Document:

Exhibit 10.7

 

 

Anthony P. Colucci

 

Release

 

For good and valuable consideration,
and in satisfaction of the Executive’s rights under the Employment Agreement dated as of May 17, 2018 (the “Employment
Agreement”), which rights are set forth in full on Schedule A hereto, which is incorporated by reference herein,
this agreement and release (the “Release”) is entered into by and among Antony P. Colucci (the “Executive”),
Hayward Industries, Inc. (the “Company”) and Hayward Holdings, Inc. (the “Parent”, and together
with the Company, the “Companies”).

 

		1.	The Executive, on behalf of himself and his dependents, heirs, administrators,
agents, personal representatives, executors, successors and assigns, does hereby irrevocably, completely and unconditionally release,
waive and forever discharge the Companies and their past, present and future parents, subsidiaries, affiliated corporations, partnerships,
joint ventures, employee benefit plans, insurers and their predecessors, successors and assigns (each a “Company Affiliate”
and collectively, “Company Affiliates”) and all of the Company Affiliates’ past, present and future shareholders,
directors, officers, employees, agents, trustees, and representatives, both individually and in their official capacities, and
their successors and assigns, from any and all actions, rights, claims, demands, obligations, liabilities, attorneys’ fees
and causes of action of any kind or description whatsoever, in law, equity or otherwise, whether known or unknown, whether past
or present, including those arising out of or in any way related to the Executive’s employment, or termination of employment,
with either or both of the Companies (including any events, acts, conduct or omissions related thereto) occurring at any time prior
to or at the date on which the Executive signs and returns this Release (the “Release Date”), including, but
not limited to, any action, claim, demand, obligation, liability or cause of action arising under: any Federal, state, or local
law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866, 1871, 1964 and 1991,
the Equal Pay Act, the Americans with Disabilities Act of 1990, the National Labor Relations Act, the Employee Retirement Income
Security Act of 1974 (other than any claim as excepted below), the Age Discrimination in Employment Act of 1967, all as amended,
and the wage and hour, wage payment and fair employment practices laws of the state or states in which the Executive has been employed),
tort, contract or any other legal obligation (collectively, the “Claims”); provided, however, the Executive
does not release any of the following Claims:

 

		a.	any Claim to vested but unpaid payments, benefits or other entitlements,
including, without limitation, under any compensation or benefit plan, program or other arrangement of the Company, the Parent
or any Company Affiliate including, without limitation, any incentive or deferred compensation plan including any cash or equity
award, any pension plan or benefits under any medical, dental, vision, life insurance or disability insurance plan, in each case
as set forth on Schedule A;

 

    	 	 	 

     

    

 

		b.	any Claim to workers’ compensation or unemployment insurance benefits;

 

		c.	any claim arising from a failure to pay or provide any of the payments or benefits described on Schedule A hereto;

 

		d.	any Claim for indemnification in accordance with applicable laws, the applicable
constituent documents (including bylaws and certificates of incorporation) of the Company, the Parent or any Company Affiliate,
and any applicable insurance policy with respect to any liability the Executive incurs or has incurred as a director, officer or
employee of the Company, the Parent or any Company Affiliate;

 

		e.	any Claim the Executive may have to obtain contribution as permitted by
law in the event of entry of judgment against the Executive as a result of any act or failure to act for which the Executive and
the Company, the Parent and/or any Company Affiliate are jointly liable in whole or in part;

 

		f.	any Claim that by law may not be released by private agreement without judicial
or governmental review and approval; or

 

		g.	any Claim that arises after the Release Date.

 

Nothing contained in this Release
shall be construed to prohibit the Executive from filing a charge with or participating in any investigation or proceeding conducted
by the federal Equal Employment Opportunity Commission or a comparable state or local agency, provided, however, that the Executive
hereby agrees to waive his right to recover monetary damages or other individual relief in any such charge, investigation or proceeding
or any related complaint or lawsuit filed by the Executive or by anyone else on his behalf.

