Document:

Exhibit 10.18

 

Hayward
Holdings, Inc.

2021
Employee Stock Purchase Plan

 

		1.	DEFINED TERMS

 

Exhibit A, which is incorporated
by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.

 

		2.	PURPOSE

 

The Plan is intended to enable Eligible
Employees to use payroll deductions to purchase shares of Stock in offerings under the Plan, and thereby acquire an interest in
the Company. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 and to be
exempt from the application and requirements of Section 409A of the Code, and is to be construed accordingly.

 

		3.	OPTIONS TO PURCHASE
STOCK

 

Subject to adjustment pursuant to Section 16
of the Plan, the maximum aggregate number of shares of Stock available for purchase pursuant to the exercise of Options granted
under the Plan will be 2,700,000 shares (the “Share Pool”). The shares of Stock to be delivered upon exercise of Options
under the Plan may be either shares of authorized but unissued Stock, treasury Stock, or previously issued Stock acquired by the
Company. If any Option granted under the Plan expires or terminates for any reason without having been exercised in full or ceases
for any reason to be exercisable in whole or in part, the unpurchased shares of Stock subject to such Option will not reduce the
Share Pool and will again be available for purchase under the Plan. If, on an Exercise Date, the total number of shares of Stock
that would otherwise be subject to Options granted under the Plan exceeds the number of shares then available in the Share Pool,
the Administrator shall make a pro rata allocation of the shares remaining available for purchase under the Plan in as uniform
a manner as is practicable and as it determines to be equitable. In such event, the Administrator shall notify each Participant
of such reduction and of the effect on the Participant’s Options and may reduce the rate of a Participant’s payroll
deductions, if necessary.

 

		4.	ELIGIBILITY

 

(a)            Eligibility
Requirements. Subject to Section 13 of the Plan, and the exceptions and limitations
set forth in Section 4(b), Section 4(c), and Section 6 of the Plan, or as may be provided elsewhere in the Plan
or in any sub-plan contemplated by Section 23, each Employee (i) who has been continuously employed by the Company or
a Designated Subsidiary, as applicable, for a period of at least 90 calendar days as of the first day of an Option Period, (ii) whose
customary Employment with the Company or a Designated Subsidiary, as applicable, is for more than five (5) months per calendar
year, (iii) who customarily works twenty (20) hours or more per week, and (iv) who satisfies the requirements set forth
in the Plan will be an Eligible Employee.

 

     

     

    

 

(b)            Five
Percent Shareholders. No Employee may be granted an Option under the Plan if, immediately
after the Option is granted, the Employee would own (or pursuant to Section 424(d) of the Code would be deemed to own)
stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or
of its Parent or Subsidiaries, if any.

 

(c)            Additional
Requirements. The Administrator may, for Option Periods that have not yet commenced,
establish additional or other eligibility requirements, or amend the eligibility requirements set forth in subsection (a) above,
in each case, consistent with the requirements of Section 423.

 

		5.	OPTION PERIODS

 

The Plan will generally be implemented by
a series of separate offerings referred to as “Option Periods”. Unless otherwise determined by the Administrator, the
Option Periods will be successive periods of approximately six (6) months commencing on the first Business Day in January and
July of each year, anticipated to be on or around January 1 and July 1, and ending approximately six months later
on the last Business Day in June or December, as applicable, of each year, anticipated to be on or around June 30 and
December 31. The last Business Day of each Option Period will be an “Exercise Date”. The Administrator may change
the Exercise Date, the commencement date, the ending date and the duration of each Option Period, in each case, to the extent permitted
by Section 423; provided, however, that no Option may be exercised after 27 months from its grant
date.

 

		6.	OPTION GRANT

 

Subject to the limitations set forth in
Sections 4 and 10 of the Plan and the Maximum Share Limit, on the first day of an Option Period, each Participant will automatically
be granted an Option to purchase shares of Stock on the Exercise Date; provided, however, that no Participant will
be granted an Option under the Plan that permits the Participant’s right to purchase shares of Stock under the Plan and under
all other employee stock purchase plans of the Company and its Parent and Subsidiaries, if any, to accrue at a rate that exceeds
$25,000 in Fair Market Value (or such other maximum as may be prescribed from time to time by the Code) for each calendar year
during which any Option granted to such Participant is outstanding at any time, as determined in accordance with Section 423(b)(8) of
the Code.

 

		7.	METHOD OF PARTICIPATION

 

(a)            Payroll
Deduction and Participation Authorization. To participate in an Option Period, an
Eligible Employee must execute and deliver to the Administrator a payroll deduction and participation authorization form in accordance
with the procedures prescribed by, and in a form acceptable to, the Administrator and, in so doing, the Eligible Employee will
thereby become a Participant as of the first day of such Option Period. Such an Eligible Employee will remain a Participant with
respect to subsequent Option Periods until his or her participation in the Plan is terminated as provided herein. Such payroll
deduction and participation authorization must be delivered not later than ten (10) calendar days prior to the first day of
an Option Period, or such other time as specified by the Administrator.

 

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(b)            Changes
to Payroll Deduction Authorization for Subsequent Option Periods. A Participant’s
payroll deduction authorization will remain in effect for subsequent Option Periods unless the Participant files a new authorization
not later than ten (10) calendar days prior to the first day of the subsequent Option Period (or such other time as specified
by the Administrator) or the Participant’s Option is cancelled pursuant to Section 13 or Section 14 of the Plan.

 

(c)            Changes
to Payroll Deduction Authorization for Current Option Period. During an Option Period,
a Participant’s payroll deduction authorization may not be increased or decreased, except that a Participant may terminate
his or her payroll deduction authorization by canceling his or her Option in accordance with Section 13 of the Plan.

 

(d)            Payroll
Deduction Percentage. Each payroll deduction authorization will authorize payroll
deductions as a whole percentage from 1% to 10% of the employee’s Eligible Compensation per payroll period.

 

(e)            Payroll
Deduction Account. All payroll deductions made pursuant to this Section 7 will
be credited to the Participant’s Account. Amounts credited to a Participant’s Account will not be required to be set
aside in trust or otherwise segregated from the Company’s general assets.

 

		8.	METHOD OF PAYMENT

 

A Participant must pay for shares of Stock
purchased under the Plan with accumulated payroll deductions credited to the Participant’s Account.

 

		9.	PURCHASE PRICE

 

The Purchase Price of shares of Stock issued
pursuant to the exercise of an Option on each Exercise Date will be eighty-five percent (85%) (or such greater percentage specified
by the Administrator to the extent permitted under Section 423) of the lesser of (a) the Fair Market Value of a share
of Stock on the date on which the Option was granted pursuant to Section 6 of the Plan (i.e., the first day of the
Option Period) and (b) the Fair Market Value of a share of Stock on the date on which the Option is deemed exercised pursuant
to Section 10 of the Plan (i.e., the Exercise Date).

 

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		10.	EXERCISE OF OPTIONS

 

(a)            Purchase
of Shares. Subject to the limitations set forth in Section 6 of the Plan
and this Section 10, with respect to each Option Period, on the applicable Exercise Date, each Participant will be deemed
to have exercised his or her Option and the accumulated payroll deductions in the Participant’s Account will be applied to
purchase the greatest number of shares of Stock (rounded down to the nearest whole share) that can be purchased with such Account
balance at the applicable Purchase Price; provided, however, that no more than 5,000 shares of Stock
may be purchased by a Participant on any Exercise Date, or such other number as the Administrator may prescribe in accordance with
Section 423 (the “Maximum Share Limit”). As soon as practicable thereafter, shares of Stock so purchased will
be placed, in book-entry form, into a record keeping account in the name of the Participant. No fractional shares will be purchased
pursuant to the exercise of an Option under the Plan; any accumulated payroll deductions in a Participant’s Account that
are not sufficient to purchase a whole share will be retained in the Participant’s Account for the subsequent Option Period,
subject to earlier withdrawal by the Participant as provided in Section 13 hereof.

 

(b)            Return
of Account Balance. Except as provided in Section 10(a) above with respect
to fractional shares, any accumulated amount of payroll deductions in a Participant’s Account for an Option Period that are
not used for the purchase of shares of Stock, whether because of the Participant’s withdrawal from participation in an Option
Period or for any other reason, will be returned to the Participant (or his or her designated beneficiary or legal representative,
as applicable), without interest, as soon as administratively practicable after such withdrawal or other event, as applicable.
If the Participant’s accumulated payroll deductions on the Exercise Date of an Option Period would otherwise enable the Participant
to purchase shares of Stock in excess of the Maximum Share Limit or the maximum Fair Market Value set forth in Section 6 of
the Plan, the excess of the amount of the accumulated payroll deductions over the aggregate Purchase Price of the shares of Stock
actually purchased will be returned to the Participant, without interest, as soon as administratively practicable after such Exercise
Date.

 

		11.	INTEREST

 

No interest will accrue or be payable on
any amount held in the Account of any Participant.

 

		12.	TAXES

 

Payroll deductions will be made on an after-tax
basis. The Administrator will have the right to make such provision as it deems necessary for, and
may condition the exercise of an Option on, the satisfaction of its obligations to withhold federal, state, local income
or other taxes incurred by reason of the purchase or disposition of shares of Stock under the Plan. In the Administrator’s
discretion and subject to applicable law, such tax obligations may be satisfied in whole or in part by delivery of shares of Stock
to the Company, including shares of Stock purchased under the Plan, valued at Fair Market Value, but not in excess of the maximum
withholding amount consistent with the award being subject to equity accounting treatment under the Accounting Rules.

