Document:

EX-10.2

 Exhibit 10.2 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [***]. 

 
  

 
 SHAREHOLDERS’ RIGHTS AGREEMENT

 BY AND AMONG 

CFIP CLYD LLC 
 AND

 CELYAD ONCOLOGY SA 

Dated as of December 2, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE I	  			
			
		 	DEFINITIONS	  			
			
	 Section 1.1
	 	Certain Defined Terms	  	 	1	 
	 Section 1.2
	 	Construction	  	 	9	 
	 Section 1.3
	 	Translation	  	 	9	 
			
		 	ARTICLE II	  			
			
		 	TRANSFER	  			
			
	 Section 2.1
	 	Binding Effect on Transferees	  	 	9	 
	 Section 2.2
	 	Additional Purchases	  	 	9	 
	 Section 2.3
	 	Legends	  	 	9	 
	 Section 2.4
	 	Legend Removal	  	 	10	 
	 Section 2.5
	 	Lock-Up Agreement	  	 	10	 
	 Section 2.6
	 	Standstill Agreement	  	 	11	 
			
		 	ARTICLE III	  			
			
		 	BOARD OF DIRECTORS	  			
			
	 Section 3.1
	 	Fortress Designees	  	 	12	 
	 Section 3.2
	 	Replacement	  	 	12	 
	 Section 3.3
	 	Board Composition Restrictions	  	 	13	 
	 Section 3.4
	 	Exclusion of Board Observer	  	 	13	 
	 Section 3.5
	 	Directors’ and Officers’ Insurance	  	 	13	 
	 Section 3.6
	 	Corporate Opportunity	  	 	13	 
			
		 	ARTICLE IV	  			
			
		 	REGISTRATION RIGHTS	  			
			
	 Section 4.1
	 	Demand Registration	  	 	14	 
	 Section 4.2
	 	Piggyback Registrations	  	 	16	 
	 Section 4.3
	 	Shelf Registration	  	 	18	 
	 Section 4.4
	 	Withdrawal Rights	  	 	20	 
	 Section 4.5
	 	Registration Procedures	  	 	20	 
	 Section 4.6
	 	Registration Expenses	  	 	26	 

  
 i 

							
		 	ARTICLE V	  			
			
		 	RIGHT OF FIRST OFFER; ANTI-DILUTION	  			
			
	 Section 5.1
	 	Indebtedness	  	 	27	 
	 Section 5.2
	 	Anti-Dilution	  	 	28	 
			
		 	ARTICLE VI	  			
			
		 	OTHER COMPANY OBLIGATIONS	  			
			
	 Section 6.1
	 	Protective Provisions	  	 	29	 
	 Section 6.2
	 	Extraordinary General Meeting	  	 	29	 
	 Section 6.3
	 	Regulatory Limitation	  	 	31	 
	 Section 6.4
	 	Foreign Private Issuer Status	  	 	31	 
	 Section 6.5
	 	Use of Proceeds	  	 	31	 
			
		 	ARTICLE VII	  			
			
		 	TAX MATTERS	  			
			
	 Section 7.1
	 	U.S. Federal Income Tax Reporting	  	 	32	 
	 Section 7.2
	 	Cooperation	  	 	32	 
			
		 	ARTICLE VIII	  			
			
		 	INDEMNIFICATION	  			
			
	 Section 8.1
	 	General Indemnification	  	 	33	 
	 Section 8.2
	 	Registration Statement Indemnification	  	 	33	 
	 Section 8.3
	 	Contribution	  	 	34	 
	 Section 8.4
	 	Procedure	  	 	35	 
	 Section 8.5
	 	Other Matters	  	 	35	 
			
		 	ARTICLE IX	  			
			
		 	MISCELLANEOUS	  			
			
	 Section 9.1
	 	Headings	  	 	36	 
	 Section 9.2
	 	Entire Agreement	  	 	36	 
	 Section 9.3
	 	Further Actions; Cooperation	  	 	36	 
	 Section 9.4
	 	Notices	  	 	36	 
	 Section 9.5
	 	Applicable Law	  	 	38	 
	 Section 9.6
	 	Severability	  	 	38	 
	 Section 9.7
	 	Successors and Assigns	  	 	38	 
	 Section 9.8
	 	Amendments	  	 	38	 
	 Section 9.9
	 	Waiver	  	 	38	 
	 Section 9.10
	 	Counterparts	  	 	39	 

  
 ii 

							
	 Section 9.11
	 	Confidentiality	  	 	39	 
	 Section 9.12
	 	Dispute Resolution	  	 	39	 
	 Section 9.13
	 	Injunctive Relief	  	 	40	 
	 Section 9.14
	 	Submission to Jurisdiction	  	 	40	 
	 Section 9.15
	 	Recapitalizations, Exchanges, Etc.; New Issuance	  	 	41	 
	 Section 9.16
	 	Termination	  	 	41	 
	 Section 9.17
	 	No Third Party Beneficiaries	  	 	41	 
	 Section 9.18
	 	Rule 144	  	 	41	 
	 Section 9.19
	 	Information	  	 	41	 
			
	 Schedules
	 		  			
		
	 Schedule A – Dartmouth IP
	  			

  
 iii 

 SHAREHOLDERS’ RIGHTS AGREEMENT 

THIS SHAREHOLDERS’ RIGHTS AGREEMENT (this “Agreement”) is made as of December 2, 2021, by and between CFIP CLYD
LLC, a Delaware limited liability company (“Fortress”), and Celyad Oncology SA, a limited liability company incorporated and existing in the form of a naamloze vennootschap / société anonyme under Belgian law, having
its registered office at Rue Edouard Belin 2, 1435 Mont-Saint-Guibert (Belgium) and registered with the Crossroads Bank for Enterprises under number 0891.118.115 (RLE Brabant Wallon) (the “Company”). 

WHEREAS, Fortress is subscribing for and purchasing Ordinary Shares (as hereinafter defined) pursuant to that certain Subscription Agreement,
dated as of December 2, 2021, between Fortress and the Company (the “Subscription Agreement”); and 
 WHEREAS, the
Company desires to enter into this Agreement with Fortress in order to provide the registration rights and other rights set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1 Certain Defined Terms. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Acquisition Transaction” shall mean (i) any sale, license, lease, exchange, transfer or other disposition of the
assets of the Company or any Subsidiary of the Company constituting more than 50% of the consolidated assets of the Company or accounting for more than 50% of the consolidated revenues of the Company in any one transaction or in a series of related
transactions; or (ii) any merger, consolidation, business combination, share exchange, reorganization or similar transaction or series of related transactions involving the Company or any Subsidiary of the Company whereby the holders of voting
rights of the Company immediately prior to any such transaction hold less than 50% of the voting rights of the Company or the surviving corporation (or its parent company) immediately after the consummation of any such transaction. 

(b) “Acting in Concert” shall mean, when used in relation to a Person, acting in concert (in onderling overleg handelende
personen / personnes agissant de concert) in the sense of Article 3, §1, 5° of the Belgian Act of 1 April 2007 regarding public takeover bids, or Article 1, §2, 5° of the Belgian Royal Decree of 27 April
2007 regarding public takeover bids. 
 (c) “Actions” shall have the meaning assigned to it in
Section 8.1. 

  
 1 

 (d) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act; provided that (i) no Shareholder shall be deemed an Affiliate of any other Shareholder solely by reason of any investment in the Company, (ii) in no event shall
Fortress or any of its Affiliates be deemed Affiliates of the Company or any of its Affiliates, nor shall the Company or any of its Affiliates be deemed Affiliates of Fortress or any of its Affiliates, and (iii) in the case of Fortress, the
term “Affiliate” shall not include any Portfolio Companies, SoftBank and/or the SoftBank Group. 
 (e)
“Agreement” shall have the meaning assigned to it in the preamble. 
 (f) “Alternate Proposal Acceptance
Notice” shall have the meaning assigned to it in Section 5.1(d). 
 (g) “Alternate Proposal
Notice” shall have the meaning assigned to it in Section 5.1(c). 
 (h) “American Depositary
Shares” shall mean American Depositary Shares of the Company, each representing one Ordinary Share. 
 (i) “Anti-Dilution
Notice” shall have the meaning set forth in Section 5.2(b). 
 (j) “ATM Agreement” shall
mean that certain Open Market Sale Agreement by and between the Company and Jefferies LLC, dated as of September 11, 2020, as in effect on November 4, 2021. 

(k) “Belgian Companies and Associations Code” shall mean the Belgian Companies and Associations Code of 23 March 2019,
as amended from time to time, and the rules and regulations promulgated thereunder. 
 (l) “Belgian Takeover Decree” shall
mean the Belgian Royal Decree of 27 April 2007 on takeover bids. 
 (m) A Person shall be deemed to “Beneficially Own”
securities if such Person is deemed to be a “beneficial owner” within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the
date of this Agreement. 
 (n) “Block Trade Offering” shall mean an Underwritten Offering demanded by one or more
Requesting Shareholders that is a no-roadshow “block trade” take-down off of a Shelf Registration Statement where pricing is expected to occur no later than the fifth Business Day after such demand
is made. For the avoidance of doubt, management’s participation in one or more conference calls with potential investors shall not constitute a roadshow. 

(o) “Board of Directors” shall mean the Company’s board of directors (raad van bestuur / conseil
d’administration), provided, however, that if the Company adopts the two-tier board system (duaal bestuur / administration duale) pursuant to the Belgian Companies and
Associations Code, references to the “Board of Directors” shall mean a reference to the Company’s supervisory board (raad van toezicht / conseil de surveillance), and references to “director”
(bestuurder/administrateur) and “member of the Board of Directors” shall mean a member of the Company’s supervisory board. 

  
 2 

 (p) “Business Day” shall mean a day other than (a) a Saturday or a
Sunday, (b) a bank or other public holiday in New York City, or (c) a bank or other public holiday in Brussels, Belgium. 
 (q)
“CFC” shall mean a “controlled foreign corporation” as defined in section 957 of the Code. 
 (r)
“Closing” shall have the meaning assigned to it in the Subscription Agreement. 
 (s) “Closing Date” shall
have the meaning assigned to it in the Subscription Agreement. 
 (t) “Code” shall mean the United States Internal Revenue
Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder. 
 (u) “Commission” shall
mean the United States Securities and Exchange Commission or any successor agency. 
 (v) “Company” shall have the meaning
assigned to it in preamble. 
 (w) “Company EGM” has the meaning given to it in Section 6.2. 

(x) “Company EGM Proposals” has the meaning given to it in Section 6.2. 

(y) “Control” shall mean the power, through the ownership of securities, contract or otherwise, to direct the policies of the
applicable person or entity. 
 (z) “Covered Persons” shall have the meaning assigned to it in
Section 3.6. 
 (aa) “Dartmouth IP” shall mean any intellectual property licensed to the Company
or any of its Subsidiaries from the Trustees of Dartmouth College relating to TCR deficiency, including, but not limited to, the patents listed on Schedule A. For the avoidance of doubt, “Dartmouth IP” does not include the
Company’s cardiological medical devices. 
 (bb) “Dartmouth IP Transaction” shall mean any IP Transaction with any of
the following characteristics: (i) a transfer of litigation or prosecution rights to licensees and sublicensees associated with any Dartmouth IP, (ii) the granting of an exclusive license to any Dartmouth IP, (iii) the termination of
the rights of the Company or any of its Subsidiaries to any Dartmouth IP or (iv) any license or sub-license of any Dartmouth IP that (x) does not constitute an arms-length transaction for fair market
value or (y) the terms of which, on their face, are not consistent with market practice in the jurisdictions and industry in which the Company operates.

  
 3 

 (cc) “Debt ROFO Notice” shall have the meaning assigned to it in
Section 5.1(a). 
 (dd) “Demand” shall have the meaning assigned to it in
Section 4.1(a). 
 (ee) “Demand Registration” shall have the meaning assigned to it in
Section 4.1(a). 
 (ff) “Depositary” shall mean Citibank, N.A. 

(gg) “Dispute” shall have the meaning assigned to it in Section 9.11. 

(hh) “Dispute Notice” shall have the meaning assigned to it in Section 9.11. 

(ii) “Equity Security” shall mean, with respect to any entity, (i) any share of the entity, and (ii) any other
security, financial instrument, certificate and other right (including options, futures, swaps and other derivatives) issued or contracted by the entity and representing, being exercisable, convertible or exchangeable into or for, or otherwise
providing a right to acquire, directly or indirectly, any of the Equity Securities referred to in (i), or (iii) any other security or financial instrument the value of which is based on any of the foregoing. 

(jj) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 (kk) “Filings” shall mean any documents filed or furnished by the Company or any Subsidiary of the Company
with the Commission under the Exchange Act; annual reports to shareholders, annual and quarterly statutory statements of the Company or any Subsidiary of the Company; and any registration statements, prospectuses documents filed or furnished by the
Company or any of its Subsidiaries with the Commission under the Securities Act. 
 (ll) “FINRA” shall mean the Financial
Industry Regulatory Authority. 
 (mm) “Foreign Private Issuer” means a “foreign private issuer” within the
meaning of Rule 405 of the Securities Act. 
 (nn) “Form F-3” shall mean (i) a
Registration Statement on Form F-3 under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the Commission for use by a Foreign Private
Issuer that permits incorporation of substantial information by reference to other documents filed by the Company with the Commission or (ii) at such time that the Company is no longer a Foreign Private Issuer, a Registration Statement on Form S-3 under the Securities Act that may be filed by the Company or any registration form under the Securities Act subsequently adopted by the Commission for use by a domestic issuer that permits incorporation of
substantial information by reference to other documents filed by the Company with the Commission. 
 (oo) “Fortress” shall
have the meaning assigned to it in preamble. For purposes of Article III, “Fortress” shall also mean any Person or Persons designated in writing as Fortress by Fortress. 

  
 4 

 (pp) “Fortress Designees” shall mean the individuals identified by Fortress
or its designee from time to time in accordance with the provisions of this Agreement and reasonably acceptable to the Company; provided that any individual that is a director (or an equivalent or senior position) of Fortress or its Affiliates shall
be deemed to be reasonably acceptable to the Company. 
 (qq) “Fortress Shareholder” shall mean (i) Fortress and
(ii) any of its Permitted Transferees that is a Shareholder and (1) an Affiliate of Fortress, (2) a Shareholder Affiliate of Fortress or (3) a Shareholder Fund of Fortress. 

(rr) “Governmental Authority” shall have the meaning assigned to it in the Subscription Agreement. 

(ss) “Indebtedness” shall mean indebtedness for borrowed money (but excluding, for the avoidance of doubt, recoverable cash
advances granted from time to time to the Company by the Walloon Region of Belgium), other than up to [***] in the aggregate of indebtedness incurred to finance the purchase or lease of any equipment used or to be used in the business of the Company
so long as any liens securing such indebtedness extend only to the equipment being financed and not to any other asset of the Company. 