 

		2.	The following shall apply in connection with the signing of this Release:

 

		a.	The Executive acknowledges and agrees that he has had at least twenty-one
(21) days in which to consider this Release and is hereby advised that this Release creates a legally binding obligation and that
he should therefore consult an attorney about this Release (though he may choose voluntarily not to do so).

 

		b.	The Executive represents that he has read this Release carefully; has had
the opportunity to consult with an attorney of the Executive’s own choosing about the Release; understands fully what this
Release means; and is entering into it knowingly, voluntarily and without coercion.

 

		c.	The Executive may not sign and return this Release to the Companies earlier
than April 16, 2020 (the “Date of Termination”) and must sign and return it no later than twenty-one (21) calendar
days following the date this Release was first provided to the Executive. The Executive will have an additional seven (7) calendar
days after the Release Date in which to revoke his acceptance by providing written notice of revocation to the Companies. The Release
will not be effective until the date upon which the revocation period has expired, which will be the eighth (8th)
calendar day after the Release Date, if not previously revoked.

 

    	 	 	 

     

    

 

		d.	By signing this Release, the Executive represents that (i) he is signing
it voluntarily and with a full understanding of its terms, (ii) he has had sufficient opportunity, before signing this Release,
to consider its terms and consult with an attorney (if he so wished to do so) and (iii) he has not relied on any promises or representations,
express or implied, that are not set forth expressly in this Release.

 

		3.	The Executive represents that as of the date he has executed this Release
he has not assigned to any other party, and agrees not to assign, any Claim released by the Executive herein.

 

		4.	The Executive acknowledges that he does not hold any equity or equity-related
interests in the Companies or any of their affiliates, except as set forth on Schedule A.

 

		5.	The Executive represents that he has returned to the Companies any and all
documents, materials and information (whether in hardcopy, on electronic media or otherwise) related to the business of the Companies
or their affiliates (whether present or otherwise), and all keys, access cards, credit cards, computer hardware and software, telephones
and telephone-related equipment and all other property of the Companies or their affiliates in the Executive’s possession
or control. Further, the Executive agrees that he has not retained any copy or derivation of any documents, materials or information
(whether in hardcopy, on electronic media or otherwise) of the Companies or any Company Affiliates.

 

		6.	Each of the Executive, the Company and the Parent hereby waive any notice
(or pay in lieu thereof) that might otherwise be required from any other party.

 

		7.	Whenever possible, each provision of this Release shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Release is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Release shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

		8.	This Release may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together shall constitute one and the same instrument.

 

		9.	This Release shall be governed by and construed and interpreted in accordance
with the laws of the State of New Jersey without reference regard to principles of conflicts of law that would result in the application
of the laws of any other jurisdiction.

 

[remainder of page intentionally blank]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Executive, the Company and the Parent
have executed this

 

Release each as of the date indicated below.

 

AGREED AND EXECUTED:

 

ANTHONY P. COLUCCI

 

	Dated:	4/29/20	 	/s/ Anthony P. Colucci
	 	 	 	 
	HAYWARD INDUSTRIES, INC.	Name: Margaret B. Costello
	 	 	 	 
	 	 	 	Title: Vice President, Human Resources
	 	 	 	 
	Dated:	April 16, 2020	 	/s/ Margaret B. Costello
	 	 	 	 
	HAYWARD HOLDINGS, INC.	Name: Kevin Holleran
	 	 	 	 
	Dated:	April 16, 2020	 	Title: President & CEO
	 	 	 	 
	 	 	 	/s/ Kevin Holleran

 

    	 	 	 

     

    

 

 

Schedule
A to Release (A. Colucci)

Summary
of Severance Benefits 

 

All capitalized terms
not defined herein or in the Release to which this Schedule A is attached (the “Release”) shall have
the meanings given in the Employment Agreement.

 

Upon the termination
of Executive’s employment, the Company will pay Executive the following Accrued Benefits in a lump sum within thirty (30)
days following the Date of Termination:

 

		(i)	Pay, at Executive’s final base rate of pay, for all work performed for the Company through the Date of Termination, to
the extent not previously paid;

 

		(ii)	Pay, at Executive’s final base rate of pay, for any accrued, unused vacation days as of the Date of Termination; and

 

		(iii)	Reimbursement of outstanding business expenses reimbursable under Company policies as then in effect and properly incurred
by Executive, if all necessary supporting documentation is provided within 30 days of the Date of Termination.

