Document:

Exhibit 10.12

 

RESTRICTED
STOCK AGREEMENT

UNDER THE Hayward HOLDINGS, Inc.

SECOND AMENDED AND RESTATED 2017 Equity Incentive Plan

 

	Name of Holder:	Kevin P. Holleran
(the “Holder”)
	No. of Shares of Stock:	949.49
Shares of Class A Common Stock
	Grant Date:	December 24, 2019
(the “Grant Date”)
	Per Share Value:	$1,053.20 (the
 “Per Share Value”)

 

Pursuant to the Hayward
Holdings, Inc. Second Amended and Restated 2017 Equity Incentive Plan (as amended, modified, supplemented or restated and in effect
from time to time, the “Plan”), Hayward Holdings, Inc., a Delaware corporation (together with its successors,
the “Company”), hereby grants to the individual named above, who is an employee of the Company or any of the
Subsidiaries, the shares of Restricted Stock (as defined below), pursuant to which the shares of Restricted Stock are valued at
the Per Share Value, which Per Share Value represents the Fair Market Value per share on the Grant Date, subject to the terms and
conditions set forth herein and in the Plan. The Holder agrees to the provisions set forth herein, as well as the provisions set
forth in the Charter and the Stockholders' Agreement in respect of the Restricted Stock, and acknowledges that each such provision
is a material condition of the Company’s agreement to issue and sell the shares of Restricted Stock to him. The Issue Price,
for purposes of the Stockholders Agreement, shall be zero. All references to share prices and amounts herein shall be equitably
adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting the
capital stock of the Company, and any shares of capital stock of the Company received on or in respect of shares of Restricted
Stock in connection with any such event (including any shares of capital stock or any right, option or warrant to receive the same
or any security convertible into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject
to this Agreement on the same basis and extent at the relevant time as the shares of Restricted Stock in respect of which they
were issued, and shall be deemed shares of Restricted Stock as if and to the same extent they were issued at the date hereof.

 

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

 

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

 

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

 

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

 

     

     

    

 

Change of Control”
shall have the meaning set forth in the Plan, provided that references to “Hayward” as used therein or any definition
incorporated therein by reference shall mean either Hayward Industries, Inc. or Hayward Intermediate, Inc.

 

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

 

“Disability”
shall have the meaning set forth in the Holder’s Employment Agreement.

 

“Good Reason”
shall have the meaning set forth in the Holder’s Employment Agreement.

 

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

 

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

 

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

 

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

 

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

 

2.              Grant
of Restricted Stock; Investment Representations.

 

(a)              
Grant. On the date hereof, the Company hereby grants to the Holder the number of shares of Restricted Stock set forth
above. One hundred percent (100%) of such Restricted Stock shall be subject to the vesting criteria set forth in Section 3
below (the “Vesting Shares”).

 

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

 

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

 

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

 

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

 

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

 

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

 

(vi)               The Holder understands that the shares of Restricted Stock are not registered under the Securities Act of 1933 (the “Act”)
(it being understood that the shares of Restricted Stock are being issued and sold in reliance on the exemption provided in Rule
701 thereunder or Regulation D) or any applicable state securities or “blue sky” laws and may not be sold or otherwise
transferred or disposed of in the absence of an effective registration statement under the Act and under any applicable state securities
or “blue sky” laws (or exemptions from the registration requirements thereof). The Holder further acknowledges that
certificates representing the shares of Restricted Stock will bear restrictive legends reflecting the foregoing.

 

3.              Vesting; Forfeiture of Unvested Shares. Subject to the terms and conditions set forth in the Plan, the Restricted
Stock shall vest as follows:

 

(a)              
Vesting Shares.

 

(i)                
Initial Public Offering. Subject to and effective immediately prior to the consummation of an IPO, all Vesting Shares
shall be deemed vested, provided that the Holder remains in a continuous Service Relationship from the Grant Date to the date of
the consummation of the IPO.

 

(ii)             
Change of Control. Subject to and effective immediately prior to the consummation of a Change of Control, all Vesting
Shares shall be deemed vested, provided that the Holder remains in a continuous Service Relationship from the Grant Date to the
date of the consummation of the Change of Control.

 

 

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(b)              
Additional Vesting.