 

		13.	CANCELLATION AND WITHDRAWAL

 

A Participant who has been granted an Option
under the Plan may cancel all (but not less than all) of such Option and terminate his or her participation in the Plan by notice
to the Administrator in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator. To be effective
with respect to an upcoming Exercise Date, such cancellation notice must be delivered not later than ten (10) calendar days
prior to such Exercise Date (or such other time as specified by the Administrator). Upon such termination and cancellation, the
balance in the Participant’s Account will be returned to the Participant, without interest, as soon as administratively practicable
thereafter. For the avoidance of doubt, a Participant who reduces his or her withholding rate for a future Option Period to 0%
pursuant to Section 7 of the Plan will be deemed to have terminated his or her payroll deduction authorization and canceled
his or her participation in the Plan as to such Option Period and all future Option Periods, unless the Participant delivers a
new payroll deduction authorization for a subsequent Option Period in accordance with the rules of Section 7(b) of
the Plan.

 

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		14.	TERMINATION OF EMPLOYMENT;
DEATH OF PARTICIPANT

 

Upon the termination of a Participant’s
employment with the Company or a Designated Subsidiary, as applicable, for any reason (including the death of a Participant during
an Option Period prior to an Exercise Date) or in the event the Participant ceases to qualify as an Eligible Employee, the Participant
will cease to be a Participant, any Option held by the Participant under the Plan will be canceled, the balance in the Participant’s
Account will be returned to the Participant (or his or her estate or designated beneficiary in the event of the Participant’s
death), without interest, as soon as administratively practicable thereafter, and the Participant will have no further rights under
the Plan.

 

		15.	EQUAL RIGHTS; PARTICIPANT’S
RIGHTS NOT TRANSFERABLE

 

All Participants granted Options in an offering
under the Plan will have the same rights and privileges, consistent with the requirements set forth in Section 423. Any Option
granted under the Plan will be exercisable during the Participant’s lifetime only by him or her and may not be sold, pledged,
assigned, or transferred in any manner. In the event any Participant violates or attempts to violate the terms of this Section 15,
as determined by the Administrator in its sole discretion, any Options granted to the Participant under the Plan may be terminated
by the Company and, upon the return to the Participant of the balance of his or her Account, without interest, all of the Participant’s
rights under the Plan will terminate.

 

		16.	CHANGE IN CAPITALIZATION;
CORPORATE TRANSACTION

 

(a)            Change
in Capitalization. In the event of a stock dividend, stock split or combination of
shares (including a reverse stock split), recapitalization or other change in the Company’s capital structure that constitutes
an equity restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate adjustments to the
aggregate number and type of shares of stock available under the Plan, the number and type of shares of stock granted under any
outstanding Options, the maximum number and type of shares of stock purchasable under any outstanding Option, and/or the Purchase
Price under any outstanding Option, in each case, in a manner that complies with Section 423.

 

(b)            Corporate
Transaction. In the event of a sale of all or substantially all of the Stock or a
sale of all or substantially all of the assets of the Company, or a merger or similar transaction in which the Company is not the
surviving corporation or that results in the acquisition of the Company by another person, the Administrator may, in its discretion,
(i) if the Company is merged with or acquired by another corporation, provide that each outstanding Option will be assumed
or exchanged for a substitute Option granted by the acquiror or successor corporation or by a parent or subsidiary of the acquiror
or successor corporation, (ii) cancel each outstanding Option and return the balances in Participants’ Accounts to the
Participants, and/or (iii) pursuant to Section 18 of the Plan, terminate the Option Period on or before the date of the
proposed sale, merger or similar transaction.

 

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		17.	ADMINISTRATION

 

The Plan will be administered by the Administrator.
The Administrator has discretionary authority, subject only to the express provisions of the Plan, to administer and interpret
the Plan; to determine eligibility under the Plan; to prescribe forms, rules and procedures relating to the Plan; and to otherwise
do all things necessary or desirable to carry out the purposes of the Plan. Determinations of the Administrator made with respect
to the Plan are conclusive and bind all persons.

 

The Administrator may specify the manner
in which the Company and/or Employees are to provide notices and forms under the Plan, and may require that such notices and forms
be submitted electronically.

 

		18.	AMENDMENT AND TERMINATION
OF PLAN

 

(a)            Amendment.
The Administrator reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable;
provided, however, that any amendment that would be treated as the adoption of a new plan for purposes of Section 423
will have no force or effect unless approved by the shareholders of the Company within 12 months before or after its adoption.

 

(b)            Termination.
 The Administrator reserves the right at any time or times to suspend or terminate the
Plan. In connection therewith, the Administrator may provide, in its sole discretion, either that outstanding Options will be exercisable
on the Exercise Date for the applicable Option Period or on such earlier date as the Administrator may specify (in which case such
earlier date will be treated as the Exercise Date for the applicable Option Period), or that the balance of each Participant’s
Account will be returned to the Participant, without interest.

 

		19.	APPROVALS

 

Shareholder approval of the Plan will be
obtained prior to the date that is twelve (12) months after the date of Board approval. In the event that the Plan has not been
approved by the shareholders of the Company prior to March 1, 2022, all Options to purchase shares of Stock under the Plan
will be cancelled and become null and void.

 

Notwithstanding anything herein to the contrary,
the obligation of the Company to issue and deliver shares of Stock under the Plan will be subject to the approval required of any
governmental authority in connection with the authorization, issuance, sale or transfer of such shares of Stock and to any requirements
of any national securities exchange applicable thereto, and to compliance by the Company with other applicable legal requirements
in effect from time to time.

 

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		20.	PARTICIPANTS’
RIGHTS AS SHAREHOLDERS AND EMPLOYEES

 

A Participant will have no rights or privileges
as a shareholder of the Company and will not receive any dividends in respect of any shares of Stock covered by an Option granted
hereunder until such Option has been exercised, full payment has been made for such shares, and the shares have been issued to
the Participant.

 

Nothing contained in the provisions of the
Plan will be construed as giving to any Employee the right to be retained in the employ of the Company or any Designated Subsidiary
or as interfering with the right of the Company or any Designated Subsidiary to discharge, promote, demote or otherwise re-assign
any Employee from one position to another within the Company or any Designated Subsidiary at any time.

 

		21.	RESTRICTIONS ON TRANSFER;
INFORMATION REGARDING DISQUALIFYING DISPOSITIONS.

 

(a)            Restrictions
on Transfer. Shares of Stock purchased under the Plan may, in the discretion of the
Administrator, be subject to a restriction prohibiting the transfer, sale, pledge or alienation of such shares of Stock by a Participant,
other than by will or by the laws of descent and distribution, for such period following such purchase as may be determined by
the Administrator.

 

(b)            Disqualifying
Dispositions. By electing to participate in the Plan, each Participant agrees to provide
such information about any transfer of Stock acquired under the Plan that occurs within two years after the first day of the Option
Period in which such Stock was acquired and within one year after the day such Stock was purchased as may be requested by the Company
or any Designated Subsidiary in order to assist it in complying with applicable tax laws.

 

		22.	MISCELLANEOUS

 

(a)            Waiver
of Jury Trial. By electing to participate in the Plan, each Participant waives (or
will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action,
proceeding or counterclaim concerning any rights under the Plan or with respect to any Option, or under any amendment, waiver,
consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and
agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before a court and not
before a jury. By electing to participate in the Plan, each Participant certifies that no officer, representative, or attorney
of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim,
seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed
as limiting the ability of the Company and a Participant to agree to submit any dispute arising under the terms of the Plan or
in respect of any Option to binding arbitration or as limiting the ability of the Company to require any individual to agree to
submit such disputes to binding arbitration as a condition of receiving an Option hereunder.

 

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(b)            Limitation
of Liability.  Notwithstanding anything to the contrary in the Plan, neither the Company,
nor any of its subsidiaries, nor the Administrator, nor any person acting on behalf of the Company, any of its subsidiaries, or
the Administrator, will be liable to any Participant, to any permitted transferee, to the estate or beneficiary of any Participant
or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty,
interest or other liability asserted by reason of the failure of the Plan or any Option to satisfy the requirements of Section 423,
or otherwise asserted with respect to the Plan or any Option.

 

(c)            Unfunded
Plan. The Company’s obligations under the Plan are unfunded, and no Participant
will have any right to specific assets of the Company in respect of any Option. Participants will be general unsecured creditors
of the Company with respect to any amounts due or payable under the Plan.

 

		23.	ESTABLISHMENT OF SUB-PLANS

 

Notwithstanding the foregoing or any provision
of the Plan to the contrary, consistent with the requirements of Section 423, the Administrator may, in its sole discretion,
amend the terms of the Plan, or an offering and/or provide for separate offerings under the Plan in order to, among other things,
reflect the impact of local law outside of the United States as applied to one or more Eligible Employees of a Designated Subsidiary
and may, where appropriate, establish one or more sub-plans to reflect such amended provisions.

 

		24.	GOVERNING LAW

 

(a)            Certain
Requirements of Corporate Law. Options and shares of Stock will be granted, issued
and administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration
to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Stock
is listed or entered for trading, in each case as determined by the Administrator.

