Document:

Exhibit 10.1

 

[CERTAIN INFORMATION HAS BEEN OMITTED FROM
THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. OMISSIONS ARE
MARKED [***].] 

 

 

 

 

WARRANTY
AGREEMENT

 

 

 

BY AND BETWEEN

 

Hillenbrand
France Acquisition Holdings SAS

 

on the one hand

 

AND

 

THE SELLERS IDENTIFIED HEREIN

on the other hand,

 

WITH RESPECT TO

 

LINXIS GROUP

 

 

 

Dated: September 15, 2022

 

 

 

 

 

     

     

    

 

Index:

 

	ARTICLE I        INTERPRETATION	4
	1.1	Certain Definitions	4
	1.2	Principles of Interpretation	10
	1.3	Nature of the Sellers' Obligations	11
	ARTICLE II       REPRESENTATIONS AND WARRANTIES	12
	2.1	Group Structure	12
	2.2	Group Companies	12
	2.3	Accounts	13
	2.4	Changes in the Business of the Group Companies	14
	2.5	Tax Matters	16
	2.6	Real Property	17
	2.7	Personal Property	18
	2.8	Intellectual Property	18
	2.9 	Compliance with Law	19
	2.10	Proceedings	20
	2.11	Products & Services Liability	20
	2.12	Material Contracts	20
	2.13 	Insurance	22
	2.14	Employment Matters	22
	2.15	Sufficiency of Assets	24
	2.16	Information Technology	24
	2.17	Data Protection	25
	2.18	Environmental Matters	25
	2.19	Compliance Matters	26
	ARTICLE III     REPAYMENT OBLIGATION	27
	3.1	Repayment Obligation; Limitation on Quantum	27
	3.2	Time Limits for Claims	27
	3.3	Payment	28
	3.4	Exclusions	28
	3.5	No Liability; W&I Insurance	28
	ARTICLE IV     MISCELLANEOUS	29
	4.1	Disclosure Update	29
	4.2	Termination	29
	4.3	Confidentiality	29
	4.4	Sellers' Agent	29
	4.5	Costs and Expenses	30

 

     

     

    

 

	4.6 	Professional Advice	30
	4.7 	Unforeseeability	31
	4.8 	Express Waivers	31
	4.9 	Notices	31
	4.10 	Entire Agreement	32
	4.11 	No Third Party Rights; Assignment	32
	4.12 	Severability	32
	4.13 	Waivers and Amendments	33
	4.14 	Governing Law and Submission to Jurisdiction	33
	4.15 	Electronic Signature	33

 

List of Annexes:

 

Annex 0 – Additional Sellers

Annex A – Disclosed Information

Annex B – Notices

 

List of Schedules:

 

Schedule ‎2.1(a)
 – Group chart

Schedule ‎2.1(b)
 – Group structure

Schedule 2.2(b) – Group Companies

Schedule 2.2(d)(f) – Group Companies –
Put options & shareholders’ agreements

Schedule 2.2(e) – Group Companies –
Encumbrances

Schedule ‎2.4
 – Ordinary Course of Business

Schedule ‎2.5
 – Tax Matters

Schedule ‎2.6(a)
 – List of Owned Real Properties

Schedule ‎2.6(b)
 – Material Lease Agreements

Schedule ‎2.7(b)
 – Personal Property

Schedule ‎2.8(a)
 – List of Intellectual Property Rights owned by the Group Companies

Schedule ‎2.8(b)
 – Intellectual Property Disclosure

Schedule ‎2.8(c)
 – Contracts related to Intellectual Property Rights

Schedule ‎2.10(a)
 – Proceedings

Schedule ‎‎‎‎‎‎‎2.10
 – Products & Services Liability – Loss and liability

Schedule ‎2.12(a)
 – List of Material Contracts

Schedule ‎2.12(b)
 – Material Contracts Disclosure

Schedule ‎2.13
 – Insurance

Schedule ‎2.14(a)
 – List of Key Employees

Schedule ‎2.14(c)
 – Payments to Key Employees

Schedule ‎2.14(d)
 – Arrangements with Key Employees

Schedule ‎2.14(f)
 – Employments agreements

Schedule ‎2.14(g)
 – Employment costs

Schedule ‎2.14(k)
 – Benefit plan

Schedule ‎2.14(l)
 – Employment compliance

Schedule ‎2.16
 – Information technology

Schedule ‎2.17(a)
 – Data protection

Schedule ‎2.18
 – Environmental Matters Disclosure

Schedule ‎‎‎2.19
 – Compliance matters

 

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WARRANTY AGREEMENT

 

THIS WARRANTY AGREEMENT,
dated September 15, 2022 (as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms,
this "Agreement"), is by and between:

 

1.       HILLENBRAND
FRANCE ACQUISITION HOLDINGS SAS, a company (société par actions simplifiée) organized under the laws of
France having its registered office at 4, rue de Marivaux, 75002 Paris, France and registered with the Registry of Commerce and Companies
of Paris under number 918 409 244 (the "Purchaser");

 

ON THE ONE HAND

 

AND EACH OF:

 

2.       IBERIS
INTERNATIONAL S.À R.L., a company (société à responsabilité limitée) organized under
the laws of Luxembourg having its registered office at 20, boulevard Royal, L-2449 Luxembourg, Grand-Duchy of Luxembourg, registered with
the Trade and Companies Register of Luxembourg under number B215780 ("Iberis");

 

3.       MR.
TIMOTHY COOK, an [***] born on [***] in [***], residing [***] ("TC");

 

4.       MR.
DIDIER SOUMET, a [***] born on [***] in [***], residing [***] ("DS");

 

5.       Each
of the other Persons identified in Annex 0 (the "Additional Sellers" and together with Iberis, TC and DS,
the "Sellers" and, individually, a "Seller").

 

ON THE OTHER HAND

 

The Purchaser and the Sellers
are hereinafter referred to collectively as the "Parties" and, individually, as a "Party".

 

RECITALS:

 

WHEREAS:

 

(A)        
Linxis Group is a company (société par actions simplifiée) organized under the laws of France, having
its registered office at 3, rue Menou, 44000 Nantes, France, and registered with the Registry of Commerce and Companies of Nantes under
number 831 207 568 (the "Company").

 

(B)       The
Purchaser and the Sellers have entered into a securities purchase agreement, dated on the date hereof (as such agreement may be amended,
supplemented or otherwise modified from time to time in accordance with its terms, the "SPA"), providing for the sale
by the Sellers to the Purchaser of all the Transferred Securities on the terms, and subject to the conditions, set forth in the SPA.

 

(C)       In
connection with the sale of the Transferred Securities pursuant to the SPA, the Sellers have agreed to give the representations and warranties
set out in this Agreement.

 

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NOW, THEREFORE, the
Parties do hereby agree as follows:

 

ARTICLE
I

INTERPRETATION

 

1.1     Certain Definitions. In addition to such terms as are defined elsewhere in this Agreement, wherever used in this Agreement
(including the Recitals):

 

"Accounts"
means the audited consolidated accounts of the Group (including the balance sheet, statement of financial position, profit and loss account,
income statement and statement of comprehensive income, statement of changes in equity, statement of cash flows and the notes) as at,
and for the twelve-month period ended on 31 December 2020;

 

"Accounting Principles"
shall mean the French GAAP;

 

"Additional Sellers"
has the meaning ascribed to it in the Preamble;

 

"Affiliate"
when used with reference to a specified Person, shall mean any Person that directly or indirectly through one or more intermediaries controls,
is controlled by or is under common control with the specified Person; for such purposes, the term "control" (including
the terms "controlling", "controlled by" and "under common control with") shall mean
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by Contract or otherwise; provided that (i) the term "Affiliates" of Iberis
shall not include any Exempt Iberis Portfolio Companies (as this term is defined in the SPA) (other than, until Closing, the Group Companies)
and (ii) the Group Companies shall be deemed to be Affiliates of the Sellers until the Closing Date and to be Affiliates of the Purchaser
after the Closing Date;

 

"Agreement"
has the meaning ascribed to it in the Preamble;

 

"Anti-Corruption
Laws" means the U.S. Foreign Corrupt Practices Act of 1977 ("FCPA"), France’s Loi n°2016-1691 du 9 décembre
2016 relative à la transparence, à la lutte contre la corruption et à la modernisation de la vie économique
("loi Sapin II") and articles 433-1, 433-2, 435-3 to 435-6 (inclusive), 435-9, 435-10, 445-1 and 445-2 du Code pénal
français, the U.K. Bribery Act of 2010, and other applicable Laws concerning or relating to bribery or corruption;

 

"Anti-Money Laundering
Laws" shall mean any Law relating to the prevention of money laundering and/or terrorist financing (and shall include, without
limitation, any "Know Your Customer" requirements);

 

"Antitrust Law"
means statutes, regulations, administrative and judicial doctrines and other Laws intended to effect, encourage or restrain competition;

 

"Business"
shall mean the designing, studying, executing, assembling, manufacturing, and commissioning of equipment used for the production, processing
or manufacturing of food (including food for humans and pets) and pharmaceutical, bakery, cosmetic and chemicals products, and the supply
of after-sales support, service, maintenance, parts or automation solutions for the same;

 

"Business Day"
shall mean a day, other than a Saturday or Sunday, on which commercial banking institutions are open for ordinary banking business in
Paris, France or Luxembourg, Grand Duchy of Luxembourg, Berlin, Germany and Batesville, Indiana, United States of America;

 

"Business IT"
shall mean all Information Technology which is owned or used by any Group Company;

 

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"Business Project"
shall mean the sale, lease, license, design, manufacture and supply of a service or an equipment materialized in a Contract with a customer;

 

"CEO" shall
mean the chief executive officer of the Company, i.e., TC;

 

"Closing Date"
shall mean the date of completion of the sale of the Transferred Securities in accordance with the terms of the SPA;

 

"Code" means
the Internal Revenue Code of 1986, as amended;

 

"Company"
has the meaning ascribed to it in Paragraph ‎(A) of the Recitals;

 

"Confidentiality
Agreement" shall have the meaning ascribed to such term in the SPA;

 

"Connected Person"
shall mean, in respect of each Seller, (i) any Affiliate of that Seller (other than a Group Company), (ii) any director, corporate officer,
employee, agent or representative of that Seller or of any of its Affiliates (other than a Group Company), and (iii) with respect to any
Seller who is a natural person, his/her spouse or civil partner and family members up to the third degree (parent jusqu’au troisième
degré);

 

"Contract"
shall mean any written contract, agreement, obligation, promise, commitment or other undertaking;

 

"COVID-19"
shall mean SARS-CoV-2 or COVID-19 as it exists up to the Put Option Date;

 

"Damage"
shall mean any damages (dommages) or losses (pertes) legally qualifying as préjudice prévisible, direct
et certain under French Law;

 

"Data Protection
Authority" shall mean any Governmental Authority responsible for enforcing Data Protection Laws, including any Governmental Authority
which is established by a member State of the European Union pursuant to Article 51 of the General Data Protection Regulation (2016/679);

 

"Data Protection
Laws" shall mean the following Laws to the extent applicable from time to time: (a) national Laws implementing the Directive
on Privacy and Electronic Communications (2002/58/EC), such as the law no. 78-17 on information technology, data files and civil liberties
dated 6 January 1978, as amended; (b) the General Data Protection Regulation (2016/679); (c) any other similar national privacy Law; and
(d) all recommendations, guidelines or decisions of the competent Data Protection Authorities binding on the Parties pursuant to applicable
Law;

 

"Data Room"
shall mean the electronic data room opened with Intralinks to which the Purchaser and its advisors had access under the name "Project
Pacman" from May 3, 2022 up to July 19, 2022;

 

"Disclosed Information"
shall mean, collectively, the information set out in the SPA and the documents listed on Annex A and previously made
available for the Purchaser's and its advisors' review in the Data Room, including the Information Memorandum, the Due Diligence Reports,
the Disclosed Information, the Q&A Answers and the Management Presentation; it being specified that all the Disclosed Information
has been copied on the Put Option Date onto a series of secured individual storage devices of which (x) one will be provided to the
Purchaser, (y) one will be retained by the Sellers' Agent and (z) one will be provided to the W&I Insurer, as soon as possible
after the Put Option Date and in any event before July 26, 2022;

 

"DS" has
the meaning ascribed to it in the Preamble;

 

    - 5 - 

     

    

 

"Due Diligence Reports"
shall mean (i) the financial due diligence report provided by 8Advisory , (ii) the strategic due diligence report provided by
BCG, (iii) the legal and social due diligence report provided by Fidal, (iv) the tax due diligence report provided by Arsene and
(v) the environmental due diligence report provided by Ramboll;

 

"Encumbrance"
shall mean any pledge of real or personal property (nantissement or gage), mortgage (hypothèque), lien (privilège),
right of retention (droit de rétention), charge (charge), ownership right (démembrement), easement
or right of way (servitude), or other security (sûreté) similar real or personal right (droit réel
ou personnel), option or similar third party right restricting in any manner the ownership, the use or the transferability of the
relevant asset, or an agreement or undertaking to create any of the foregoing (excluding: (x) any restrictions or limitations on
transfer of any securities set forth in the Organizational Documents of the issuer of such securities made available in the Disclosed
Information, and (y) any pledge, lien, right, charge or other security created by virtue of Law or created or granted by the Purchaser
or any of its Affiliates);

 

"Entity"
shall mean any company (société), partnership (limited or general), joint venture, trust, association, economic interest
group (groupement d'intérêt économique) or other organization, enterprise or entity, whether or not having
a separate legal personality (personalité morale);

 

"Environment"
shall mean all or any of the following media (alone or in combination): air (including the air within buildings and the air within other
natural or man-made structures whether above or below ground); water (including water under or within land or in drains or sewers); soil
and land and any ecological systems and living organisms supported by any of those media, including man and their property;

 

"Environmental Claim"
shall mean any claim, action, cause of action, investigation or written notice by any governmental authority alleging potential liability
arising out of, based on or resulting from (a) the presence, Release or threatened Release of any Hazardous Materials at any location,
whether or not owned or operated by a Group Company, or (b) circumstances forming the basis of any violation or alleged violation of any
Environmental Law;

 

"Environmental Laws"
shall mean all applicable Laws whose purpose is to protect, or prevent pollution of the Environment and human health (as it pertains to
exposure to Hazardous Materials), or to regulate Releases of Hazardous Materials into the Environment, or to regulate the use, treatment,
storage, burial, disposal, transportation or handling of Hazardous Materials;

 

"Environmental Permit"
shall mean any Governmental Authorization which is issued, granted or required under Environmental Law;

 

"ERISA"
means the U.S. Employee Retirement Income Security Act of 1974, as amended.