 

(i)                Upon Death or Disability. In the event that the Holder’s Service Relationship terminates by reason of such
Holder's death or Disability, all Vesting Shares shall be deemed vested.

 

(ii)             
Without Cause, For Good Reason. In the event that the Holder’s Service Relationship is terminated by the Company
or its Affiliates without Cause, or by the Holder for Good Reason, the Holder’s Vesting Shares that are not vested as of
the date of termination shall remain outstanding for up to six months following such termination and remain eligible to vest in
accordance with Section 3(a) if an IPO or Change of Control occurs during such six month period, provided, further, that if a transaction,
which is not an IPO nor a Change of Control, is consummated immediately following which either the MSD Investor ceases to own any
MSD Investor Shares or the CCMP Investor ceases to own any CCMP Investor Shares and the Holder’s Service Relationship is
terminated by the Company or its Affiliates without Cause, or by the Holder for Good Reason within a year of such transaction,
all Vesting Shares shall be deemed vested.

 

(c)              
Forfeiture of Shares Upon Termination of Service Relationship. In the event that the Holder’s Service Relationship
terminates for any reason, other than described in Section 3(b) above, those of the Holder’s Vesting Shares that are
not vested as of the date of termination shall automatically be fully forfeited for no consideration.

 

4.              
Withholding Taxes. The Holder will not make an election in accordance with Section 83(b) of the Internal Revenue
Code of 1986 (“83(b) Election”) with regard to the Vesting Shares, and agrees to pay the Company all withholding
and employee payroll taxes determined to be due to the Company on the vesting date of such Vesting Shares based on the excess,
if any, of the fair market value of such shares of Restricted Stock as of the date of vesting over the purchase price (i.e., zero)
as of the vesting date. The Fair Market Value of such shares on such vesting date will be determined in accordance with the Stockholders’
Agreement and will be communicated to the Holder as promptly as practicable prior to such vesting date. The Holder may elect to
have the minimum tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares
of Stock to be issued or transferring to the Company, a number of shares of Stock with an aggregate Fair Market Value that would
satisfy the minimum withholding amount due. The Company and any Subsidiary shall, to the extent permitted by the law, have the
right to deduct such tax payment from any payment at any time otherwise due to the Company. The Holder represents that he has received
tax advice from his own personal tax advisor on the consequences of the grant of the shares of Restricted Stock and the determination
to not make a Section 83(b) election.

 

5.               Restricted
Activities. The provisions of Sections 6,7 and 8 of the employment agreement between the Holder, Hayward Industries, Inc.
and the Company dated as of August 12, 2019 (as may be amended from time to time, the “Employment Agreement”),
including without limitation the restrictive covenants related to confidential information, assignment of intellectual
property, non-competition, customer non-solicitation, employee non-solicitation and no-hire, and non-disparagement set forth
therein, as well as the definitions of any capitalized terms contained in such Sections and defined elsewhere in the
Employment Agreement (collectively, the “Incorporated Restrictions”), are hereby incorporated by reference in
their entirety. In consideration of the Vesting Shares issued to the Holder under this Agreement, the Holder hereby affirms
and agrees to be bound by the Incorporated Restrictions.  The Holder’s obligations under this Section 5 shall
remain separate and distinct from, and shall not supersede, replace or otherwise be affected by,  any other similar
obligations contained in any agreement between the Holder and the Company or its Affiliates (including, without limitation,
the Employment Agreement).

 

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6.             
Miscellaneous Provisions.

 

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

 

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

 

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

 

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

 

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

 

if to the Company:

 

Hayward Holdings, Inc.

c/o CCMP Capital
Advisors, LP

277 Park Avenue, 27th Floor

New York, New York 10172

Attention:

Email:

 

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

 

CCMP Capital Advisors,
LP

277 Park Avenue, 27th Floor

New York, New York 10172

Attention:

Email:

 

and to

 

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MSD Partners, L.P.

645 Fifth Avenue, 21st Floor

New York, New York 10022

Attention:

Email:

 

and to:

 

Ropes & Gray
LLP

1211 Avenue of
the Americas

New York, NY
10036-8704

Attention:

Email:

 

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

 

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

 

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

 

(g)              
Dispute Resolution.