 

In addition, upon Executive’s
termination without Cause, as defined in the Employment Agreement, and in consideration of Executive’s execution and non-revocation
of the Release and Executive’s continued compliance with Executive’s restrictive covenant obligations under the Employment
Agreement, including without limitation Section 6, 7, and 8 thereof, and the Agreement between Executive and Hayward Industries,
Inc. dated May 2018, the Company will provide Executive with the following severance benefits:

 

		(i)	An amount equal to the sum of Executive’s final Base Salary ($442,000) and Executive’s Target Bonus of 70%
($309,400), paid together in the form of salary continuation over a period of twelve (12) months, beginning on the next
regular pay date that is at least five (5) days following the later of the effective date of the Release or the date it is received
by the Company (the “Payment Date”). The first such payment will be retroactive to the day following the Date
of Termination.

 

		(ii)	A pro-rata portion of Executive’s Annual Bonus (if any) for the 2020 plan year determined at such time as annual bonuses
for the 2020 plan year are determined by the Board, paid at such time as annual bonuses for the 2020 plan year are paid generally;

 

		(iii)	Post Termination Benefits in the following amounts, payable on the Payment Date:

 

		a.	$67,626, representing the value of the Company’s contribution to the Company’s Non-Qualified Deferred Compensation
Plan at the rate of nine (9) percent of Executive’s final Base Salary and Target Bonus;

 

		b.	$22,542, representing the value of the Company’s contribution to the Company’s 401k plan at the rate of
three (3) percent of Executive’s final Base Salary and Target Bonus;

 

		c.	$8,550, representing the value of a 401k safe-harbor profit-sharing payment at the rate of three (3) percent of Executive’s
final Base Salary, subject to 2020 plan limits;

 

		d.	$9,000, representing the value of twelve (12) months of Company payments of Executive’s Company car lease (at
$750/month);

 

		e.	$13,128, representing the value of twelve (12) months of Company contributions to Executive’s UltimateHealth executive
medical supplementary health plan (at $1,094/month); and

 

		f.	$11,430, representing the value of twelve (12) months of the Company’s premium costs for Executive’s life
insurance and AD&D insurance coverage.

 

    	 	 	 

     

    

 

		(iv)	A one-time lump sum benefit allowance payment of $24.014.22, which is equal to the employer-side premium that the Company would
have provided towards the cost of Executive’s medical, dental, prescription and/or vision
coverage (based on Executive’s benefit elections for such coverages, and premium cost sharing, each as in effect immediately
prior to the Date of Termination), had Executive remained employed with the Company for an additional twelve (12) months following
Executive’s termination of employment and continued such coverage for such period (the “Benefit Allowance”).
The Benefit Allowance will be paid on the Payment Date, and will be made regardless of whether the Executive elects health continuation
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Executive’s current medical,
dental, prescription and/or vision coverage (if any) will end on the Date of Termination. At or about that time, if Executive is
eligible for COBRA, Executive will receive under separate cover, directly from Benefit Express, notice of his opportunity to elect
COBRA continuation coverage of his current plans on a self-pay basis. Should Executive wish to elect this continuation of coverage,
it is his obligation to enroll within the designated timeframe and satisfy all billing requirements directly with Benefit Express.
Executive’s COBRA eligibility and coverage will be governed by the applicable benefit plan and Executive will be responsible
for paying the full cost of any COBRA coverage he elects; and

 

		(v)	Outplacement counseling services for a period of 12 months by Terry Mulligan at Transition Partners Group at a cost not to
exceed $13,000.

 

Subject to the conditions described herein, the payments and
benefits set forth in this Schedule A will be subject to and reduced by all applicable federal, state and local income and
payroll withholding taxes, and will be paid in full and complete satisfaction of any and all payments or benefits due to Executive
from the Company, whether for services provided to the Company, due under the Employment Agreement, or otherwise.