 

"Ex-Im Laws"
has the meaning ascribed to it in Article ‎2.19(d);

 

"Existing Indebtedness"
shall have the meaning ascribed to such term in the SPA;

 

"Fairly Disclosed"
shall mean, with respect to any matter, fact, event or circumstance, that such matter, fact, event or circumstance is disclosed with sufficient
detail and in a sufficiently transparent manner to enable any buyer to understand the nature, the scope and the impact of such fact, matter,
event or circumstance disclosed on the Group Companies;

 

"Governmental Authority"
shall mean any international, European, national, state, regional, departmental, municipal or local body with executive, legislative,
judicial, regulatory, or administrative authority including any ministry, department, agency, commission, office, organization or other
subdivision thereof and any Person having received delegated authority from any of the above, as well as any judicial court or tribunal
of competent jurisdiction;

 

    - 6 - 

     

    

 

"Governmental Authorization"
shall mean any approval, consent, permit, ruling, waiver, exemption or other authorization (including the lapse, without objection, of
a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following
the giving of notice without an objection being made) issued, granted, given or otherwise made available by or under the authority of
any Governmental Authority or pursuant to any Law;

 

"Group"
shall mean the group composed of the Group Companies;

 

"Group Companies"
shall mean the Company or any Subsidiary;

 

"Guarantee"
shall have the meaning ascribed to such term in the SPA;

 

"Hazardous Materials"
shall mean any natural or artificial substance of any nature whatsoever (whether in the form of a solid, liquid, gas or vapour alone or
in combination with any other substance) which is capable of causing harm or damage to the Environment or to worker health and safety
or capable of causing a nuisance, including, but not limited to, chemicals, materials, wastes, radioactive materials, asbestos-containing
materials, petroleum and petroleum products, polychlorinated biphenyls, and substances defined as or included in the definition of "hazardous
substances" "hazardous wastes" "hazardous materials" "hazardous constituents" "restricted hazardous
materials" "extremely hazardous substances" "toxic substances" "contaminants" "pollutants"
or "toxic pollutants" or words of similar effect under any Environmental Law;

 

"Iberis"
has the meaning ascribed to it in the Preamble;

 

"Information Memorandum"
shall mean the information memorandum relating to the Group Companies, dated as of March 2022 and prepared by Jefferies and Lazard;

 

"Information Technology"
shall mean computer systems, communication systems, software, hardware and related services;

 

"Insurance Policies"
has the meaning ascribed to it in Article ‎2.13(a);

 

"Intellectual Property
Right" shall mean any registered or unregistered patent, trademark, copyright and related rights, service mark, right in domain
name, social media accounts and URLs trade name, invention, logo, design right, right in invention, know-how, trade secrets, or similar
registered or unregistered intellectual and/or industrial property right (droit de propriété intellectuelle ou industrielle)
in any part of the world;

 

"Judgment"
shall mean any award, decision, injunction, judgment, order or ruling entered, issued, made or rendered by any court, administrative agency
or other Governmental Authority or by any arbitrator;

 

"Key Employees"
has the meaning ascribed to it in Article ‎2.14(a);

 

"Law" shall
mean any treaty, convention, directive, law, ordinance, decree (décret), regulation (règlement), instruction,
order (arrêté), rule (circulaire), or code of any Governmental Authority (including any judicial or administrative
interpretation thereof), including Anti-Corruption Laws and Trade Controls Laws;

 

"Management Accounts"
means (i) the quarterly unaudited balance sheet relating to the Group as at, and for the period starting from January 1st,
2022 and ended on, March 31, 2022 and (ii) the monthly unaudited profit and loss accounts relating to the Group as at, and for the
period from January 1st, 2022 and ended on, the Management Accounts Date;

 

    - 7 - 

     

    

 

"Management Accounts
Date" means, (i) in respect of the quarterly unaudited balance sheet, March 31, 2022 and (ii) in respect of the monthly unaudited
profit and loss accounts, May 31, 2022;

 

"Management Presentation"
shall mean the written information provided during the management presentation dated May 20, 2022 made available in the Data Room;

 

"Material Contracts"
has the meaning ascribed to it in Article ‎2.12(a);

 

"Material Lease Agreement"
shall mean any lease agreement in respect of real properties to which any of the Group Companies is a party as of the Put Option Date
and which is necessary to the business of the Group Companies as conducted on the Put Option Date, as disclosed in the Disclosed Information;

 

"Material Subsidiaries"
shall mean the Group Companies identified in Schedule ‎2.2;

 

"Ordinary Course
of Business" shall mean the management by the Group Companies of their operations in the normal course of business and consistent
with past practices in all material respects (which shall be deemed to include taking or implementing any Pandemic Measure);

 

"Organizational Documents"
shall mean when used with respect to (x) any company (société) or other incorporated Entity, the memorandum
and articles of association (statuts), charter or similar constitutive document of such company (société)
or other incorporated Entity, as filed with the relevant commercial registry, company registrar or other Governmental Authority, as the
same may be amended, supplemented or otherwise modified from time to time, and (y) any partnership or other unincorporated Entity,
its certificate of formation, partnership agreement, governing agreement (contrat constitutif) and/or similar constitutive document,
as the same may be amended, supplemented or otherwise modified from time to time;

 

"Owned Real Properties"
has the meaning ascribed to it in Article ‎2.6(a);

 

"Pandemic Measures"
shall mean any quarantine, "shelter in place", "stay at home", workforce reduction, social distancing, shut down,
closure, sequester or any other Law, order or directive imposed by any Governmental Authority in connection with, or in respect of, COVID-19;

 

"Parties"
has the meaning ascribed to it in the Preamble;

 

"Person"
shall mean a natural person, Entity, or Governmental Authority;

 

"President"
shall mean the president of the supervisory board of the Company, i.e., DS;

 

"Proceeding"
shall mean any litigation, arbitration, dispute, prosecution, investigation, enquiry, mediation or other legal proceeding commenced, brought,
conducted or heard by or before any Governmental Authority or arbitrator;

 

"Projects"
has the meaning ascribed to it in Article 2.16(f);

 

"Purchase Price"
shall mean the aggregate consideration to be paid for the Transferred Securities pursuant to the SPA;

 

"Purchaser"
has the meaning ascribed to it in the Preamble;

 

"Put Option Date"
shall mean July 19, 2022;

 

    - 8 - 

     

    

 

"Q&A Answers"
shall mean the written answers provided by the management of the Group Companies, the Sellers or their respective advisors to the queries
made by the Purchaser and its advisors in connection with the information set out in the Due Diligence Reports and the documents made
available in the Data Room;

 

"Reference Date"
shall mean January 1st, 2022;

 

"Reference Date Accounts"
shall mean the audited consolidated financial statements of the Group (including the balance sheet, statement of financial position, profit
and loss account, income statement and statement of comprehensive income, statement of changes in equity, statement of cash flows and
the notes), as of and for the year ended on the December 31, 2021;

 

"Release"
shall mean any release, spill, emission, discharge, leaking, pumping, injection, deposit, disposal, dispersal, leaching or migration of
Hazardous Materials into the Environment;

 

"Restricted Payee"
has the meaning given to it in the SPA;

 

"Sanctions"
shall mean sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC),
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant
Governmental Authority;

 

"Sanctioned Country"
has the meaning ascribed to it in Article ‎2.19(d);

 

"Sellers"
has the meaning ascribed to it in the Preamble;

 

"Sellers' Agent"
has the meaning ascribed to it in Article ‎4.4(a);

 

"SPA" has
the meaning ascribed to it in Paragraph (B) of the Recitals;

 

"Subsidiary"
has the meaning given to it in the SPA;

 

"Supplemental Disclosure"
has the meaning ascribed to it in Article ‎4.1;

 

"Tax" shall
mean: (i) all forms of taxation, customs duties, imposts, withholding, deduction, levies, value added tax and contributions, of whatever
nature, whether direct or indirect, and whether levied by reference to income, profits, gains, turnover, added value or other reference,
whenever and wherever imposed, including payroll taxes, and any associated interest, penalty, surcharge or fine, imposed by any Tax Authority;
(ii) any liability for any amount of the types described in clause (i) as a result of being a member of a Tax consolidated group or similar
arrangement and (iii) any liability for the payment of any amount of the types described in (i) or (ii) above as a result of being a transferee
or successor to any person or as a result of any obligation to indemnify any other person, including pursuant to any tax consolidation
agreement;

 

"Tax Authority"
shall mean a Governmental Authority having authority to assess, determine, collect or impose any Tax;

 

"Tax Returns"
shall mean all returns, reports and forms required to be filed with any Tax Authority with respect to Taxes or any other topic;

 

"TC" has
the meaning ascribed to it in the Preamble;

 

"Trade Controls Laws"
means any export control, economic sanction, or import Law, including but not limited to the U.S. Export Administration Act, the U.S.
International Emergency Economic Powers Act, the U.S. Trading with the Enemy Act, the U.S. Arms Export Control Act, the U.S. Foreign Relations
Authorization Act, the U.S. Tariff Act of 1930, and any implementing regulations (such as those administered by the Department of Commerce,
Bureau of Industry and Security, the Department of Commerce, Census Bureau, the Department of Homeland Security, Customs and Border Protection,
the Department of State, Directorate of Defense Trade Controls, and the Department of Treasury, Office of Foreign Assets Control)) or
U.S. Presidential executive orders, and any similar or analogous non-United States Laws;

 

    - 9 - 

     

    

 

"Transaction"
shall mean the sale and purchase of the Transferred Securities in accordance the SPA;

 

"Transferred Securities"
has the meaning ascribed to it in the SPA;

 

"Ukraine Situation"
shall mean the war and related military actions and armed hostilities happening in Ukraine since February 24, 2022, or any evolution,
escalation or worsening thereof, occurring in Ukraine;

 

"Vice-President &
CFO" shall mean the vice-president and chief financial officer of the Company, i.e., Mrs Anne Brifault;

 

"W&I Insurer"
shall mean Aviva Insurance Ireland Designated Activity Company;

 

"W&I Policy"
shall mean the insurance policy subscribed on or about the Put Option Date by the Purchaser with the W&I Insurer in respect of the
representations and warranties made by the Sellers to the Purchaser hereunder; and

 

"Working Hours"
shall mean 9.00 a.m. to 6.00 p.m. on a Business Day.

 

1.2     Principles of Interpretation. In this Agreement:

 

(a)      All
references herein to Articles, Annexes and Schedules shall be deemed references to articles of, and annexes and schedules to this Agreement
unless the context shall otherwise require. The descriptive headings to Articles, Annexes and Schedules are inserted for convenience
only and shall have no legal effect.

 

(b)      The
Annexes and Schedules to this Agreement shall be deemed to be a part of this Agreement, and references to "this Agreement"
shall be deemed to include such items.

 

(c)      The
dispositions of articles 640 to 642 of the French Code of Civil Procedure (Code de Procédure Civile) shall be applied to
calculate the period of time within which or following which any act is to be done or step taken, provided that for purposes of this
Agreement, the references in article 642 to "un jour férié ou chômé" and "premier
jour ouvrable" shall be interpreted by reference to the definition of "Business Day" appearing herein.

 

(d)      The
following rules of interpretation shall apply unless otherwise specified:

 

(i)           Definitions
used in this Agreement shall apply equally to both the singular and plural forms of the terms defined as well as to any gender.

 

(ii)          Whenever used in this Agreement:

 

(A)              
the words "include", "includes" and "including" shall be deemed to be followed by the phrase "without
limitation";

 

(B)              
the words "hereof", "herein" and similar words shall be construed as references to this Agreement as a whole
and not just to the particular Article or subsection in which the reference appears; and

 

(C)              
except when used with the word "either", the word "or" may have a disjunctive and not alternative meaning (i.e.,
where two items or qualities are separated by the word "or", the existence of one item or quality shall not be deemed to be
exclusive of the existence of the other and, as the context may require, the word "or" may be deemed to include the word "and").

 

    - 10 - 

     

    

 

(iii)          A
reference to any Party to this Agreement or any other agreement or document includes such Party's successors (including through a merger,
a spin-off or a global transfer of assets and liabilities (transfert universel de patrimoine)) and permitted assigns.

 

(iv)         A
reference to any agreement or document is to that agreement or document as amended, novated, supplemented, varied or replaced from time
to time, except to the extent prohibited by this Agreement.

 

(v)          A
reference to any legislation or to any provision of any legislation includes any modification or re-enactment of such legislation, any
legislative provision substituted for such legislation, and all regulations and statutory instruments issued under such legislation.
In Addition, any reference to a French legal concept shall, in respect of any jurisdiction other than France, be construed as a reference
to the equivalent or closest legal concept applicable in such jurisdiction.

 

(vi)         A
provision in this Agreement will not be construed against a Party merely because that Party was responsible for the preparation of that
provision or because it may have been inserted for that Party's benefit, and to the fullest extent permitted by applicable Law, each
of the Parties hereby expressly and irrevocably waives the benefits of articles 1190 and 1602 of the French Civil Code (Code Civil).

 

(vii)        Unless
specifically provided for in this Agreement, there shall be no requirement for a prior notice (mise en demeure préalable)
for one Party to claim any right or implement any remedy, including termination of this Agreement, provided for hereunder and the Parties
expressly waive the requirement for such a prior notice.

 

(viii)       When
a French term is translated into English, such translation is for information purposes only and the French term shall prevail.

 

(ix)          Unless
the context otherwise requires, any reference to a statutory provision shall include such provision as it exists and is construed as
of the Put Option Date.