 

(b)            Other
Matters.  Except as otherwise provided by the express terms of a sub-plan described
in Section 23 or as provided in Section 24(a), the domestic substantive laws of the State of Delaware govern the provisions
of the Plan and of Options under the Plan and all claims or disputes arising out of or based upon the Plan or any Option or relating
to the subject matter hereof or thereof without giving effect to any choice or conflict of laws provision or rule that would
cause the application of the domestic substantive laws of any other jurisdiction.

 

(c)            Jurisdiction.
By electing to participate in the Plan, each Participant agrees or will be deemed to have
agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the
geographic boundaries of the United States District Court for the District of Delaware for the purpose of any suit, action or other
proceeding arising out of or based upon the Plan or any Option; (ii) not commence any suit, action or other proceeding arising
out of or based upon the Plan or any Option, except in the federal and state courts located within the geographic boundaries of
the United States District Court for the District of Delaware; and (iii) waive, and not assert, by way of motion as a defense
or otherwise, in any such suit, action or proceeding, any claim that he or she is not subject personally to the jurisdiction of
the above-named courts that his or her property is exempt or immune from attachment or execution, that the suit, action or proceeding
is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or any Option
or the subject matter thereof may not be enforced in or by such court.

 

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		25.	EFFECTIVE DATE AND TERM

 

The Plan will become effective upon adoption
of the Plan by the Board and no rights will be granted hereunder after the earliest to occur of (a) the Plan’s termination
by the Company, (b) the issuance of all shares of Stock available for issuance under the Plan or (c) the day before the
10-year anniversary of the date the Board approves the Plan.

 

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EXHIBIT A

Definition of Terms

 

The following terms, when used in the Plan,
will have the meanings and be subject to the provisions set forth below:

 

“401(k) Plan”: A
savings plan qualifying under Section 401(k) of the Code that is sponsored by the Company or one of its Subsidiaries
for the benefit of its employees.

 

“Account”: A notional
payroll deduction account maintained in the Participant’s name on the books of the Company.

 

“Accounting Rules”: Financial
Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision.

 

“Administrator”: The
Compensation Committee of the Board, except that the Compensation Committee may delegate its authority under the Plan to a sub-committee
comprised of one or more of its members, to members of the Board, or to officers or employees of the Company to the extent permitted
by applicable law. In each case, references herein to the Administrator refer, as applicable, to such persons or groups so delegated
to the extent of such delegation.

 

“Board”: The Board of
Directors of the Company.

 

“Business Day”:  Any
day on which the established national exchange or trading system (including the New York Stock Exchange)
on which the Stock is traded is available and open for trading.

 

“Code”: The Internal
Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time in effect.

 

“Company”: Hayward Holdings, Inc.,
a Delaware corporation.

 

“Designated Subsidiary”:
A Subsidiary of the Company that has been designated by the Board or the Compensation Committee of the Board from time to time
as eligible to participate in the Plan. A list of the Designated Subsidiaries on the Effective Date is set forth on Annex A hereto.
For the avoidance of doubt, any Subsidiary of the Company, whether or not a Subsidiary on the Effective Date, shall be eligible
to be designated as a Designated Subsidiary hereunder.

 

“Effective Date”: The
date on which the Board adopts the Plan as set forth in Section 25 of the Plan.

 

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“Eligible Compensation”:
Regular base salary, regular base wages, overtime payments, annual bonuses, commissions and sales incentives (excluding, for the
avoidance of doubt, any long-term or equity-based incentive payments or awards). Eligible Compensation will not be reduced by any
income or employment tax withholdings or any contributions by the Employee to a 401(k) Plan or a plan under Section 125
of the Code, but will be reduced by any contributions made on the Employee’s behalf by the Company or any Subsidiary to any
deferred compensation plan or welfare benefit program now or hereafter established.

 

“Eligible Employee”:
Any Employee who meets the eligibility requirements set forth in Section 4 of the Plan.

 

“Employee”: Any person
who is employed by the Company or a Designated Subsidiary. For the avoidance of doubt, independent contractors and consultants
are not “Employees”.

 

“Exercise Date”: The
date set forth in Section 5 of the Plan or otherwise designated by the Administrator with respect to a particular Option Period
on which a Participant will be deemed to have exercised the Option granted to him or her for such Option Period.

 

“Fair Market Value”:

 

(a) If the Stock is readily traded
on an established national exchange or trading system (including the New York Stock Exchange), the closing price of a share of
Stock as reported by the principal exchange on which such Stock is traded; provided, however, that
if such day is not a trading day, Fair Market Value will mean the reported closing price of a share of Stock for the immediately
preceding day that is a trading day.

 

(b) If the Stock is not traded on an
established national exchange or trading system, the average of the bid and ask prices for shares Stock where the bid and ask prices
are quoted.

 

(c) If the Stock cannot be valued pursuant
to clauses (a) or (b), the value as determined in good faith by the Board in its sole discretion.

 

“Maximum Share Limit”:
The meaning set forth in Section 10 of the Plan.

 

“Option”: An option granted
pursuant to the Plan entitling the holder to acquire shares of Stock upon payment of the Purchase Price per share of Stock.

 

“Option Period”: An offering
period established in accordance with Section 5 of the Plan.

 

“Parent”:  A “parent
corporation” as defined in Section 424(e) of the Code.

 

“Participant”: An Eligible
Employee who elects to participate in an Option Period under the Plan.

 

“Plan”: The Hayward Holdings, Inc.
2021 Employee Stock Purchase Plan, as from time to time amended and in effect.

 

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“Purchase Price”: The
price per share of Stock with respect to an Option Period determined in accordance with Section 9 of the Plan.

 

“Section 423”: Section 423
of the Code and the regulations thereunder.

 

“Stock”: Common stock
of the Company, par value $0.001 per share.

 

“Subsidiary”: A “subsidiary
corporation” as defined in Section 424(f) of the Code.

 

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ANNEX A

 

Designated Subsidiaries

 

(as of March 1, 2021)

 

Hayward Industries, Inc.

 

     -13-Exhibit 10.20

 

Amended
and restated EMPLOYMENT AGREEMENT

 

This Amended and Restated
Employment Agreement (the “Agreement”) is entered into as of March 2, 2021 by and among Hayward Industries, Inc.
(the “Company”), Hayward Holdings, Inc. (the “Parent”) and Kevin P. Holleran (the “Executive”)
(the Company, the Parent and the Executive, individually, a “Party” and, collectively, the “Parties”)
and is effective as of the day prior to the date on which the Parent becomes subject to the reporting obligations of Section 12
of the Securities Exchange Act of 1934, as amended (the “Effective Date”). (Hereinafter the Company and the
Parent together may be referred to as the “Companies.”) This Agreement amends and restates in its entirety the
employment agreement by and among the Company, the Parent, and the Executive, effective as of August 12, 2019 (the “Prior
Agreement”).

 

Terms used herein with
initial capitalization not otherwise defined are defined in Section 24 hereof.

 

WITNESSETH:

 

WHEREAS, the Company
desires the Executive to continue to serve as President and Chief Executive Officer of the Company and the Executive is willing
to continue to do so pursuant to the terms of this Agreement; and

 

WHEREAS, the Parent
desires to continue to employ the Executive as President and Chief Executive Officer of the Parent and the Executive is willing
to continue to do so pursuant to the terms of this Agreement.

 

NOW THEREFORE, in consideration
of the premises and of the covenants and agreements set forth herein and for other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, the Companies and the Executive hereby agree as follows:

 

1.              Employment.
The Companies agree to continue to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to continue
to be so employed for a period commencing on the Effective Date and continuing until the Executive’s employment is terminated
pursuant to Section 9 hereof (the “Employment Period”).

 

2.              Position
and Duties. During the Employment Period, the Executive shall serve as President and Chief Executive Officer of each of the
Company and the Parent and each of their subsidiaries, reporting directly to the Board of Directors of the Parent (the “Board”).
In such capacities, the Executive shall have the duties, responsibilities and authorities customarily associated with the positions
of President and Chief Executive Officer, respectively, in companies the size and nature of the Company and the Parent, respectively.
For so long as the Executive serves as the President and Chief Executive Officer of the Company and the Parent, the Parent will
nominate the Executive to serve as a member of the Board and the Executive will serve as a director of the Board if elected; provided,
however, that if the Executive ceases to be employed as President and Chief Executive Officer of the Parent, then the Executive
will be deemed to have concurrently resigned voluntarily from the Board. The Executive shall devote the Executive’s reasonable
best efforts and substantially all of the Executive’s business time to the performance of the Executive’s duties and
responsibilities hereunder; provided that the Executive shall be entitled to (a) manage the Executive’s personal
and family investments, and (b) with the prior written approval of the Board (or the Nominating and Governance Committee of
the Board), serve as a member of the board of directors of no more than one (1) public company and one (1) non-profit
or private company, each case, to the extent such activities do not materially interfere with the performance of the Executive’s
duties and responsibilities hereunder (including, for the avoidance of doubt, the terms of Sections 6, 7 and 8 hereof).

 

     

     

    

 

3.              Place
of Performance. During the Employment Period, the Executive shall be based primarily at the Company’s principal executive
offices. The Executive understands and agrees that the Executive may be required to travel from time to time for business purposes.