(tt) “Initial Dispute Resolution Meeting” shall have the meaning assigned to it in Section 9.11.

 (uu) “Initial Fortress Designee” shall have the meaning assigned to it in Section 3.1. 

(vv) “Inspectors” shall have the meaning assigned to it in Section 4.5(a)(viii). 

(ww) “Interested Notice” shall have the meaning assigned to it in Section 5.1(a). 

(xx) “Investor Designee Proposal” shall have the meaning set forth in Section 6.2. 

(yy) “IP Transaction” shall have the meaning assigned to it in Section 6.1(a). 

(zz) “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act. 
 (aaa) “Lock-Up Securities” shall have the meaning assigned to it
in Section 2.5(a). 
 (bbb) “Lockup/Standstill Period” shall mean the period from the date hereof until the earliest
of the (i) date of any Company EGM at which a Company EGM Proposal fails to be approved by the shareholders of the Company, (ii) 90th day following the Closing Date if any Company EGM
Proposal has not been approved by the shareholders of the Company as of such date and (iii) date that is the nine (9) month anniversary of the Closing Date. 

(ccc) “Losses” shall have the meaning assigned to it in Section 8.1. 

  
 5 

 (ddd) “Ordinary Shares” shall mean ordinary shares of the Company, without
nominal value. 
 (eee) “Other Demanding Sellers” shall have the meaning assigned to it in
Section 4.2(b). 
 (fff) “Other Proposed Sellers” shall have the meaning assigned to it in
Section 4.2(b). 
 (ggg) “Permitted Transferee” shall mean, with respect to each Shareholder,
(i) any other Shareholder, (ii) such Shareholder’s Affiliates, (iii) in the case of any Shareholder, (A) any member or general or limited partner of such Shareholder, (B) any corporation, partnership, limited liability
company or other entity that is an Affiliate of such Shareholder or any member, general or limited partner of such Shareholder (collectively, “Shareholder Affiliates”), (C) any investment funds managed directly or indirectly by such
Shareholder or any Shareholder Affiliate (a “Shareholder Fund”), (D) any general or limited partner of any Shareholder Fund or (E) any trust, the beneficiaries of which, or any corporation, limited liability company or partnership,
the stockholders, members or general or limited partners of which, consist solely of any one or more of such Shareholder, any general or limited partner of such Shareholder, any Shareholder Affiliates, any Shareholder Fund and (iv) any other
Person that acquires Equity Securities of the Company from such Shareholder other than pursuant to a Public Offering and that agrees to become party to or be bound by this Agreement. 

(hhh) “Person” shall mean any individual, firm, corporation, partnership, limited liability company, trust, unincorporated
organization, government or any department or agency thereof or other entity, as well as any syndicate or group that would be deemed to be a Person under Section 13(d)(3) of the Exchange Act, and shall include any successor (by merger or
otherwise) of such entity. 
 (iii) “PFIC” shall mean a “passive foreign investment company” as defined in
section 1297(a) of the Code. 
 (jjj) “Piggyback Notice” shall have the meaning assigned to it in
Section 4.2(a). 
 (kkk) “Piggyback Registration” shall have the meaning assigned to it in
Section 4.2(a). 
 (lll) “Piggyback Seller” shall have the meaning assigned to it in
Section 4.2(a). 
 (mmm) “Portfolio Company” shall mean any portfolio company (as such term is
commonly understood in the private equity industry) Controlled by Fortress or any of its Affiliates. 
 (nnn) “Public
Offering” shall mean an offering of Equity Securities of the Company pursuant to an effective registration statement under the Securities Act, including an offering in which Shareholders are entitled to sell Equity Securities of the Company
pursuant to the terms of this Agreement. 

  
 6 

 (ooo) “QEF” shall mean a “qualified electing fund” as defined in
section 1295 of the Code. 
 (ppp) “Records” shall have the meaning assigned to it in
Section 4.5(a)(viii). 
 (qqq) “Registrable Amount” shall mean a number of Ordinary Shares
(including Ordinary Shares underlying American Depositary Shares) equal to or greater than [***] of the Ordinary Shares (including Ordinary Shares underlying American Depositary Shares) then issued and outstanding. 

(rrr) “Registrable Securities” shall mean any Ordinary Shares or American Depositary Shares currently owned or hereafter
acquired by any Shareholder. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (x) a registration statement registering such securities under the Securities Act has been declared
effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration statement or (y) such securities are sold in accordance with Rule 144 (or any successor provision) promulgated
under the Securities Act. 
 (sss) “Registration Expenses” shall have the meaning assigned to it in
Section 4.6(a). 
 (ttt) “Requested Information” shall have the meaning assigned to it in
Section 8.4(d). 
 (uuu) “Requesting Shareholder” shall have the meaning assigned to it in
Section 4.1(a). 
 (vvv) “Securities Act” shall mean the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder. 
 (www) “Selling Holders” shall have the meaning assigned to it in
Section 4.5(a)(i). 
 (xxx) “Shareholders” shall mean (i) Fortress and (ii) each
Permitted Transferee who becomes a party to or bound by the provisions of this Agreement in accordance with the terms hereof or a Permitted Transferee thereof who is entitled to enforce the provisions of this Agreement in accordance with the terms
hereof. 
 (yyy) “Shelf Notice” shall have the meaning assigned to it in Section 4.3(a). 

(zzz) “Shelf Registration Effectiveness Period” shall have the meaning assigned to it in
Section 4.3(d). 
 (aaaa) “Shelf Registration Statement” shall have the meaning assigned to it in
Section 4.3(a). 
 (bbbb) “Shelf Underwritten Offering” shall have the meaning assigned to it in
Section 4.3(f). 

  
 7 

 (cccc) “SoftBank” shall mean SoftBank Group Corp. 

(dddd) “SoftBank Group” shall mean any Person Controlling, Controlled by or under common Control with SoftBank that is not
also Controlled by Fortress Investment Group LLC. 
 (eeee) “Subscription Agreement” shall have the meaning assigned to it
in the preamble. 
 (ffff) “Subsequent Dispute Resolution Meeting” shall have the meaning assigned to it in
Section 9.11. 
 (gggg) “Subsidiary” shall mean with respect to any Person (i) a
corporation, fifty percent (50%) or more of the voting or capital stock of which is, as of the time in question, directly or indirectly owned by such Person, (ii) any other partnership, joint venture, association, joint stock company, trust,
unincorporated organization or other entity in which such Person, directly or indirectly, owns fifty percent (50%) or more of the equity economic interest thereof or has the power to elect or direct the election of fifty percent (50%) or more of the
members of the governing body of such entity or otherwise has Control over such entity (e.g., as the managing partner of a partnership), or (iii) which would be considered subsidiaries of such Person within the meaning of Regulation S-K or Regulation S-X. 
 (hhhh) “Suspension
Period” shall have the meaning assigned to it in Section 4.3(e). 
 (iiii) “Third-Party
Tender” shall mean a bona fide tender offer or exchange offer by a Person other than Fortress or its Affiliates, as a result of which any Person or group of Persons, other than the Company, would become the beneficial owner of more than
[***] of the total voting power of the voting securities of the Company; provided that either (i) the Company has recommended to accept such offer or (ii) the Company has not filed a recommendation to reject such offer with the Commission
within ten (10) Business Days. 
 (jjjj) “Underwritten Offering” shall mean a sale of securities of the Company to an
underwriter or underwriters for reoffering to the public, including any bought deal, Block Trade Offering or other block sale to a financial institution conducted as an underwritten offering to the public. 

(kkkk) “U.S. Shareholder” shall have the meaning assigned to it in Section 7.1(a). 

(llll) “WKSI” shall mean a well-known seasoned issuer, as defined in Rule 405 under the Securities Act. 

(mmmm) “WKSI Shelf Registration Statement” shall mean an automatic shelf registration statement, as defined in Rule 405 under
the Securities Act. 

  
 8 

 Section 1.2 Construction.For the purposes of this Agreement (i) words
(including capitalized terms defined herein) in the singular shall be held to include the plural and vice versa and words (including capitalized terms defined herein) of one gender shall be held to include the other gender as the context requires,
(ii) the terms “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement,
(iii) Article and Section references are to Articles and Sections of this Agreement, unless otherwise specified, (iv) the word “including” and words of similar import when used in this Agreement shall mean “including,
without limitation,” (v) all references to any period of days shall be deemed to be to the relevant number of calendar days unless otherwise specified, (vi) all references herein to “$” or dollars shall refer to United States
dollars, unless otherwise specified and (vii) references to any statute, regulation or statutory provision shall be deemed to include reference to any statute, regulation or statutory instrument which amends, extends, consolidates or replaces
the same (or shall have done so) and to any other regulation, statutory instrument or other subordinate legislation made thereunder or pursuant thereto, provided that no such reference shall include any amendment, extension or replacement of the
same with retrospective effect. 
 Section 1.3 Translation. The original version of this
Agreement has been made in English. Should this Agreement be translated in whole or in part into another language (if at all), the original English version shall prevail between the parties hereto to the fullest extent possible and permitted by
Belgian law. Notwithstanding the foregoing, Belgian legal concepts which are expressed in English language terms, are to be interpreted in accordance with the Belgian legal terms to which they refer, and the use herein of French or Dutch words in
this Agreement as translation for certain words or concepts shall be conclusive in the determination of the relevant legal concept under Belgian law of the words or concepts that are so translated herein. 

ARTICLE II 

TRANSFER 
 
Section 2.1 Binding Effect on Transferees. A Permitted Transferee shall become a Shareholder hereunder, without any further action by the Company, following a transfer by a Shareholder of Equity Securities of the Company to such
Permitted Transferee upon the execution by such Permitted Transferee of a joinder providing that such Person shall be bound by and shall fully comply with the terms of this Agreement (including the provisions of Article IV
with respect to the Equity Securities of the Company being transferred to such transferee). 
 Section 2.2 Additional Purchases.
Any Equity Securities of the Company owned by a Shareholder on or after the date of this Agreement shall have the benefit of and be subject to the terms and conditions of this Agreement. 

Section 2.3 Legends. Any certificate representing Equity Securities of the Company issued to a
Shareholder shall be stamped or otherwise imprinted with legends in substantially the following form: 
 “The securities represented by
this certificate have not been registered under the Securities Act, and may not be sold, offered for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to such securities under the Securities Act, or an
opinion of counsel (which counsel shall be reasonably satisfactory to the Company) that registration is not required, or unless sold pursuant to Rule 144 of the Securities Act.” 

  
 9 

 “The securities represented by this certificate are subject to the provisions contained
in a Shareholders’ Rights Agreement by and among the Company and certain shareholders of the Company described therein, a copy of which is on file with the Secretary of the Company.” 

The Company shall make customary arrangements to cause any Equity Securities of the Company issued in uncertificated form to be identified on
the books of the Company in a substantially similar manner. 
 Section 2.4 Legend Removal. After the expiration of the
Lockup/Standstill Period, the Company shall update its shareholders’ register to remove the legends set forth in Section 2.3 from any Equity Securities of the Company as soon as practicable following from the
applicable Shareholder of a written request together with customary representations and other documentation reasonably requested by the Company and/or its registrar or depositary in connection therewith, if such Equity Securities of the Company
(a) may be sold pursuant to Rule 144 or (b) may be transferred without the requirement that the Company be in compliance with the public information requirements and without volume or manner-of-sale restrictions under Rule 144. 
 Section 2.5
Lock-Up Agreement. 
 (a) During the Lockup/Standstill Period, Fortress and its Affiliates
shall not, without the express written consent of the Company, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or
otherwise dispose of or transfer any Equity Securities of the Company (together with (a) any Equity Securities of the Company issued in respect thereof as a result of any share split, share dividend, share exchange, merger, consolidation or
similar recapitalization and (b) any Equity Securities of the Company issued as (or issuable upon the exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in
replacement of, the Equity Securities, the “Lock-Up Securities”), including, without limitation, any “short sale” or similar arrangement, or (ii) enter into any swap or any
other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be
settled by delivery of securities, in cash or otherwise; provided, however, that the foregoing shall not prohibit Fortress or its Affiliates from transferring Lock-Up Securities to an Affiliate of Fortress in
accordance with Section 2.1 (whereby such transferee will be bound by the restrictions set forth in this Section 2.5). 

(b) Notwithstanding any other provision herein, this Section 2.5 shall not prohibit or restrict any disposition of Lock-Up Securities by Fortress or any of its Affiliates in connection with (i) a Third-Party Tender (including entering into a tender commitment with respect to such Third-Party Tender), (ii) a tender offer by
the Company or (iii) the Company’s public announcement of a definitive agreement to consummate an Acquisition Transaction. 

  
 10 

 Section 2.6 Standstill Agreement. 

(a) During the Lockup/Standstill Period, Fortress and its Affiliates shall not, without the express written consent of the Company, directly
or indirectly (i) acquire or seek to acquire any additional voting securities of the Company if, after giving effect to such acquisition, Fortress, any of its Affiliates or any other party Acting in Concert with Fortress or any of its
Affiliates would, together in the aggregate, directly or indirectly own more than 29.99% of the then outstanding voting securities of the Company, (ii) encourage or support a tender, exchange or other offer or proposal by a third party,
(iii) propose (A) any merger, consolidation, business combination, tender or exchange offer, purchase of the Company’s assets or businesses or similar transaction involving the Company or (B) any recapitalization, restructuring,
liquidation or other extraordinary transaction with respect to the Company (it being understood that Fortress may contact the Company on a non-public and non-committal
basis to gauge the Company’s potential interest in any matter described in this clause (iii)), (iv) (A) submit matters to, request that matters be submitted to, or request the convening of, a general meeting of the shareholders of the
Company, or (B) solicit proxies or consents, or become a participant in a solicitation in relation to matters submitted to a general meeting of the shareholders of the Company, in each case of (A) and (B) without or against the
recommendation or support by the Board of Directors; provided that Fortress and its Affiliates may solicit proxies or consents and may become a participant in a solicitation pursuant to Article III or Section 6.2 or
in connection with any proposal that would adversely affect its rights under this Agreement or (v) (A) make public statements (other than as legally obliged) with respect to, or (B) with the actual knowledge of Fortress’s executive
officers, provide assistance to, commit to, or discuss or enter into, any agreement or arrangement with any party to do, any of the foregoing prohibited actions. For the avoidance of doubt, nothing in this Section 2.6(a)
shall prohibit any Fortress Shareholder from exercising its rights pursuant to Section 5.2. 
 (b) The obligations
set forth in Section 2.6(a) shall terminate upon the earliest of (1) the expiration of the Lockup/Standstill Period, (2) the Company’s public announcement of a definitive agreement to consummate an
Acquisition Transaction, (3) the commencement of a Third-Party Tender and (4) as set forth in clause Section 2.6(d). 