 

(x)           Any
representation or warranty qualified by the expression "to the Sellers' knowledge" or any similar expression shall be deemed
to refer exclusively to the actual knowledge and awareness of the CEO (TC), the Chairman of the Supervisory Board (DS), the Vice-President
 & CFO (Mrs. Anne Brifault), the head of each business unit of the Group (i.e., the Chairman & CEO of Diosna (Mr. Henrik
Oevermann), the Chairman of VMI (Mr. Dominique Denoël), the President of Shaffer Mixers (Mr. Kirk Lang), the President & CEO
of Shick Esteve (Mr. Blake Day), the CEO of Bakon (Mr. Ronald Gijssel) and the CEO of Unifiller Systems (Mr. Martin Murphy)) and the
general counsel of the Group, each after having made due and careful enquiry (including to the human resources managers or directors
of the Subsidiaries) having regards to their respective positions as shareholder, officer and/or employee of any of the Group Companies.
Except as set out in the preceding sentence of this Article 1.2(d)(x), no Seller shall be deemed to have any other imputed or constructive
knowledge regarding the subject matter of such representation or warranty.

 

1.3     Nature
of the Sellers' Obligations. The representations, warranties, covenants, agreements and other undertakings of the Sellers set
forth in this Agreement are all given or made by the Sellers severally but not jointly (conjointement mais non solidairement)
for all purposes of this Agreement. Notwithstanding any other provisions set forth in this Agreement, no Seller shall have any liability
for any breach by another Seller of its obligations, representations or covenants under this Agreement.

 

    - 11 - 

     

    

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

Each of the Sellers hereby
represents and warrants to the Purchaser that on and as of the Put Option Date and on and as of the Closing Date (it being acknowledged
and agreed that any reference to "the date hereof" or similar words in such representations and warranties shall be deemed to
be references to the Put Option Date or to the Closing Date and all references to conduct of the Business shall be deemed to mean as conducted
on the Put Option Date or on the Closing Date):

 

2.1          
Group Structure.

 

(a)          The group structure chart setting out all the Group Companies attached as Schedule 2.1(a) and the copies of
the Organizational Documents of the Group Companies disclosed in the Data Room are complete, up-to-date and accurate.

 

(b)          
Except as disclosed on Schedule ‎2.1 ‎(b),
none of the Group Companies owns, or has agreed to acquire, any interest in the share capital of, or membership in, any Entity other than
other Group Companies and no Group Company has any branch, division, establishment or operations outside the jurisdiction in which it
is incorporated.

 

2.2          
Group Companies.

 

(a)           
Each Group Company is duly incorporated and validly existing under the laws of its jurisdiction of incorporation.

 

(b)          
Schedule 2.2(b) indicates for each Group Company (i) its jurisdiction of incorporation, (ii) the aggregate amount
of its share capital and aggregate number of shares issued by it, (iii) the number of its shares and the percentage of its voting rights
held by each holder of shares, (iv) the aggregate number of securities, other than shares, issued by it, and (v) the number of such
securities held by each holder of securities.

 

(c)           
The shares and other equity securities in the Group Companies have been properly and validly issued and are fully paid-up.

 

(d)         With
respect to each Group Company, except as disclosed on Schedule 2.2(d)(f), there are no outstanding subscriptions, options,
conversion rights, warrants, preemptive rights or other agreements providing for the issuance, sale or purchase of any interests in the
share capital of such Group Company and no Person has the right (whether exercisable now or in the future and whether contingent or not)
to call for the allotment, conversion, issue, registration, sale or transfer or repayment of any share or any other security giving rise
to a right over the share capital and/or voting rights of any Group Company under any option, agreement or other arrangement (including
conversion rights and rights of pre-emption).

 

(e)           
Except as disclosed on Schedule 2.2(e), all the securities issued by the Group Companies are free and clear of any
Encumbrances.

 

(f)         Except
as disclosed on Schedule 2.2(d)(f), there is no shareholders’ agreement or similar arrangement in relation to any
of the Group Companies.

 

(g)          
No Group Company is insolvent, or unable to pay its debts as they fall due, or in default under any of its obligations in relation
to financial facilities. No Judgment has been made, petition or application presented, resolution passed or meeting convened for the purpose
of winding-up any Group Company or whereby the assets of any Group Company are to be distributed to creditors or shareholders or other
contributories of any Group Company. No receiver (including an administrative receiver), liquidator, trustee, administrator, supervisor,
nominee, custodian or any similar or analogous officer or official in any jurisdiction has been appointed in respect of the whole or any
part of the business or assets of any Group Company nor has any step been taken for or with a view to the appointment of such a Person
nor has any event taken place or is likely to take place as a consequence of which such an appointment might be made. No Group Company
is undercapitalized under applicable Laws.

 

    - 12 - 

     

    

 

2.3      Accounts.

 

(a)      The
Accounts and Reference Date Accounts were prepared with reasonable care and attention in accordance with the applicable Laws and the
Accounting Principles using the same accounting policies as those adopted and applied in preparing the audited consolidated financial
statements of the Company for the previous three financial years applied on a consistent basis.

 

(b)      The Accounts and Reference Date Accounts give a true and fair view (sont réguliers et donnent une image sincère
et fidèle) of the assets, liabilities and financial position of the Group as at, respectively, the Accounts Date and the Reference
Date and of the profits or losses and cash flows for the financial year ended on the Accounts Date and Reference Date.

 

(c)      The
Reference Date Accounts include all provisions and contingent liabilities in accordance with Accounting Principles.

 

(d)      The
stock-in-trade and work-in-progress were valued in the Reference Date Accounts at figures not exceeding the amounts which could in the
circumstances existing at the Reference Date reasonably be expected to be realised in the Ordinary Course of Business of the Group Companies
(net of costs to complete and sell), save as indicated in the notes to the Reference Date Accounts.

 

(e)       No
Group Company has engaged in any financing of a type which would not be required to be shown or reflected in the Reference Date Accounts.

 

(f)       There
are no liabilities (including, for the avoidance of doubt, any deferred payroll taxes and any other deferred taxes under any COVID-19
relief program granted by any Governmental Authority), whether actual or contingent, of the Group Companies other than (i) liabilities
disclosed or provided for in the Reference Date Accounts; (ii) liabilities incurred in the Ordinary Course of Business since the Reference
Date, none of which is material; or (iii) liabilities disclosed elsewhere in this Agreement or in the SPA.

 

(g)      Other
than in connection with the Existing Indebtedness and the performance bonds, warranty bonds and down-payment bonds granted in the Ordinary
Course of Business, there are no off-balance sheet items of the Group Companies other than those disclosed in the Reference Date Accounts
or in this Agreement.

 

(h)      Other
than in the ordinary and usual course of business, there is no outstanding guarantee, indemnity or similar assurance against loss or
other security or arrangement having an effect equivalent to the granting of security (whether or not legally binding) given:

 

(i)            by
any Group Company; or

 

(ii)           for
the benefit of any Group Company,

 

nor is any Group Company liable,
by virtue of any act or omission as director, shadow director or "de facto" manager or director of another person, to
pay all or part of the debts or liabilities of that person.

 

(i)       The
Management Accounts were prepared in accordance with the Accounting Principles in all material respect (save for Accounting Principles
that apply for year-end accounts) and do not materially misstate the state of affairs of and the assets, liabilities, profit and loss
of the Company as at the Management Accounts Date.

 

    - 13 - 

     

    

 

2.4          
Changes in the Business of the Group Companies. From and including the Reference Date up to the Put Option Date, each
of the Group Companies (i) has conducted its business in the Ordinary Course of Business in substantially the same manner as theretofore
conducted, and (ii) except as disclosed on Schedule ‎2.4, has not taken any
of the following actions:

 

(a)           
amending its Organizational Documents other than technical amendments or to comply with applicable Laws;

 

(b)          
altering its issued share capital or recommending, declaring, setting aside, making or paying any dividend (including interim dividend)
or other distribution in respect of its share capital (in cash or otherwise) profits or reserves or any similar or equivalent distribution
or payment, (other than to the benefit of the Company or another Group Company which is wholly-owned, directly or indirectly, by the Company);

 

(c)           
issuing, redeeming or cancelling any shares in its share capital or any securities (including debt securities, as the case may
be) of any kind or otherwise granting any option or other right to purchase or subscribe to shares or securities giving right to its share
capital (in each case other than to the Company or another Group Company which is wholly-owned, directly or indirectly, by the Company)
and, more generally, implementing any operation modifying its capital structure or its equity or quasi-equity capital or the terms of
any of its securities;

 

(d)          
taking part in any new material activity which falls outside of its usual business and past practice or decide to stop or significantly
reduce any of its material existing activities;

 

(e)           
failing to renew any governmental authorization necessary for the conduct of its business;

 

(f)           
except for the terminating an employment agreement in the Ordinary Course of Business, entering into, amending or terminating any
agreement with any Seller or any Sellers' Restricted Payees;

 

(g)          
except as required by Law or in the Ordinary Course of Business as for (i): (i) hiring, terminating or making any amendment to
the terms and conditions of employment (including remuneration, pension entitlements and other benefits) of any Key Employee; (ii) inducing
any Key Employee to resign from his or her employment with the relevant Group Company or (iii) granting, discontinuing or amending any
award under any profit sharing, bonus or other gratuitous incentive arrangements to any Key Employee other than in accordance with the
relevant Group Company's ordinary course consistent with past practice;

 

(h)          
increasing the compensation of the Group's employees and corporate officers as a whole in excess of 3 % (on a 12-month rolling
basis) or as required by applicable Law or collective bargaining and employment agreements, including any bonus paid at the end of March
2022 as already provided in the Top List HR Q&A question n°8 dated 30 June 2022;

 

(i)            
approving or implementing any transformation, restructuring (including mergers, spin-offs, contribution or sale of business as
a whole or of any divisions (branche d'activité) of the Group Companies or any shares or other interests in another Group
Company), winding-up, liquidation or dissolution;

 

(j)            
making any capital expenditure or incurring any material commitment involving any capital expenditure in excess of € 2,500,000
in the aggregate,

 

(k)          
purchasing or otherwise acquiring, by merger, spin-off, consolidation, purchase of stock or assets, contribution in kind or otherwise,
or selling, transferring or otherwise disposing of, any business or division of any business (branche d'activité) or any
securities or other interests in any Entity or business (fonds de commerce);

 

    - 14 - 

     

    

 

(l)            
incurring or assuming, other than in the Ordinary Course of Business consistent with past practice, any indebtedness for borrowed
money (including through the issuance of debt securities), except for (w) any drawdown or funding made under factoring program or other
existing credit facilities (to the extent disclosed to the Purchaser in the Disclosed Information), (x) indebtedness to another Group
Company, (y) overdrafts or financial leases in the Ordinary Course of Business consistent with past practices and (z) hedging transactions
in foreign currencies;

 

(m)        
subject to the cash pooling agreement(s) existing within the Group Companies or except for loans granted between Group Companies,
making any loan (other than the granting of any trade credit in the Ordinary Course of Business consistent with past practice) to any
Person;

 

(n)          
subject to the cash pooling agreement(s) existing within the Group Companies or except for loans granted between Group Companies,
entering into any material amendment, supplement, waiver or other modification in respect of any material loan or financing agreement
granted to any Group Company or repaying any borrowing or indebtedness in advance of its stated maturity;

 

(o)          
changing materially its practices for billing, collection of receivables or recovery of debts from third parties and payment of
debts to third parties (including, but not limited, to suppliers and financial institutions) otherwise than in the Ordinary Course of
Business consistent with past practice or managing its working capital requirement contrary to its past practices;

 

(p)          
except for the performance bonds, warranty bonds and down-payment bonds issued in the Ordinary Course of Business consistent with
past practice, entering into any material Guarantee, indemnity or other agreement to secure any obligation of any Person (other than any
wholly-owned Group Company);

 

(q)          
 subject to the change in the accounting procedure and practices implemented in the newly acquired Shaffer and Bakon companies
to comply with the accounting procedures, policies and practices of the Group Companies, making any change in its accounting procedures,
policies or practices unless required by applicable Law;

 

(r)           
making any change in its accounting and/or Tax reference date;

 

(s)           
subject to the change in the Tax procedure and practices implemented in the newly acquired Shaffer and Bakon companies to comply
with the Tax procedures, policies and practices of the Group Companies, making any change in its Tax procedures, policies or practices,
including through the termination of any Tax grouping agreement, unless required by applicable Law;

 

(t)            
entering into any settlement in relation to any Tax-related Proceedings for an amount at stake exceeding €500,000;

 

(u)          
instituting or settling any Proceedings, in relation to claims paid in excess of € 500,000 except what has already been provided
in the Disclosed Information;

 

(v)          
entering into, amending or terminating any material insurance policy of the Group;

 

(w)         
committing to take any of the actions set forth in the foregoing Paragraphs (a) through (v).

 

    - 15 - 

     

    

 

2.5          
Tax Matters. Except as disclosed on Schedule 2.5:

 

(a)           
Each of the Group Companies has properly and timely filed (taking into account any extensions of time to file) or caused to be
filed with the appropriate Tax Authorities all Tax Returns resulting from the last five (5) Tax periods that were required to be filed
by or on behalf of such Group Company further to applicable Law, and each such Tax Return was and is complete and correct in all respects.

 

(b)          
(x) all Taxes required to be paid by any of the Group Companies on account of any period up to the Reference Date have either been
paid or are fully reflected as a liability and reserved against in the Reference Date Accounts in accordance with the Accounting Principles,
other than Taxes that are being contested in good faith; and (y) all Taxes required to be paid by any of the Group Companies that have
become due and payable during the period from January 1st, 2022 to the date hereof have been duly and timely paid.

 

(c)           
(x) there are no pending audits, investigations or other Proceedings relating to the assessment or collection of Taxes (including
any inquiry, audit or investigation by the French Ministry of Research relating to research and development Tax credit) for which any
of the Group Companies may be liable, and (y) no claim for assessment or collection of Taxes relating to any of the Group Companies
that is or may become payable by any of them has been notified in writing to any of the Group Companies by any Tax Authority.

 

(d)           
None of the Group Companies is a party to or bound by or benefit from any Tax ruling, rescrit or agreement with any Tax
Authority.

 

(e)           
All Taxes that each Group Company is required by Law to withhold or collect, including sales and use Taxes and amounts required
to be withheld or collected in connection with any amount paid or owing to any employee, independent contractor, creditor, stockholder,
or other Person, have been duly withheld or collected. To the extent required by applicable Law, all such amounts have been paid over
to the proper Governmental Authority or, to the extent not yet due and payable, have been provided for in the Reference Date Accounts.