 

4.              Compensation
and Benefits; Incentive Awards; Relocation.

 

(a)            Base
Salary. During the Employment Period, the Company shall pay to the Executive a base salary (the “Base Salary”)
at the annual rate of no less than $775,000 for the 2021 calendar year, and, provided that the Board and the Executive do not agree
to freeze management salaries due to performance or other considerations, at the annual rate of no less than $875,000 for the 2022
calendar year, less applicable deductions. Commencing with the 2023 calendar year, the Executive’s Base Salary shall be reviewed
for increase (but not decrease) by the Board or the Compensation Committee of the Board (the “Compensation Committee”),
and such review shall then occur no less frequently than annually and the Executive’s Base Salary may be increased in the
sole discretion of the Board or the Compensation Committee and any such adjusted Base Salary shall thereafter constitute the “Base
Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with
the Company’s regular payroll procedures.

 

(b)            Annual
Bonus. During the Employment Period, the Executive shall be eligible to receive an annual cash performance bonus (an “Annual
Bonus”) under the Company’s annual incentive plan (as in effect from time to time for senior executives) in respect
of each plan year that ends during the Employment Period, to the extent earned based on the achievement of performance criteria
set by the Board or the Compensation Committee. The performance criteria for a plan year shall be determined by the Board or the
Compensation Committee, in good faith, no later than sixty (60) days after the commencement of such plan year. The Executive’s
target Annual Bonus shall be no less than 100% of the Executive’s Base Salary as of the beginning of the applicable plan
year (the “Target Bonus”) if target levels of performance for that year are achieved. The Executive’s
Annual Bonus for any plan year shall be determined by the Board or the Compensation Committee after the end of such plan year and
shall be paid to the Executive no later than seventy-five (75) calendar days following the end of such plan year. For purposes
of Section 24(a) hereof, if the Executive’s employment is terminated pursuant to the terms of Section 9
hereof after the end of any plan year (other than pursuant to Section 9(c)), but prior to such Annual Bonus determination
by the Board or the Compensation Committee with respect to that plan year, and the Board or the Compensation Committee subsequently
determines that the Annual Bonus for that plan year has been earned by the Executive, then any such earned Annual Bonus shall be
considered an Accrued Benefit.

 

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(c)            Equity
Incentive Awards. During the Employment Period, the Executive shall be eligible to participate in any equity incentive plan
that may be made available, from time to time, to other senior executives of the Companies.

 

(d)            Vacation;
Benefits. During the Employment Period, the Executive shall be entitled to four (4) weeks paid vacation annually (accruing
ratably on an annual basis) and to participate in all employee benefits made available, from time to time, to senior executive
officers of the Company.

 

(e)            Perquisites.
During the Employment Period, the Executive shall be entitled to perquisites no less favorable than those generally provided by
the Company, from time to time, to other senior executive officers of the Company. Without limiting the foregoing, the Executive
shall be entitled to reimbursement pursuant to Section 5 for annual Young Presidents’ Organization (“YPO”)
dues and travel, registration, and incidental costs incurred in attending at least one (1) YPO meeting per year, not to exceed
$20,000 in the aggregate for any given year. In addition, the Executive is currently entitled to a car, and reimbursement for all
operating costs associated with such car, including insurance coverage, gas (for business usage), maintenance and repair costs
(the “Car Benefit”). The Executive shall continue to be entitled to the Car Benefit through the end of the current
car lease that ends on May 21, 2023; and, following such date, the Company shall increase the Executive’s Base Salary
by $13,000, which increase shall, for the avoidance of doubt, be separate and apart from any annual increase in Base Salary pursuant
to Section 4(a) herein.

 

(f)             Relocation.
Consistent with the provisions of Section 5 below, during the Employment Period and until the earlier of September 30,
2023 and the date on which the Executive relocates his primary residence to the Company’s principal executive offices, the
Company shall provide the Executive with (i) reasonable temporary housing; (ii) reimbursement for travel to and from
Executive’s home in Augusta, Georgia to the Company’s principal executive offices (including first class airfare);
(iii) reimbursement for relocation costs incurred by Executive in addition to the foregoing of up to $200,000; and (iv) a
gross-up for taxes (if any) incurred in respect of any taxes imposed on items (i) through (iv), subject, in each case, to
reasonable substantiation and documentation of the same, in accordance with the Company’s reimbursement policies, as may
be in effect from time to time.

 

5.              Expenses.
During the Employment Period, the Company shall reimburse the Executive promptly for all expenses reasonably incurred by the Executive
in the performance of his duties hereunder in accordance with policies that may be adopted from time to time by the Company following
presentation by the Executive of an itemized account, including reasonable substantiation, of such expenses. The Executive’s
right to payment or reimbursement for business expenses and other amounts hereunder shall be subject to the following additional
rules: (a) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses
eligible for payment or reimbursement in any other calendar year, (b) payment or reimbursement shall be made not later than
December 31 of the calendar year following the calendar year in which the expense or payment was incurred, and (c) the
right to payment or reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

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6.              Confidentiality
and Assignment of Intellectual Property. The Executive hereby acknowledges and agrees that the business, financial and other
non-public information of the Companies and the Companies’ direct and indirect parents and subsidiaries is of a confidential
and proprietary nature. The Executive hereby further acknowledges and agrees that, during the course of his employment by the Companies,
he has received, developed or learned of, and will continue to receive, develop, or learn of, confidential and proprietary information
of the Companies and the Companies’ direct and indirect parents and subsidiaries not previously known to him and not known
or used generally. The Executive hereby agrees that, he will not disclose other than as required for the performance of his duties
under this Agreement, will continue to keep in strict secrecy and confidence, and continue to treat as the property of the Parent,
the Company or any of the Companies’ direct or indirect parents or subsidiaries, as the case may be, and will not use for
his own benefit or for the benefit of others any and all information, knowledge and other data relating to the business and affairs
of the Parent, the Company or any of the Companies’ direct or indirect parents or subsidiaries, as the case may be (whether
or not such information, knowledge or other data is in written form), that he has acquired, received, developed or learned, or
may acquire, receive, develop or learn, in the course of his employment by the Parent, Company or any of the Companies’ direct
or indirect subsidiaries. For the avoidance of doubt, (a) nothing contained in this Agreement limits, restricts or in any
other way affects the Executive’s communicating with any governmental, administrative or legislative agency or entity (including
a committee thereof), or communicating with any official or staff person of a governmental, administrative or legislative agency
or entity, concerning matters relevant to such agency or entity, or requires the Executive to provide prior notice of such communication
to the Company or Parent, (b) nothing contained in this Agreement limits, restricts or in any other way affects any disclosures
by the Executive required by law or court order, and (c) nothing contained in this Agreement limits, restricts or in any other
way affects, and the Executive will not be held criminally or civilly liable under any federal or state trade secret law for, the
Executive’s disclosing a trade secret (A) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (B) in
a complaint or other document filed under seal in a lawsuit or other proceeding; provided, however, that notwithstanding
this immunity from liability, the Executive may be held liable if he unlawfully accesses trade secrets subject to this Section 6
by unauthorized means. Anything herein to the contrary notwithstanding, information, knowledge and other data relating to the business
and affairs of the Parent, the Company or any direct or indirect parent or subsidiary of either, including trade secrets, that
are subject to the confidentiality provisions of this Section 6 shall cease to be subject to such provisions if the
data becomes known to the public other than due to any wrongful action or negligence of the Executive.

 

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The Executive, as part
of the consideration for this Agreement and for his employment by the Companies, hereby assigns, and agrees to assign, to (or as
otherwise directed by) the Companies his entire right, title and interest in and to any and all inventions, trade secrets, improvements,
plans and specifications (i) which he, alone or in conjunction with others, may make, conceive or develop during the period
of his employment with the Companies which relate to the business of the Parent, the Company or any of the Companies’ direct
or indirect subsidiaries, or (ii) which he, alone or in conjunction with others, may make or conceive within a period of one
(1) year after the Date of Termination which derive from any confidential or proprietary information, knowledge or other data
of the Parent, the Company or any of their respective direct or indirect subsidiaries with respect to which he has become informed
by reason of his engagement by the Companies (including, without limitation, his relations with the Companies’ direct or
indirect subsidiaries). The Executive further agrees that he will promptly disclose fully to the Companies his aforesaid inventions,
trade secrets, improvements, plans and specifications and will at any time during and after his employment with the Companies render
to the Companies such cooperation and assistance as they may deem to be advisable in order to obtain copyrights or patents, as
the case may be, on or otherwise perfect or defend the rights of the Company and/or the Parent in each such invention, trade secret,
improvement, plan or specification, including, but not limited to, the execution of any and all applications for copyrights or
patents, assignments of copyrights or patents and other written instruments which the Companies, their officers or attorneys reasonably
may deem necessary or desirable, and the aforesaid obligation shall be binding on the Executive’s assigns, executors, administrators
and other legal representatives.