 

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

 

(ii)              The
parties covenant and agree that the arbitration shall commence within sixty (60) days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to
order the production of documents by each party and any third-party witnesses.

 

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

 

(iii)             The
parties covenant and agree that they will participate in the arbitration in good faith. This Section 7(g) applies equally
to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive
relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable
harm.

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	HAYWARD HOLDINGS, INC.
	 	 
	 	By: 	 /s/ Anthony Colucci
	 	 	Name: Anthony Colucci
	 	 	Title: Senior Vice President and Chief Financial Officer

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	/s/ Kevin P. Holleran
	 	Name: Kevin P. Holleran
	 	 
	 	Address:Exhibit 10.13

 

NON-QUALIFIED
STOCK OPTION AGREEMENT

UNDER THE SECOND Amended and restated Hayward HOLDINGS, Inc.

2017 Equity Incentive Plan

Name of Optionee:Eifion jones (the “Optionee”)

 

	No. of Option Shares of Stock:	1,500 Shares of Class B Common Stock
	 	 
	Grant Date:	April 14, 2020 (the “Grant Date”)
	 	 
	Expiration Date:	October 14, 2021 (the “Expiration Date”)
	 	 
	Option Exercise Price/Share:	$272.92 (the “Option Exercise Price”)

 

Pursuant to the Second
Amended and Restated Hayward Holdings, Inc. 2017 Equity Incentive Plan (the “Plan”), Hayward Holdings, Inc.,
a Delaware corporation (together with all successors thereto, the “Company”), hereby grants to the Optionee,
who is an officer, employee, director, consultant or other key person of the Company or any of its Subsidiaries, an option (the
 “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein,
all or any part of the number of shares of Class B Common Stock, par value $0.001 per share of stock (“Stock”),
of the Company indicated above (the “Option Shares of Stock,” and such shares of stock once issued shall be
referred to as the “Issued Shares of Stock”), at the Option Exercise Price per share, subject to the terms and
conditions set forth in this Non-Qualified Stock Option Agreement (this “Agreement”) and in the Plan. This Stock
Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue
Code of 1986, as amended from time to time (the “Code”).

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

“Permitted
Transferee” means (i) any executor, administrator or testamentary trustee of the Optionee’s estate if such Optionee
dies, (ii) any person or entity receiving Issued Shares of Stock by will, intestacy laws or the laws of descent or survivorship,
(iii) any trustee of a trust (including an inter vivos trust) of which there are no principal beneficiaries other than such Optionee,
the Optionee’s spouse or one or more of the Optionee’s lineal decedents or (iv) any corporation, partnership, limited
liability company or similar entity controlled by the Optionee (within the meaning of “Control” as defined in the Stockholders’
Agreement) and of which there are no principal beneficiaries or owners other the Optionee, the Optionee’s spouse or one or
more of the Optionee’s lineal decedents.

 

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

 

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

 

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

 

2.                 
Vesting. The Option Shares of Stock are fully-vested as of the date hereof.

 

3.                 
Exercise of Stock Option.

 

(a)              
The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee may
deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating
his or her election to purchase some or all of the Option Shares of Stock with respect to which this Stock Option is exercisable
at the time of such notice. Such notice shall specify the number of Option Shares of Stock to be purchased. Payment of the purchase
price may be made by one or more of the methods described below (payment instruments will be received subject to collection):

 

(i)                
in cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to
the Committee in U.S. funds payable to the order of the Company in an amount equal to the purchase price of such Option Shares
of Stock;

 

(ii)             
by the Optionee delivering to the Company a promissory note if the Board has expressly authorized the loan of funds to the
Optionee for the purpose of enabling or assisting the Optionee to effect the exercise of his or her Stock Options; provided,
that at least so much of the exercise price as represents the par value of the Stock shall be paid other than with a promissory
note if otherwise required by state law; or

 

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(iii)           
 if the IPO has occurred, then (A) through the delivery (or attestation to ownership) of shares of Stock that have been
purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not subject to restrictions
under any plan of the Company; provided, that, to the extent required to avoid variable accounting treatment under ASC 718
or other applicable accounting rules, such surrendered shares shall have been owned by the Optionee for at least six months, and
in any event with an aggregate Fair Market Value (as of the date of such exercise) equal to the option purchase price, (B) by the
Optionee delivering to the Company a properly executed Exercise Notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in
the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such
procedures and enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of
such payment procedure, or (C) a combination of (i), (ii), (iii)(A) and (iii)(B) above.