 

(f)           
Each Group Company is in possession of sufficient information (including any records, invoices and information that form part of
the Tax or accounting arrangements of such Group Company) to enable it and/or its directors, officers, employees or representatives to
compute its liability to Taxes insofar as it depends on any transaction occurring on or before the date of this Agreement, and to meet
any other obligation relating to Taxes or accounting matters. Each Group Company has maintained and has in its possession all records
and documentation that (i) it is required by any applicable Law for the purpose of Tax to maintain and preserve or (ii) it is required
in order to justify the Tax position retained in its Tax Returns.

 

(g)          
All transactions between Group Companies or between Group Companies and any Seller and/or any of its Connected Persons have been
entered into on arm’s length terms and, to the extent required by Law or the relevant Tax Authority, the Group has maintained reasonably
adequate documentation to the transfer pricing approach adopted for such transactions.

 

(h)          
Each Group Company possesses evidence substantiating any related party transactions, including statutory transfer pricing documentation
and benchmarking analysis, in each case to the extent required by Law.

 

(i)            
No claim has ever been made by a Governmental Authority in a jurisdiction where a Group Company does not file a Tax Return that
it is or may be subject to taxation by that jurisdiction and each Group Company is and has at all times been resident for Tax purposes
in its place of incorporation.

 

    - 16 - 

     

    

 

(j)        No
Group Company has requested an extension of time within which to file any Tax Return which has not since been filed.

 

(k)       No
Group Company has any liability for any Taxes of any person other than itself in any manner.

 

2.6      Real
Property.

 

(a)       Schedule 
‎2.6(a) sets forth a complete and accurate list of all the real properties owned by
the Group Company ("Owned Real Properties"). Except as disclosed on Schedule  ‎2.6(a):

 

(i)          each
of the Group Companies has valid, good and marketable title to the Owned Real Properties, free and clear of any Encumbrances;

 

(ii)           the
Owned Real Properties are not the object of any pending Judgment, Proceeding, time limitation or unsettled claim from any Governmental
Authority, and such Owned Real Properties are adequately fit for their current use and are in reasonably good operating condition, normal
wear and tear excepted;

 

(iii)          there
are no leases, subleases, licenses, concessions, easements, or other written agreements, granting to any third parties the right of use
or occupancy of any portion of the Owned Real Properties;

 

(iv)          other
than as provided for under applicable Law, there are no outstanding options, rights of first offer or rights of first refusal to sell
or purchase such Owned Real Properties or any portion thereof or interest therein;

 

(v)           none
of the Group Companies is a party to any agreement or option to sell or purchase any real property or interest therein;

 

(vi)          all
material Governmental Authorizations required for the current use of such Owned Real Properties have been obtained and are in full force
and effect;

 

(vii)        The Owned Real Properties are in good operating condition and repair, are suitable and fit for the purposes for which they are
currently being used, and are sufficient for the Group Companies to conduct their respective business and activities as currently conducted;

 

(viii)        each
Owned Real Property complies in all material respects with all Applicable Laws. No Group Company has received over the last three (3)
years any written notice of any violation of any Applicable Law in connection with the operation or use of such Owned Real Properties.

 

(b)      Schedule 
‎2.6(b) sets forth a complete and accurate list of all the Material Lease Agreements.

 

(i)            assuming
valid title of the lessor of such real property, each of the Group Companies has the right to occupy and use all real property shown
on such Schedule as leased by it in accordance with the terms of the applicable Material Lease Agreements;

 

(ii)           no
Group Company has failed to comply with its obligations under, or with the terms of, any Material Lease Agreement;

 

(iii)          no
party to any of the Material Lease Agreements has given any of the Group Companies written notice of: (i) any material increase after
the date hereof in rent or charges, other than an increase in accordance with the terms of such lease or applicable Laws; (ii) any non-renewal
of occupancy after the date hereof; (iii) any material variation or termination after the date hereof of any such lease; or (iv) any
claim with respect to any breach or default under any such lease, the consequences of which, individually or in the aggregate, might
reasonably be expected to result in the termination after the date hereof by the lessor of such lease;

 

    - 17 - 

     

    

 

(iv)         The Material Lease Agreements are valid, in full force and effect and legally binding on the concerned Group Company; and

 

(v)           no
consent to the consummation of the Transaction is required from the lessor of any such Material Lease Agreements.

 

2.7      Personal
Property.

 

(a)       Each
of the Group Companies has good title to (free and clear of all Encumbrances), or hold by valid and existing lease or license, all the
tangible personal property assets which are necessary for the conduct of the Business.

 

(b)       All
such assets are in reasonably good maintenance within the standards applicable to the industry of the Business, operating condition and
repair, normal wear and tear excepted, other than material machinery and equipment under repair or out of service in the Ordinary Course
of Business as disclosed on Schedule 2.7(b).

 

2.8      Intellectual
Property.

 

(a)       Schedule
‎2.8(a) sets forth a complete and accurate list of the Intellectual Property Rights
owned, in whole or part, by any of the Group Companies which are, together with the Intellectual Property Rights set out in paragraph
‎(c) below, all the Intellectual Property Rights necessary to the Business.

 

(b)       Except
as disclosed on Schedule ‎2.8(b),:

 

(i)            each of the Group Companies has full and exclusive ownership to the Intellectual Property Rights indicated in Schedule ‎2.8(a)
as being owned by it, free and clear of any Encumbrances;

 

(ii)           the Group Companies have the exclusive right to use all of the Intellectual Property Rights which are necessary to conduct the
Business and that they are using in the conduct of the Business;

 

(iii)          the
conduct of the Business by the Group Companies does not infringe, misappropriate or otherwise violate any Intellectual Property Rights
owned by any third party, and to the Sellers’ knowledge, no Person is infringing on, misappropriating or otherwise violating any
right of any Group Company with respect to any Intellectual Property Rights owned by the Group Companies;

 

(iv)          The
Intellectual Property Rights are subsisting, valid and enforceable in all material respects. All registration or application fees legally
required to maintain the Intellectual Property Rights indicated in Schedule ‎2.8(a) have been paid, all legally required
renewal applications have been filed and all other steps legally required for maintenance have been taken, other than such fees, renewal
applications and steps the failure of which to pay, file or take would not materially adversely affect the use of such Intellectual Property
Rights. None of the Group Companies has transferred ownership of, or granted any option, or other rights (except as provided under Schedule
2.8(c)) with respect to, any Intellectual Property Rights owned by the Group Company to any Person;

 

(v)           since
the date which is three (3) years prior to the date hereof, none of the Group Companies has made any written claim against any Person
asserting that such Person infringes, misappropriates or otherwise violates any of the Intellectual Property Rights indicated in Schedule
2.8(a) and no Group Company, has, since the same date, received any written claim alleging that the conduct of the business by
any Group Company infringe, misappropriate or otherwise violate any Intellectual Property Rights owned by any third party; 

 

    - 18 - 

     

    

 

(vi)          no
Intellectual Property Right that is owned or co-owned by any Seller and/or any of its Connected Persons is used in the business of any
Group Company; and

 

(vii)         neither
the Sellers nor any Group Company has made any disclosure of any know-how pertaining to the Group to any Person other than the Purchaser,
except in the Ordinary Course of Business without material detrimental consequences for the Group Companies and on the basis that such
disclosure is to be treated as being of a confidential character;

 

(viii)        since
the date which is three (3) years prior to the date hereof, none of the Group Companies has received any written claim or any notice
by any Person or by any current or former officer, employee, contractor or consultant employed by or engaged by (as relevant) the Group
Companies against the Group Companies alleging:

 

-          that
any Intellectual Property Rights developed for the Group Companies during the course of his or her employment or his or her or its engagement
is not owned or co-owned by the Group Companies; or

 

-          the
existence of any disputes regarding the identification of individuals as inventors;

 

-          the
compensation or other payments such as royalties in relation to any Intellectual Property Rights that he or she or it has developed,
created or invented other than in accordance with the Group Companies’ remuneration policy.

 

(c)       Schedule
2.8(c) sets forth a list of all Contracts to which any of the Group Companies is a party as of the Put Option Date and pursuant
to which:

 

(i)            any
of the Group Companies uses or has the right to use any Intellectual Property Right owned by a third party (other than for off-the-shelf
software programs that have not been customized for its use); or

 

(ii)           any
of the Group Companies (with respect to the Intellectual Property Rights indicated in Schedule 2.8(a) as being owned by
it) has granted to a third party a license or similar right to use any such Intellectual Property Right.

 

(d)       Each of the Contracts listed in Schedule 2.8(c):

 

(i)            is
in full force and effect, no notice having been given on either side to terminate it; and

 

(ii)           the
obligations of the parties thereto have been complied with in all material respects.

 

2.9      Compliance
with Law.

 

(a)       the
operations of each of the Group Companies are, and have been over the past five (5) years prior to the date hereof, conducted in all
material respects in accordance with all applicable Laws and Judgments;

 

(b)       none
of the Group Companies has received written notice, which remains outstanding, of any material violation by any of the Group Companies
of any Law or of any material default with respect to any Judgment applicable to any of the Group Companies;

 

    - 19 - 

     

    

 

(c)       all Governmental Authorizations necessary for the operation or conduct of the Business on the date hereof have been obtained, are
in full force and effect and have been and are being complied with in all material respects;

 

(d)       there is no Proceeding by, or Judgment of, any Governmental Authority outstanding or threatened in writing against any Group Company,
including in relation to the suspension, cancellation, modification or revocation of any Governmental Authorization; and

 

2.10    Proceedings.

 

(a)        Except as disclosed on Schedule 2.10(a), there is no Proceeding pending or threatened in writing against any of the
Group Companies as claimant or defendant involving a claim for (i) a stated amount in excess of €200,000, or (ii) alleging that
one of the Group Companies has committed a criminal (pénal) act.

 

(b)       No
enforceable (exécutoire) or final Judgment has been rendered against any of the Group Companies which has not been satisfied.

 

2.11    Products
 & Services Liability

 

(a)       Except
as disclosed in Schedule ‎2.10(a), there has not been, over the last five (5)
years, any Proceedings against any of the Group Companies in respect of any product or service safety, product or service liability,
product or service warranty (whether express or implied), product or service shipment or similar claims or in respect of any personal
injury, occupational safety, health or welfare conditions under any applicable Laws. To the Sellers’ knowledge, there are no breaches,
violations, conditions or circumstances whatsoever which may create the legal and factual grounds for any such Proceedings in the future.

 

(b)       Except
as disclosed in Schedule 2.11(b), in the twenty-four (24) months preceding the date hereof, no Group Companies have incurred
any loss or liability exceeding an amount of €50,000 as a result of any defect or other deficiency with respect to any Business
Projects, whether such loss or liability is incurred by reason of any express or implied warranty, any other legal requirement, or otherwise.

 

2.12    Material
Contracts.

 

(a)       Schedule
 ‎2.12(a) sets forth a complete and accurate list of all the following
Contracts primarily related to the Business to which any of the Group Companies is a party as of the Put Option Date (the "Material
Contracts"):

 

(i)            the
supply agreements (including de facto relationships) involving sums in excess of € 500,000 for their entire term;

 

(ii)           (x) the customer agreements involving sums in excess of € 1,000,000, for their entire term, including agreements performed
but which are still under warranty, (y) the top 2 distributions agreements for each Group Company and (z) the top 2 agreements for each
Group Company with agents, sales representatives or franchisee;

 

(iii)          Contract
that contains a minimum purchase requirement for goods, equipment or service in excess of €100,000 per year;

 

(iv)          the
Contracts with any Governmental Authority;

 

(v)           Contracts
that materially limit the ability of the Group Company which is a party thereto to compete with any third party in any line of business
which is material to such Group Company (other than any grant of exclusivity to a third party pursuant to the Contracts mentioned in
(i) and (ii) above);

 

    - 20 - 

     

    

 

(vi)          guarantees
of the obligations of other Persons (other than another Group Company) by any of the Group Companies;

 

(vii)         any
agreement for capital expenditures (capex) in excess of €250,000;

 

(viii)        any
loan, bonds, credit agreement, facility or financial lease relating to the borrowing of money by, or loan of money by the Group Companies;

 

(ix)           shareholders’
agreements, joint venture agreements, consortium or cooperation agreements, any arrangements providing put or call options, and similar
arrangements;

 

(x)            internal collective bargaining agreements (accords collectifs d’entreprise), works’ council agreements and any
other agreements with any union, works’ council, employees’ association or other trade, labor or employee organization governing
the terms and conditions of employment;

 

(xi)           any customer agreements or supplier agreements providing exclusivity rights;

 

(xii)          any
Contract that (A) requires the purchase or use of all or substantially all of its requirements of a particular product from a supplier
or vendor, or (B) grants any Person the right to obtain services, or requires any Group Company to provide services, on a "most
favored nation" basis;

 

(xiii)        any
Contract which provides for the right by any third party to terminate the contract or accelerate any payment under such Contract (which
payment is material) in connection with the sale of the Transferred Securities under the SPA;

 

(xiv)         any
Contract involving any resolution or settlement of any actual or threatened litigation, arbitration, claim or other dispute which has
not been fully performed, in each case providing for aggregate payments by a Group Company under each such Contract in excess of €200,000
during its remaining term following the Closing Date;

 

(xv)          any Contract listed in Schedule 2.8(c) that is material to the operation of the Business;

 

(xvi)         the
Material Lease Agreements.

 

(b)      Except
as disclosed on Schedule  ‎2.12(b):

 

(i)            each
Material Contract is in full force and effect, and is a legal, valid and binding agreement of the Group Company which is a party thereto,
and to the Sellers’ knowledge, each other party to such Material Contract;

 

(ii)           each
Material Contract is enforceable against the Group Company party to such Material Contract, and, to the Seller’s knowledge, against
each other party to such Material Contract, in accordance with its terms;

 

(iii)          none
of the Group Companies or, to the Sellers’ knowledge, any other party to a Material Contract is in breach of, or in default under,
any Material Contract as of the date hereof, which default remains unremedied as of the date hereof and no notice of termination or of
intention to terminate has been received in respect of any Material Contract;

 

    - 21 - 

     

    

 

(iv)          none of the Material Contracts (other than provided under Section ‎2.12(a)(xiii)) to which any of the Group Companies is a
party may be terminated by the other party thereto as a result of the consummation of the Transaction;

 

(v)           to the Sellers’ knowledge, no commercial partner of the Group Companies, including any of its suppliers or customers, is
in a state of economic dependency vis-à-vis any of the Group Companies.