(c) Notwithstanding the foregoing, nothing shall prohibit Fortress or any of its Affiliates from submitting to the Board of Directors an offer
regarding a confidential bona fide potential takeover bid on the Company (including any tender, exchange or other offer or proposal to acquire a majority of the outstanding Equity Securities of the Company or all or a substantial part of its
consolidated assets), provided that neither the Company nor Fortress or any of its Affiliates is required to publicly disclose the fact that such offer was made. 

(d) In the event that (i) the Company receives a non-public binding or non-binding offer during the Lockup/Standstill Period by a bona fide third party, other than Fortress or any of its Affiliates, regarding a bona fide potential takeover bid on the Company (including any tender,
exchange or other offer or proposal to acquire a majority of the outstanding Equity Securities of the Company or all or a substantial part of its consolidated assets), (ii) the Company determines to commence, prior to the end of the
Lockup/Standstill Period, a process to seek a potential sale of the Company or all or a substantial part of its consolidated assets, (iii) a bid to take over the Company pursuant to Article 7 or 8, §1, §2 and §3 of the Belgian
Takeover Decree, 

  
 11 

 other than from Fortress or any of its Affiliates, is announced, or (iv) any bona fide person or entity
(other than Fortress or any of its Affiliates) publicly discloses any plans, determined as serious by the Board of Directors, to make such a bid, then the obligations set forth in this Section 2.6 shall automatically cease
to apply effective upon the occurrence of such approach, process, announcement or public disclosure and the Company shall notify Fortress of such offer, process or announcement as promptly as practicable and in any event no later than [***] Business
Day after the receipt of such offer, the determination to commence such process, such announcement or such public disclosure. 

ARTICLE III 

BOARD OF DIRECTORS 

Section 3.1 Fortress Designees. Until such time as the Shareholders own in the aggregate less
than 10% of the then outstanding Ordinary Shares (including Ordinary Shares underlying American Depositary Shares) for a period of more than [***], (a) Fortress shall have the right to select two (2) Fortress Designees to be, at Fortress’s
option, (i) members of the Board of Directors, (ii) non-voting observers of the Board of Directors or (iii) a combination thereof (provided that if Fortress selects both Fortress Designees to be
members of the Board of Directors, Fortress may also select a third Fortress Designee to be a non-voting observer of the Board of Directors), and (b) the Board of Directors, at Fortress’s option,
(i) shall recommend the confirmation or (re)appointment of any two (2) Fortress Designees as members of the Board of Directors at any applicable general meeting of shareholders of the Company, (ii) shall appoint any two
(2) Fortress Designees as non-voting observers of the Board of Directors or (iii) shall proceed to a combination thereof. On the Closing Date, the Board of Directors shall (x) co-opt one (1) individual, designated by Fortress and reasonably acceptable to the Company, as a member of the Board of Directors in replacement of [***] (the “Initial Fortress
Designee”), after which there shall be nine (9) members of the Board of Directors, and (y) appoint one (1) individual, designated by Fortress and reasonably acceptable to the Company, as a
non-voting observer of the Board of Directors. For the avoidance of doubt, any of the Fortress Designees may be employees of Fortress or its Affiliates. Subject to and not in limitation of
Section 6.2, from and after the date hereof, the Board of Directors shall use its best efforts to cause the definitive appointment to the Board of Directors of two (2) Fortress Designees, which efforts shall include,
without limitation, (I) convening the Company EGM pursuant to Section 6.2, (II) supporting and defending the appointment to the Board of Directors of two (2) Fortress Designees and (III) recommending that the
Company’s shareholders approve the appointment to the Board of Directors of two (2) Fortress Designees. 
 Section 3.2
Replacement. Upon the termination of the board mandate of any Fortress Designee (for whatever cause), and until such time as the Shareholders own in the aggregate less than 10% of the then outstanding Ordinary Shares (including Ordinary
Shares underlying American Depositary Shares) for a period of more than [***], at the option of Fortress, (a) the Company shall as soon as practicably possible co-opt to the Board of Directors a
replacement Fortress Designee, and shall use best efforts to cause the confirmation of the co-optation at the next general meeting of shareholders of the Company; or (b) the Company shall as soon as
practicably possible approve the appointment of a replacement Fortress Designee as a non-voting observer of the Board of Directors. With respect to any replacement Fortress Designee, the 

  
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 Board of Directors shall use its best efforts to cause the definitive appointment to the Board of Directors
of such replacement Fortress Designee, which efforts shall include, without limitation, (I) supporting and defending the appointment to the Board of Directors of such Fortress Designee and (II) recommending that the Company’s
shareholders approve the appointment to the Board of Directors of such Fortress Designee. So long as Fortress has the right to replace a Fortress Designee pursuant to this Section 3.2, the Company may not replace the
Fortress Designee other than with a replacement Fortress Designee; provided that the Company may replace the Fortress Designee if (i) in the opinion of outside counsel, the Company is required to appoint a replacement director by
applicable law and (ii) Fortress has failed to select a replacement Fortress Designee prior to the later of (A) the first general meeting of shareholders occurring following the resignation and (B) 121st day after the Fortress Designee is no longer a member of the Board of Directors. Upon the termination of the service of any Fortress Designee as a non-voting
observer of the Board of Directors (for whatever cause), the Company shall as soon as practicably possible approve the appointment of a new Fortress Designee as a non-voting observer of the Board of Directors.

 Section 3.3 Board Composition Restrictions. The Shareholders and the Company agree that the
composition of the Board of Directors will need to comply with the relevant rules, regulations and corporate governance requirements in relation to gender diversity, and that the Board of Directors may not have a majority of the members of the Board
of Directors being U.S. citizens or residents. Accordingly, Fortress agrees that (i) the Initial Fortress Designee, who will be co-opted on the Closing Date, shall be a woman and (ii) the two
(2) Fortress Designees to be appointed in accordance with Section 6.2 shall include at least one individual that is not a U.S. citizen and at least one individual that is a woman. 

Section 3.4 Exclusion of Board Observer. If the Board of Directors reasonably determines on the advice of counsel that exclusion
of any Fortress Designee that is a non-voting observer of the Board of Directors is necessary (a) to preserve the attorney-client privilege of the Company (such determination to be based on the advice of
legal counsel to the Company), (b) to maintain the confidentiality of executive sessions of the Board or (c) for other similar reasons, then the Company shall have the right to exclude any Fortress Designee that is a non-voting observer of the Board of Directors, in each case to the extent reasonably deemed necessary by the Board. 

Section 3.5 Directors’ and Officers’ Insurance. The Company shall maintain
directors’ and officers’ liability insurance (including Side A coverage) covering the Company’s and its Subsidiaries’ directors and officers and issued by reputable insurers, with appropriate policy limits, terms and conditions
(including “tail” insurance if necessary or appropriate). The provisions of this Section 3.5 are intended to be for the benefit of, and will be enforceable by, each indemnified party, his or her heirs
and his or her representatives and are in addition to, and not in substitution for, any other rights to indemnification or contribution that any such Person may have by contract or otherwise. 

Section 3.6 Corporate Opportunity. To the fullest extent permitted by applicable law, the Company hereby agrees that Fortress and
its Affiliates and their respective members, directors, officers, employees, designees, agents or advisors (collectively, “Covered Persons” and, each a “Covered Person”) shall not have any obligation to refrain from
engaging directly or 

  
 13 

 indirectly in the same or similar business activities or lines of business as the Company or any of its
Subsidiaries. To the fullest extent permitted by applicable law, the Company, on behalf of itself and its Subsidiaries, renounces any interest or expectancy of the Company and its Subsidiaries in, or in being offered an opportunity to participate
in, business opportunities that are from time to time available to the Covered Persons, even if the opportunity is one that the Company or its Subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted
the opportunity to do so. The Company hereby further agrees that each Covered Person shall have no duty to communicate or offer such business opportunity to the Company (and, to the fullest extent permitted by applicable law, that there shall be no
restriction on the Covered Persons using the general knowledge and understanding of the Company and the industry in which the Company operates that it has gained as a Covered Person in considering and pursuing such opportunities or in making
investment, voting, monitoring, governance or other decisions relating to other entities or securities) and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its Subsidiaries or stockholders for breach
of any fiduciary or other duty, as a director or officer or otherwise, solely by reason of the fact that such Covered Person pursues or acquires such business opportunity, directs such business opportunity to another person or fails to present such
business opportunity, or information regarding such business opportunity, to the Company or its Subsidiaries, or uses such knowledge and understanding in the manner described herein. The parties specifically agree that each Covered Person is an
intended third-party beneficiary of this Section 3.6 and is entitled to rely upon and enforce the rights and obligations granted herein. In addition to and notwithstanding the foregoing, a corporate opportunity shall not be
deemed to belong to the Company if it is a business opportunity that the Company is not financially able or contractually permitted or legally able to undertake. 

ARTICLE IV 

REGISTRATION RIGHTS 

Section 4.1 Demand Registration. 

(a) At any time after the expiration of the Lockup/Standstill Period (or such earlier date as would permit the Company to cause any filings
required hereunder to be filed on such date), any Person that is a Shareholder (a “Requesting Shareholder”) on the date a Demand is made shall be entitled to make a written request of the Company (a “Demand”) for
registration under the Securities Act of a number of Registrable Securities that, when taken together with the number of Registrable Securities requested to be registered under the Securities Act by such Requesting Shareholder’s Affiliates,
equals or is greater than the Registrable Amount and thereupon the Company will, subject to the terms of this Agreement, use its commercially reasonable efforts to effect the registration (a “Demand Registration”) as promptly as
practicable under the Securities Act of: 
 (i) the Registrable Securities which the Company has been so requested to
register by the Requesting Shareholders for disposition in accordance with the intended method of disposition stated in such Demand, which may be an Underwritten Offering; 

  
 14 

 (ii) all other Registrable Securities which the Company has been requested
to register pursuant to Section 4.1(b); and 
 (iii) any additional securities which the Company
may elect to register in connection with any offering of Registrable Securities pursuant to this Section 4.1, but subject to Section 4.1(f); 

all to the extent necessary to permit the disposition (in accordance with the intended methods thereof) of the Registrable Securities and the
additional securities, if any, to be so registered. 
 (b) A Demand shall specify: (i) the aggregate number of Registrable Securities
requested to be registered in such Demand Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known, and (iii) the identity of the Requesting Shareholder (or Requesting
Shareholders). Within [***] days after receipt of a Demand, the Company shall give written notice of such Demand to any other Person that is a Shareholder on the date a Demand is delivered to the Company. Subject to
Section 4.1(f), the Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company has received a written request for inclusion therein. Such written
request shall comply with the requirements of a Demand as set forth in this Section 4.1(b). 
 (c) Each
Shareholder shall be entitled to no more than two Demand Registrations in a calendar year until such time as the Shareholders, together, Beneficially Own less than a Registrable Amount. 

(d) Demand Registrations shall be on such registration form of the Commission for which the Company is eligible as shall be selected by the
Requesting Shareholders whose shares represent a majority of the Registrable Securities that the Company has been requested to register, including, to the extent permissible, a WKSI Shelf Registration Statement, and shall be reasonably acceptable to
the Company. 
 (e) The Company shall not be obligated to effect any Demand Registration (A) within [***] of a “firm
commitment” Underwritten Offering in which (x) all Shareholders were given “piggyback” rights pursuant to Section 4.2 (subject to Section 4.1(f)) and (y) at least [***] of
the number of Registrable Securities requested by such Shareholders to be included in such Demand Registration were included) or (B) within [***] of any other Underwritten Offering pursuant to Section 4.3(f). In
addition, the Company shall be entitled to postpone (upon written notice to all Shareholders), for a reasonable period of time not to exceed [***] in succession (but no more than twice, or for more than [***] in the aggregate, in any period of
[***]), the filing or the effectiveness of a registration statement for any Demand Registration if the Board of Directors determines in good faith and in its reasonable judgment that it is required to disclose in the registration statement relating
to such Demand Registration any material, non-public information that the Company has a bona fide business purpose for preserving as confidential. In the event of a postponement by the Company of the filing or
effectiveness of a registration statement for a Demand Registration, (i) the holders of a majority of Registrable Securities held by the Requesting Shareholder(s) shall have the right to withdraw such Demand in accordance with
Section 4.4 and (ii) the Company shall not file or cause the effectiveness of any other registration statement for its own account or on behalf of any other Shareholders. 

  
 15 

 (f) The Company shall not include any securities other than Registrable Securities in a
Demand Registration, except with the written consent of Shareholders participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration. If, in connection with a Demand Registration that
is an Underwritten Offering, any managing underwriter (or, if such Demand Registration is not an Underwritten Offering, a nationally recognized investment bank engaged in connection with such Demand Registration) advises the Company, that, in its
opinion, the inclusion of all of the securities, including securities of the Company that are not Registrable Securities, sought to be registered in connection with such Demand Registration would adversely affect the marketability of the Registrable
Securities sought to be sold pursuant thereto, then the Company shall include in such registration statement only such securities as the Company is advised by such underwriter or investment bank can be sold without such adverse effect as follows and
in the following order of priority: (i) first, up to the number of Registrable Securities requested to be included in such Demand Registration by the Shareholders, which, in the opinion of the underwriter, can be sold without adversely
affecting the marketability of the offering, pro rata among such Shareholders requesting such Demand Registration on the basis of the number of such securities held by such Shareholders; (ii) second, securities the Company proposes to sell; and
(iii) third, all other securities of the Company duly requested to be included in such registration statement, pro rata on the basis of the number of such other securities requested to be included or such other method determined by the Company.