 

The Executive hereby
irrevocably grants to each of the Companies and their successors and assigns, to the full extent permitted by law, power of attorney
to institute and prosecute from time to time, at their sole expense, any proceedings at law, in equity or otherwise, that any of
the Companies, their successors or assigns, may deem proper in order to transfer to the Companies, assert or enforce any claim,
right or title of any kind in and to the inventions, trade secrets, improvements and other proprietary interests described under
this Section 6, to defend and settle any and all actions, suits or proceedings in respect of any of said inventions,
trade secrets, improvements and other proprietary interests and, generally to do any and all such acts and things in relation thereto
as any of the Companies, their successors or assigns, shall deem advisable, including, but not limited to, execution of any and
all applications, assignments and instruments contemplated under this Section 6. The Executive declares and acknowledges
that the appointment hereby made and the powers hereby granted are coupled with an interest and shall be irrevocable by him.

 

7.              Non-Competition
and Non-Solicitation.

 

(a)            During
the Employment Period and for a period of one (1) year thereafter (the “Non-Compete Period”), the Executive
shall not engage, directly or indirectly, whether as principal, agent, employee, consultant, distributor, representative, five
percent (5%) or greater stockholder or otherwise, in the business of manufacturing and/or distributing pool equipment anywhere
in the United States or any other jurisdiction in which the Companies operate during the Employment Period or, with respect to
the portion of the Non-Compete Period that follows the Employment Period, as of the conclusion of the Employment Period (a “Competing
Business”). Notwithstanding the foregoing, nothing contained herein shall prohibit the Executive from providing services
for or with respect to any division, subsidiary or affiliate (each, a “Unit”) of an entity (other than
Pentair plc or any of its Affiliates) if that Unit is not engaged in a Competing Business, irrespective of whether some other Unit
of such entity engages in a Competing Business (so long as the Executive does not directly or indirectly provide services for the
competing Unit).

 

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(b)            During
the Employment Period and for a period of two (2) years thereafter (the “Non-Solicit Period”), the Executive
shall not, directly or indirectly (whether alone or jointly with another Person), (i) solicit for employment, hire, employ,
or engage any Person who, at any time during the Non-Solicit Period, is an officer or employee of the Parent or any of its direct
or indirect subsidiaries, including the Company; provided, however, that the preceding sentence does not prohibit
the Executive from (A) soliciting or hiring any Person whose employment, or engagement for services, was terminated by any
such Person at least twelve (12) months prior to the date of such solicitation or hire; and provided, further, that such
termination was not encouraged by the Executive, or (B) engaging in any general solicitation not targeted at any employee
of any such Person, including a non-directed executive search or placing general advertisements for employees in newspapers or
other media of general circulation so long as such employee is not hired, directly or indirectly, by the Executive or any of his
controlled Affiliates or (ii) solicit business from any customer or solicit products or services from any vendor of the Parent
or any of its direct or indirect subsidiaries, including the Company, that interferes with or jeopardizes the business or relationships
of any such Person with any such customer or vendor.

 

(c)            The
Parties acknowledge and agree that the Executive’s obligations under Section 6, this Section 7 and
the following Section 8 (collectively, the “Covenants”) are of a special, unique and extraordinary
nature, that there may be no adequate remedy at law for any breach thereof, that any such breach may allow third parties to compete
unfairly with the Parent or any of its direct or indirect parents or subsidiaries, including the Company, resulting in irreparable
harm to any such Person, and, therefore, upon any such breach or any threat thereof, the Companies shall be entitled to preliminary
and permanent, mandatory or negative injunctive relief against any breach or threatened breach by the Executive of any of the Covenants,
without having to post a bond, in addition to whatever remedies they may have at law. The Executive hereby agrees that (i) the
terms of the Covenants are reasonable, (ii) the foregoing restrictions will not prevent him from obtaining gainful employment
in his occupation or field of expertise or cause him undue hardship, and (iii) in the event a court determines that any of
the provisions of the Covenants are unreasonable or contrary to public policy, or invalid or unenforceable for any reason in fact,
law or equity, then such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by
law. So that the Companies may enjoy the full benefits of the covenants set forth in this Section 7, the Executive
further agrees that the Non-Compete Period or Non-Solicit Period, as applicable, shall be tolled, and shall not run, during the
period of time during which the Executive is in breach of any of the covenants contained in this Section 7, after such
time the Company has informed the Executive that he is so in breach. It is also agreed that each of the Parent and its direct or
indirect parents or subsidiaries, including the Company, shall have the right to enforce all of the Executive’s obligations
to that Affiliate under this Agreement, including without limitation pursuant to this Section 7.

 

8.              Mutual
Non-Disparagement. During the Employment Period and thereafter, the Executive agrees not to make public statements or communications,
or statements or communications that, at the time made, are intended or reasonably likely to become public, that disparage or criticize
the Parent or any of its direct or indirect parents or subsidiaries, including the Company, or any of their respective businesses,
services or products or their current, former or future equityholders, directors or executive officers (in their capacities as
such). During the Employment Period and thereafter, each of the Company and the Parent shall not authorize, and shall instruct
its directors and executive officers to not make, public statements or communications that disparage or criticize the Executive.
For purposes of this Section 8, “public” as used in reference to a statement or communication means the
public generally, including the current, former or future equityholders, directors or executive officers of the Parent and its
direct or indirect parents or subsidiaries, including the Company, and the customers, vendors or other business partners of any
such Person. The foregoing shall not be violated by (a) truthful statements in response to legal process, required governmental
testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with
such proceedings), (b) public comments, such as in media interviews, which include good faith, candid discussions or acknowledgements
regarding the performance or business of Parent or any of its direct or indirect parents or subsidiaries, including the Company,
or (c) discussions regarding the Executive in connection with performance evaluations, including impromptu evaluations and
feedback and good faith criticism.

 

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9.             Termination
of Employment. A termination of the Executive’s employment with either the Parent or the Company shall be treated as
a termination of the Executive’s employment with both of the Companies.

 

(a)            Death.
If the Executive’s employment with the Companies is terminated during the Employment Period as a result of the Executive’s
death, the Employment Period shall terminate without further notice or any action required by the Companies or the Executive’s
estate or other legal representative. Upon the Executive’s death, the Company shall pay or provide to the Executive’s
estate or other legal representative (i) all Accrued Benefits and (ii) a Pro-Rata Bonus.

 

(b)            Disability.
If the Companies, or either of them, terminate the Executive’s employment during the Employment Period because of the Executive’s
Disability, the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) the
COBRA Coverage Benefits and (iv) the Post-Termination Benefits.

 

(c)            Termination
by the Companies for Cause or by the Executive without Good Reason. If, during the Employment Period, the Companies, or either
of them, terminate the Executive’s employment for Cause or the Executive terminates his employment with either of the Companies
without Good Reason, the Company shall pay to the Executive all Accrued Benefits.

 

(d)            Termination
by the Companies without Cause or by the Executive for Good Reason. If, during the Employment Period, the Companies, or either
of them, terminate the Executive’s employment without Cause (other than due to Disability) or if the Executive terminates
his employment with either of the Companies for Good Reason, the Company shall pay or provide the Executive (or the Executive’s
estate or other legal representative, if the Executive dies after such termination but before receiving such amount) (i) all
Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) an amount equal to two times the sum of (A) the Executive’s
Base Salary and (B) the Executive’s Target Bonus, which amount shall be payable in equal installments and paid at the
same time as normal payroll payments are made for the twenty-four (24) month period following the Date of Termination, with such
payments described in (iii) to commence on the first payroll date following the Payment Date (as defined below), but retroactive
to the day following the Date of Termination, subject to Section 9(i) hereof, (iv) the COBRA Coverage Benefits,
(v) outplacement counseling services for six (6) months following the Date of Termination, and (vi) the Post-Termination
Benefits.

 

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(e)            Notice
of Termination. Any termination of the Executive’s employment by the Companies or by the Executive (other than because
of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance
with Section 11 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice
which shall indicate the specific termination provision in this Agreement relied upon. Termination of the Executive’s employment
shall take effect on the Date of Termination.

 

(f)             Effect
of Termination. Upon any termination of the Executive’s employment with the Companies, or either of them, the Executive
shall resign from, and shall be considered to have simultaneously resigned from, all positions with the Companies and all of the
Companies’ Affiliates.

 

(g)            Release.
As a condition to the Executive’s entitlements (other than the Accrued Benefits), as provided in Section 9(b) and
9(d) hereof (the “Severance Benefits”), the Executive must timely execute and deliver to the Companies,
and not revoke, a release of claims in substantially the form attached as Exhibit A hereto (the “Release”);
provided, that for the avoidance of doubt, the foregoing Release requirement shall not apply to the Company’s obligation
to provide the Accrued Benefits or any amounts payable under Section 9(a). The Release must be executed and delivered
by the Executive (and no longer be subject to revocation) as provided in Section 3(c) of Exhibit A.
The Release must become effective, if at all, by the date specified therein (and in all events no later than the ninetieth (90th)
calendar day following the Date of Termination). The first payment of the Severance Benefits (excluding the Pro Rata Bonus) will
be made on the Company’s next regular payday following the earlier of (i) the date upon which the Release (if applicable)
becomes effective, binding and irrevocable and (ii) the expiration of ninety (90) calendar days from the Date of Termination
(the “Payment Date”), but will be retroactive to the day following the Date of Termination.

 

(h)            No
Offset. In the event of termination of his employment, the Executive shall be under no obligation to seek other employment
and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any subsequent employment
he may obtain, except as provided under Section 24(e) hereof. The Companies’ obligation to make any payment
pursuant to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or
other right that the Parent, the Company or any of the Companies’ Affiliates may have against the Executive for any reason.