 

(c)       Full
and up-to-date copies of all the Material Contracts (together with all amendments, supplements or other modifications) are contained
in the Disclosed Information, except for the Material Contracts referred to in (y) and (z) of Article ‎2.12(a)(ii).

 

2.13    Insurance.

 

(a)       Schedule
 ‎2.13 sets forth a complete and accurate list of all material insurance
policies maintained by the Group Companies as of the Put Option Date (the "Insurance Policies").

 

(b)       All
the Insurance Policies are in full force and effect and none of the Group Companies is in default under such Insurance Policies that
would result in the termination of any such Insurance Policy or the modification of the terms thereof in an adverse manner for the Group
Companies.

 

(c)        No
act, omission, misrepresentation or non-disclosure by or on behalf of any Group Company has occurred which makes any of the Insurance
Policies void, voidable or unenforceable and all premiums under such Insurance Policies have been duly paid.

 

(d)       There
has been no breach of the terms, conditions and warranties of any of the Insurance Policies that would entitle insurers to decline to
pay all or any part of any claim made under the policies or to terminate any policy.

 

(e)       Details of all material insurance claims made during the past three (3) years are contained in the Disclosed Information. No insurance
claim under any Insurance Policy is outstanding.

 

2.14    Employment
Matters.

 

(a)       Schedule  ‎2.14(a) sets forth a complete and accurate list
(on an anonymized basis) of the officers and employees of the Group Companies who received fixed gross compensation from the Group Companies
in excess of €100,000 in respect of the fiscal year corresponding to the Reference Date Accounts (the "Key Employees")
including each Key Employee’s (i) identification number, (ii) job title or function, (iii) job location, (iv) salary or wage rate,
and (v) current status (as to leave or disability status, full-time or part-time, exempt or nonexempt and temporary or permanent status).
The existing arrangements with each of the Key Employees (including any employment agreement, service agreement or similar arrangement,
together with all amendments and supplements) have been provided in the Disclosed Information.

 

(b)       No Group Company has adopted or entered into any commitment, custom or practice of making enhanced retirement, compensation in
lieu of notice, redundancy or termination payments (or equivalent) or other form of compensation or benefits, which imposes greater obligations
than the statutory schemes required under any applicable Law or any applicable collective bargaining agreement, which are applicable at
the date hereof.

 

(c)       Except as disclosed on Schedule  ‎2.14(c), since January
1st, 2022, none of the Group Companies has paid or agreed to pay any bonuses or made or agreed to make any increase in the
rate of wages, salaries or other remuneration of any of the Key Employees it employs, other than in the Ordinary Course of Business or
as required by applicable Law or the applicable collective bargaining agreement or employment agreement.

 

    - 22 - 

     

    

 

(d)      Except
as disclosed on Schedule  ‎2.14(d), none of the Group Companies
is bound by, sponsors or maintains:

 

(i)            any severance agreements or other Contracts providing for compensation of the employees of the Group Companies in case of termination
of employment or completion of the Transaction (other than, for the avoidance of doubt, any Permitted Leakage (as this term is defined
in the SPA)); or

 

(ii)           any
(v) bonus or profit-sharing plans or arrangements, (w) company savings plans or arrangements, (x) stock purchase or stock option plans
or arrangements, (y) pension or retirement plans or arrangements, or (z) other employee funds or similar employee benefit plans
or arrangements providing benefits of economic value to the employees of the Group Companies,

 

which are, in any material respect, more favorable
to its employees than any mandatory plan, arrangement or fund provided by applicable labor Law or applicable collective bargaining agreements.

 

(e)       Each
Group Company has paid all amounts due to its employees pursuant to their pension and benefit plans.

 

(f)        Except
as disclosed on Schedule  ‎2.14(f), each Group Company has entered into legal,
valid and binding employment agreement with each of its employees and complies with its obligations in relation to fixed-term and temporary
employment contracts and all fixed-term employment contracts (contrats à durée déterminée) have been
duly entered into and shall not be requalified as unlimited duration employment contracts (contrat à durée indéterminée).

 

(g)       Except
as disclosed on Schedule  ‎2.14(g), proper provisions have been duly booked
in the accounts of the Group Companies for all (i) employment litigation (including related to occupational diseases and accidents at
work) based on available information, (ii) end-of career indemnities (indemnités de fin de carrière) and jubilee
awards (médailles du travail), and (iii) costs related to ongoing and past redundancy plans (notably including notice period,
paid leave, redeployment leave, statutory and extra-statutory dismissal indemnity, training, outplacement).

 

(h)      There
are no pending or, to the Sellers’ knowledge, threatened claims by, on behalf of or against any of the employee plans, and to the
Sellers’ knowledge, none of the employee plans are under audit or examination (nor has notice been received of a potential audit
or examination) by the Internal Revenue Service, the Department of Labor, Her Majesty’s Revenue and Customs or any other governmental
entity (including, for the avoidance of doubt, any Tax Authority) in any relevant jurisdiction.

 

(i)        None
of Group Companies has received any notice of resignation, separation, retirement from any of the Key Employees, nor has sent any termination
notice to any Key Employee, and to the Sellers’ knowledge, no such resignation, termination, separation or retirement is contemplated.

 

(j)        No
amount that will be received (whether in cash or property or the vesting of property, and whether individually or in combination with
any other such payment), as a result of the execution and delivery of this Agreement or the consummation of the transactions contemplated
by the SPA by any employee will not be deductible by reason of Section 280G of the Code or subject to an excise Tax under Section 4999
of the Code.

 

(k)        Except
as disclosed on Schedule  ‎2.14(k), no benefit plan is a multiemployer plan,
and none of the Group Companies have any liability in respect of any multiemployer plan. No plan is a "multiple employer welfare
arrangement" as defined in Section 3(40) of ERISA.

 

(l)        Except as disclosed on Schedule ‎2.14(l), each of the Group Companies (i)
is in compliance in all material respects with all applicable labor Laws, in particular relating to the legal eligibility to work for
all employees; the use of "independent contractor," consultant, subcontractor or other contingent worker; each employee classified
as "exempt" from overtime, employment practices; the hiring, promotion, assignment, and termination of employees; discrimination;
equal employment opportunities; disability; labor relations; wages and hours (including statutory minimum wages and classifications);
hours of work and computation of working time; payment of wages (including overtime); day-per-year working time schemes; part-time schemes;
immigration; workers’ compensation; employee benefits; profit sharing; healthcare and welfare schemes; working conditions; occupational
safety and health; family and medical leave; past and ongoing redundancy plans; or employee terminations, and (ii) has in all material
respects duly and timely fulfilled all payment obligations to its employees.

 

    - 23 - 

     

    

 

2.15    Sufficiency
of Assets. The property, rights and assets owned, leased or otherwise used by the Group Companies constitute all assets, properties
or rights which are material to the conduct of the Business in the manner in, and to the extent to, which it is conducted on the date
hereof.

 

2.16    Information
Technology

 

(a)       Each
element of the Business IT is owned by, or validly used under a written agreement with, a Group Company. No element of the Business IT
is provided by other members of the Seller’s Group.

 

(b)      The
Business IT is in good working order and is sufficient to satisfy the current business requirements of the Group Companies.

 

(c)       In
the past three years there have been no failures of any Business IT which have had (or are having) a material adverse effect on the business
of any Group Company.

 

(d)      All
material agreements relating to the Business IT are provided under written contracts with the relevant Group Company. In relation to
each such contract:

 

(i)            is in full force and effect, no notice having been given by either side to terminate it; and

 

(ii)           no
disputes have arisen and the obligations of the parties thereto have been fully complied with.

 

(e)       Except
as disclosed on Schedule ‎2.16, in the past three years there have been no security
breaches affecting any Business IT or any unauthorised disclosures of data which, in either case, have had (or are having) a material
adverse effect on the business of any Group Company. Each Group Company:

 

(i)            has
security measures in place to protect the Business IT that are in accordance with current good industry practice;

 

(ii)           has
carried out regular penetration testing on the Business IT and any weaknesses detected by such testing have been remedied; and

 

(iii)          has
procedures to back up data and disaster recovery plans that are in accordance with current good industry practice.

 

    - 24 - 

     

    

 

(f)       Except as disclosed on Schedule ‎2.16, no material Information Technology
development projects are being carried out for the benefit of any Group Company other than BI/Reporting project, Cybersecurity projects,
and SAP S/4HANA project, as specified and budgeted by the Sellers (the "Projects"). In relation to the Projects:

 

(i)            the timetable and deadlines set out in the corresponding project plans have been met in all material respects and, to the Sellers’
knowledge, there are no grounds to believe there will be any material delay in the completion of the Projects;

 

(ii)           there has been no material increase in the cost of the Projects; and

 

(iii)          there
are no material defects or deficiencies in any part of the Projects that has been delivered and, to the Sellers’ knowledge, there
are no grounds to believe there will be any material defects or deficiencies in any part of the Projects that will be delivered in due
course.

 

2.17    Data
Protection.

 

(a)        Except
as disclosed on Schedule  ‎2.17(a), each Group Company complies and has complied
with all applicable requirements of the Data Protection Laws, including the requirements related to transfers of personal data outside
the European Union.

 

(b)       No
Data Protection Authority has alleged that any Group Company has failed to comply with Data Protection Laws or threatened to conduct
a Proceeding in relation to, or take enforcement action against, any Group Company.

 

(c)       No
Group Company has suffered any personal data breach that required notification to any Data Protection Authority nor communication to
data subjects.

 

(d)       No
Group Company has been involved in a dispute with any individual in respect of any infringement of the Data Protection Laws and no Group
Company has received a written claim for compensation from any individual in respect of any such infringement in the previous three (3)
years.

 

2.18    Environmental Matters.

 

(a)       Except
as disclosed in Schedule ‎2.18:

 

(i)            each
Group Company, for the past five (5) years prior to the date hereof, has operated in compliance with all, and has not received any written
notices of any violation with respect to, any applicable Environmental Laws;

 

(ii)           no
Group Company has placed, stored, emitted, discharged, handled, transported, used or Released any Hazardous Materials, distributed, sold
or otherwise placed on the market Hazardous Materials or any product containing Hazardous Materials or arranged for the disposal, discharge,
storage or Release of any Hazardous Materials, or exposed any employee or other Person to any Hazardous Materials, except for inventories
of such substances to be used, and wastes generated therefrom, in the Ordinary Course of Business (which inventories and wastes, if any,
were and are stored, handled and disposed of in accordance with applicable Environmental Laws); and

 

(iii)          no
Environmental Claim is pending or threatened in writing against the Group Companies.

 

(b)       The
Group Companies have not assumed, undertaken, or otherwise become subject to any liability of another Person, or provided an indemnity
with respect to any liability, relating to Environmental Laws.

 

    - 25 - 

     

    

 

(c)       The
Sellers have made available to the Purchaser complete and correct copies of all material studies, audits, assessments and reports relating
to Hazardous Materials, Environmental Claims, or other environmental matters pertaining to the condition of the properties (including
the Owned Real Properties) or Business of the Group Companies, or the compliance (or noncompliance) by the Group Companies with Environmental
Laws that are in the Sellers’ possession or reasonable control.

 

(d)      Except as disclosed in Schedule ‎2.18, there is no pollution or contamination
of the Environment:

 

(i)            at,
on, in, under or emanating from any of the Owned Real Properties, the properties subject to the Material Lease Agreements or attributable
to the operations of the Business for which any Group Company would reasonably be expected to incur liability under Environmental Law;
nor

 

(ii)           at,
on, in, under or emanating from any property formerly owned, leased occupied or otherwise used in connection with or affected by the
businesses of any Group Company or in which any Group Company formerly had an interest for which any Group Company would reasonably be
expected to incur liability under Environmental Law or in relation to an Environmental Permit or agreement in place as at the date hereof
involving the Material Lease Agreements.

 

(e)       Except
as disclosed in Schedule ‎2.18, each Group Company has obtained all Environmental
Permits that are necessary for the Company’s activities and operations, all such Environmental Permits are valid, uncontested and
in good standing, and shall not be affected in any manner by the consummation of the Transaction.

 

2.19    Compliance Matters.

 

(a)        None
of the Sellers, the Group Companies or any of their respective directors, officers, managers or employees in such capacity, consultants,
agents, partners, shareholders, or other Persons acting for or on behalf of any such Person or Seller Connected Person has, in relation
to the Group Companies or the Transaction, engaged in any activity, practice or conduct that would constitute a violation or breach or
otherwise violated or is in violation of any Anti-Corruption Laws.

 

(b)       Except as disclosed in Schedule ‎2.19, the Group Companies have in place
internal controls sufficient to provide reasonable assurances that they are in compliance with all applicable Anti-Money Laundering Laws,
Anti-Corruption Laws and Trade Control Laws.

 

(c)       Except
as disclosed in Schedule 2.19, each of the Sellers and the Group Companies are in compliance with Anti-Money Laundering
Laws.

 

(d)       Except
as disclosed in Schedule 2.19, in the past three years, none of Sellers or the Group Companies, nor any of their respective
directors, officers, or employees or any other Person acting for or on their behalf has been or is currently: (i) the subject or target
of any Sanctions, (ii) organized, resident or located in any country or region that is (or the government of which is) subject to an
embargo administered by OFAC (including Cuba, Iran, North Korea, Syria, or the Crimea, Donetsk People’s Republic, or Luhansk People’s
Republic regions of Ukraine) (each, a "Sanctioned Country"); (iii) engaging in any business or other dealings with or
for the benefit of (A) a Sanctioned Country or (B) any Person that is (or in the aggregate 50% or greater owned by, directly or indirectly,
or otherwise controlled by a Person that is) the subject or target of Sanctions; (iv) engaging in any export, reexport, transfer or provision
of any good or service without, or exceeding the scope of, any required licenses or authorizations under export or import control laws,
including the U.S. Export Administration Regulations ("Ex-Im Laws") or similar non-U.S. Laws; or (v) otherwise
in violation of Trade Controls Laws; and

 

    - 26 - 

     

    

 

(e)       In the past five (5) years, no Group Company has received from any Government Authority or any other Person any notice, inquiry,
or internal or external allegation; made any voluntary or involuntary disclosure; or conducted any internal investigation or audit, in
each case concerning any actual or potential violation by the Group Companies related to Anti-Corruption Laws or Trade Controls Laws.

