entitled to retain copies of Personal Data to the extent it is required to do so under Applicable
Law.

 

		1.7	The Hear.com Group authorizes the WSA Group to transfer the Hear.com Group Personal Data outside the European
Economic Area ("EEA") and/or the United Kingdom and/or the United States (as applicable) as required to perform the Services,
including to any countries in which the WSA Group's authorized sub-Processors operate, provided that the WSA Group shall ensure that all
such transfers are effected in accordance with Data Protection Laws and by way of a valid data transfer mechanism as may be permitted
under Data Protection Laws from time to time. Authorized sub-Processors consist of: (a) sub-Processors authorized in writing by the
Hear.com Group, (b) each Third Party provider under Third Party Contracts; and (c) the existing authorized sub-Processors of
each Third Party provider under the Third Party Contract.

 

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	WSA-HEAR.COM:  TRANSITIONAL
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		1.8	The Hear.com Group provides a general authorization to the WSA Group to engage sub-Processors for the
Processing of the Hear.com Group Personal Data to assist with the provision of the Services provided that the WSA Group shall:

 

		(p)	ensure that it has a written contract with any such sub-Processor that contains terms for the protection
of the Hear.com Group Personal Data which are no less protective than the terms set out in this Agreement;

 

		(q)	audit such authorized sub-Processors upon the reasonable request of the Hear.com Group, or certify that
such an audit has occurred, to ensure compliance with the authorized sub-Processor’s obligations to implement appropriate technical
and organizational measures, comply with obligations imposed by this Agreement, and comply with Data Protection Laws;

 

		(r)	remain liable to the Hear.com Group for the performance of the sub-Processor's obligations under Data
Protection Laws or any acts or omissions of such sub-Processor; and

 

		(s)	give the Hear.com Group reasonable prior notice of any intended changes concerning the addition or the
replacement of any such sub-Processors. The Hear.com Group may object in its reasonable discretion to the proposed change of any sub-Processor.

 

		1.9	WSA shall defend, hold harmless and indemnify, or at its option, settle all actions, suits or proceedings
brought by any Third Party against the Hear.com Group arising out of or in connection with any claim arising out of any breach (or any
claim that if true, would be a breach) of this Clause 1 of this Schedule 3, provided that the Hear.com Group: (i) promptly notifies
WSA in writing of such claim; (ii) does not agree to any settlement or compromise of the claim without WSA’s prior written
consent; (iii) gives WSA express authority to conduct all negotiations and litigation arising from such claim; and (iv) provides
WSA with all available information and assistance as WSA may reasonably require. Notwithstanding anything to the contrary in the foregoing,
if, and solely to the extent, the claim arises out of any action (or failure to take an action) of an Authorized sub-Processor that would
be a breach of Clause 1 of this Schedule 3 by WSA, then WSA shall indemnify the Hear.com Group to the fullest extent that WSA is indemnified
by such Authorized sub-Processor under WSA’s agreement with such party.

 

    23

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