 

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(i)             Section 280G.
If any payment or benefit that the Executive may receive following a change of control of the Company, the Executive’s termination
of employment, or otherwise, whether or not payable or provided under this Agreement (“Payment”) would (i) constitute
a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
 “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced Amount”
shall be either (A) the largest portion of the Payment that would result in no portion of the Payment being subject to the
Excise Tax or (B) the largest portion, up to and including the total amount, of the Payment, whichever of the amounts determined
under (A) and (B), after taking into account all applicable federal, state and local employment taxes, income taxes, and the
Excise Tax (all computed at the highest applicable marginal rate), results in the Executive’s receipt, on an after-tax basis,
of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.
If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the
Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting of
outstanding equity awards; and reduction of employee benefits. In the event that acceleration of vesting of outstanding equity
awards is to be reduced, such acceleration of vesting shall be undertaken in the reverse order of the date of grant of the Executive’s
outstanding equity awards. All calculations and determinations made pursuant this Section 9(i) will be made by
an independent accounting or consulting firm or independent tax counsel appointed by the Company (the “Tax Counsel”)
whose determinations shall be conclusive and binding on the Company and the Executive for all purposes. For purposes of making
the calculations and determinations required by this Section 9(i), the Tax Counsel may rely on reasonable, good faith
assumptions and approximations concerning the application of Section 280G of the Code and Section 4999 of the Code. The
Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services.

 

(j)             Satisfaction
of Obligations. Anything herein to the contrary notwithstanding, upon satisfaction of their respective applicable obligations
as set forth in this Section 9, the Companies shall have no further obligations to the Executive under this Agreement,
except as set forth in Section 13 hereof. The obligation of the Companies to provide the Severance Benefits (or, if
such Severance Benefits have commenced, to continue providing the Severance Benefits) to the Executive is expressly conditioned
upon the Executive’s continued performance of and compliance with his obligations under the Covenants; provided, however,
that an immaterial and unintentional breach by the Executive of the Covenants provided in Section 6 or Section 8
hereof shall not be deemed to be a failure to perform or comply with such obligations. In the event of the Executive’s death
after his termination of employment but prior to his receiving, in full, the payments or other benefits to which he is entitled
hereunder, his estate or other legal representative shall succeed to such entitlements.

 

10.            Indemnification.
During the Employment Period and thereafter, the Companies will indemnify the Executive to the fullest extent permitted by law
and each of the Companies’ certificate of incorporation, bylaws or other governing documents, as applicable, and cause him
to be covered under such directors and officers insurance policies as the Companies maintain in effect from time to time. The Executive
agrees to promptly notify the Companies of any actual or threatened claim arising out of or as a result of the Executive’s
employment hereunder or any office or directorship held with Parent, the Company or any of their Affiliates.

 

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11.            Notices.
All notices, demands, requests, or other communications which may be or are required to be given or made by any party to any other
party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified
mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by facsimile transmission addressed
as follows:

 

If to the Company, to:

 

Hayward Industries, Inc.

400 Connell Drive, Suite 6100

Berkeley
Heights, NJ 07922

Attn: Chairman

 

If to the Parent, to:

 

Hayward Holdings, Inc.

400 Connell Drive, Suite 6100

Berkeley
Heights, NJ 07922

Attn: Chairman

 

If to the Executive, to:

 

Address last shown on the Company’s
records.

 

Each party may designate by notice in writing
a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand,
request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made
for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, confirmation
of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or
at such time as delivery is refused by the addressee upon presentation.

 

12.            Severability.
The invalidity or unenforceability of any one or more provisions of this Agreement, including, without limitation, Section 6,
shall not affect the legality, validity or enforceability of the other provisions of this Agreement, which shall remain in full
force and effect.

 

13.            Survival.
It is the express intention and agreement of the Parties that the provisions of Sections 4, 5, 6, 7,
8, 9, 10, 11, 12, 14, 15, 16, 17, 18, 19, 20,
22, 23, and 24 hereof and this Section 13 shall survive the termination of employment of the Executive,
in accordance with the respective terms of such provisions. In addition, all obligations of the Company or the Parent to the Executive
under applicable compensation benefit plans and programs and to make payments or settle equity awards granted thereunder shall
survive any termination of this Agreement, to the extent permitted by law, in accordance with the terms of such plans, programs
and/or awards.

 

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14.            Assignment.
The rights and obligations of the Parties to this Agreement shall not be assignable or delegable except that (a) in the event
of the Executive’s death, the personal representative or legatees or distributees of the Executive’s estate, or the
trustees of any trusts established under the Executive’s will or by the Executive during his lifetime, as the case may be,
shall have the right to receive any amount owing and unpaid to the Executive hereunder and (b) the respective rights and obligations
of the Company and the Parent hereunder shall be assignable and delegable in connection with any subsequent merger, consolidation,
reorganization, sale of all or substantially all of the assets or equity interests of the Company or the Parent, or similar transaction
involving the Company or the Parent or a successor to either of them. In connection with any assignment pursuant to clause (b) of
the preceding sentence, the Parent and the Company shall require any such successor to the Parent or the Company or to their respective
business and assets to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Parent and the Company would be required to perform it if no such succession had taken place; provided, for the avoidance
of doubt, that no such express assumption and agreement shall be required where any such successor becomes subject to this Agreement
by operation of law as part of any transaction described in the foregoing clause (b). As used in this Agreement, “Company”
shall include any successor to the Company’s business and/or assets and “Parent” shall include any successor
to the Parent’s business and/or assets.

 

15.            Binding
Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the Parties and shall
inure to the benefit of the Parties and their respective heirs, devisees, executors, administrators, legal representatives, successors
and assigns.

 

16.            Amendment;
Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed by the party
against whom enforcement is sought. Neither the waiver by any of the Parties of a breach of or a default under any of the provisions
of this Agreement, nor the failure of any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement
or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default
of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder.

 

17.            Headings.
Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed
to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of
any of the provisions hereof.

 

18.            Governing
Law. This Agreement, the rights and obligations of the Parties, and any claims or disputes relating thereto, shall be governed
by and construed in accordance with the laws of the New Jersey (but not including any choice of law rule thereof that would
cause the laws of another jurisdiction to apply).

 

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19.            Dispute
Resolution.

 

(a)            Arbitration.
In the event of any dispute between the Parties, including but not limited to any claims arising from or related to this Agreement
or the termination of this Agreement, any claims related to Executive’s employment or the termination of the Executive’s
employment, or any claims arising under the state and federal laws governing employment, such dispute will be determined exclusively,
upon the written request of either Party, by binding arbitration under the auspices of and pursuant to the Employment Dispute Resolution
Rules of the American Arbitration Association. Such arbitration shall be conducted in New York City, New York before a single
arbitrator who is a retired judge. This agreement to arbitrate shall include, without limitation, any and all disputes, controversies
and/or claims against Parent, the Company or any of their Affiliates or the current or former partners, members, officers or employees
of any of them, whether arising under theories of liability or damages based on contract, tort or statute, to the fullest extent
permitted by law, such as, without limitation, claims for breach of contract or breach of the covenant of good faith and fair dealing,
any claims of discrimination or other claims under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination
in Employment Act of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act,
ERISA and/or any applicable or equivalent state or local laws, claims for wrongful termination, including employment termination
in violation of public policy, and claims for personal injury including, without limitation, defamation, fraud and infliction of
emotional distress. The only claims not covered by this agreement to arbitrate are claims for benefits under workers’ compensation
or unemployment insurance statutes and other claims that cannot be arbitrated as a matter of law. As a material part of this agreement
to arbitrate claims, the Executive, Parent, and the Company expressly waive all rights to a jury trial in court on all statutory
or other claims, including, without limitation, those identified in this Section 19. The Executive also acknowledges
and agrees that no claims will be arbitrated on a class action or collective action basis. The arbitrator will have no power to
add to, subtract from, or otherwise modify any of the terms of this Agreement except that a provision otherwise invalid, illegal
or unenforceable shall be modified to the least extent necessary to make it valid, legal and enforceable. The decision of the arbitrator
shall be final, conclusive and binding and may be enforced by any court of competent jurisdiction, and all Parties consent to the
personal jurisdiction of the state and federal courts of the State of New Jersey for such purposes. Notwithstanding the foregoing,
the Parent and the Company shall be entitled to seek injunctive relief and other provisional remedies against the Executive in
any court of competent jurisdiction for any breach or threatened breach of any provisions of this Agreement. All reasonable fees,
costs and expenses (including reasonable attorneys’ fees, expenses and costs) incurred by the prevailing party in any arbitration
will be borne by the other party. Any claim must be brought to arbitration within the statute of limitations for bringing such
claim in court or before the appropriate administrative agency, as applicable.

 

(b)            Court
Proceeding. Each of the Parties agrees that any dispute between the Parties in respect of which resolution by a court of any
issue is required either (i) in accordance with the provisions of Section 19(a) or (ii) for the purpose of
the recognition and enforcement of any judgment by the arbitrator, shall be resolved only in the courts of New Jersey or the United
States District Court for the District of New Jersey and the appellate courts having jurisdiction of appeals from such courts.