 

Treatment of Equity

 

Executive is the owner of 250 Class A Shares (the “Class
A Shares”) of Hayward Holdings, Inc. (“Hayward Holdings”). The Class A Shares are not subject to vesting
and will remain outstanding following the date hereof, but will continue to be subject to the terms of the Stockholders’
Agreement, including Section 2.5 thereof.

 

Executive is also the owner of 2,000 Class A Restricted Shares
of Hayward Holdings (the “Class A Restricted Shares”). As of the Date of Termination, none of the Class A Restricted
Shares will have vested and, accordingly, all such Class A Restricted Shares will be automatically forfeited by the Executive for
no consideration.

 

Executive has been granted stock options with respect to 8,000
Class B Shares of Hayward Holdings (the “Class B Options”). 50% of the Class B Options are time-vesting options
(the “Time-Vesting Options”) and 50% of the Class B Options are performance-vesting shares (the “Performance-Vesting
Options”). As of the Date of Termination, 1,600 of the Time-Vesting Options and none of the Performance-Vesting Options
will have vested (the “Vested Class B Options”). All unvested Class B Options shall terminate without consideration
on the Date of Termination. The Vested Class B Options may be exercised by Executive for a period of 90 days from the Date of Termination
and, immediately following such date, any unexercised Vested Class B Options will expire.

 

The Class A Shares and the vested Class B Options will remain
subject to, as applicable, the terms of the Stockholders’ Agreement, the Amended and Restated Hayward Holdings Equity Incentive
Plan, the Subscription Agreement, dated as of May 29, 2018 by and between Hayward Holdings and the Executive, and the Executive’s
Non-Qualified Stock Option Agreement, granted May 29, 2018.Exhibit 10.9

RESTRICTED
STOCK SUBSCRIPTION AGREEMENT 

UNDER THE
HAYWARD HOLDINGS, INC. 

2017 EQUITY
INCENTIVE PLAN

 

	Name of Subscriber:	 	                     (the “Subscriber”)
	No. of Shares of Stock:	 	                     Shares of Class B Common Stock
	Subscription Date:	 	                     (the “Subscription Date”)
	Vesting Commencement Date:	 	                     (the “Vesting Commencement Date”)
	Per Share Purchase Price:	$	                     (the “Per Share Purchase Price”)
	Aggregate Purchase Price:	$	                     (the “Aggregate Purchase Price”)

 

Pursuant to the Hayward
Holdings, Inc. 2017 Equity Incentive Plan (the “Plan”), Hayward Holdings, Inc., a Delaware corporation (together
with its successors, the “Company”), hereby grants, sells and issues to the individual named above, who is an
officer, employee, director, consultant or other key person of the Company or any of the Subsidiaries, the shares of Restricted
Stock (as defined below) at the Per Share Purchase Price, which Per Share Purchase Price represents the Fair Market Value per share
on the Subscription Date, subject to the terms and conditions set forth herein and in the Plan. The parties agree that the Per
Share Purchase Price constitutes the “fair market value” of the shares of Restricted Stock for purposes of Section
83 of the Internal Revenue Code of 1986, as amended, and shall take a consistent position for federal income tax purposes. The
Subscriber agrees to the provisions set forth herein, as well as the provisions set forth in the Charter and the Stockholders Agreement
in respect of the Restricted Stock, and acknowledges that each such provision is a material condition of the Company’s agreement
to issue and sell the shares of Restricted Stock to him or her. The Company hereby acknowledges receipt of the Aggregate Purchase
Price as full payment for the shares of Restricted Stock. All references to share prices and amounts herein shall be equitably
adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting the
capital stock of the Company, and any shares of capital stock of the Company received on or in respect of shares of Restricted
Stock in connection with any such event (including any shares of capital stock or any right, option or warrant to receive the same
or any security convertible into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject
to this Agreement on the same basis and extent at the relevant time as the shares of Restricted Stock in respect of which they
were issued, and shall be deemed shares of Restricted Stock as if and to the same extent they were issued at the date hereof.