 

(b)              
Certificates for the Option Shares of Stock so purchased will be issued and delivered to the Optionee upon (i) compliance
to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance
and (ii) delivery of an executed Joinder Agreement (as defined in the Stockholders’ Agreement) pursuant to which the Optionee
agrees to become a party to the Stockholders’ Agreement as a “Management Stockholder” and an “Other Stockholder”
(in each case, as defined in the Stockholders’ Agreement). Until the Optionee shall have complied with the requirements hereof
and of the Plan, the Company shall be under no obligation to issue the Option Shares of Stock subject to this Stock Option, and
the determination of the Committee as to such compliance shall be final and binding on the Optionee. The Optionee shall not be
deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock
Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company shall have issued
and delivered the Issued Shares of Stock to the Optionee, and the Optionee’s name shall have been entered as a stockholder
of record on the books of the Company. Thereupon, the Optionee shall have full dividend and other ownership rights with respect
to such Issued Shares of Stock, subject to the terms of this Agreement and the Stockholders’ Agreement.

 

(c)              
Upon the exercise of the Stock Option, Issued Shares of Stock shall be subject to the terms and conditions of the Stockholders’
Agreement.

 

(d)              
Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the
Expiration Date.

 

(e)              
Timing of Exercise.

 

(i)                
Termination Due to Death or Disability. If the Optionee’s Service Relationship terminates by reason of such
Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination,
by the Optionee, the Optionee’s legal representative or legatee until the earlier of (A) the 12 month anniversary of the
date of death or Disability of such Optionee or (B) the Expiration Date.

 

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(ii)             
 Other Termination. If the Optionee’s Service Relationship terminates for any reason other than death or Disability,
and unless otherwise determined by the Committee, this Stock Option shall terminate immediately upon the date of such termination.

 

4.                 
Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and
governed by all the terms and conditions of the Plan.

 

5.                 
Transferability of Stock Option. This Agreement is personal to the Optionee and is not transferable by the Optionee
in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s
lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the Optionee’s
incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the
Company, and may revoke or change such designation at any time by filing written notice of revocation or change with the Company;
such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided
herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary predeceases the Optionee, the legal
representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s
death.

 

6.                 
Effect of Certain Transactions. In the case of a Liquidity Event (as defined in the Plan), provision may be made
in connection with such transaction, in the sole discretion of the parties thereto, for the continuation or assumption by the successor
entity of this Stock Option heretofore granted, or the substitution of this Stock Option with a new Stock Option of the successor
entity or a parent thereof; provided that any such substitution must be on substantially equivalent terms of the successor entity
or parent thereof, with an equitable or proportionate adjustment as to the number and kind of shares, and, if appropriate, the
per share exercise prices, as such parties shall agree.

 

7.                 
Withholding Taxes. The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes
a taxable event for federal income tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment
of any federal, state and local taxes required by law to be withheld on account of such taxable event. Subject to approval by the
Committee, the Optionee may elect to have the minimum tax withholding obligation satisfied, in whole or in part, by authorizing
the Company to withhold from shares of Stock to be issued or transferring to the Company, a number of shares of Stock with an aggregate
Fair Market Value that would satisfy the minimum withholding amount due. The Optionee acknowledges and agrees that the Company
or any Subsidiary of the Company has the right to deduct from payments of any kind otherwise due to the Optionee, or from the Option
Shares of Stock to be issued in respect of an exercise of this Stock Option, any federal, state or local taxes of any kind required
by law to be withheld with respect to the issuance of Option Shares of Stock to the Optionee.