 (g) Any investment bank(s) that will serve as an underwriter with respect to such Demand Registration or, if such Demand Registration is
not an Underwritten Offering, any investment bank engaged in connection therewith shall be selected by the Shareholders participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand
Registration; provided that such underwriter shall be reasonably acceptable to the Company. 
 Section 4.2 Piggyback
Registrations. 
 (a) Subject to the terms and conditions hereof, whenever the Company (i) proposes to register any Equity
Securities of the Company under the Securities Act (other than a registration by the Company (x) on a registration statement on Form F-4 or S-4, as applicable,
(y) on a registration statement on Form S-8 (or, in any of the cases of (x) or (y), on any successor forms thereto), or (z) pursuant to Section 4.1) or
(ii) proposes to effect an Underwritten Offering of its own securities pursuant to an effective Shelf Registration Statement (other than an Underwritten Offering pursuant to Section 4.1 or
Section 4.3) (each, a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give the Shareholders prompt written notice thereof (but not less than [***]
Business Days prior to the filing by the Company with the Commission of any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify, at a minimum, the number and type of Equity Securities of
the Company proposed to be registered, the proposed date of filing of such registration statement with the Commission, the proposed means of distribution and the proposed managing underwriter or underwriters (if any and if known). Upon the written
request 

  
 16 

 of any Person that on the date of such Piggyback Notice is a Shareholder, given within (A) [***] Business
Days, in the case of any Block Trade Offering, or (B) [***] Business Days, in the case of any other offering, after such Piggyback Notice is received by such Person (any such Person, a “Piggyback Seller”) (which written request
shall specify the number of Registrable Securities then intended to be disposed of by such Piggyback Seller), the Company, subject to the terms and conditions of this Agreement, shall use its commercially reasonable efforts to cause all such
Registrable Securities held by Piggyback Sellers with respect to which the Company has received such written requests for inclusion to be included in such Piggyback Registration on the same terms and conditions as the Equity Securities of the
Company being sold in such Piggyback Registration. 
 (b) If, in connection with a Piggyback Registration, any managing underwriter (or, if
such Piggyback Registration is not an Underwritten Offering, a nationally recognized investment bank selected by Shareholders holding a majority of the Registrable Securities included in such Piggyback Registration, reasonably acceptable to the
Company, and whose fees and expenses shall be borne solely by the Company) advises the Company in writing that, in its opinion, the inclusion of all the Equity Securities of the Company sought to be included in such Piggyback Registration by
(i) the Company, (ii) others who have sought to have Equity Securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called
“piggyback” or other incidental or participation registration rights) such registration (such Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers and (iv) any other proposed sellers of Equity
Securities of the Company (such Persons being “Other Proposed Sellers”), as the case may be, would adversely affect the marketability of the Equity Securities of the Company sought to be sold pursuant thereto, then the Company shall
include in the registration statement applicable to such Piggyback Registration only such Equity Securities of the Company as the Company is so advised by such underwriter or investment bank can be sold without such an effect, as follows and in the
following order of priority: 
 (i) if the Piggyback Registration relates to an offering for the Company’s own account,
then (A) first, such number of Equity Securities of the Company to be sold by the Company as the Company, in its reasonable judgment and acting in good faith and in accordance with sound financial practice, shall have determined,
(B) second, Registrable Securities of Piggyback Sellers and securities sought to be registered by Other Demanding Sellers (if any), pro rata on the basis of the number of Ordinary Shares (including Ordinary Shares underlying American Depositary
Shares) held by such Piggyback Sellers and Other Demanding Sellers and (C) third, other Equity Securities of the Company held by any Other Proposed Sellers; or 

(ii) if the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first,
such number of Equity Securities of the Company sought to be registered by each Other Demanding Seller and the Piggyback Sellers (if any), pro rata in proportion to the number of Ordinary Shares (including Ordinary Shares underlying American
Depositary Shares) held by all such Other Demanding Sellers and Piggyback Sellers and (B) second, other Equity Securities of the Company held by any Other Proposed Sellers or to be sold by the Company as determined by the Company and with such
priorities among them as may from time to time be determined or agreed to by the Company. 

  
 17 

 (c) In connection with any Underwritten Offering under this
Section 4.2 for the Company’s account, the Company shall not be required to include a holder’s Registrable Securities in the Underwritten Offering unless such holder accepts the terms of the underwriting as agreed
upon between the Company and the underwriters selected by the Company; provided, that any applicable underwriting agreement includes only customary terms and conditions. 

(d) If, at any time after giving written notice of its intention to register any of its Equity Securities of the Company as set forth in this
Section 4.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine for any reason not to register such Equity Securities of
the Company, the Company may, at its election, give written notice of such determination to each Shareholder and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or
abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that Shareholders may continue the registration as a Demand Registration pursuant to the terms of
Section 4.1 or a Shelf Underwritten Offering pursuant to the terms of Section 
4.3. 
 Section 4.3 Shelf Registration. 

(a) The Company shall use its reasonable best efforts to qualify and remain qualified to register securities pursuant to a Form F-3. At any time after the expiration of the Lockup/Standstill Period (or such earlier date as would permit the Company to cause any filings required hereunder to be filed on such date), subject to
Section 4.3(e), and further subject to the Company’s eligibility to use a Form F-3, Fortress or any of its Permitted Transferees (in each case to the extent a Shareholder
hereunder) may, by written notice delivered to the Company (the “Shelf Notice”) require the Company to file as promptly as practicable (but no later than [***] after the date the Shelf Notice is delivered), and to use commercially
reasonable efforts to cause to be declared effective by the Commission at the earliest possible date permitted under the rules and regulations of the Commission (but no later than [***] after such filing date), a Form
F-3 (which shall be a WKSI Shelf Registration Statement at any time the Company is eligible), providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (a
“Shelf Registration Statement”) relating to the offer and sale, from time to time, of the number of Registrable Securities designated by Fortress or its Permitted Transferee in the Shelf Notice (which, if the Company is a WKSI at
the time of the Shelf Notice, may be an unspecified number of Registrable Securities) owned by Fortress (or any of its Permitted Transferees), as the case may be, and any other Person that at the time of the Shelf Notice meets the definition of a
Shareholder who elects to participate therein as provided in Section 4.3(c). 
 (b) Fortress and its Permitted
Transferees shall be entitled to require the Company to file no more than three Shelf Registration Statements until such time as the Shareholders, together, Beneficially Own less than a Registrable Amount. 

  
 18 

 (c) Within [***] Business Days after receipt of a Shelf Notice pursuant to
Section 4.3(a), the Company will deliver written notice thereof to each Shareholder. Each Shareholder may elect to participate in the Shelf Registration Statement by delivering to the Company a written request to so
participate within [***] Business Days after receipt of such written notice. 
 (d) Subject to Section 4.3(e), the
Company will use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance
with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise (the “Shelf Registration Effectiveness Period”). 

(e) Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled to postpone (by providing written
notice to the Shareholders who elected to participate in the Shelf Registration Statement), for a reasonable period of time not to exceed [***] in succession (but no more than twice, or for more than [***] in the aggregate in any [***] period) (a
“Suspension Period”), the use of the prospectus for sales of Registrable Securities under the Shelf Registration Statement if the Board of Directors determines in good faith and in its reasonable judgment that it is required to
disclose in the Shelf Registration Statement any material, non-public information that the Company has a bona fide business purpose for preserving as confidential. Immediately upon receipt of such notice, the
Shareholders covered by the Shelf Registration Statement shall suspend the use of the prospectus until the requisite changes to the prospectus have been made as required below. Any Suspension Period shall terminate at such time as the public
disclosure of such information is made. After the expiration of any Suspension Period and without any further request from a Shareholder, the Company shall as promptly as practicable prepare a post-effective amendment or supplement to the Shelf
Registration Statement or the prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not
include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(f) At any time, and from time-to-time, during the Shelf
Registration Effectiveness Period (except during a Suspension Period), Fortress or any of its Permitted Transferees (in each case to the extent a Shareholder hereunder) may notify the Company of their intent to sell Registrable Securities covered by
the Shelf Registration Statement (in whole or in part) in an Underwritten Offering (a “Shelf Underwritten Offering”); provided that the Company shall not be obligated to participate in more than four underwritten offerings during
any [***] period. Such notice shall specify (x) the aggregate number of Registrable Securities requested to be registered in such Shelf Underwritten Offering and (y) the identity of the Shareholder(s) requesting such Shelf Underwritten
Offering. Upon receipt by the Company of such notice, the Company shall promptly comply with the applicable provisions of this Agreement, including those provisions of Section 4.5 relating to the Company’s obligation
to make filings with the Commission, assist in the preparation and filing with the Commission of prospectus supplements and amendments to the Shelf Registration Statement, participate in “road shows,” agree to customary “lock-up” agreements with respect to the Company’s securities and obtain “comfort” letters, and the Company shall take such other actions as necessary or 

  
 19 

 appropriate to permit the consummation of such Shelf Underwritten Offering as promptly as practicable. Each
Shelf Underwritten Offering shall be for the sale of a number of Registrable Securities equal to or greater than the Registrable Amount. In any Shelf Underwritten Offering, the Shareholders participating in such Shelf Underwritten Offering that hold
a majority of the Registrable Securities included in such Shelf Underwritten Offering shall select the investment bank(s) and managers that will serve as lead or co-managing underwriters with respect to the
offering of such Registrable Securities, which shall be reasonably acceptable to the Company. 
 Section 4.4 Withdrawal Rights.
Any Shareholder having notified or directed the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all
of the Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include
such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to
the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount,
then the Company shall as promptly as practicable give each holder of Registrable Securities sought to be registered notice to such effect and, within [***] days following the mailing of such notice, such holder(s) of Registrable Securities still
seeking registration shall, by written notice to the Company, either (a) elect to register additional Registrable Securities which, when taken together with elections to register Registrable Securities by such Shareholder(s) and their Permitted
Transferees, satisfy the Registrable Amount or (b) elect that such registration statement not be filed (or, if theretofore filed, be withdrawn). During such [***] day period, the Company shall not file such registration statement if not
theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness thereof. 

Section 4.5 Registration Procedures. 

(a) If and whenever the Company is required to use commercially reasonable efforts to effect the registration of any Registrable Securities
under the Securities Act or an Underwritten Offering as provided in Section 4.1, Section 4.2 and Section 4.3, the Company shall as promptly as practicable (in each case,
to the extent applicable): 
 (i) prepare and file with the Commission a registration statement to effect such registration,
cause such registration statement to become effective at the earliest possible date permitted under the rules and regulations of the Commission, and thereafter use commercially reasonable efforts to cause such registration statement to remain
effective pursuant to the terms of this Agreement; provided, however, that the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the registration statement
relating thereto; provided, further that before filing such registration statement or any amendments thereto, the Company will (A) furnish to the counsel selected by the holders of Registrable Securities which are to be included in such
registration (“Selling Holders”) 

  
 20 

 
copies of all such documents proposed to be filed, (B) provide each such Selling Holder and their counsel the opportunity to object to any information pertaining to such Selling Holder or
its plan of distribution that is contained in the registration statement (it being understood that each Selling Holder and counsel to such Selling Holder will conduct their review and provide any comments promptly) and (C) make any changes
reasonably requested by such Selling Holder or their counsel with respect to such information; 
 (ii) prepare and file with
the Commission such amendments (including post-effective amendments) and supplements and “stickers” to such registration statement and the prospectus used in connection therewith and any Filings incorporated by reference therein as may be
necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier of (x) such time as all
of such securities have been disposed of in accordance with the intended methods of disposition by the Selling Holder(s) set forth in such registration statement or (y) (i) in the case of a Demand Registration pursuant to
Section 4.1, the expiration of [***] after such registration statement becomes effective or (ii) in the case of a Piggyback Registration pursuant to Section 4.2, the expiration of [***] after
such registration statement becomes effective or (iii) in the case of a Shelf Registration Statement pursuant to Section 4.3, the last day of the Shelf Registration Effectiveness Period; 

(iii) furnish to each Selling Holder and each underwriter, if any, of the securities being sold by such Selling Holder such
number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits or documents incorporated by reference therein), such number of copies of the prospectus contained in such
registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and any Issuer Free Writing
Prospectus and such other documents as such Selling Holder and underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Selling Holder; 

(iv) use commercially reasonable efforts to register or qualify such Registrable Securities covered by such registration
statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Holder and any underwriter of the securities being sold by such Selling Holder shall reasonably request, and take any other action which may be
reasonably necessary or advisable to enable such Selling Holder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Holder, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv) be obligated to be so qualified, to subject itself to taxation in any such jurisdiction
or to file a general consent to service of process in any such jurisdiction; 

  
 21 

 (v) use best efforts to cause such Registrable Securities to be listed on
each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable
Securities to be listed on The Nasdaq Stock Market or the New York Stock Exchange; 
 (vi) use commercially reasonable
efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Selling Holder(s) thereof to consummate the
disposition of such Registrable Securities; 
 (vii) in connection with an Underwritten Offering, obtain for each Selling
Holder and underwriter: 
 (1) an opinion of counsel for the Company, covering the matters customarily covered in opinions
requested in underwritten offerings and such other matters as may be reasonably requested by such Selling Holder or underwriters, and 

(2) a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of a
“comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures” letter) signed by the independent registered public accountants who have certified the Company’s financial
statements included in such registration statement (and, if necessary, any other independent registered public accountant of any Subsidiary of the Company or any business acquired by the Company from which financial statements and financial data
are, or are required to be, included in the registration statement); 
 (viii) promptly make available for inspection by any
Selling Holder, any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Holder or underwriter (collectively, the
“Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable such Selling Holder or
underwriter to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement promptly; provided,
however, that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, the Company shall not be required to provide any information under this subparagraph (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit
an attorney-client privilege that was applicable to such information or (ii) either (A) the Company has requested and been granted from the Commission confidential treatment of such information contained in any filing with the Commission or
documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to
(i) or (ii) such holder of Registrable Securities requesting such information agrees, and causes each of its Inspectors, to enter into a confidentiality agreement on terms reasonably acceptable to the

  
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Company; and provided, further, that each holder of Registrable Securities agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 

(ix) promptly notify in writing each Selling Holder and the underwriters, if any, of the following events: 

(1) the filing of the registration statement, the prospectus or any prospectus supplement related thereto, any Issuer Free
Writing Prospectus or post-effective amendment to the registration statement, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become effective; 

(2) any request by the Commission or any other Governmental Authority for amendments or supplements to the registration
statement or the prospectus or for additional information; 
 (3) the issuance by the Commission or any other Governmental
Authority of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose; 

(4) the existence of any conflict between the information contained in any Issuer Free Writing Prospectus and the information
contained in the registration statement; and 
 (5) the receipt by the Company of any notification with respect to the
suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 

(x) notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, and, at the request of any Selling Holder, promptly prepare and furnish to such Selling Holder a reasonable number of copies of a supplement to or an amendment
of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; 
 (xi) use every reasonable best effort to obtain the
withdrawal of any order suspending the effectiveness of such registration statement; 

  
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 (xii) otherwise use commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission, and make available to Selling Holders, as promptly as practicable, an earnings statement covering the period of at least [***], but not more than [***], beginning with the first day of the
Company’s first full quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiii) use its reasonable best efforts to assist Shareholders who made a request to the Company to provide for a third party
“market maker” for the Ordinary Shares or American Depositary Shares; provided, however, that the Company shall not be required to serve as such “market maker”; 

(xiv) cooperate with any Selling Holder and any underwriter and the managing underwriter to facilitate the timely preparation
and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law), if necessary or appropriate, representing securities sold under any registration statement, and enable such securities to be in such
denominations and registered in such names as the managing underwriter or such Selling Holder may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply
of such certificates as necessary or appropriate; 
 (xv) cause appropriate officers of the Company to prepare and make
presentations at any “road shows” and before analysts and rating agencies, as the case may be, and at other meetings organized by the underwriters, take other actions to obtain ratings for any Registrable Securities (if they are eligible
to be rated) and otherwise use their reasonable best efforts to cooperate (as reasonably requested by the Selling Holders and the underwriters) in the offering, marketing or selling of the Registrable Securities; 

(xvi) cause appropriate officers of the Company and representatives of the Company’s independent registered public
accountants to participate in any due diligence discussions reasonably requested by any Selling Holder or any underwriter; 

(xvii) if requested by any underwriter, agree, and cause the Company and any directors or officers of the Company to agree, to
be bound by customary “lock-up” agreements restricting the ability to dispose of Equity Securities of the Company; 

(xviii) if requested by any Selling Holders or any underwriter, promptly incorporate in the registration statement or any
prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Holders may reasonably request to have included therein, including information relating to the “Plan of Distribution” of the
Registrable Securities; 
 (xix) cooperate and assist in any filings required to be made with the FINRA and in the
performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of the FINRA; 

(xx) otherwise use reasonable best efforts to cooperate as reasonably requested by the Selling Holders and the underwriters in
the offering, marketing or selling of the Registrable Securities; 

  
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 (xxi) otherwise use commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission and all reporting requirements under the rules and regulations of the Exchange Act; and 

(xxii) use reasonable best efforts to take any action requested by the Selling Holders, including any action described in
clauses (i) through (xxi) above to prepare for and facilitate any “over-night deal,” Block Trade Offering or other proposed sale of Registrable Securities over a limited timeframe. 