 

1.            
Definitions. For the purposes of this Agreement, the following terms shall have the following respective meanings.
All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan.

 

“Advisory Services
Agreement” means that certain Advisory Services and Monitoring Agreement, dated as August 4, 2017, by and among the Company,
Hayward Intermediate, Inc., Hayward Industries, Inc., CCMP Capital Advisors, L.P. and MSD Partners, L.P.

 

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

 

    

     

    

 

“Charter”
means the amended and restated certificate of incorporation of the Company, as amended, modified, supplemented or restated and
in effect from time to time, including any certificate of designation, correction or amendment filed with the Secretary of State
of the State of Delaware pursuant to the terms thereof.

 

“CCMP Investor”
means, collectively, CCMP Capital Investors III, L.P., CCMP Capital Investors III (Employee), L.P. and any of their respective
Affiliates that is a transferee of any CCMP Investor Shares or otherwise acquires equity securities of the Company.

 

“CCMP Investor
Shares” means the equity securities of the Company acquired by the CCMP Investor in connection with its investment in
the Company, whether acquired before, on or after the date hereof, and any additional securities received in respect thereof, as
a dividend on, or otherwise on account of, such equity securities.

 

“Disability”
means, with respect to any Subscriber, the meaning set forth in such Subscriber’s Employment Agreement. If such Subscriber
does not have an Employment Agreement or “Disability” is not defined in such agreement, “Disability” shall
mean the failure or inability of the Subscriber to perform duties with the Company or any of its Affiliates for a period of at
least 180 consecutive days (or 180 days during any twelve (12) month period) by reason of any physical or mental condition, as
determined in good faith by the Company in its sole discretion; provided, that, if the Company’s long term disability
plan contains a definition of “Disability,” the definition in such plan will control.

 

“Investor Shares”
means with respect to the CCMP Investor, the CCMP Investor Shares, and with respect to the MSD Investor, the MSD Investor Shares.

 

“Investors”
means the CCMP Investor and the MSD Investor.

 

“Liquidity Threshold
Price” means, at any time, the lowest average closing trading price for shares of common stock of the Company over any
ten (10) day trading period that                     .

 

“Measurement
Date” means any date upon which Proceeds are received by the CCMP Investor and/or the MSD Investor.                

 

“MSD Investor”
means MSD Aqua Holdings, L.P. and any of its Affiliates that is a transferee of any MSD Investor Shares or otherwise acquires equity
securities of the Company.

 

“MSD Investor
Shares” means the equity securities of the Company acquired by the MSD Investor in connection with its investment in
the Company, whether acquired before, on or after the date hereof and any additional securities received in respect thereof, as
a dividend on, or otherwise on account of, such equity securities.

 

“Principal Investment”
means, with respect to an Investor, the sum, without duplication, of: (i) the aggregate consideration paid by such Investor to
acquire such Investor’s Investor Shares, plus (ii) the amount of cash and the value (as determined by the Board in good faith)
of any property contributed by such Investor to the Company, whether contributed before, on or after the date hereof.

 

    2

     

    

 

“Proceeds”
means, with respect to an Investor, without duplication, all (i) cash proceeds actually received by such Investor from the
disposition of such Investor’s Investor Shares, net of Unreimbursed Transaction Expenses; (ii) cash dividends and other cash
distributions actually received by such Investor in respect of its Investor Shares; and (iii) the fair market value of any non-cash
consideration (including but not limited to marketable securities) received in exchange for or in respect of such Investor’s
Investor Shares (net of Unreimbursed Transaction Expenses) solely to the extent received in connection with a Change of Control;
for the avoidance of doubt, any Proceeds shall exclude any amounts payable pursuant to the Advisory Services Agreement.

 

“Restricted
Stock” means the number of shares of Class B Common Stock, par value $0.001 per share, of the Company being purchased
by the Subscriber on the date hereof and any additional shares of Class B Common Stock or other securities received in respect
of such shares of Class B Common Stock, as a dividend on, or otherwise on account of, such shares of Class B Common Stock.