 

20.            Entire
Agreement. This Agreement and all other agreements and plans relating to the subject matter hereof, including, without limitation,
agreements for amending awards granted under such plans, to the extent not inconsistent with any terms set forth herein, constitute
the entire understanding of the Company and the Parent on the one hand, and the Executive on the other hand, with respect to the
subject matter hereof and supersede the Prior Agreement and all other prior understandings, written or oral, concerning such subject
matter.

 

21.            Counterparts.
This Agreement may be executed in two counterparts, each of which shall be an original and all of which shall be deemed to constitute
one and the same instrument.

 

    12

     

    

 

 

22.            Withholding.
The Company may withhold from any benefit or compensation payment under this Agreement all federal, state, city or other taxes
as shall be required pursuant to any law or governmental regulation or ruling.

 

23.            Section 409A.

 

(a)            The
intent of the Parties is that payments and benefits under this Agreement comply with Section 409A of the Code and the regulations
and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum
extent permitted, this Agreement shall be interpreted to be in compliance therewith. Specifically, if any provision of this Agreement
is ambiguous, such that one interpretation of the provision would comply with Code Section 409A and another interpretation
would result in a failure to comply with any applicable requirement under Code Section 409A, the Parties intend that the interpretation
that complies with Code Section 409A shall be the one that governs. To the extent permitted under Code Section 409A,
this Agreement, and the terms of any Plan (as defined in Section 23(f) below) to the extent they relate to the
Executive’s entitlements thereunder, shall be modified, either as reasonably requested by the Executive, with the Company’s
and Parent’s consent), or as the Company may propose (or, as the Parent may propose, with respect to any Plan maintained
by it) with the Executive’s consent, to the extent necessary to comply with all applicable requirements of, and to avoid
the imposition of any additional tax, interest or penalties under, Code Section 409A in connection with the payments and benefits
to be paid or provided to the Executive hereunder or under such Plan. To the extent that any provision hereof, or of any Plan,
is modified in order to comply with Code Section 409A, such modification shall be made in good faith, shall not impose any
additional costs on the Parent or the Company and shall, to the maximum extent reasonably possible, maintain the original intent
and economic benefit to the Executive and the Companies of the applicable provision without violating the provisions of Code Section 409A.

 

(b)            A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
If the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term
under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred
compensation under Code Section 409A (after taking into account all exclusions applicable to such payment or benefit under
Code Section 409A) and that is payable or to be provided to the Executive on account of his “separation from service,”
such payment or benefit shall be made or provided at the date which is the earliest to occur of (i) the expiration of the
six (6)-month period measured from the date of the Executive’s “separation from service, (ii) the date of the
Executive’s death, or (iii) such earlier date as may be permitted under Code Section 409A. Upon the expiration
of the foregoing delay period, all payments and benefits delayed pursuant to this Section 23(b) (whether they
would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed
to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance
with the normal payment dates specified for them herein.

 

     13

     

    

 

(c)            To
the extent that the reimbursement of any expenses eligible for reimbursement or the provision of any in-kind benefits under this
Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A (after taking into
account all exclusions applicable to such reimbursements or benefits under Code Section 409A): (i) reimbursement of any
such expense shall be made as soon as practicable after such expense has been incurred, but any event no later than December 31
of the year following the year in which the Executive incurs such expense; (ii) the amount of such expenses eligible for reimbursement,
or in-kind benefits to be provided, in any calendar year shall not affect the amount of expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other calendar year; and (iii) the Executive’s right to receive such reimbursements
or in-kind benefits shall not be subject to liquidation or exchange for any other benefit.

 

(d)            For
purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement
shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies
a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the
sole discretion of the Company.

 

(e)            Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A.

 

(f)            For
purposes of the foregoing, the term “Plan” shall mean any plan, program, agreement (other than this Agreement)
or other arrangement maintained by the Company, the Parent or any of the Companies’ Affiliates that is a “nonqualified
deferred compensation plan” within the meaning of Code Section 409A, and under which any payments or benefits are to
be made or provided to the Executive, to the extent they constitute a deferral of compensation subject to the requirements of Code
Section 409A after taking into account all exclusions applicable to such payments or benefits under Code Section 409A.

 

24.            Definitions.

 

(a)            “Accrued
Benefits” means (i) any unpaid Base Salary through the date the Executive’s employment terminates, (ii) except
in the case of a termination of employment pursuant to Section 9(c), any earned and payable, but unpaid, Annual Bonus,
(including any Annual Bonus payable pursuant to the last sentence of Section 4(b)); (iii) any accrued and unpaid
vacation; (iv) any amounts or benefits or other rights owing to the Executive or to the Executive’s beneficiaries under
the then applicable benefit plans of the Company or Parent (including without limitation Parent’s Amended and Restated 2017
Equity Incentive Plan) in which the Executive participated immediately prior to the Date of Termination (excluding any severance
plan, program, agreement or arrangement); and (v) any amounts owing to the Executive for reimbursement of business expenses
properly incurred by the Executive prior to the Date of Termination and which are reimbursable in accordance with Section 4
or Section 5, provided that the Executive, or his estate or other legal representative, submits all expenses
and supporting documentation required within thirty (30) days of the Date of Termination (or one-hundred eighty (180) days in the
case of termination due to death). Amounts payable (A) under clauses (i), (ii) and (iii) shall be paid promptly
after the Date of Termination but in any event by no later than thirty (30) days after such date (or, in the case of (ii), when
bonuses are paid to executives of the Company generally); (B) under clause (iv) shall be paid in accordance with the
terms and conditions of the applicable plan, program or arrangement; and (C) under clause (v) shall be paid in accordance
with the terms of the applicable expense policy but in any event by no later than the time for payment of the reimbursement required
pursuant to Section 23(c)(i) above.

 

     14

     

    

 

(b)            “Affiliate”
of a person or entity means any entity controlled by, in control of, or under common control with, such person or entity.

 

(c)            “Cause”
means: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of his duties,
including, without limitation, misappropriation of funds or property of the Parent, the Company or any of their Subsidiaries or
Affiliates other than the occasional, customary and de minimis use of Company or Parent property for personal purposes; (ii) the
Executive’s commission of a felony or commission of a misdemeanor involving fraud or any misconduct by the Executive that
results in material injury or reputational harm to the Company, the Parent or any of their Affiliates; (iii) any act or omission
that constitutes a material breach by the Executive of (A) any of his obligations under any material agreement with the Company,
the Parent or any of their Affiliates (including this Agreement) or (B) any material written policy of the Company, the Parent
or any of their Affiliates, including the continued willful non-performance by the Executive of his duties (other than by reason
of the Executive’s physical or mental illness, incapacity or disability), in each case which has continued for more than
thirty (30) days following written notice from the Board delineating such material breach; (iv) a breach by the Executive
of any restrictive covenant by the Executive contained in any agreement between such Executive and the Company, the Parent or any
of their Affiliates (including any exhibit or appendix to any award agreement), provided, that an immaterial and unintentional
breach of the Covenants provided in Section 6 or Section 8 hereof shall not constitute “Cause”;
(v) the Executive’s engaging in any intentional act of dishonesty, violence or threat of violence (including any violation
of federal securities laws) which is or could reasonably be expected to be materially injurious to the financial condition or business
reputation of the Company, the Parent, or any of their Affiliates; (vi) the Executive’s illegal use of controlled substances
during the performance of the Executive’s duties that adversely affects the reputation or best interest of the Company, the
Parent or any Affiliate thereof; or (vii) the Executive’s failure to cooperate with a bona fide internal investigation
or an investigation by regulatory or law enforcement authorities, after being instructed by the Company or the Parent to cooperate,
or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. For
purposes of this Section 24(c), written notice means written notice by the Parent to the Executive pursuant to Section 11
hereof.

 

(d)            “COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

 

     15

     

    

 

(e)            “COBRA
Coverage Benefits” shall mean continued coverage for the Executive and his dependents under the Company’s group
health care benefit plans for a period of twelve (12) months following the Date of Termination, with the Executive (or in the event
of the Executive’s death, his dependents) paying the same portion of the total cost of such coverage that the Company’s
active employees are required to pay for such coverage, and the Company paying for that portion of such total cost as exceeds the
portion paid for by the Executive. The COBRA Coverage Benefits shall be provided to the Executive or his dependents subject to
(i) the Executive’s (or in the event of the Executive’s death, his dependent’s) making a timely election
of continuation coverage under COBRA, and remaining eligible for COBRA coverage during such period, and (ii) the Executive’s
(or in the event of the Executive’s death, his dependent’s) continued payment of the portion of the total cost of such
coverage required to be paid by the Executive as provided in the preceding sentence. The COBRA Coverage Benefits shall immediately
cease to be provided hereunder on the date on which the Executive commences to receive equivalent health care benefit coverage
under a health care plan, or plans, of any subsequent employer of the Executive. If and to the extent necessary in order for the
Executive to avoid being subject to tax under section 105(h) of the Code on any payment or reimbursement of any health care
expenses made to him or for his benefit pursuant to Section 9 hereof the Company shall impute as taxable income to
the Executive an amount equal to the excess of (A) the full actuarial cost of the health care benefit coverages provided to
him and his dependents under Section 9 hereof over (B) the portion of such total cost paid for by the Executive
or his dependents for each period during which such coverages are provided.