The Company may require each Selling Holder and each underwriter, if any, to furnish the Company in writing such information regarding each Selling Holder or
underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the information required by such registration statement. 

(b) Without limiting any of the foregoing, in the event that the offering of Registrable Securities is to be made by or through an
underwriter, the Company shall enter into an underwriting agreement with a managing underwriter or underwriters containing representations, warranties, indemnities and agreements customarily included (but not inconsistent with the covenants and
agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers. No Selling Holder shall be required to make any
representations, warranties, indemnities or agreements with the Company or the underwriters other than the representations, warranties, indemnities and agreements regarding such Selling Holder, its ownership of the Registrable Securities being
registered on its behalf, its intended method of distribution and any other representations, warranties, indemnities and agreements required by law. 

(c) In connection with any offering of Registrable Securities registered pursuant to this Agreement, the Company shall furnish to the
underwriter, if any (or, if no underwriter, the Selling Holder), to the extent permitted under applicable law and subject to any requirements of the Depositary, unlegended certificates representing ownership of the Registrable Securities being sold
(unless, in the Company’s sole discretion, such Registrable Securities are to be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form), in such denominations as requested and instruct any transfer
agent and registrar of the Registrable Securities to release any stop transfer order with respect thereto. 
 (d) Each Selling Holder agrees
that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4.5(a)(ix), such Selling Holder shall forthwith discontinue such Selling Holder’s disposition of
Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 4.5(a)(ix) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies, other than permanent file copies, of the prospectus relating to such Registrable Securities in such
Selling Holder’s possession at the time of receipt of such notice. In the event the Company shall give such notice, any applicable period during which such registration statement must remain effective pursuant to this Agreement shall be
extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of the kind described in Section 4.5(a)(ix) to the date when all such Selling Holders shall receive
such a supplemented or amended prospectus and such prospectus shall have been filed with the Commission. 

  
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 Section 4.6 Registration Expenses. 

(a) All expenses incident to the Company’s performance of, or compliance with, its obligations under this Agreement including (i)(A) all
registration and filing fees, all fees and expenses of compliance with securities and “blue sky” laws, (B) all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and expenses
of any “qualified independent underwriter” as such term is defined in FINRA Rule 5121(f)(12)), (C) all fees and expenses of compliance with securities and “blue sky” laws, (D) all printing (including expenses of printing
certificates, if any, for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses and Issuer Free Writing Prospectuses if the printing of such prospectuses is requested by a holder of
Registrable Securities) and copying expenses, (E) all messenger and delivery expenses, (F) all fees and expenses of the Company’s independent certified public accountants and counsel (including with respect to “comfort”
letters, “agreed-upon procedures” letters and opinions), (G) fees and expenses of one firm of counsel to the Shareholders selling in such registration (which firm shall be selected by the Shareholders selling in such registration that hold
a majority of the Registrable Securities included in such registration), which fees and expenses shall not exceed [***], (H) except as provided in clause (ii) below, the fees and expenses (including underwriting discounts and commissions and
transfer taxes) of every nationally recognized investment bank engaged in connection with a Demand Registration or a Piggyback Registration that is not an Underwritten Offering (collectively, the “Registration Expenses”) and (ii) any
expenses described in clauses (i)(A) through (H) above incurred in connection with the marketing and sale of Registrable Securities shall be borne by the Company, regardless of whether a registration is effected, marketing is commenced or
sale is made. The Company will pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the
expenses and fees for listing the securities to be registered on each securities exchange and included in each established over-the-counter market on which similar
securities issued by the Company are then listed or traded. 
 (b) Each Selling Holder shall pay its portion of all underwriting discounts
and commissions and transfer taxes, if any, relating to the sale of such Selling Holder’s Registrable Securities pursuant to any registration. 

  
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 ARTICLE V 

RIGHT OF FIRST OFFER; ANTI-DILUTION 

Section 5.1 Indebtedness. 

(a) Prior to the incurrence of any Indebtedness by the Company or any of its Subsidiaries, the Company shall deliver to Fortress a written
notice (a “Debt ROFO Notice”) of its intention, describing in reasonable detail the transaction that such Indebtedness is intended to finance. Fortress shall have a period of [***] after delivery of the Debt ROFO Notice in which to
deliver either (i) a written proposal (an “Interested Notice”) to the Company, stating that Fortress or any of its Affiliates would like to have the Company or its Subsidiary consider obtaining such Indebtedness from Fortress
or any of its Affiliates and setting forth the proposed terms of such Indebtedness in reasonable detail, or (ii) a written notice of its rejection of the opportunity to provide such Indebtedness. Neither Fortress nor any of its Affiliates shall
be under any obligation to provide any such Indebtedness or deliver any Interested Notice, and if no Interested Notice has been provided within such [***] period, then Fortress will be deemed to have rejected the opportunity for Fortress or its
Affiliates to provide such Indebtedness. 
 (b) If the Company accepts the offer set forth in the Interested Notice, the Company will
negotiate in good faith with Fortress and its Affiliates the definitive documentation for such Indebtedness during the [***] following the date of the Interested Notice (which [***] period may be extended for an additional [***] by either the
Company or Fortress if the parties are actively negotiating such definitive documentation). 
 (c) If (x) Fortress rejects or is deemed
to have rejected the opportunity to provide such Indebtedness, (y) the Company declines to accept the offer set forth in the Interested Notice or (z) the [***] period (or [***] period to the extent the initial [***] period is extended
pursuant to Section 5.1(b)) to finalize the definitive documentation for such Indebtedness has expired, then the Company or its Subsidiary shall have the right to seek a proposal from any other Person to provide such
Indebtedness and may consummate such Indebtedness transaction without any further notice to or consent from Fortress; provided, however, that in the case of (y) or (z), if the proposed terms of such Indebtedness from such other Person, taken as
a whole, are not materially more advantageous to the Company or its Subsidiary (as evidenced by a written term sheet or similar instrument (an “Alternate Proposal Notice”)) than the terms set forth in the Interested Notice, taken as
a whole (as reasonably determined by the Company), then if the Company or its Subsidiary plans to consummate such transaction, the Company shall deliver a copy of Alternate Proposal Notice to Fortress, and Fortress shall have a period of [***] days
after receipt of such Alternate Proposal Notice to accept or reject the opportunity to provide such Indebtedness on the terms set forth in the Alternate Proposal Notice. 

(d) If, prior to the end of such [***] period, Fortress delivers written notice (the “Alternate Proposal Acceptance Notice”)
to the Company accepting the opportunity to provide such Indebtedness on the terms set forth in the Alternate Proposal Notice, then the Company will negotiate in good faith with Fortress and its Affiliates the definitive documentation for such
Indebtedness during the [***] following the date of the Alternate Proposal Acceptance Notice (which [***] period may be extended for an additional [***] by either the Company or Fortress if the parties are actively negotiating such definitive
documentation). 
 (e) If (x) Fortress rejects the opportunity to provide such Indebtedness on such terms, (y) Fortress fails to
respond to such Alternate Proposal Notice in writing prior to the end of such [***] period or (z) the [***] period (or [***] period to the extent the initial [***] period is extended pursuant to Section 5.1 (c) or (d))
to finalize the definitive documentation for such Indebtedness has expired, then the Company or its Subsidiary shall have the right to obtain such Indebtedness from such other Person on the terms set forth in the Alternate Proposal Notice without
any further notice to or consent from Fortress. 

  
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 Section 5.2 Anti-Dilution. 

(a) Until such time as the Fortress Shareholders own in the aggregate less than 10% of the then outstanding Ordinary Shares (including
Ordinary Shares underlying American Depositary Shares) for a period of more than [***] consecutive days, if the Company or any of its Subsidiaries proposes to issue or sell any new or existing Equity Securities to any Person other than the Fortress
Shareholders (other than on a pro rata basis to all shareholders of the Company), then it shall first offer such Equity Securities to the Fortress Shareholders. 

(b) The Company shall use its best efforts to deliver to each Fortress Shareholder, at least [***] Business Days prior to the consummation of
any such offer of Equity Securities, a written notice (an “Anti-Dilution Notice”) of such intention to offer such Equity Securities, describing in reasonable detail the type of Equity Securities to be offered and the price and
terms, if any, upon which the Company or its Subsidiary proposes to offer such Equity Securities. 
 (c) Each Fortress Shareholder shall
have the right, by written notice delivered to the Company as soon as practicable (in particular taking into account the structure of such offering), and in any event within a period of [***] Business Days, after delivery of such Anti-Dilution
Notice, to invest in such offering (or, at the option of the Company, a concurrent offering) on substantially the same terms as the other investors in such offering and at a price per share or security equal to the price per share or security paid
by the other investors in such offering (provided, that, in the event any of such consideration is non-cash consideration, at the election of such Fortress Shareholder, such Fortress Shareholder may pay
cash equal to the value of such non-cash consideration), for an aggregate amount of up to (x) such Fortress Shareholder’s aggregate percentage ownership of the Company prior to such offering
multiplied (and rounded up afterwards) by (y) the aggregate gross consideration to be received by the Company or its Subsidiary in such offering. 

(d) Notwithstanding the foregoing, no Fortress Shareholder shall have any right to invest in any offering by the Company of Equity Securities
issued (i) to another entity or its owners in connection with a business acquisition or combination or with an asset acquisition transaction, (ii) in connection with a licensing, collaboration or similar agreement, (iii) to current or
future employees, consultants, directors and/or officers of the Company or its Affiliates pursuant to an equity-based incentive plan or employee share purchase plan approved by the Board of Directors, (iv) as a dividend or distribution on any
outstanding Equity Securities of the Company (so long as each Shareholder receives its pro rata portion of such distribution), (v) pursuant to the ATM Agreement or (vi) upon exercise, vesting or conversion of outstanding Equity Securities of
the Company in accordance with their terms. 
 (e) The Fortress Shareholders will be entitled to reduce their participation in the relevant
offering so as to avoid that the exercise of its anti-dilution protection results in any of the Fortress Shareholders or any of their affiliates within the meaning of the Belgian Takeover Decree being obliged to make a mandatory takeover bid on the
voting securities and the securities granting access to voting rights issued by the Company. 
 (f) This
Section 5.2 shall expire on the [***] of the Closing Date. 

  
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 ARTICLE VI 

OTHER COMPANY OBLIGATIONS 

Section 6.1 Protective Provisions. 

(a) The parties hereto agree that the Company and its Subsidiaries shall have the right to terminate their intellectual property and license, sub-license or contribute their intellectual property to third parties (any such transaction, an “IP Transaction”) in the ordinary course of business pursuant to any research and development,
collaboration, consortium, joint development, distribution, service, joint marketing, co-branding or co-distribution agreement or other similar agreements or
arrangements entered into in the ordinary course of business and in a manner consistent with market practice for the industry of the Company; provided that, until such time as the Fortress Shareholders own in the aggregate less than 15% of the then
outstanding Ordinary Shares (including Ordinary Shares underlying American Depositary Shares) for more than [***]consecutive days, any Dartmouth IP Transaction shall be subject to approval by the Board of Directors with at least 90% of the votes of
the directors present or validly represented. 
 (b) Until such time as the Fortress Shareholders own in the aggregate less than 10% of the
then outstanding Ordinary Shares (including Ordinary Shares underlying American Depositary Shares) for a period of more than [***] consecutive days, the Company and its Subsidiaries shall not, directly or indirectly, without the consent of Fortress,
(i) incur or issue any indebtedness that would encumber any intellectual property of the Company or any of its Subsidiaries, (ii) issue any Equity Securities of the Company that are senior to the Ordinary Shares with respect to the right
to receive (x) dividends or other distributions to shareholders or (y) proceeds in the event of the liquidation, dissolution or winding-up of the Company (including for such purposes in connection
with any change of control transaction), (iii) alter, amend or change the rights, preference or privileges of the Ordinary Shares, including in connection with any reclassification, recapitalization, reorganization or restructuring,
(iv) recommend, directly or indirectly, or take any other action to (A) increase the size of the Board of Directors or (B) co-opt or appoint to the Board of Directors in place of a Fortress
Designee any individual other than a Fortress Designee, (v) make any proposal to amend, repeal or otherwise modify any provision of the Company’s articles of association that would be reasonably expected to adversely affect the interests
of Fortress or any Fortress Shareholder or (vi) make any proposal to modify the rights of any Equity Securities of the Company in a manner adverse to any Shareholder. 