 

(f)        None
of the Group Companies have been parties to or have been involved in an agreement or arrangement whatsoever or have conducted themselves
(whether by omission or otherwise) in a manner which:

 

(i)            infringes article 101 and/or 102 of the Treaty on the Functioning of the European Union or any other Antitrust Law in any country
in which the Group Companies have assets or in any place where their business may have an effect;

 

(ii)           to
be valid, must be subject to notification, authorisation under any applicable Antitrust Law; or,

 

(iii)          could render the Group Companies liable to any litigation, administrative proceedings or investigation by virtue of any Antitrust
Law in any country in which the Group Companies have assets or in any place where their business may have an effect.

 

ARTICLE
III

REPAYMENT OBLIGATION

 

3.1       Repayment
Obligation; Limitation on Quantum.

 

(a)        From
and after the Closing Date and subject to the provisions of this ‎ARTICLE III, each of the Sellers
shall pay to Purchaser, as a partial repayment of the Purchase Price, the amount of any and all Damages which (i) has it origin or cause
prior to the Closing Date and (ii) is actually and directly suffered by the Purchaser and/or any Group Company as a result of any inaccuracy
or breach of any representation or warranty of the Sellers set forth in ‎ARTICLE II, it being
expressly agreed that the aggregate liability of the Sellers in respect of all claims, for any reason whatsoever, under this Agreement
shall not exceed one euro (€1.00), except in case of fraud or dol from the Sellers.

 

(b)       Without
prejudice to any rights of the Purchaser under the W&I Policy, from and after the Closing Date, the right to repayment provided for
in this Article ‎3.1 shall be the exclusive remedy of the Purchaser against the Sellers for
any inaccuracy or breach of any representation or warranty of the Sellers set forth in ‎ARTICLE
II, except in case of fraud or dol from the Sellers.

 

(c)        All
payments made by the Sellers to the Purchaser pursuant to this ‎ARTICLE III shall be treated
by the Parties hereto for all purposes, including tax, accounting and financial reporting purposes, as a partial repayment of the Purchase
Price to the fullest extent permitted by applicable Law.

 

(d)       It is specified that in the event that any fraud or dol would be alleged by the Purchaser pursuant to this Agreement, such
fraud or dol shall be appreciated individually for each Party and that in no event can a Party be held liable for a fraud or dol
committed by another Party.

 

3.2      Time
Limits for Claims. Without prejudice to any rights of the Purchaser under the W&I Policy, the liability of the Sellers under
Article ‎3.1 shall terminate on the date which is (i) thirty-six (36) months after the Closing
Date in respect of any claim (other than any claim in respect of any inaccuracy or breach of a representation and warranty contained
in Article ‎2.1 (Group Structure), ‎2.2 (Subsidiaries),
‎2.5 (Tax Matters) or ‎2.14 (Employment Matters))
and (ii) one (1) month after the expiry of the relevant statutory limitation period in respect of any claim in respect of any inaccuracy
or breach of a representation and warranty contained in Article ‎2.1 (Group Structure),
‎2.2 (Subsidiaries), ‎2.5 (Tax Matters)
or ‎2.14 (Employment Matters), in each case unless prior to such date the Purchaser has
notified the Sellers of a claim thereunder. For the avoidance of doubt, the Purchaser shall not be permitted to make any claim against
the Sellers for any inaccuracy or breach of any representation or warranty of the Sellers set forth in ‎ARTICLE
II unless the Closing (as such term is defined in the SPA) shall have occurred.

 

    - 27 - 

     

    

 

3.3     Payment. No amount shall become due and payable by the Sellers to the Purchaser (x) in respect of any claim arising
by reason of contingent liability, unless and to the extent that such contingent liability ceases to be contingent and has become an actual
liability; and (y) in respect of any claim made by a third party unless and to the extent that the Purchaser or the relevant Group
Company is under the obligation to immediately pay the relevant Damages to the relevant third party as a result of the issuance of a compulsorily
payable tax notice ("avis d’imposition ou de recouvrement") or an enforceable decision of a court or arbitration
tribunal of competent jurisdiction ("décision exécutoire") or a binding settlement or other agreement among
the relevant parties.

 

3.4      Exclusions.

 

(a)       The
Sellers shall not have any liability under this ‎ARTICLE III for any Damages resulting from
or arising out of:

 

(i)            any
event, fact, matter, circumstance or omission which was Fairly Disclosed in this Agreement (including the Schedules), in the Supplemental
Disclosure or in the Disclosed Information;

 

(ii)           any
matter which was specifically agreed in writing by the Purchaser;

 

(iii)          any
voluntary action or omission of the Purchaser or, after the Closing Date, a Group Company, provided, however, that the Sellers shall
remain liable if such action or omission was done, committed or effected (x) in the Ordinary Course of Business in continuance of practices
of the Group Companies existing prior to Closing or (y) in order to comply with Law; or

 

(iv)          the
passing of, or any change in, any Law not actually in force at the date of this Agreement (even if retroactive in effect), including
any increase in the Tax rates in effect on the date hereof or imposition of any Tax not in effect on the Closing Date.

 

(b)      In calculating the amount which may be due and payable by the Sellers as a result of any claim brought by the Purchaser pursuant
to this Agreement, there shall be deducted (i) the amount of any corresponding cash Tax savings or benefit (excluding any loss carry-back
or carry-forward) actually received by the Purchaser or any of its Affiliates (including any of the Group Companies) during the fiscal
year of occurrence of the corresponding Damage and the following fiscal year and (ii) the amount of any VAT actually recovered by
the Purchaser or any Group Company in connection with the relevant amount.

 

3.5      No
Liability; W&I Insurance. 

 

(a)      The
Purchaser represents and warrants to the Sellers that the W&I Policy contains a waiver by the W&I Insurer of any rights of subrogation
the Purchaser may have against the Sellers in relation to any claim in respect of any representation or warranty of the Sellers set forth
in ‎ARTICLE II, except in case of fraud or dol. 

 

(b)      The
Purchaser agrees with the Sellers that, except claims in case of fraud or dol, it will not be entitled to make, will not make,
and waives any right it may have to make, any claim against the Sellers under this Agreement in respect of the representations and warranties
of the Sellers set forth in ‎ARTICLE II and that, in the event that anything causes such waiver
not to have full force and effect under its terms, the Purchaser shall enforce any term in the W&I Policy under which the W&I
Insurer waives its rights to take subrogated action against the Sellers upon the terms set out in the W&I Policy. Accordingly, the
Purchaser shall indemnify and hold harmless the Sellers for reasonable costs and expenses incurred by any Seller in defending against
any claim made by the Purchaser or W&I Insurer for a breach of the representations and warranties of the Sellers set forth in Article
II or in the Supplemental Disclosure as determined by a definitive and enforceable judgment (jugement ayant force exécutoire)
of a court or arbitration tribunal of competent jurisdiction.

 

(c)       All
costs and expenses relating to the W&I Policy shall be for the account of the Purchaser and the Purchaser shall be solely responsible
for the payment of thereof to the W&I Insurer.

 

    - 28 - 

     

    

 

ARTICLE
IV

MISCELLANEOUS

 

4.1      Disclosure
Update. From the Put Option Date until the Closing Date, the Sellers shall, in relation to all the representations and warranties
of the Sellers set forth in ‎ARTICLE II which are to be repeated as at the Closing Date, (x)
update, supplement or amend any existing Schedule to any such representations and warranties set out in ‎ARTICLE
II or (y) provide the Purchaser with new Schedules to such representations and warranties set out in ‎ARTICLE
II, in each case to reflect any fact, event or circumstance that has occurred during that period and that would constitute a breach or
inaccuracy of the relevant representations and warranties set out in ‎ARTICLE II as at the Closing
Date (to the extent such representations and warranties set out in ‎ARTICLE II are to be repeated
as at the Closing Date) (the "Supplemental Disclosure").

 

4.2       Termination.

 

(a)        This
Agreement may be terminated, at any time prior to the Closing, by the written agreement of the Purchaser and the Sellers’ Agent.

 

(b)       This
Agreement shall also automatically terminate upon termination of the SPA in accordance with its terms.

 

(c)        Upon
any termination of this Agreement pursuant to paragraphs (a) or (b) of this Article ‎4.1,
all further obligations of the Parties hereunder, other than pursuant to Article ‎4.3 (Confidentiality),
‎4.4 (Sellers’ Agent), ‎4.5 (Costs
and Expenses), ‎4.7 (Unforeseeability), ‎4.8
(Express Waiver), ‎4.9 (Notice), ‎4.10
(Entire Agreement), ‎4.11 (No Third-Party Rights; Assignment), ‎4.13
(Waiver and Amendments) and ‎4.14 (Governing Law and Submission to Jurisdiction),
shall terminate.

 

4.3      Confidentiality.

 

The terms of this Agreement
are confidential and subject to Article 7.3 (Public Announcements) of the SPA as if such obligations had been set forth in full
in this Agreement, mutatis mutandis, with effect on and as of the date hereof, and as if references in such Article to the "Agreement",
the "Parties", the "Purchaser", the "Sellers", the "Sellers’ Agent" or the "date hereof"
(or similar expressions) were respectively references to this Agreement, the Parties, the Purchaser, the Sellers, the Sellers’ Agent
and the date of this Agreement.

 

4.4      Sellers'
Agent.

 

(a)       Each
of the Sellers hereby appoints irrevocably and exclusively Iberis, and expressly authorizes it, in accordance with the provisions of
article 1161 of the French Civil Code (Code Civil), to act on behalf and in the name of all or part of the Sellers, as his/her/its
agent (mandataire) pursuant to a common interest mandate (mandat d’intérêt commun) (the "Sellers'
Agent") to, in his/her/its name and on its behalf:

 

(i)                 
amend the terms of this Agreement, except if the contemplated amendment materially affect negatively the rights of a given Seller
more than the others (in which case such amendment shall be approved but such affected Seller (but not the others));

 

    - 29 - 

     

    

 

(ii)           receive
notices under this Agreement (other than any notice given by the Purchaser of any breach or violation, or alleged breach or violation,
by a Seller or Sellers of any term of this Agreement); and

 

(iii)          deliver any notices, certifications, consents, approvals or waivers required or appropriate under this Agreement (as determined
in the reasonable judgment of the Sellers' Agent);

 

(iv)         make
any filing required or appropriate under this Agreement (as determined in the reasonable judgment of the Sellers' Agent);

 

(v)           handle,
dispute, compromise, settle or otherwise deal with any and all claims against by or against or disputes with the Purchaser under this
Agreement; and

 

(vi)          more generally, exercise the rights of the Sellers on their behalf under this Agreement (including the right to terminate this
Agreement under Article ‎4.1).

 

(b)       This
mandate shall be in the common interest of the Sellers and as a consequence, shall not be revoked by any of them.

 

(c)       Any
act or decision taken by the Sellers' Agent in accordance with this Agreement shall bind each of the Sellers, provided that such decision
applies to each similarly situated Seller on the same basis.

 

(d)      References to the "Sellers' Agent" appearing herein shall be deemed to be qualified by the phrase "(on behalf of
each of the Sellers)", provided that the Sellers' Agent's so acting as the agent for each of the Sellers shall in no case cause the
Sellers' Agent to be deemed to be liable for any obligations of a Seller hereunder or to establish any joint and several liability among
the Sellers.

 

(e)       The
Sellers' Agent shall not bear any liability whatsoever, to either any of the Sellers or to the Purchaser, in its capacity as agent of
the Sellers under this Agreement, except in case of wilful misconduct (faute intentionnelle).

 

(f)       The
Sellers' Agent may resign at any time. In the event that the Sellers' Agent becomes unable to perform its responsibilities hereunder
or resigns from such position, the Sellers (or, if applicable, their respective heirs, legal representatives, successors and assigns)
shall promptly select another representative to fill such vacancy and such substituted representative shall be deemed to be the Sellers'
Agent for all purposes of this Agreement. Any obligation of the Purchaser to take any action in respect of the Sellers' Agent shall be
suspended during any period that the position of the Sellers' Agent is vacant. If the Sellers fail to appoint a Sellers' Agent within
ten (10) calendar days of any vacancy, the Purchaser shall have the right to appoint a replacement Sellers' Agent who will serve as Sellers'
Agent until otherwise replaced.

 

4.5      Costs and Expenses. Without prejudice to Article ‎3.5‎(c)
above, whether or not the Transaction is consummated, each of the Sellers and the Purchaser shall bear his/her/its own expenses incurred
in connection with the negotiation, preparation and signing of this Agreement.

 

4.6      Professional
Advice. Each of the Parties acknowledges and confirms that it was advised by its own lawyers and other professional advisors
and, in such connection, has been able to independently assess the scope of its rights and obligations under this Agreement and has had
the opportunity to negotiate the terms of this Agreement. Consequently, no lawyer or other advisor shall be deemed to be the sole drafter
(rédacteur unique) on behalf of all the Parties and each of the Parties acknowledges and agrees that this Agreement shall
not be deemed a contract of adhesion (contrat d'adhésion) within the meaning of article 1110 of the French Civil Code (Code
Civil).

 

    - 30 - 

     

    

 

4.7      Unforeseeability.

 

(a)       Each Party hereby acknowledges and agrees that the provisions of article 1195 of the French Civil Code (Code Civil) shall
not apply to it with respect to its obligations under this Agreement, and hereby expressly and irrevocably waives any rights that it may
have under article 1195 of the French Civil Code and agrees not to make any claim under article 1195 of the French Civil Code (Code
Civil) (including in the event of and/or as a result of COVID 19, any Pandemic Measure, the Ukraine Situation and any fluctuation
or change of interest rates or market conditions).

 

(b)       Each
Party further acknowledges, after due consideration, that there are no circumstances that cannot be foreseen at the time this Agreement
is entered into which could make the performance of its obligations excessively onerous and each Party agrees to bear its own risks in
relation thereto.