 

    4

     

    

 

8.                  Restrictions
on Transfer of Issued Shares of Stock. None of the Issued Shares of Stock acquired upon exercise of the Stock Option
shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered,
whether voluntarily or by operation of law, unless such transfer is in compliance with all applicable securities laws
(including, without limitation, the Act), the terms and conditions of Sections 8 and 9 hereof and the terms and
conditions of the Stockholders’ Agreement and such disposition does not cause the Company to become subject to the
reporting requirements of the Exchange Act. In connection with any transfer of Issued Shares of Stock, the Company may
require the transferor to provide at the Optionee’s own expense an opinion of counsel to the transferor, satisfactory
to the Company that such transfer is in compliance with all foreign, federal and state securities laws (including, without
limitation, the Act). Any attempted disposition of Issued Shares of Stock not in accordance with the terms and conditions of Sections
8 and 9 hereof and the Stockholders’ Agreement shall be null and void, and the Company shall not reflect on
its records any change in record ownership of any Issued Shares of Stock as a result of any such disposition, shall otherwise
refuse to recognize any such disposition and shall not in any way give effect to any such disposition of any Issued Shares of
Stock. Subject to the foregoing general provisions, Issued Shares of Stock may be transferred pursuant to the following
specific terms and conditions:

 

(a)              
Transfers to Permitted Transferees. The Optionee may sell, assign, transfer or give away any or all of the Issued
Shares of Stock to Permitted Transferees; provided, however, that such Permitted Transferee(s) shall, as a condition
to any such transfer, agree to be subject to the provisions of this Agreement to the same extent as the Optionee (including, without
limitation, the provisions of Sections 8, 9, 11 and 12) and shall have delivered a written acknowledgment
to that effect to the Company.

 

(b)              
Transfers Upon Death. Upon the death of the Optionee, any Issued Shares of Stock then held by the Optionee at the
time of such death and any Issued Shares of Stock acquired thereafter by the Optionee’s legal representative pursuant to
this Agreement shall be subject to the provisions of Sections 8, 9, 10, 11 and 12, if applicable,
and the Optionee’s estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be
obligated to convey such Issued Shares of Stock to the Company or its assigns under the terms contemplated hereby.

 

9.                 
Company’s Right of Repurchase.

 

(a)              
Right of Repurchase. Upon a Termination Event (as defined below), the Issued Shares of Stock held or subsequently
acquired upon exercise of this Stock Option in accordance with the terms hereof by the Optionee (or any Permitted Transferee) shall
be subject to the repurchase rights set forth in Section 2.5 of the Stockholders’ Agreement (the “Repurchase Right”).

 

(b)              
Company’s Right to Exercise Repurchase Right. The Company shall have the Repurchase Right in the event that
the following event shall occur (the “Termination Event”): the termination of the Optionee’s Service Relationship
for any reason whatsoever, regardless of the circumstances thereof, and including without limitation upon death, Disability, retirement,
discharge or resignation for any reason, whether voluntarily or involuntarily.

 

    5

     

    

 

10.             
Escrow Arrangement.

 

(a)               Escrow.
In order to carry out the provisions of Sections 8, 9 and 11 of this Agreement more effectively, the
Company shall hold any Issued Shares of Stock in escrow together with separate stock powers executed by the Optionee in blank
for transfer, and any Permitted Transferee shall, as an additional condition to any transfer of Issued Shares of Stock,
execute a like stock power as to such Issued Shares of Stock. The Company shall not dispose of the Issued Shares of Stock
except as otherwise provided in this Agreement. In the event of any repurchase by the Company (or any of its assigns), the
Company is hereby authorized by the Optionee and any Permitted Transferee, as the Optionee’s and each such Permitted
Transferee’s attorney-in-fact, to date and complete the stock powers necessary for the transfer of the Issued Shares of
Stock being purchased and to transfer such Issued Shares of Stock in accordance with the terms hereof. At such time as any
Issued Shares of Stock are no longer subject to the Company’s repurchase and drag along rights, the Company shall, at
the written request of the Optionee, deliver to the Optionee (or the relevant Permitted Transferee) a certificate
representing such Issued Shares of Stock with the balance of the Issued Shares of Stock to be held in escrow pursuant to this Section
10.