Section 6.2 Extraordinary General Meeting. The parties agree that the Board of Directors shall consist of (a) eight (8)
members with one (1) vacancy as of immediately prior to the Closing Date and (b) nine (9) members with no vacancies as of immediately following the co-optation of the Initial Fortress Designee
pursuant to clause (x) of the second sentence of Section 3.1. On or after the Closing Date, Fortress shall provide to the Company written notice 

  
 29 

 
(the “Company EGM Notice”) containing the names of the two Fortress Designees (which may include or replace the Initial Fortress Designee) to be appointed to the Board of
Directors at the Company EGM (as defined below). The Board of Directors shall convene an extraordinary general meeting of the shareholders of the Company to be held as soon as possible, and in any event within [***] days following date of delivery
of the Company EGM Notice (the “Company EGM”; provided that, if the attendance quorum for any Company EGM Proposal (as defined below) (if any) is not achieved at such extraordinary general meeting of the shareholders, the Board of
Directors shall convene a second extraordinary general meeting of the shareholders, to be held as soon as practicable and in any event no later than [***] days following such extraordinary general shareholders’ meeting, the agenda of which
shall include the relevant Company EGM Proposals, at which no attendance quorum will apply for the relevant Company EGM Proposals, and which shall constitute the “Company EGM” with respect to the relevant Company EGM Proposals), at
which the shareholders of the Company will be asked to approve (i) the appointment to the Board of Directors of two (2) Fortress Designees (the “Investor Designee Proposal”), each for an initial mandate of [***], such that
the Board of Directors shall consist of ten (10) members, and (ii) an amendment to the Company’s articles of association memorializing Section 6.1 in the Company’s articles of association (together with
the Investor Designee Proposal, the “Company EGM Proposals”). In addition to the Company EGM Proposals, the Board of Directors may also recommend to the shareholders to approve a resolution to fully restore the authorized capital of
the Company or such other matters as may be determined by the Board of Directors. The Board of Directors shall use best efforts, including to support and defend the Company EGM Proposals and to recommend that the Company’s shareholders approve
the Company EGM Proposals, to cause the Company EGM Proposals to be approved. In the event that any Company EGM Proposal or a proposal of Fortress pursuant to Section 3.2 fails to receive shareholder approval at the Company
EGM (or a subsequent general shareholders’ meeting of the Company), other than as a result of the failure by Fortress or its Affiliates to vote all their voting securities in favor of such Company EGM Proposal or such proposal of Fortress
pursuant to Section 3.2, then, to the extent permitted by applicable law, without limiting any other remedies that may be available, the following rules shall apply: 

(a) The Board of Directors shall take all actions necessary to include any such unapproved Company EGM Proposal or proposal of Fortress
pursuant to Section 3.2 on the agenda of an extraordinary general meeting to be held as soon as possible following the date of the Company EGM. If the attendance quorum for any such unapproved Company EGM Proposal or
proposal of Fortress pursuant to Section 3.2 (if any) is not achieved at such extraordinary general meeting of the shareholders, the Board of Directors shall convene a second extraordinary general meeting of the
shareholders, to be held as soon as practicable and in any event no later than [***] days following such extraordinary general shareholders’ meeting, the agenda of which shall include the relevant Company EGM Proposals or proposal of Fortress
pursuant to Section 3.2, at which no attendance quorum will apply for the relevant Company EGM Proposals or proposal of Fortress pursuant to Section 3.2. The Board of Directors shall use best
efforts, including to support and defend such unapproved Company EGM Proposal or proposal of Fortress pursuant to Section 3.2, and to recommend that the Company’s shareholders approve such unapproved Company EGM
Proposal or proposal of Fortress pursuant to Section 3.2, to cause such unapproved Company EGM Proposal or proposal of Fortress pursuant to Section 3.2 to be approved. 

  
 30 

 (b) The Board of Directors shall continue to
re-submit proposals pursuant to Section 6.2(a) to subsequent annual general meetings of the shareholders of the Company or extraordinary general meetings of the shareholders held at
the same time, until such proposals are approved by the Company’s shareholders. If the attendance quorum for any such proposal (if any) is not achieved at such extraordinary general meeting of the shareholders, the Board of Directors shall
convene a second extraordinary general meeting of the shareholders, to be held as soon as practicable and in any event no later than [***] days following such extraordinary general shareholders’ meeting, the agenda of which shall include the
relevant proposals, at which no attendance quorum will apply for the relevant proposals. 
 Section 6.3 Regulatory Limitation.

 (a) The Company shall not, without the express written consent of Fortress, directly or indirectly (including through affiliates or
intermediaries within the meaning of the Belgian Takeover Decree or parties Acting in Concert with the Company or such affiliates or intermediaries) acquire any voting securities of the Company (for clarity, including any Ordinary Shares or American
Depositary Shares), or take any other action, if after giving effect to such acquisition or the taking of such other action Fortress or any of its affiliates within the meaning of the Belgian Takeover Decree would directly or indirectly (including
through affiliates or intermediaries within the meaning of the Belgian Takeover Decree or any other party Acting in Concert with Fortress or such affiliates) own, or were to continue to own, more than 29.99% of the then outstanding voting securities
of the Company on a non-diluted basis (the resulting number of securities rounded down) or would otherwise be obligated to launch a public takeover bid on securities of the Company. 

(b) The Company shall, within [***] Business Days of any request from any Shareholder, provide such Shareholder with notice of the number of
issued and outstanding voting securities of the Company on a non-diluted basis and the exercise of any options, warrants, convertible securities or other rights to acquire, directly or indirectly, any new
voting securities of the Company by any Person (other than Fortress and its Affiliates). 
 Section 6.4 Foreign Private Issuer
Status. The Company shall notify each Shareholder promptly following the date that the Company ceases to be a Foreign Private Issuer. 

Section 6.5 Use of Proceeds.The Company shall use commercially reasonable efforts to, promptly following the Closing, [***]. The
Company shall use the proceeds from the issuance of the Securities (as defined in the Subscription Agreement) for working capital and general corporate purposes; provided, that (a) the Company shall use [***] to pay [***] and at least [***] of the
proceeds to identify opportunities and enable expansion of claims within the intellectual property portfolio, pursue strategic patent prosecution and fund a licensing program, in each case as agreed between Fortress and the Company within [***]
following the Closing Date, and (b) the proceeds shall not be used for any declaration or payment of dividends or distributions to the Company’s shareholders. 

  
 31 

 ARTICLE VII 

TAX MATTERS 

Section 7.1 U.S. Federal Income Tax Reporting. 

(a) For each taxable year of the Company in which any Shareholder (or, to the extent any Shareholder is a partnership or disregarded entity
for U.S. federal income tax purposes, any indirect owner of such Shareholder) that is a “United States person” (as defined in section 7701(a)(30) of the Code) (a “U.S. Shareholder”) holds Equity Securities of the Company,
the Company shall determine whether the Company or any of its Subsidiaries was a PFIC for such taxable year. If the Company determines that it or any of its Subsidiaries was a PFIC for such taxable year, the Company shall (a) no later than
[***] days following the date of the closing of the Company’s taxable year, notify each U.S. Shareholder of such determination and (b) provide such U.S. Shareholder with adequate information in order for such U.S. Shareholder, in
consultation with the Company, to complete its U.S. Internal Revenue Service Form 8621 with respect to the Company or such Subsidiary; provided that if such U.S. Shareholder intends to elect to treat the Company and/or any Subsidiary as a QEF, such
U.S. Shareholder shall notify the Company of such intent, and the Company shall provide such U.S. Shareholder (at such U.S. Shareholder’s expense) with “PFIC Annual Information Statements” (within the meaning of Treasury
Regulations Section 1.1295-1(g)(1). 
 (b) Until such time as the Fortress Shareholders own in
the aggregate (after applying section 958 of the Code) less than 10% of the then outstanding Ordinary Shares (including Ordinary Shares underlying American Depositary Shares) for more than [***] consecutive days, the Company shall reasonably
cooperate with the U.S. Shareholders to determine whether the Company or any of its Subsidiaries is a CFC for such taxable year with respect to any U.S. Shareholder and, if any U.S. Shareholder determines that the Company or any of its Subsidiaries
was a CFC for such taxable year with respect to such U.S. Shareholder, (a) such U.S. Shareholder shall, no later than [***] days following the date of the closing of the Company’s taxable year, notify the Company of such determination and
(b) the Company shall provide such U.S. Shareholder with adequate information in order for such U.S. Shareholder, in consultation with the Company, to reasonably determine any amounts required to be included pursuant to sections 951(a) and 951A
of the Code in the gross income of such U.S. Shareholder as defined in section 951(b) of the Code and to comply with such U.S. Shareholder’s filing obligations under the Code (including, but not limited to, completing the U.S. Internal Revenue
Service Form 5471 with respect to the Company or any such Subsidiaries), all of such information to be issued in an annual statement. 

Section 7.2 Cooperation. 

(a) The Company and each Shareholder agree to reasonably cooperate with one another and use reasonable efforts to mitigate or reduce tax
withholding or similar obligations in respect of payments made by such Shareholder to the Company under this Agreement where an exemption or reduction of such withholding or similar obligation is available under the applicable legislation, including
double tax treaties. Without limiting the generality of the foregoing, the Company shall provide each Shareholder any tax forms and other 

  
 32 

 
information that may be reasonably requested by such Shareholder in order for it to prepare its U.S. tax filings. The Company shall provide each Shareholder with reasonable assistance to enable
the recovery, as permitted by applicable law, of withholding taxes, value added taxes, or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Shareholder bearing such withholding tax or
value added tax. 
 (b) Except as would have an adverse effect on the Company and subject to the sole consent of the Company, such consent
not to be unreasonably withheld, the Company agrees to reasonably cooperate with each U.S. Shareholder and use reasonable efforts to avoid or reduce any amounts required to be included pursuant to sections 951(a) and 951A of the Code in the gross
income of any “United States shareholder” (as defined in section 951(b) of the Code) (including, without limitation, by filing any elections reasonably requested by such Shareholder under U.S. Treasury Regulations section 301.7701-3 with respect to any Subsidiary). 
 ARTICLE VIII 

INDEMNIFICATION 

Section 8.1 General Indemnification. The Company agrees to indemnify and hold harmless Fortress and its Affiliates, each
Shareholder, and their respective officers, directors, employees, members, managers, partners, designees and agents (each, an “Indemnified Person”) against any and all losses, claims, damages, liabilities and expenses (including
reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (collectively, “Losses”), in each case, based on, arising out of, resulting from or in connection with any claim, action, cause of action, suit,
proceeding or investigation, whether civil, criminal, administrative, investigative or other (collectively, “Actions”), based on, arising out of, pertaining to or in connection with such Indemnified Person’s participation in the
operation or conduct of the business of, including contracts entered into by, the Company or any of its Subsidiaries, on or after the date hereof; provided that for purposes of this Section 8.1, “Losses” shall not include losses
arising from a decrease in the trading price of the Company’s Ordinary Shares (including Ordinary Shares in the form of American Depositary Shares). The indemnity agreement contained in this Section 8.1 shall be
applicable whether or not any Action or the facts or transactions giving rise to such Action arose prior to, on or subsequent to the date of this Agreement. 

Section 8.2 Registration Statement Indemnification. 

(a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Holder, its Affiliates and their
respective officers, directors, employees, managers, members, partners, designees and agents from and against all Losses caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, any Issuer Free Writing Prospectus, any prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission (or alleged omission) of a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as the same are caused by any information furnished in writing to the Company by such Selling Holder expressly for use therein.
In connection with an Underwritten 

  
 33 

 
Offering and without limiting any of the Company’s other obligations under this Agreement, the Company shall also indemnify such underwriters, their officers, directors, employees and agents
and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriters or such other indemnified Person to the same extent as provided above with respect to the
indemnification (and exceptions thereto) of the holders of Registrable Securities being sold. Reimbursements payable pursuant to the indemnification contemplated by this Section 8.2(a) will be made by periodic payments
during the course of any investigation or defense, as and when bills are received or expenses incurred. 
 (b) In connection with any
registration statement in which a holder of Registrable Securities is participating, each Selling Holder will furnish to the Company in writing information regarding such Selling Holder’s ownership of Registrable Securities and its intended
method of distribution thereof and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its directors, officers, employees and agents and each Person who controls (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act) the Company or such other indemnified Person against all Losses caused by any untrue statement of material fact contained in the registration statement, any Issuer Free Writing Prospectus, any
prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, but only to the extent that such untrue statement or omission is caused by and contained in such information so furnished in writing by such Selling Holder expressly for use therein; provided, however, that each Selling
Holder’s obligation to indemnify the Company hereunder shall, to the extent more than one Selling Holder is subject to the same indemnification obligation, be apportioned between each Selling Holder based upon the net amount received by each
Selling Holder from the sale of Registrable Securities, as compared to the total net amount received by all of the Selling Holders of Registrable Securities sold pursuant to such registration statement. Notwithstanding the foregoing, no Selling
Holder shall be liable to the Company for amounts in excess of the lesser of (i) such apportionment and (ii) the net amount received by such holder in the offering giving rise to such liability. 

Section 8.3 Contribution. 

(a) If recovery is not available under the foregoing indemnification provisions for any reason or reasons other than as specified therein, any
Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person would be entitled to such indemnification but for such reason
or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative knowledge and access to information concerning the matter with respect to which the claim was
asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such contribution
were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of
such fraudulent misrepresentation. Notwithstanding the foregoing, no Selling Holder or transferee thereof shall be required to make a contribution in excess of the net amount received by such holder from its sale of Registrable Securities in
connection with the offering that gave rise to the contribution obligation. 

  
 34 

 Section 8.4 Procedure. 

(a) Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has been materially prejudiced by such failure to
provide such notice on a timely basis. 
 (b) In any case in which any such action is brought against any indemnified party, and it notifies
an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not (so long as it shall continue to have
the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation, supervision and monitoring; provided that if (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it which
are different from or in addition to the defenses available to such indemnifying party or (ii) the indemnifying party shall have failed within a reasonable period of time to assume such defense and the indemnified party is or is reasonably
likely to be prejudiced by such delay, the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining separate legal counsel. The indemnifying party shall lose its right to defend,
contest, litigate and settle a matter if it shall fail to diligently contest such matter (except to the extent settled in accordance with Section 8.5(a)). 

Section 8.5 Other Matters. 

(a) An indemnifying party shall not be liable for any settlement of an Action effected without its consent. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Action. 

(b) Any Losses for which an indemnified party is entitled to indemnification or contribution under this Article VIII
shall be paid by the indemnifying party to the indemnified party as such Losses are incurred. The indemnity and contribution agreements contained in this Article VIII shall remain operative and in full force and effect,
regardless of (i) any investigation made by or on behalf of any indemnified Person, the Company, its directors or officers, or any person Controlling the Company, and (ii) any termination of this Agreement. 