 

“Service Relationship”
means any relationship as an employee, part-time employee, director or other key person (including consultants) of the Company
or any Subsidiary or any successor entity such that, for example, a Service Relationship shall be deemed to continue without interruption
in the event the Subscriber’s status changes from full-time employee to part-time employee or consultant.

 

“Stockholders
Agreement” means the Stockholders Agreement, dated as of August 4, 2017, as it may be amended, modified or amended and
restated from time to time.

 

“Unreimbursed
Transaction Expenses” means, with respect to an Investor, such Investor’s share of all reasonable legal, accounting
and investment banking fees that are not reimbursed by unrelated third parties (other than amounts paid to such Investor and its
Affiliates), in connection with the disposition of such Investor’s Investor Shares.

 

2.                 
Purchase and Sale of Restricted Stock; Investment Representations.

 

(a)             
Purchase and Sale. On the date hereof, the Company hereby sells to the Subscriber, and the Subscriber hereby purchases
from the Company, the number of shares of Restricted Stock set forth above for the Aggregate Purchase Price. Fifty percent (50%)
of such Restricted Stock shall be subject to time-based vesting criteria (the “Time-Vesting Shares”), and fifty
percent (50%) of such Restricted Stock shall be subject to performance-based vesting criteria (the “Performance-Vesting
Shares”).

 

(b)              
Investment Representations. In connection with the purchase and sale of the shares of Restricted Stock contemplated
by Section 2(a) above, the Subscriber hereby represents and warrants to the Company as follows:

 

(i)             
The Subscriber acknowledges that the shares of Restricted Stock are subject to the terms and conditions of the Stockholders’
Agreement and agrees to be bound to all of the provisions thereof.

 

    3

     

    

 

(ii)             
 The Subscriber is purchasing the shares of Restricted Stock for the Subscriber’s own account for investment only,
and not for resale or with a view to the distribution thereof.

 

(iii)           
The Subscriber has had such an opportunity as he or she has deemed adequate to obtain from the Company such information
as is necessary to permit him or her to evaluate the merits and risks of the Subscriber’s investment in the Company and has
consulted with the Subscriber’s own advisers with respect to the Subscriber’s investment in the Company.

 

(iv)           
The Subscriber has sufficient experience in business, financial and investment matters to be able to evaluate the risks
involved in the purchase of the shares of Restricted Stock and to make an informed investment decision with respect to such purchase.

 

(v)             
The Subscriber can afford a complete loss of the value of the shares of Restricted Stock and is able to bear the economic
risk of holding such shares of Restricted Stock for an indefinite period.

 

(vi)            
The Subscriber understands that the shares of Restricted Stock are not registered under the Act (it being understood that
the shares of Restricted Stock are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable
state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an
effective registration statement under the Act and under any applicable state securities or “blue sky” laws (or exemptions
from the registration requirements thereof). The Subscriber further acknowledges that certificates representing the shares of Restricted
Stock will bear restrictive legends reflecting the foregoing.

 

3.                 
Vesting; Company Repurchase Right. Subject to the terms and conditions set forth in the Plan, the Restricted Stock
shall vest as follows:

 

(a)              
Time-Vesting Shares.

 

(i)            
General. Subject to accelerated vesting as provided in Section 3(a)(iii) below, the Time-Vesting Shares shall
vest                      ,
if the Subscriber remains in a continuous Service Relationship from the vesting commencement date to the applicable vesting date.

 

(ii)            
Initial Public Offering. In the event of an IPO which does not constitute a Change of Control, any unvested Time-Vesting
Shares shall remain outstanding and remain subject to the same vesting schedule set forth herein.

 

(iii)          
Change of Control. Subject to and effective immediately prior to the consummation of a Change of Control, all Time-Vesting
Shares shall be deemed vested, provided that the Subscriber remains in a continuous Service Relationship from the vesting commencement
date to the date of the consummation of the Change of Control.

 

    4

     

    

 

(b)              
 Performance-Vesting Shares.