 

(f)            “Date
of Termination” means (i) if the Executive’s employment is terminated by the Executive’s death, automatically
on the date of the Executive’s death; (ii) if the Executive’s employment is terminated because of the Executive’s
Disability, five (5) calendar days after the Notice of Termination unless the Executive shall have returned to the performance
of the Executive’s duties on a full-time basis during such five (5)-day period; or (iii) if the Executive’s employment
is terminated during the Employment Period by the Companies or by the Executive, the date specified in the Notice of Termination;
provided that in the case of a termination by the Companies for Cause or a termination by the Executive for Good Reason
the Date of Termination shall occur no sooner than the completion of the applicable notice period (if any) and, if applicable,
opportunity to cure, as provided in the definitions of those terms this Section 24.

 

(g)            “Disability”
or “Disabled” means the inability of the Executive to perform the Executive’s material duties hereunder
due to a physical or mental injury, infirmity or incapacity, which is expected to exceed one hundred eighty (180) days (including
weekends and holidays) in any three hundred sixty-five (365)-day period. If any question shall arise as to whether the Executive
is Disabled to the extent that the Executive is unable to perform substantially all of his duties and responsibilities for the
Company and its Affiliates, the Executive shall, at the request of the Board in accordance with the Americans with Disabilities
Act of 1990 and the Family and Medical Leave Act of 1993, each as amended, submit to a medical examination by a physician selected
by the Board to whom the Executive or his guardian, if any, has no reasonable objection to determine whether the Executive is so
Disabled, and such determination shall for purposes of this Agreement be conclusive of the issue. If such a question arises and
the Executive fails to submit to the requested medical examination, the Board’s determination of the issue shall be binding
on the Executive.

 

     16

     

    

 

(h)            “Good
Reason” means, if occurring without the Executive’s consent: (i) any act taken by the Company or the Parent
that results in any material and sustained diminution in the Executive’s responsibilities or authority from those that are
consistent with his title; (ii) a failure of the Executive to be paid his Base Salary, Annual Bonus or material employee benefits
required to be provided to him, when due or (iii) any material breach of this Agreement by the Company or the Parent (each
such event, a “Good Reason Condition”). Notwithstanding the foregoing, Good Reason will not be deemed to exist
unless (i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; (ii) the Executive
notifies the Company in writing of the first occurrence of the Good Reason Condition within thirty (30) days of the first occurrence
of such condition; (iii) the Executive cooperates in good faith with the Company's efforts, if any, for a period of not less
than thirty (30) days following such notice (the “Cure Period”), to remedy the Good Reason Condition; (iv) notwithstanding
such efforts, or in the event the Company does not remedy such event, the Good Reason Condition continues to exist; and (v) the
Executive terminates his or her employment within ninety (90) days after the Good Reason Condition has occurred; provided,
that, for the avoidance of doubt, if the Company cures the Good Reason Condition due the Cure Period, Good Reason shall be deemed
not to have occurred. For purposes of this Section 24(h), written notice means written notice by the Executive to both
the Parent and the Company pursuant to Section 11 hereof.

 

(i)            “Post-Termination
Benefits” shall mean, at the Parent’s election, either (i) payment by the Companies to the Executive of an
amount equal to the cost of any perquisites, welfare benefits, and retirement plan contributions the Executive would otherwise
have been eligible to receive in the twelve (12) months following the Executive’s Date of Termination, or (ii) the provision,
for twelve (12) months following the Executive’s Date of Termination, in kind by the Company to the Executive of the perquisites,
welfare benefits, or retirement plan contributions described in clause (i) of this definition, provided that, in the
case of provision of benefits under clause (ii), the Parent has determined in its reasonable and sole discretion that it would
be permissible to do so under the terms of any applicable plan and applicable law. For the sake of clarity, COBRA Coverage Benefits
shall be as provided in Section 24(e) above.

 

(j)            “Pro-Rata
Bonus” shall mean, to the extent actually earned, a pro-rata portion of the Executive’s Annual Bonus for the plan
year in which the Executive’s termination occurs (such pro-ration to be determined by multiplying the amount of such bonus
which would be payable to the Executive if he had remained in employment with the Company for the full plan year by a fraction,
the numerator of which is the number of days during the plan year of termination that the Executive was employed by the Company,
and the denominator of which is 365), which shall be payable by the Company to the Executive (or in the event of his death, to
his estate or legal representatives) at such time when bonuses are paid to executives of the Companies generally or, if later,
on the Payment Date.

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF,
the undersigned have duly executed and delivered this Agreement as of March 2, 2021.

 

	 	HAYWARD INDUSTRIES, INC.

 

	 	By:	 	 

	 	Name:
	 	Title:

 

	 	HAYWARD HOLDINGS, INC.

 

	 	By:	 	 

	 	Name:
	 	Title:

 

	 	EXECUTIVE	 
	 	 	 
	 	 	 
	 	Kevin P. Holleran	 

 

Employment Agreement Signature Page

 

     

     

    

 

EXHIBIT A

 

Release

 

 

For good and valuable
consideration, including the rights and obligations contained in the Amended and Restated Employment Agreement dated as of March 2,
2021 (the “Employment Agreement”) this agreement and release is entered into by and among Kevin P. Holleran
(the “Executive”), Hayward Industries, Inc. (the “Company”) and Hayward Holdings, Inc.
(the “Parent”) (the “Release”). (Together, the Company and the Parent may hereinafter be
referred to as the “Companies.”)

 

		1.	The Executive, on behalf of himself and his dependents, heirs, administrators, agents, personal
representatives, executors, successors and assigns (together with the Executive, the “Executive Releasees”),
does hereby irrevocably, completely and unconditionally release, waive and forever discharge the Companies and their past, present
and future parents, subsidiaries, affiliated corporations, partnerships, joint ventures, employee benefit plans, insurers and their
predecessors, successors and assigns (collectively, “Company Affiliates”) and all of the Company Affiliates’
past, present and future shareholders, directors, officers, employees, agents, trustees, and representatives, both individually
and in their official capacities, and their successors and assigns (together with the Company Affiliates, the “Company
Releasees”), from any and all actions, rights, claims, demands, obligations, liabilities, attorneys’ fees and causes
of action of any kind or description whatsoever, in law, equity or otherwise, whether known or unknown, whether past or present,
including, without limitation, those arising out of or in any way related to the Executive’s employment, or termination of
employment, with either or both of the Companies (including any events, acts, conduct or omissions related thereto) occurring at
any time prior to or at the date on which the Executive signs and returns this Release (the “Release Date”),
including, but not limited to, any action, claim, demand, obligation, liability or cause of action arising under any Federal, state,
or local law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866, 1871, 1964
and 1991, the Equal Pay Act, the Americans with Disabilities Act of 1990, the National Labor Relations Act, the Fair Labor Standards
Act of 1938, the Employee Retirement Income Security Act of 1974 (other than any claim as excepted below), the Age Discrimination
in Employment Act of 1967, all as amended, and the wage and hour, wage payment and fair employment practices laws of the state
or states in which the Executive has been employed), tort, contract or any other legal obligation (collectively, the “Claims”);
provided, however, the Executive does not release any of the following Claims:

 

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

 

		b.	any Claim arising from a breach of the Employment Agreement following the Release Date, including
any right to enforce the Employment Agreement;

 

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

 

    

     

    

 

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

 

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

 

		f.	any Claim that arises after the Release Date.

 

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

 

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

 

		a.	The Executive acknowledges and agrees that he has no less than [twenty-one (21)/forty-five (45)]1
days in which to consider this Release (though he may choose voluntarily to sign it earlier) and is hereby advised that this Release
creates a legally binding obligation and that the Executive should therefore consult an attorney about this Release (though he
may choose voluntarily not to do so).

 

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

 

		c.	The Executive may not sign and return this Release to the Companies earlier than the Date of Termination
(as defined in the Employment Agreement) and must sign and return it no later than [twenty-one (21)/forty-five (45)]2
calendar days following the later of (i) the Date of Termination and (ii) five (5) calendar days following the date
of delivery of this Release to the Executive as provided in Section 9(g) of the Employment Agreement (such period of
time being the “Release Consideration Period”). The Executive will have an additional seven (7) calendar
days after the Release Date in which to revoke his acceptance by providing written notice of revocation to the Companies (such
period of time the “Release Revocation Period”). The Release will not be effective until the date upon which
the Release Revocation Period has expired, which will be the eighth (8th) calendar day after the Release Date, if not
previously revoked.

 

 

		1	To be determined by the Company at the time of separation.

		2	To be determined by the Company at the time of separation.

 

    

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

[remainder of page intentionally
blank]

 

    

     

    

 

IN WITNESS WHEREOF,
the Executive, the Company and the Parent have executed this Release each as of the date indicated below.

 

AGREED AND EXECUTED:

 

		 	 	KEVIN
P. HOLLERAN  
	 	 	 	 
	 	 	 	 
	Dated: __________, 20___	 	 	 
	 	 	 	 
	 	 	 	 
		 	 	HAYWARD
INDUSTRIES, INC. 
	 	 	 	 
	 	 	 	 
	Dated: __________, 20___	 	 	 
	 	 	 	Name: 
	 	 	 	Title:
	 	 	 	 
	 	 	 	 
		 	 	HAYWARD
HOLDINGS, INC. 
	 	 	 	 
	 	 	 	 
	Dated: __________, 20___  	 	 	 
	 	 	 	Name: 
	 	 	 	Title:

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