  
 35 

 (c) The parties hereto shall, and shall cause their respective Subsidiaries to, cooperate
with each other in a reasonable manner with respect to access to unprivileged information and similar matters in connection with any Action. The provisions of this Article VIII are for the benefit of, and are intended to
create third party beneficiary rights in favor of, each of the indemnified parties referred to herein. 
 (d) Not less than [***] Business
Days before the expected filing date of each registration statement pursuant to this Agreement, the Company shall notify each Shareholder who has timely provided the requisite notice hereunder entitling the Shareholder to register Registrable
Securities in such registration statement of the information, documents and instruments from such Shareholder that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to a
questionnaire, custody agreement, power of attorney, lock-up letter and underwriting agreement (the “Requested Information”). If the Company has not received, on or before the day before the expected
filing date, the Requested Information from such Shareholder, the Company may file the Registration Statement without including Registrable Securities of such Shareholder. The failure to so include in any registration statement the Registrable
Securities of a Shareholder (with regard to that registration statement) shall not in and of itself result in any liability on the part of the Company to such Shareholder. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Headings. The headings in this Agreement are for convenience of reference only and shall not control or effect the
meaning or construction of any provisions hereof. 
 Section 9.2 Entire Agreement. This Agreement and the Subscription Agreement
constitute the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein, and there are no restrictions, promises, representations, warranties, covenants, conditions or undertakings with respect to
the subject matter hereof, other than those expressly set forth or referred to herein. This Agreement and the Subscription Agreement supersede all prior agreements and understandings between the parties hereto with respect to the subject matter
hereof, including that certain Non-Binding Summary of Terms dated as of [***]. 
 Section 9.3
Further Actions; Cooperation. Each of the Shareholders agrees to use its reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things
necessary, proper or advisable to give effect to the transactions contemplated by this Agreement. 
 Section 9.4 Notices. All
notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by electronic mail, facsimile, nationally recognized overnight courier or
first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing
by such party to the other parties: 

  
 36 

 If to Fortress, to: 

CFIP CLYD LLC 

c/o Fortress Investment Group 

1345 Avenue of the Americas 

Attn:   General Counsel – Credit Funds 

            [***] 

Email: [***] 

            [***] 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 

New York, NY 10001 

Attn:   Michael Schwartz 

Email: Michael.schwartz@skadden.com 

If to the Company, to: 

Celyad Oncology SA 

Rue Edouard Belin 2 

1435 Mont-Saint-Guibert 

Belgium 

Attn:   Chief Legal Officer 

            Chief Executive Officer 

Email: [***] 

            [***] 

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

Goodwin Procter LLP 

100 Northern Avenue 

Boston, MA 02210 

Attn:   [***] 

            [***] 

Email: [***] 

            [***] 

If to a Shareholder that is not Fortress, then to the address set forth in the joinder of such Shareholder provided for in
Section 2.1 hereof. 
 All such notices, requests, consents and other communications shall be deemed to have been
given or made if and when received (including by overnight courier) by the parties at the above addresses or sent by email, facsimile, with confirmation received, to the email addresses or facsimile numbers specified above (or at such other address
or facsimile number for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving
such notice. 

  
 37 

 Section 9.5 Applicable Law. The substantive laws of the State of New York shall
govern the interpretation, validity and performance of the terms of this Agreement, without regard to conflicts of law doctrines. 

Section 9.6 Severability. The provisions of this Agreement are independent of and separable from each other. The invalidity,
illegality or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement, including any such provisions, in any other
jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. The parties hereto shall endeavor in good faith negotiations to replace any invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision, as applicable. 

Section 9.7 Successors and Assigns. Except as otherwise provided herein, all the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. A Shareholder may not assign any of its rights hereunder to any Person other than a Permitted Transferee.
Each Permitted Transferee of any Shareholder shall be subject to all of the terms of this Agreement, and by taking and holding such shares such Person shall be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound
by and to comply with all of the terms and provisions of this Agreement; provided, however, no transfer of rights permitted hereunder shall be binding upon or obligate the Company unless and until (i) if required under
Section 2.1 hereof, the Company shall have received written notice of such transfer and the joinder of the transferee provided for in Section 2.1 hereof, and (ii) such transferee can establish
Beneficial Ownership or ownership of record of a Registrable Amount (whether individually or together with its Affiliates that are Shareholders or transferees of Shareholders and, if applicable, its other Permitted Transferees that are Shareholders
or transferees of Shareholders). The Company may not assign any of its rights or obligations hereunder without the prior written consent of each of the Shareholders, and any assignment attempted or effected without obtaining such required consent
shall be null and void. Notwithstanding the foregoing, no successor or assignee of the Company shall have any rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement
of such Person’s acceptance of such rights and obligations. 
 Section 9.8 Amendments. This Agreement may not be amended,
modified or supplemented unless such amendment, modification or supplement is in writing and signed by each of the Shareholders and the Company. 

Section 9.9 Waiver. The failure of a party hereto at any time or times to require performance of any provision hereof shall in no
manner affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in a writing signed by the
party against whom the waiver is to be effective, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any
other term, covenant, representation or warranty. 

  
 38 

 Section 9.10 Counterparts. 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 Agreement. Counterparts may be exchanged by email or in pdf or other electronic means without affecting the validity thereof. 

Section 9.11 Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing, the
parties agree that the receiving party will keep confidential and will not publish or otherwise disclose (except as requested or required pursuant to applicable law, rule (including rules of a securities exchange), regulation or other legal,
administrative or governmental process) any information or materials related to the activities contemplated hereunder that is furnished to the receiving party by or on behalf of the disclosing party pursuant to this Agreement and is identified by
the disclosing party as confidential, proprietary or the like or that the receiving party has reason to believe is confidential based upon its own similar information (collectively, “Confidential Information”); provided that the
parties may disclose Confidential Information to their respective affiliates, and to their and their affiliates’ respective directors, officers, employee, investors, potential investors, financial advisors, attorneys, accountants and
consultants. Notwithstanding the foregoing, Confidential Information will not include any information to the extent that it can be established by written documentation by the receiving party that such information (a) was obtained or was already
known by the receiving party or its Affiliates without obligation of confidentiality as a result of disclosure from a third party that the receiving party did not know was under an obligation of confidentiality to the disclosing party with respect
to such information, (b) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving party through no act or omission of the receiving party or its Affiliates in breach of this
Agreement, (c) became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving party or its Affiliates in breach of this Agreement or (d) was
independently discovered or developed by the receiving party or its Affiliates (without reference to or use of Confidential Information of the disclosing party). 

Section 9.12 Dispute Resolution. The parties recognize that disputes as to the matters set forth in
Section 6.1(a) may from time to time arise which relate to either party’s rights and obligations thereunder. It is the objective of the parties to comply with the procedures set forth in this
Section 9.12 to use all reasonable efforts to facilitate the resolution of such disputes in an expedient manner by mutual agreement. The parties agree that they shall use all reasonable efforts to resolve any dispute,
controversy, or claim arising out of or relating to Section 6.1(a), or the breach, termination or validity thereof (each a “Dispute”) by good faith negotiation and discussion. Any party claiming that a
Dispute exists shall deliver a written notice (a “Dispute Notice”) to the other party, setting forth the nature of the Dispute. In the event that the Dispute is caused by the negative vote of a Fortress Designee on a proposed
Dartmouth IP Transaction, Fortress will provide an explanation for such negative vote. Within [***] days of receipt of a Dispute Notice, an executive officer of the Company and a director (or an equivalent or senior position) from Fortress involved
in oversight of Fortress’s investment in the Company shall meet 

  
 39 

 
in person or by teleconference (the “Initial Dispute Resolution Meeting”) and use their reasonable endeavors to resolve the Dispute. If such individuals are unable to resolve the
Dispute during the Initial Dispute Resolution Meeting, the Chairman of the Audit Committee of the Company and a senior member of Fortress’s investment committee shall meet in person or by teleconference (the “Subsequent Dispute
Resolution Meeting”) promptly after the Initial Dispute Resolution Meeting and use their reasonable endeavors to resolve the Dispute. At any Initial Dispute Resolution Meeting or Subsequent Dispute Resolution Meeting, either party
may submit to the other party one or more non-binding opinions from third parties on the subject matter of the Dispute, and each party hereby agrees that it shall keep any such opinions confidential. If such
individuals are unable to resolve the Dispute during the Subsequent Dispute Resolution Meeting or if for any reason the Initial Dispute Resolution Meeting or Subsequent Dispute Resolution Meeting does not take place within the period specified, then
the parties shall be free to pursue any rights and remedies available at law, in equity or otherwise. Notwithstanding any provision of this Agreement to the contrary, any party may immediately initiate litigation in any court of competent
jurisdiction seeking any remedy at law or in equity, including the issuance of a preliminary, temporary or permanent injunction, to preserve or enforce its rights under this Agreement. 

Section 9.13 Injunctive Relief. Each party hereto acknowledges and agrees that a violation of any of the terms of this Agreement
will cause the other parties irreparable injury for which an adequate remedy at law is not available. Therefore, the parties agree that each party shall be entitled to an injunction, restraining order, specific performance or other equitable relief
from any court of competent jurisdiction to enforce the provisions of this Agreement or to restrain any party from committing any violations of the provisions of this Agreement, without the need to post a bond or prove the inadequacy of monetary
damages. 
 Section 9.14 Submission to Jurisdiction. SUBJECT TO COMPLIANCE WITH SECTION 9.12, ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT AND ANY ACTION FOR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT
OF NEW YORK AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS AND THE APPELLATE COURTS THEREOF. EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID, TO SUCH PARTY AT THE ADDRESS FOR NOTICES SET FORTH HEREIN. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES HERETO WAIVE THEIR RIGHT TO A JURY TRIAL WITH RESPECT TO DISPUTES HEREUNDER. 

  
 40 

 Section 9.15 Recapitalizations, Exchanges, Etc.; New Issuance. The provisions of
this Agreement shall apply, to the full extent set forth herein, with respect to Equity Securities of the Company and to any and all Equity Securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale
of assets, or otherwise) which may be issued in respect of, in exchange for, or in substitution of, such Equity Securities of the Company and shall be appropriately adjusted for any share dividends, splits, reverse splits, combinations,
reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof. 
 Section 9.16 Termination.
Upon the mutual consent of all of the parties hereto or, with respect to each Shareholder, at such earlier time as such Shareholder and its Affiliates and Permitted Transferees ceases to Beneficially Own a Registrable Amount, the terms of this
Agreement shall terminate, and be of no further force and effect; provided, however, that the following shall survive the termination of this Agreement: (i) the provisions of Section 4.2 (which shall terminate, and be
of no further force and effect, with respect to each Shareholder, at such time as such Shareholder and its Affiliates and Permitted Transferees ceases to Beneficially Own a Registrable Amount), Section 4.6,
Article VIII, Section 9.5, Section 9.11, this Section 9.16 and Section 9.17; (ii) the rights with respect to the breach
of any provision hereof by the Company and (iii) any registration rights vested or obligations accrued as of the date of any such termination to the extent, in the case of registration rights so vested, if such Shareholder ceases to meet the
definition of a Shareholder under this Agreement subsequent to the vesting of such registration rights as a result of action taken by the Company. 

Section 9.17 No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give any
Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement. 

Section 9.18 Rule 144. The Company covenants and agrees that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if it is not required to file such reports, it will, upon the request of any holder of Registrable Securities, make publicly available other
information so long as necessary to permit sales in compliance with Rule 144 under the Securities Act), and it will take such further reasonable action, to the extent required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule 144 may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission. Upon the reasonable request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such information and filing requirements. 

Section 9.19 Information. The Company covenants and agrees that for so long as the Shareholders, together, have Beneficial
Ownership of at least a Registrable Amount, it will provide or cause to be provided to each Shareholder any and all information about the Company and its operations requested by such Shareholder. 

  
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 [Remainder of page left blank intentionally] 

  
 42 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by
their respective officers thereunto duly as of the date first above written. 
  

			
	CFIP CLYD LLC
		
	By:	 	/s/ Daniel N. Bass
		 	Name: Daniel N. Bass
		 	Title: Authorized Signatory

  

			
	CELYAD ONCOLOGY SA
		
	By:	 	/s/ Filippo Petti
		 	Name: Filippo Petti
		 	Title: Chief Executive Officer

  

  
 [Signature Page to
Shareholders’ Rights Agreement] 

 Schedule A 

[***]Document

Exhibit 10.3            

VMWARE, INC.
2007 EQUITY AND INCENTIVE PLAN
PERFORMANCE STOCK UNIT AGREEMENT
I.    NOTICE OF GRANT

Unless otherwise defined in this notice of grant (“Notice of Grant”) and Performance Stock Unit Agreement (“Agreement”), the capitalized terms used herein have the meanings set forth in the VMware, Inc. 2007 Amended and Restated Equity and Incentive Plan in effect on the Date of Grant Approval unless otherwise determined by the Administrator (the “Plan”).
        
Name:    [NAME] (“Participant”)

The Participant has been granted an award (the “Award”) of Performance Stock Units (the “PSUs”), subject to the terms and conditions of this Notice of Grant, the Plan and this Agreement, including the schedule attached as Exhibit A to this Agreement (the “Performance Schedule”). Except as set forth in Sections 2 and 4 of the Agreement, the number of shares earned pursuant to the Award will equal the number of shares subject to the PSUs set forth below multiplied by the conversion ratio determined by the Administrator (the “Conversion Ratio”) in accordance with the Performance Schedule.  

Date of Grant Approval:    

Number of PSUs:    

Award Performance Period:    

Vesting Schedule:

PSUs will be eligible to vest in accordance with the Performance Schedule. 