 

4.8      Express
Waivers. Subject to the provisions of this Agreement, each of the Parties expressly and irrevocably waives (i) any right it may
have under article 1226 of the French Civil Code (Code Civil) to terminate this Agreement, (ii) any right it may have under articles
1186 and 1187 of the French Civil Code (Code Civil) to claim that this Agreement has lapsed as a result of any other contract
contributing to the completion of the Transaction having terminated, lapsed or being ineffective for any reason whatsoever, (iii) to
the fullest extent permitted by applicable Law, the benefits of articles 1626, 1641 and 1643 of the French Civil Code (Code Civil)
and the benefit of any other warranties generally available to purchasers under applicable Law, and (iv) its right to benefit from the
provisions of article 1223 of the French Civil Code (Code Civil) and to accept a partial performance of the Agreement in exchange
for a proportional discount of the price (unless otherwise provided) and, more generally, the Purchaser waives any right to terminate
or rescind this Agreement or any of the transactions contemplated hereby.

 

4.9      Notices.

 

(a)       All
notices, demands or other communications given or made under or in connection with the matters contemplated by this Agreement shall only
be effective if made in writing in English to the addresses set forth in Annex B and:

 

(i)            sent
by an overnight courier service of recognized international standing delivering an acknowledgement of receipt (such as FEDEX or DHL)
or lettre recommandée avec accusé de réception;

 

(ii)           sent
by email (which shall contain a scanned copy of the signed notice, demand or other communication) (with a confirmation including a copy
of such email to be sent by no later than the next Business Day by an overnight courier service of recognized international standing
delivering an acknowledgement of receipt (such as FEDEX or DHL) or lettre recommandée avec accusé de réception);
or

 

(iii)          delivered
by hand delivery against an acknowledgement of receipt dated and signed by the recipient.

 

(b)      Any
notice, demand or other communication made in accordance with subsection (a) above shall be deemed to have been duly given or made as
follows:

 

(i)             if
sent by an overnight courier service of recognized international standing or lettre recommandée avec accusé de réception,
on the date of the first presentation of the courier or letter;

 

    - 31 - 

     

    

 

(ii)           if
sent by email, on the date and time indicated on such email, provided that a confirmation including a copy of such email is sent by no
later than the next Business Day by an overnight courier service of recognized international standing delivering an acknowledgement of
receipt (such as FEDEX or DHL) or lettre recommandée avec accusé de réception; and

 

(iii)           if
delivered by hand, on the date indicated on the corresponding acknowledgement of receipt signed by the recipient;

 

provided that if, in accordance with the above
provisions, any such notice, demand or other communication is given or made outside of Working Hours where the recipient is located, such
notice, demand or other communication shall be deemed to be given or made at the start of the next Business Day, except if the context
implies otherwise.

 

(c)      A
Party may notify the other Parties of a change to its name, relevant addressee, address or electronic address for the purposes of this
Article ‎4.9 in accordance with provisions of this Article ‎4.9
provided that such notification shall only be effective:

 

(i)            on
the date specified in the notification as the date on which the change is to take place; or

 

(ii)           if no date is specified or the date specified is less than one (1) Business Day after the date on which notice is given, the date
which is one (1) Business Day after notice of any such change has been given.

 

4.10   Entire
Agreement. This Agreement (together with the Confidentiality Agreement and the SPA) represents the entire agreement and understanding
of the Parties with reference to the transactions set forth herein and no representations or warranties have been made in connection
with this Agreement other than those expressly set forth herein and in the SPA. This Agreement supersedes all prior negotiations, discussions,
correspondence, communications, understandings and agreements between the Parties relating to the subject matter of this Agreement and
all prior drafts of this Agreement. Any matter disclosed in any Annex or Schedule to the Agreement or in the Disclosed Information shall
be deemed disclosed for all purposes of this Agreement (notwithstanding the absence of any specific cross-references in the Annex, Schedule
or Article in question). The Purchaser acknowledges that certain items to which the Annexes and Schedules refer have been included to
provide additional information to the Purchaser, and that such inclusion shall not be deemed to be an acknowledgment by the Sellers that
such items are material.

 

4.11   No
Third Party Rights; Assignment.

 

(a)       Except as expressly provided herein, this Agreement shall inure to the sole and exclusive benefit of, and be binding upon, the
Parties and their respective successors and permitted assigns; provided, however, that none of the Parties shall assign
any of its rights or delegate any of its obligations created under this Agreement without the prior written consent of the other Parties.

 

(b)       Notwithstanding
the provisions of Article ‎4.11(a), the Purchaser may, upon notice in writing to the Sellers'
Agent at the latest ten (10) Business Days prior to the Closing Date, assign the benefit of all or part of this Agreement to (and it
may be enforced by) any of its wholly owned direct or indirect Affiliates.

 

(c)       Except
as expressly provided herein, nothing set forth in this Agreement shall be construed to give any Person other than the Parties any right,
remedy or claim under or with respect to this Agreement or any provision of this Agreement.

 

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

 

    - 32 - 

     

    

 

4.13      
Waivers and Amendments. No modification of or amendment to this Agreement shall be valid unless in a writing signed
by the Parties, referring specifically to this Agreement and stating the Parties' intention to modify or amend the same. Any waiver of
any term or condition of this Agreement must be in a writing signed by the Party sought to be charged with such waiver referring specifically
to the term or condition to be waived, and no such waiver shall be deemed to constitute the waiver of any other breach of the same or
of any other term or condition of this Agreement. Notwithstanding anything to the contrary set forth herein, this Agreement may be so
modified or amended, and any of its terms or conditions may be so waived, by the Sellers and the Purchaser (and their authorized assignees)
without the consent of any third party beneficiary.

 

4.14      
Governing Law and Submission to Jurisdiction. This Agreement shall be governed by, and interpreted and enforced in accordance
with, the laws of France (without giving effect to the conflicts-of-law principles thereof), and the Parties irrevocably submit to the
exclusive jurisdiction of the Commercial Court of Paris (Tribunal de Commerce de Paris) for the purposes of hearing and determining
any disputes, controversies or claims arising out of or in connection with the existence, formation, validity, interpretation, performance
or termination of this Agreement or any non-contractual rights or obligations arising out of or in connection with this Agreement.

 

4.15      
Electronic Signature. The Parties to this Agreement:

 

(a)           
acknowledge that this Agreement has been signed (i) as an electronic written document (écrit électronique)
within the meaning of article 1366 of the French Civil Code (Code Civil) and (ii) electronically using a reliable identification
process that guarantees the link between each signature and this Agreement in accordance with the provisions of article 1367 of the
French Civil Code (Code Civil) (i.e., DocuSign®);

 

(b)          
expressly acknowledge that this Agreement has the same probative force as a paper written document in accordance with article 1366
of the French Civil Code (Code Civil) and that it may be validly opposed to such Parties;

 

(c)           
agree to designate Paris (France) as the place of signature of this Agreement; and

 

(d)          
acknowledge and accept that this Agreement shall be effective as from the date first written above.

 

[SIGNATURES ON THE NEXT PAGE]

 

    - 33 - 

     

    

 

	/s/ Theodore S. Haddad, Jr.	 
	 	 
	Hillenbrand France Acquisition Holdings SAS	 
	 	 
	By:	Name: Theodore S. Haddad Jr	 
	 	Title: General Manager (directeur général)	 

  

	/s/ Sandrine Anton	 	/s/ Andrew Townend
	 	 	 
	IBERIS
    INTERNATIONAL S.À R.L  	 	IBERIS INTERNATIONAL S.À
    R.L
	 	 	 
	By: 	Name: Sandrine Anton	 	By:	 Name: Andrew Townend
	 	Title: Manager                    	 	 	Title: Manager
	 	 	 
	/s/
    Timothy Cook	 	/s/ Didier Soumet
	 	 	 
	MR.
    TIMOTHY COOK                	 	MR. DIDIER SOUMET
	 	 	 
	/s/
    Didier Soumet	 	 
	 	 	 
	Additional Sellers identified
    in Annex 0  	 	 
	 	 	 
	By: 	Name: Didier Soumet	 	 
	 	Title: duly authorized      	 	 

 

[***]

 

    - 34 -Exhibit 10.9

 

FOUNDER SHARE TRANSFER
AGREEMENT

 

THIS FOUNDER SHARE TRANSFER
AGREEMENT (this “Agreement”), dated as of August 9, 2022, and effective as of the closing of the IPO (as defined below),
is by and among Vistas Acquisition Sponsor II LLC, a Delaware limited liability company (the “Sponsor”), Vistas Acquisition
Company II Inc., a Cayman Islands exempted company (the “SPAC”), and the investor set forth on the signature page hereto
(“Investor”). This Agreement may be executed by an investment manager on behalf of managed funds and/or accounts (with
the allocations for such accounts indicated on the signature page hereto) and for the elimination of doubt such fund or account shall,
severally and not jointly, be the Investor hereunder.

 

WHEREAS, the SPAC intends
to conduct an initial public offering (the “IPO”) of 20,000,000 units, with each unit comprised of one Class A ordinary
share, par value $0.0001 per share (the “Class A Shares”) and one half of one warrant to purchase one Class A Share;

 

WHEREAS, in consideration
of certain advisory services provided to the Sponsor by the Investor, the parties wish to enter into this Agreement pursuant to which
Investor (i) will purchase from the Sponsor Class B ordinary shares, par value $0.0001 per share, of the SPAC (the “Founder Shares”)
at $0.01 per share, (ii) will receive a right to acquire up to 9.9% of the units sold in the IPO and (iii) will receive a right to invest
in up to 10% of any private offering of securities conducted by the SPAC in connection with the closing of its Business Combination.

 

NOW THEREFORE, the parties
hereto hereby agree as follows:

 

Section 1       Sale and Purchase.

 

		(a)	Subject to the satisfaction of the conditions set forth in Section 1(b), the Sponsor hereby agrees to
sell to Investor 500,000 Class B Shares (the “Transferred Shares”) for the purchase price of $0.01 per share (such
aggregate price for the Transferred Shares, the “Transfer Price”) on the date of the closing of the IPO, and Investor
hereby agrees to purchase the Transferred Shares (the “Transfer”). Concurrently with the Transfer, in consideration
for the transfer of the Transferred Shares, and upon the Sponsor providing the Investor with wiring instructions, Investor shall pay the
Transfer Price to the Sponsor in immediately available funds by wire transfer or other method agreed upon by the parties.

 

		(b)	Subject to (i) the accuracy of the Investor’s representations and warranties set forth in Section
5 hereof, and (ii) Investor’s payment of the Transfer Price as contemplated by Section 1(a) of this Agreement, the Transfer
shall occur and be effective upon the closing of the IPO and Investor shall be registered as the record owner of the Transferred Shares
on the books and records of the SPAC’s transfer agent (subject to Investor providing such information as the transfer agent customarily
and reasonably requests to record such ownership).

 

		(c)	Following the transfer to Investor, the number of Transferred Shares shall not be subject to negative
modification (including, but not limited to, longer lock-ups than described in Section 6(a) below), cut-back, mandatory repurchase, redemption,
reduction or forfeiture prior to or in connection with the Business Combination (as defined below) or any other reason, including, without
limitation, in the event the underwriters for the IPO do not exercise their over-allotment option or a result of any forfeitures, concessions,
modifications or “earn-out” triggers in connection with the negotiation of a Business Combination or otherwise; provided,
for the avoidance doubt, the foregoing shall not preclude the waiver of the anti-dilution provisions with respect to the Founder Shares
in accordance with the SPAC’s memorandum and articles of association as provided therein, the conversion of the Transferred Shares
into Class A Shares in accordance with SPAC’s memorandum and articles of association or the conversion, exchange or adjustment of
the Transferred Shares (or any Class A Shares issued upon conversion thereof), as a matter of law in connection with a merger or otherwise
or in connection with an amendment of the SPAC’s or any successor entity’s memorandum and articles of association, certificate
of incorporation or comparable organizational documents.

 

     

     

    

 

Section
2       Purchase Options.

 

		(a)	IPO. Meteora shall receive the right to purchase up to 9.9% of the units sold in the IPO on the
same terms as all other investors.

 

		(b)	PIPE. Meteora shall also receive the right to purchase up to 10.0% of any private offering of SPAC
securities conducted in connection with the SPAC’s Business Combination on substantially the same terms as all other investors.

 

For the avoidance of
doubt, Meteora is under no obligation to purchase any units offered in the IPO or any securities offered in a private offering of SPAC
securities conducted in connection with the SPAC’s Business Combination.

 

Section 3       Representations
and Warranties of the SPAC. The SPAC hereby represents and warrants to Investor as of the date hereof and as of the closing date of
the IPO, as follows:

 

		(a)	The SPAC is duly organized and in good standing (to the extent applicable) under its jurisdiction of organization
and has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions
contemplated hereby.

 

		(b)	This Agreement has been duly and validly executed and delivered by the SPAC and constitutes a legal, valid
and binding obligation of the SPAC enforceable against the SPAC in accordance with its terms, subject to laws of general application relating
to bankruptcy, insolvency and the relief of debtors and the rules of law governing specific performance, injunctive relief and other equitable
remedies (the “Enforceability Exceptions”).

 

		(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby
and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default
under, any of the SPAC’s organizational documents, any agreement or other instrument to which the SPAC is a party or by which the
SPAC is bound, or any decree, order, statute, rule or regulation applicable to the SPAC.

 

		(d)	The Transferred Shares were duly authorized and validly issued, fully paid and non-assessable, free and
clear of all liens, pledges, security interests, charges, claims, encumbrances, agreements, options, voting trusts, proxies and other
arrangements or transfer or other restrictions of any kind (“Encumbrances”), other than those arising under applicable
securities laws and as provided in Section 6 below or as otherwise disclosed in the SPAC’s Registration Statement on Form S-1 for
the IPO (the “Registration Statement”), and were not issued in violation of, or subject to, any preemptive or similar
rights.

 

		(e)	The SPAC’s memorandum and articles of association shall provide that the Transferred Shares will
convert into Class A Shares automatically in connection with the consummation of the Business Combination (and will not provide for conversion
at the option of the Investor prior to such automatic conversion).

 

		(f)	No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of the SPAC in connection with the transactions contemplated by this Agreement.

 

		(g)	None of the information conveyed to the Investor in connection with the transactions contemplated by this
Agreement will constitute material nonpublic information of the SPAC upon the effectiveness of the Registration Statement.