 

(b)              
Remedy. Without limitation of any other provision of this Agreement or other rights, in the event that the Optionee,
any Permitted Transferees or any other Person is required to sell the Optionee’s Issued Shares of Stock pursuant to the provisions
of Sections 9 and 11 of this Agreement and in the further event that he or she refuses or for any reason fails to
deliver to the Company or its designated purchaser of such Issued Shares of Stock the certificate or certificates evidencing such
Issued Shares of Stock together with a related stock power, the Company or such designated purchaser may deposit the applicable
purchase price for such Issued Shares of Stock with a bank designated by the Company, or with the Company’s independent public
accounting firm, as agent or trustee, or in escrow, for the Optionee, any Permitted Transferees or other Person, to be held by
such bank or accounting firm for the benefit of and for delivery to him, her, them or it, and/or, in its discretion, pay such purchase
price by offsetting any indebtedness then owed by the Optionee as provided above. Upon any such deposit and/or offset by the Company
or its designated purchaser of such amount and upon notice to the Person who was required to sell the Issued Shares of Stock to
be sold pursuant to the provisions of Sections 9 and 11, such Issued Shares of Stock shall at such time be deemed
to have been sold, assigned, transferred and conveyed to such purchaser, the holder thereof shall have no further rights thereto
(other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer
in its stock transfer book or in any appropriate manner.

 

11.             
Drag Along Right. If the Investors at any time propose that the Company consummate (or commit to consummate), in
one transaction or a series of related transactions, a Change of Control (as defined in the Plan), the Optionee’s Issued
Shares of Stock (including for this purpose all of such Optionee’s or his or her Permitted Transferee’s Issued Shares
of Stock that presently or as a result of any such transaction may be acquired upon the exercise of options (following the payment
of the exercise price therefor)) shall be subject to the drag-along rights set forth in Section 2.4 of the Stockholders’
Agreement.

 

12.             
Lockup Provision. If the Company at any time shall register an offering and sale of shares of common stock of the
Company under the Securities Act in an Underwritten Offering (as defined in the Stockholders’ Agreement), the Optionee agrees
to be subject to the holdback obligations set forth in Section 5.5 of the Stockholders’ Agreement. The Optionee agrees, if
requested by the underwriter engaged by the Company, to execute a separate letter reflecting the agreement set forth in this Section
12.

 

    6

     

    

 

13.             
 Restrictive Covenants. As a further condition to the issuance of this Stock Option pursuant to this Agreement, and
as partial consideration for the grant of the Stock Option, the Optionee agrees to be bound by the Non-Competition, Non-Solicitation,
Confidentiality and Assignment Agreement attached hereto as Appendix B.

 

14.             
Miscellaneous Provisions.

 

(a)              
Termination. The Company’s Repurchase Rights pursuant to Section 9 and the drag along obligations pursuant
to Section 11 shall terminate upon the closing of the Company’s IPO or upon consummation of any Liquidity Event (as
defined in the Plan), in either case as a result of which shares of the Company (or successor entity) of the same class as the
Issued Shares of Stock are registered under Section 12 of the Exchange Act and publicly traded on any national securities exchange.

 

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

 

(c)              
Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Stock, the outstanding shares
of Stock are increased or decreased or are exchanged for a different number or kind of shares of the Company’s stock, the
restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received
by the Optionee in exchange for, or by virtue of his or her ownership of, Issued Shares of Stock.

 

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

 

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

 

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

 

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

 

    7

     

    

 

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

 

if to the Company:

 

Hayward Holdings, Inc.

400 Connell Drive, Suite 6100

Berkeley Heights, NJ 07922

Attention:

Email:                     

 

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

 

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

 

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

 

(j)                
Dispute Resolution.

 

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

 

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

 

    8

     

    

 

(iii)           
The parties covenant and agree that they will participate in the arbitration in good faith. This Section 14(j) applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary
injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable
harm.

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    9

     

    

 

The foregoing Agreement
is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

 

	 	HAYWARD HOLDINGS,
    INC.
	 	 
	 	By: 	/s/ Kevin P. Holleran
	 	Name: Kevin P. Holleran
	 	Title: President &
    CEO

 

[Signature Page to Non-Qualified Stock Option Agreement]

 

     

     

    

 

The foregoing Agreement
is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

 

	 	OPTIONEE:
	 	 
	 	/s/
    Eifion Jones
	 	Name: Eifion Jones
	 	 
	 	Address:
	 	 
	 	 
	 	 

 

[Signature Page to Non-Qualified Stock Option Agreement]

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