 

(i)             
Prior to an Initial Public Offering. If prior to the occurrence of an IPO                     ,
the Performance-Vesting Shares shall vest in full on such Measurement Date, subject to the Subscriber remaining in a continuous
Service Relationship from the vesting commencement date through the applicable Measurement Date.

 

(ii)             
Following an Initial Public Offering. In the event of an IPO which does not constitute a Change of Control, any unvested
Performance-Vesting Shares shall remain outstanding and remain subject to the same vesting schedule set forth herein, and from
and after the date of an IPO, if the average closing trading price for shares of common stock of the Company on the exchange on
which such shares are then listed                     ,
then the Performance-Vesting Shares shall vest in full                     ,
subject to the Subscriber remaining in a continuous Service Relationship from the vesting commencement date through the end of
such period.

 

(iii)           
Change of Control. If any Performance-Vesting Shares do not vest upon the first Change of Control to occur, any such
unvested Performance-Vesting Shares will be repurchased by the Company in accordance with the Charter and the Stockholders Agreement.

 

(c)              
Additional Vesting Upon Death or Disability. In the event that the Subscriber’s Service Relationship terminates
by reason of such Subscriber's death or Disability, (I) the portion of the Subscribers Time-Vesting Shares that would have vested
had the Subscriber continued his or her Service Relationship until the period ending one year after such termination shall immediately
vest and (II) the Subscriber's Performance-Vesting Shares shall remain outstanding and eligible to vest during the period ending
one year after such termination (and the Subscriber’s unvested Performance-Vesting Shares will not be subject to repurchase
by the Company during such one-year period); provided, that any Performance-Vesting Share that has not vested by the end of such
one-year period shall cease vesting and remain outstanding (unless repurchased by the Company pursuant to its rights under the
terms of the Stockholders Agreement) until the closing of a Change of Control (as defined in the Plan), at which time the unvested
Performance-Vesting Share will be repurchased by the Company in accordance with the terms of the Charter and the Stockholders Agreement.

 

4.                  Withholding
Taxes. The Subscriber agrees to elect, within thirty (30) days of the Subscription Date, in accordance with Section 83(b)
of the Internal Revenue Code of 1986, as amended, to recognize ordinary income in the year of acquisition of the shares of
Restricted Stock, and to pay to the Company all withholding taxes determined to be due with respect to such election, based
on the excess, if any, of the Fair Market Value of such shares of Restricted Stock as of the date of the purchase of such
shares of Restricted Stock by the Subscriber over the purchase price for such shares of Restricted Stock. The Subscriber
represents that he has received tax advice from his own personal tax advisor on the consequences of the purchase of the
shares of Restricted Stock and the making of such Section 83(b) election. The Subscriber understands the tax consequences of
filing a Section 83(b) election and agrees that any filing of a Section 83(b) election is solely the Subscriber’s
responsibility. The Subscriber agrees to provide the Company of the Subscriber’s Section 83(b) election promptly after
filing such election. The form of election is attached as Exhibit A.

 

    5

     

    

 

5.               
Restricted Activities. As a further condition to the issuance of shares hereunder, the Subscriber agrees to be bound
by the Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement attached as Exhibit B.

 

6.                 
Miscellaneous Provisions.

 

(a)              
Change and Modifications. This Agreement may not be orally changed, modified, amended or terminated, nor shall any
oral waiver of any of its terms be effective. This Agreement may be changed, modified, amended or terminated only by an agreement
in writing signed by the Company and the Subscriber.

 

(b)              
Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of
the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than
the law of the State of Delaware.

 

(c)              
Headings. The headings are intended only for convenience in finding the subject matter and do not constitute part
of the text of this Agreement and shall not be considered in the interpretation of this Agreement.

 

(d)              
Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination
shall in no manner affect the legality or enforceability of any other provision hereof.

 

(e)              
Notices. All notices, amendments, waivers or other communications pursuant to this Agreement shall be in writing
and shall be deemed to have been duly given if personally delivered, sent by e-mail or sent by nationally recognized overnight
courier to the parties hereto at the following addresses (or at such other address for any party hereto as shall be specified by
like notice):

 

if to the Company:

 

Hayward Holdings, Inc.