II.    AGREEMENT
1.Grant of the PSUs.  The Company has granted the Participant the number of PSUs set forth in the Notice of Grant. However, unless and until the PSUs have vested, the Participant will have no right to the payment or receipt of any Stock subject thereto. Prior to actual payment or receipt of any Stock, the PSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.
2.Vesting of PSUs.  
(a)Subject to Sections 2(b) and 4 below, the Participant will vest in the PSUs in accordance with the vesting schedule set forth in the Notice of Grant, except that if the Participant incurs a termination of employment for any reason other than due to Participant’s death or termination by the Company or Subsidiary due to “disability” (as defined under the applicable long-term disability plan of the Company or Subsidiary, or, if there is no such plan, as determined by the Board or the Committee (each, the “Administrator”)), such that the Participant is no longer employed by the Company or any Subsidiary, the Participant’s right to vest in the PSUs and to receive the Stock related thereto will terminate effective as of the date that Participant ceases to be so employed (the “Termination Date”) and thereafter, the Participant will have no further rights to such unvested PSUs or the related Stock.  In such case, any unvested PSUs held by the Participant immediately following such termination of employment will be deemed forfeited.  
(b)If the Participant’s employment is terminated by reason of death or by the Company due to disability prior to a Change-in-Control, then, this award will vest on a pro-rata basis as set forth in the Performance Schedule.  Notwithstanding anything to the contrary set forth in the Performance Schedule, “Change in Control” has the meaning set forth in the Change-in-Control Retention Plan of the Company in effect with respect to the Participant at the time of the applicable Change in Control event.
(c)This award is not eligible for acceleration under the Company’s Executive Severance Plan.
3.Issuance of Stock.  No Stock will be issued to the Participant prior to the dates on which the PSUs vest. After any PSUs vest and subject to the terms of this Agreement, including without limitation Section 7 hereof, the Company will cause to be issued (either in book-entry form or otherwise) to the Participant or the Participant’s beneficiaries, as the case may be, that number of shares of Stock corresponding to the number of such vested PSUs as soon as administratively practicable following vesting, but in no event will the issuance of such shares be made subsequent to March 15th of the year following the year in which the shares vested.  No fractional shares of Stock will be issued under this Agreement.  Notwithstanding any provision in the Plan to the contrary and subject only to changes in Stock, as set forth in Section 8 hereof, the PSUs will be settled only in shares of Stock.
4.Change in Control.  
(a)Change in Control during Award Performance Period.  In the event of a Change in Control during the Award Performance Period, this award will continue to vest and the number of shares issuable will be determined in accordance with the Performance Schedule 
(b)Termination Due to Death or Disability Following Change in Control. If, following a Change in Control the Participant’s employment terminates due to death or by the Company due to disability, vesting in this Award will accelerate on a pro-rata basis based on the proportion of the Award Performance Period that has elapsed as of the date of Participant’s 
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termination of employment. The number of PSUs that will accelerate will be determined by applying the “Stock Price Appreciation Hurdle” (as defined in the Performance Schedule) and “Relative TSR Modifier” (as defined in the Performance Schedule) calculations as of the effective date of the Change in Control. The shares that are accelerated will not be subject to the “Holding Period Requirement” (as defined in the Performance Schedule).  Any PSUs that are not accelerated will be forfeited.  
5.Death of Participant.  Any distribution or delivery to be made to the Participant under this Agreement will, if the Participant is then deceased, be made to the administrator or executor of the Participant’s estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.
6.Leave of Absence; Reduction in Service Level.  In accordance with the provisions of the Plan regarding the effect of a leave of absence or a reduction in service level on an outstanding Award, the Committee may determine, in its sole discretion (i) whether, and the extent to which, a leave of absence will cause a reduction or other change in this Award, (ii) whether, and the extent to which, a reduction in service level (for example, from full-time to part-time employment), will cause a reduction, or other change, in an Award, and (iii) whether a leave of absence or reduction in service level will be deemed a termination of employment for the purpose of this Award.  Any changes to this Award pursuant to the Plan and this Section 7 of the Agreement will not result in an increase in the amount of the Award or otherwise accelerate its payment.  The Committee will also determine all other matters relating to whether the employment or service of Participant is continuous for purposes of this Award.
7.Taxes.
(a)Generally.  The Participant is ultimately liable and responsible for all taxes owed in connection with the PSUs, regardless of any action the Company or any entity employing the Participant (the “Employer”) takes with respect to any tax withholding obligations that arise in connection with the PSUs.  Neither the Company nor the Employer make any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the PSUs or the subsequent sale of Stock issuable pursuant to the PSUs. The Company and the Employer do not commit and are under no obligation to structure the PSUs to reduce or eliminate the Participant’s tax liability.
(b)Payment of Withholding Taxes.  Notwithstanding any contrary provision of this Agreement, no Stock will be issued to the Participant, unless and until satisfactory arrangements (as determined by the Administrator) have been made by the Participant with respect to the payment of any taxes that the Company determines must be withheld with respect to the PSUs. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may satisfy such tax withholding obligations, in whole or in part, by withholding otherwise deliverable Stock having an aggregate Fair Market Value sufficient to satisfy (but, unless otherwise consented to by the Participant, not exceeding) the minimum amount required to be withheld or by the sale of shares of Stock to generate sufficient cash proceeds to satisfy any such tax withholding obligation, except that if Participant is an officer subject to Section 16 of the Exchange Act, only such minimum amount will be withheld and such amount will be satisfied by withholding otherwise-deliverable Stock, unless otherwise approved by the Committee. Upon any such withholding, any and all rights of Participant to such withheld Stock will be deemed to be forfeited to the Company.  The Participant hereby authorizes the Administrator to take any steps as may be necessary to effect any such sale and agrees to pay any costs associated therewith, including without limitation any applicable broker’s fees. In addition, and to the maximum extent permitted by law, the Company may exercise the 
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right to retain, without notice, from salary or other amounts payable to the Participant, cash having a value sufficient to satisfy any tax withholding obligations that cannot be satisfied by the withholding or sale of otherwise deliverable shares of Stock.
8.Changes in Stock.  If any extraordinary dividend or other extraordinary distribution (whether in the form of cash, Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, or exchange of Stock or other securities of the Company, or other similar corporate transaction or event affecting the Stock occurs such that an adjustment or change is determined by the Administrator (in its sole discretion) to be necessary or appropriate, the Administrator will proportionately adjust this Award in accordance with the terms of the Plan, including adjustments in the number and kind of shares of Stock or other property the Participant would have received upon vesting of the PSUs, except that the number of shares of Stock into which the PSUs may be converted will always be a whole number.
9.Rights as Stockholder.  Neither the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Stock deliverable hereunder unless and until certificates representing such Stock (which may be in book-entry form) have been issued and recorded in the records of the Company or its transfer agents or registrars and delivered to the Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, the Participant will have all the rights of a stockholder of the Company with respect to voting such Stock and receipt of dividends and distributions on such Stock.
10.No Effect on Employment.  The transactions contemplated hereunder and the vesting schedule set forth in the Notice of Grant do not: (i) constitute an express or implied promise of continued employment for any period of time, (ii) interfere with right of the Company, the Parent or any Subsidiary or Affiliate to terminate the Participant’s employment at any time in accordance with applicable law, or (iii) entitle the Participant to any additional rights under the Plan or under any other welfare or benefit plan of the Company, the Parent or any Subsidiary or Affiliate.
11.Nature of Grant.  In accepting the PSUs, the Participant acknowledges that: (a) the grant of the PSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of PSUs even if PSUs have been granted repeatedly in the past; (b) all decisions with respect to future Awards of PSUs, if any, will be made by the Company in its sole discretion; (c) the future value of the underlying Stock is unknown and cannot be predicted with certainty; (d) in consideration of the Award of PSUs, no claim or entitlement to compensation or damages will arise from termination of the PSUs or any diminution in value of the PSUs or Stock received when the PSUs vest resulting from the Participant’s termination of employment by the Employer (for any reason whatsoever and whether or not in breach of local employment laws), and the Participant irrevocably releases the Company, the Subsidiary and Affiliate from any such claim that may arise; (e) in the event of involuntary termination of the Participant’s employment (whether or not in breach of local employment laws), the Participant’s right to receive PSUs and vest under the Plan, if any, will terminate effective as of the date that the Participant is no longer actively employed and will not be extended by any notice period mandated under local law or contract, and the Company will have the exclusive discretion to determine when the Participant is no longer actively employed for purposes of the PSUs; (f) the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Stock; and (g) the Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the Plan.
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12.Restricted Trading Periods.  The Participant acknowledges that, to the extent the vesting of any PSUs occurs during a “restricted trading” period wherein certain employees, including the Participant, are precluded from selling Stock, the Administrator retains the right, in its sole discretion, to defer the delivery of the Stock pursuant to the PSUs,  except that the Administrator may not exercise its right to defer the Participant’s receipt of such Stock if such shares of Stock are specifically covered by a trading plan of the Participant that conforms to the requirements of Rule 10b5-1 of the Exchange Act and the Company’s policies and procedures with respect to Rule 10b5-1 trading plans and such trading plan causes such shares to be exempt from any applicable restricted trading period then in effect.  If the receipt of any shares of Stock is deferred hereunder due to the existence of a regularly scheduled restricted trading period, such shares will be issued to the Participant on the first business day following the termination of such regularly scheduled restricted trading period, except that in no event will the issuance of such shares be deferred subsequent to March 15th of the year following the year in which such shares vest.  If the receipt of any shares of Stock is deferred hereunder due to the existence of a special restricted trading period, such shares will be issued to the Participant on the first business day following the termination of such special restricted trading period as determined by the Company’s General Counsel or his or her delegate, except that in no event will the issuance of such shares be deferred subsequent to March 15th of the year following the year in which such shares vest.  Notwithstanding the foregoing, any deferred shares of Stock will be issued promptly to the Participant prior to the termination of the restricted trading period in the event the Participant ceases to be subject to the restricted trading period.  The Participant hereby represents that he or she accepts the effect of any such deferral under relevant federal, state and local tax laws or otherwise.
13.Award is Not Transferable.  Except to the limited extent provided in Section 5 above, this Award of PSUs and the rights and privileges conferred hereby may not be transferred, assigned, pledged or hypothecated in any way by the Participant (whether by operation of law or otherwise) and may not be subject to sale under execution, attachment or similar process until the Participant has been issued the Stock. Upon any attempt by the Participant to transfer, assign, pledge, hypothecate or otherwise dispose of this Award, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this Award and the rights and privileges conferred hereby immediately will become null and void.  
14.Data Privacy.  The Participant hereby explicitly and unambiguously consents to the collection, use and disclosure, in electronic or other form, of his or her personal information (“Data”) by and among, as applicable, the Employer, the Company and any Subsidiary or Affiliate for the purpose of implementing, administering and managing the Participant’s participation in the Plan as described in this Agreement and any other PSU grant materials, or as reasonably necessary to comply with applicable laws and regulations or to respond to lawful requests for information, such as subpoenas and court orders.
The Participant understands that the Company and the Employer may collect, store, process, and disclose certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, Social Security number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Company, details of all PSUs or any entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the Plan, or as reasonably necessary to comply with applicable laws and regulations or to respond to lawful requests for information, such as subpoenas and court orders.  
The Participant understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere, and that the recipients’ countries may have data 
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privacy laws and protections that differ from those in the Participant’s country.  The Participant authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Participant’s participation in the Plan, including any requisite transfer of such Data as may be required to a third party.  Further, the Participant understands that the Participant is providing the consents herein on a purely voluntary basis.  If the Participant does not consent, or if the Participant later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing his or her consent is that the Company would not be able to grant the Participant PSUs or other equity awards or administer or maintain such awards.  Therefore, the Participant understands that refusing or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan.
The Participant understands that Participant can obtain additional information about Company’s collection, storage, use, and disclosure of personal information in association with the implementation, administration, and management of the Plan, including information regarding rights that Participant may have with regard to such personal information, by consulting with Participant’s local human resources representative.
15.Entire Agreement.  This Agreement, subject to the terms and conditions of the Plan and the Notice of Grant, represents the entire agreement between the parties with respect to the PSUs.
16.Binding Agreement.  Subject to the limitations on the transferability of this Award contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
17.Additional Conditions to Issuance of Certificates for Stock.  The Company is not required to issue any certificate or certificates for Stock hereunder prior to fulfillment of all the following conditions: (a) the admission of such Stock to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Stock under any state, federal or foreign law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator, in its absolute discretion, deems necessary or advisable; (c) the obtaining of any approval or other clearance from any state, federal or foreign governmental agency, which the Administrator, in its absolute discretion, determines to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of vesting of the PSUs as the Administrator may establish from time to time for reasons of administrative convenience.
18.Plan Governs.  This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern.
19.Administrator Authority.  Participant acknowledges that determination of the number of shares of Stock earned under this Award is subject to determination by the Administrator of achievement of the performance targets set forth on the Performance Schedule.  The Administrator has the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon the Participant, the Company, the Employer and all other interested persons. No member of the Administrator is personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.
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20.Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
21.Cancellation, Rescission and Recoupment of Award. Participant hereby acknowledges that this Award and any shares of Stock issued pursuant to this Award are subject to cancellation, rescission, clawback, repayment or other action at the discretion of the Board or the Committee as set forth in the provisions of the Plan regarding the clawback or recoupment of Awards in accordance with any clawback policy adopted by the Company pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law, in the event of a restatement of incorrect financial results or if Participant is terminated for Cause.  In addition, the Administrator has the discretion to require Participant to reimburse the Company for all or any portion of the Stock issued pursuant to this Award, or the value thereof, if:
(a)the payment was predicated upon the achievement of certain financial results that were subsequently the subject of a material financial restatement;
(b)in the view of the Board or the Committee, the Participant engaged in fraud or misconduct that caused or partially caused the need for a material financial restatement by the Company or any substantial affiliate; and 
(c)a lower vesting would have occurred based upon the restated financial results. 
In each such instance, upon the determination of the Committee to require recoupment of a previously issued number of shares of Stock under this Agreement, the Company will, to the extent practicable and allowable under applicable laws, require reimbursement of any number of shares of Stock, or the value thereof, issued for the relevant period that exceeded the lower number of shares of Stock that would have been issued based on the restated financial results, except that the Company may not seek to recover shares of Stock issued more than three years prior to the date the applicable restatement is disclosed.

22.Section 409A Exemption.  It is intended that the Award satisfy, to the greatest extent possible, the exemption from the application of Section 409A of the Code provided under Treasury Regulation Section 1.409A-1(b)(4) (“Section 409A”) and comply with Section 409A, and the Award will be so interpreted and administered.  Notwithstanding the foregoing, if the Company determines that the Award may not either be exempt from or compliant with Section 409A, the Company may, without the Participant’s prior written consent, adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to (i) exempt the Award from Section 409A and preserve the intended tax treatment of the Award, or (ii) comply with the requirements of Section 409A, it being understood that the Company has no obligation to adopt any such amendment, policy or procedure or take any such other action, and in any event, no such action will reduce the amount of compensation that is owed to the Participant under this Award without the Participant’s prior written consent.
23.Agreement Severable.  If any provision in this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.
24.Notice of Governing Law. This Agreement will be governed by the internal substantive laws, but not the choice of law rules, of the State of Delaware.
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25.Waiver; Cumulative Rights.  The failure or delay of either party to require performance by the other party of any provision hereof will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time.
26.Notices.  Any notice that either party hereto may be required or permitted to give the other must be in writing and may be delivered personally or by mail, postage prepaid, addressed to the Company, at the address provided below, and the Participant at his or her address as shown on the Company’s or the Employer’s payroll records, or to such other address as the Participant, by notice to the Company, may designate in writing from time to time.
To the Company:        VMware, Inc.
                3401 Hillview Avenue
                Palo Alto, CA 94304
                Attention: Legal Department
The Participant’s signature below indicates the Participant’s agreement and understanding that this Award is subject to and governed by the terms and conditions of the Plan and this Agreement including, without limitation, Section 21 above.  The Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, which are incorporated herein by reference.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Agreement.  

						
		
	PARTICIPANT	
		
	Signature
	
		
	Print Name
	
		
	Date	

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