 

    2

     

    

 

Section 4      Representations
and Warranties of the Sponsor. The Sponsor hereby represents and warrants to Investor as of the date hereof and as of the closing
date of the IPO, as follows:

 

		(a)	The Sponsor is duly organized and in good standing (to the extent applicable) under its jurisdiction of
organization and has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby.

 

		(b)	This Agreement has been duly and validly executed and delivered by the Sponsor and constitutes a legal,
valid and binding obligation of the Sponsor enforceable against the Sponsor in accordance with its terms, subject to the Enforceability
Exceptions.

 

		(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby
and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default
under, any of the Sponsor’s organizational documents, any agreement or other instrument to which the Sponsor is a party or by which
the Sponsor is bound, or any decree, order, statute, rule or regulation applicable to the Sponsor or the Transferred Shares.

 

		(d)	The Transferred Shares (i) are owned of record and beneficially by the Sponsor, free and clear of all
Encumbrances, and (ii) upon consummation of the transactions contemplated by this Agreement, the Investor shall own and receive good title
to the Transferred Shares, free and clear of all Encumbrances, in each case as otherwise agreed herein, those arising under applicable
securities laws or as otherwise disclosed in the Registration Statement.

 

		(e)	No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of the Sponsor in connection with the transactions contemplated by this Agreement.

 

Section 5      Representations
and Warranties of Investor. Investor hereby represents and warrants to the SPAC and the Sponsor as of the date hereof and as of the
closing date of the IPO, as follows:

 

		(a)	Investor is duly organized and in good standing (to the extent applicable) under its jurisdiction of organization
and has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

		(b)	This Agreement has been duly and validly executed and delivered by Investor and constitutes a legal, valid
and binding obligation of Investor enforceable against Investor in accordance with its terms, subject to the Enforceability Exceptions.

 

		(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby
and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default
under, any of the Investor’s organizational documents, any agreement or other instrument to which Investor is a party or by which
Investor is bound, or any decree, order, statute, rule or regulation applicable to Investor.

 

		(d)	Investor is an “accredited investor” as that term is defined in Regulation D promulgated under
the Securities Act of 1933, as amended (the “Act”), and has such knowledge and experience in financial and business
matters that Investor is capable of evaluating the merits and risks of Investor’s investment in the Transferred Shares, of making
an informed investment decision with respect thereto, and has the ability and capacity to protect Investor’s interests. Investor
acknowledges and agrees that Sponsor is relying upon the representations and warranties made by Investor in the Questionnaire attached
as Annex A hereto.

 

		(e)	If Investor is not a United States person (as defined by Section 7701(a)(30) of the U.S. Internal Revenue
Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the “Code”)), Investor hereby represents
that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe
for the Transferred Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase
of the Transferred Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents
that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale, or transfer of the Transferred Shares. Investor’s subscription and payment for and continued beneficial ownership
of the Transferred Shares will not violate any applicable securities or other laws of Investor’s jurisdiction.

 

    3

     

    

 

Section 6       Additional
Agreements and Acknowledgements.

 

		(a)	Founder Share Lock-Up.

 

(i)    Without
the written consent of the SPAC (or any successor thereto following the Business Combination), Investor agrees not to Transfer (as defined
below), assign or sell any Transferred Shares or any Class A Shares issued upon the conversion thereof until the earlier of (A) one year
after the date the SPAC consummates a Business Combination (as defined below) and (B) subsequent to the Business Combination, (x) if the
closing price of the Class A Shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the consummation
a Business Combination or (y) the date on which the SPAC consummates a subsequent liquidation, merger, share exchange or other similar
transaction which results in all of the SPAC’s shareholders having the right to exchange their Class A Shares for cash, securities
or other property. For the avoidance of doubt, this Section 6 shall not restrict Investor from Transferring any Class A Shares, warrants
(including any Class A Shares issued upon exercise of the warrants) or units of the SPAC acquired in the IPO or in the open market or
any Class A Shares, warrants or units of the SPAC acquired in any private transaction (other than the Transferred Shares). For the avoidance
of doubt, should the Class B Shares be subjected to superior Transfer restrictions, including, but not limited to, a shorter lock-up period
or lower release price (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the consummation a Business Combination), the Transfer restrictions
on the Transferred Shares shall be amended to such superior terms.

 

(ii)   For
purposes of this Agreement, “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or
increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section
16 of the Exchange Act, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to,
any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise

 

(iii)   Notwithstanding
the provisions set forth in this paragraph 5, Transfers of the Transferred Shares and Class A Shares issued or issuable upon the exercise
or conversion of the Transferred Shares that are held by Investor or any of its permitted transferees (that have complied with this paragraph
5), are permitted (A) to any person that would be a “Permitted Transferee” of the Sponsor pursuant to the letter agreement
among the SPAC and its officers, directors and the Sponsor to be executed in connection with the IPO; (B) to an affiliate of Investor;
(C) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which
is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (D) in the case
of an individual, by virtue of laws of descent and distribution upon death of such individual; (E) in the case of an individual, pursuant
to a qualified domestic relations order; (F) in the event of the SPAC’s liquidation, merger, capital share exchange or other similar
transaction which results in all of the SPAC’s shareholders having the right to exchange their shares of Class A Shares for cash,
securities or other property subsequent to the SPAC’s completion of an initial Business Combination; provided, however, that in
the case of clauses (A) through (E), these permitted transferees must enter into a written agreement with the SPAC agreeing to be bound
by the transfer restrictions herein and the other restrictions contained in this Agreement.

 

    4

     

    

 

		(b)	Investor acknowledges that the SPAC was formed for the purpose of effecting a merger, capital share exchange,
asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business
Combination”).

 

		(c)	Investor acknowledges that it is aware the SPAC will establish a trust account (the “Trust Account”)
for the benefit of its public shareholders upon the closing of the IPO. Investor agrees that it has no right, title, interest or claim
of any kind in or to any monies held in the Trust Account as a result of any liquidation of the SPAC with respect to the Transferred Shares
(or any Class A Shares or other securities issued or issuable upon the exercise, conversion or exchange of the Transferred Shares). Investor
hereby further waives, with respect to any Transferred Shares (or any Class A Shares or other securities issued or issuable upon the exercise,
conversion or exchange of the Transferred Shares) held by it any redemption rights it may have in connection with the completion of the
Business Combination or redemption rights it may have with respect to a shareholder vote to approve an amendment to the SPAC’s memorandum
and articles of association to modify the substance or timing of the SPAC’s obligation to offer redemption rights in connection
with any proposed initial business combination or with respect to any other material provisions relating to shareholders’ rights
or pre-initial Business Combination activity. Nothing in this Agreement shall operate as a waiver of any rights held by the Investor in
respect of securities of the SPAC other than with respect to the Transferred Shares, including, for the avoidance of doubt, any redemption
rights or other claims the Investor may have against the Trust Account in respect of any shares of Class A Shares Investor purchases in
the IPO or in the open market or, with respect to any shares (other than Founder Shares) that Investor may later purchase in any transaction
other than as described in this Agreement.

 

		(d)	In connection with the IPO, the SPAC shall enter into a registration rights agreement (the “Registration
Rights Agreement”) with the Sponsor and other holders of Founder Shares in substantially the form filed as an exhibit to the
Registration Statement. The Registration Rights Agreement shall provide Investor with registration rights with respect to the Transferred
Shares that are no less favorable than the registration rights of the other holders of Founder Shares. The SPAC shall use reasonable best
efforts to have an effective registration statement covering the resale of the Transferred Shares prior to the expiration of the Lock-Up
Period and shall in any event file a registration statement covering the resale of the Transferred Shares no later than 150 days following
the closing of the Business Combination. Following the expiration of any transfer restrictions of the Transferred Shares, if the Transferred
Shares are eligible to be sold without restriction under Rule 144 under the Securities Act of 1933, as amended (the “Act”),
the SPAC shall use reasonably commercial efforts to cause the SPAC’s transfer agent to remove the restrictive legends on the Transferred
Shares subject to compliance by Investor with the reasonable and customary procedures for such removal required by the SPAC or its transfer
agent. For the avoidance of doubt, should the Class B Shares be subjected to a shorter registration period, the Transferred Shares shall
be subjected to such shorter period.

 

		(e)	In addition to any restrictions contained in paragraph 5(a), Investor agrees not to sell, transfer, pledge,
hypothecate or otherwise dispose of all or any part of the Transferred Shares unless, prior thereto (a) a registration statement on the
appropriate form under the Act and applicable state securities laws with respect to the Transfer Shares proposed to be transferred shall
then be effective, (b) the SPAC has received customary representations reasonably satisfactory to the SPAC that such registration is not
required because such transaction is exempt from registration under the Act and the rules promulgated by the Securities and Exchange Commission
thereunder and with all applicable state securities laws or (c) the Transferred Shares may be sold without restriction under Rule 144.
Investor acknowledges that because the SPAC is a shell company, Rule 144 under the Act may not be available to Investor for the resale
of the Transferred Shares until one year following the consummation of the initial Business Combination of the SPAC, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. Investor acknowledges
that the Transferred Shares will bear restrictive legends evidencing the foregoing restrictions. For clarity, the parties acknowledge
that the agreements set forth in this Section 6(f) and in Section 6(a) are made solely between Investor and the SPAC.

 

    5

     

    

 

Section 7       Miscellaneous.

 

		(a)	Any notice or communication under this Agreement shall be in writing and given by (i) recognized courier
or overnight delivery service providing evidence of delivery, or (ii) transmission by hand delivery or electronic mail, if to the Sponsor,
or the SPAC, c/o Chief Executive Officer, Vistas Acquisition Company II Inc., 30 Wall Street, 8th Floor, New York, New York 10005 (fjc@vmac.media);
and, if to Investor, at Investor’s address or contact information as set forth on the signature page attached hereto. Communications
shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier
service. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic mail, when directed to
an electronic mail address at which the party has provided to receive notice; and (b) if by any other form of electronic transmission,
when directed to such party.

 

		(b)	This Agreement shall be governed and construed and enforced in accordance with the laws of the State of
New York, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules would require or
permit the application of the laws of another jurisdiction. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH
ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. With respect to any suit, action or proceeding relating
to the transactions contemplated hereby, the undersigned irrevocably submit to the jurisdiction of the United States District Court or,
if such court does not have jurisdiction, the New York state courts located in the Borough of Manhattan, State of New York, which submission
shall be exclusive.

 

		(c)	This Agreement may not be amended, modified or waived without the written consent of the parties hereto;
provided that no consent of the Sponsor shall be required for the amendment, modification or waiver of any term or condition of Section
6(a) or Section 6(f) hereof.

 

		(d)	The rights and obligations under this Agreement may not be assigned by any party hereto without the prior
written consent of the other parties, provided, that Investor may assign this Agreement or any of its rights, interests or obligations
hereunder to any of its affiliates at any time without the prior written approval of any party hereto provided such affiliate executes
a joinder to this Agreement and executes the Questionnaire attached as Annex A hereto.

 

		(e)	From time to time, at the reasonable request of any of the other parties hereto, each party hereto shall
execute and deliver such additional documents and instruments and take such further lawful action as may be reasonably necessary to consummate
and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.

 

		(f)	Any term or provision of this Agreement which is invalid or unenforceable shall be ineffective to the
extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining rights of the person intended to
be benefited by such provision or any other provisions of this Agreement.

 

		(g)	This Agreement may be executed in two or more counterparts, each of which shall constitute an original,
and all of which taken together shall constitute one and the same instrument. Any signature page delivered by a facsimile machine or electronic
mail shall be binding to the same extent as an original signature page.

 

		(h)	This Agreement sets forth the entire agreement and understanding between the SPAC and Sponsor, on the
one hand, and Investor, on the other hand, as to the subject matter thereof and merges and supersedes all prior discussions, agreements
and understandings of any and every nature among them.

 

    6

     

    

 

		(i)	This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and permitted assigns.

 

		(j)	No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

 

		(k)	Except as may be required by law, regulation or applicable stock exchange listing requirements or judicial
or administrative order, unless and until the transactions contemplated hereby and the terms hereof have been publicly announced or otherwise
publicly disclosed by the Sponsor, the parties hereto shall keep confidential and shall not publicly disclose the existence or terms of
this Agreement. Notwithstanding the foregoing, Investor shall be permitted to disclose any information to its affiliates and to its and
their control persons, officers, directors, employees, advisors, direct or indirect owners, partners, agents and representatives, in each
case so long as such person or entity has been advised of its obligation to comply with the confidentiality provisions hereunder. Investor
agrees that SPAC will disclose the terms of this Agreement in the Registration Statement; however, without the prior written consent of
Investor, neither the SPAC nor Sponsor nor any affiliate thereof shall disclose the identity of Investor or its affiliates or principals
(in any regulatory filing or otherwise) unless required by applicable law or regulation or in connection with any inquiry by a governmental
authority (including any request from the Staff of the Securities and Exchange Commission) and, if so required or requested to be disclosed,
the SPAC will provide the Investor with a reasonable opportunity to review such proposed disclosure prior to making such disclosure.

 

		(l)	Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation (including, without limitation, any anchor investor or any of its respective affiliates
or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the statements,
representations and warranties of the Sponsor or SPAC expressly contained herein in making its investment or decision to invest in the
SPAC. All representations and warranties made by the parties hereto in this Agreement shall survive the execution and delivery hereof.

 

* * * * *

 

    7

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date first written above.

 

INVESTOR:

 

Meteora Strategic Capital LLC

Print or Type Name of Entity

 

	 	 	 
	Address	 	 
	 	 	 
	 	 	 
	Taxpayer I.D. No. (if applicable)	 	Date:
	 	 	 
	By:	 	 

 

	/s/ Joseph Tonnos	 
	Signature:	 
	Name: Joseph Tonnos	 
	Title: Associate PM & Principal	 

 

[Signature Page to Founder Share Transfer Agreement]

 

     

     

    

 

	 	SPAC:
	 	 
	 	VISTAS ACQUISITION COMPANY II INC.

 

	 	By:	/s/ F. Jacob Cherian
	 	Name:	F. Jacob Cherian
	 	Title:	Chief Executive Officer

 

	 	SPONSOR:
	 	 
	 	VISTAS ACQUISITION SPONSOR II LLC

 

	 	By:	/s/ F. Jacob Cherian
	 	Name:	F. Jacob Cherian
	 	Title:	Manager

 

[Signature Page to Founder Share Transfer Agreement]

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