620 Division Street

Elizabeth, New Jersey 07201

Attention:

Email:

 

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

 

CCMP Capital Advisors,
LP

277 Park Avenue, 27th Floor

New York, New York 10172

Attention:

Email:

 

    6

     

    

 

and to

 

MSD Partners, L.P.

645 Fifth Avenue, 21st Floor

New York, New York 10022

Attention:

Email:

 

and to:

 

Ropes & Gray
LLP

1211 Avenue of
the Americas

New York, NY
10036-8704

Attention:

Email:

 

if to the Subscriber,
as set forth underneath the Subscriber’s signatures below

 

or to such other address
as the party to whom notice is to be given may have furnished to each other party in writing in accordance herewith. Any such notice
or communication shall be deemed to have been given and received (w) when delivered, if personally delivered; (x) upon machine
generated acknowledgement of receipt after transmittal by electronic mail if so acknowledged to have been received before 5:00
p.m. on a Business Day at the location of receipt and otherwise on the next following Business Day; (y) on the next Business Day
after dispatch, if sent by nationally recognized overnight courier guaranteeing next Business Day delivery; and (z) on the fifth
Business Day following the date on which the piece of mail containing such communication is posted, if sent by mail.

 

(f)              
Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto,
their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee
shall become entitled to all the rights of the Company hereunder to the extent of such assignment.

 

(g)              
Dispute Resolution.

 

(i)                
Except as provided below, any dispute arising out of or relating to this Agreement or the breach, termination or validity
hereof shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive
Arbitration Rules and Procedures. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§1-16,
and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration
shall be New York, New York.

 

(ii)              The
parties covenant and agree that the arbitration shall commence within sixty (60) days of the date on which a written demand
for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the
power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up
to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good
cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories
or the response to requests for admission. In connection with any arbitration, each party shall provide to the other, no
later than seven Business Days before the date of the arbitration, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s
witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of
liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are specifically excluded under this Agreement,
and each party hereby irrevocably waives any claim to such damages.

 

    7

     

    

 

(iii)           
The parties covenant and agree that they will participate in the arbitration in good faith. This Section 6(g) applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary
injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable
harm.

 

(iv)            Each
of the parties hereto (x) hereby irrevocably submits to the jurisdiction of any United States District Court of competent jurisdiction
for the purpose of enforcing the award or decision in any such proceeding, (y) hereby waives, and agrees not to assert, by way
of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution (except as protected
by applicable law), that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action
or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and hereby
waives and agrees not to seek any review by any court of any other jurisdiction which may be called upon to grant an enforcement
of the judgment of any such court. Each of the parties hereto hereby consents to service of process by registered mail at the
address to which notices are to be given. Each of the parties hereto agrees that its, his or her submission to jurisdiction and
its, his or her consent to service of process by mail is made for the express benefit of the other parties hereto. Final judgment
against any party hereto in any such action, suit or proceeding may be enforced in other jurisdictions by suit, action or proceeding
on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction.

 

(h)            
Equitable Relief. The parties hereto agree and declare that legal remedies are inadequate to enforce the provisions
of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions
of this Agreement.

 

    8

     

    

 

(i)            
 Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

 

(j)              
Entire Agreement. The Plan, this Agreement and the Stockholders Agreement constitute the entire agreement with respect
to the subject matter hereof and thereof. In the event of any inconsistency between the Plan and this Agreement, the terms and
conditions of the Plan shall control.

 

[SIGNATURE PAGE FOLLOWS]

 

    9

     

    

 

IN WITNESS WHEREOF,
the Company and the Subscriber have executed this Restricted Stock Agreement as of the date first above written.

 

	 	HAYWARD HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

IN WITNESS WHEREOF,
the Company and the Subscriber have executed this Restricted Stock Agreement as of the date first above written.

 

	 	SUBSCRIBER:
	 	 
	 	 
	 	 
	 	Name:
	 	 
	 	Address:

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