Document:

Exhibit 4.7

 

Execution Version

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (this “Employment
Agreement”), dated as of December 17, 2019 (the “Effective Date”), by and between New Frontier Corporation,
an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Company”),
and Roberta Lipson (“Employee”).

 

WHEREAS, in connection with the
transaction contemplated by the Transaction Agreement, dated as of July 30, 2019, by and among the Company, NF Unicorn Acquisition
Limited, Healthy Harmony Holdings, L.P., Healthy Harmony GP, Inc., and certain individual persons, (the “Transaction Agreement”),
the Company and Employee desire to enter into this Employment Agreement in accordance with the terms set forth herein.

 

NOW THEREFORE, the parties hereto
agree as follows:

 

		1.	Duties; Term. 

 

(a)              
Term. The term of this Employment Agreement and Employee’s employment hereunder shall commence on the Effective
Date and end on the third (3rd) anniversary of the Effective Date, unless sooner terminated in accordance with Section 4
hereof (the “Initial Term”). The employment term hereunder shall automatically be renewed for successive one
(1)-year periods (such periods, collectively with the Initial Term, the “Term”) unless the Company or Employee
gives notice of non-renewal to the other party no later than six (6) months prior to the end of the then-applicable Term, subject
to earlier termination in accordance with Section 4 hereof. Notwithstanding anything in this Employment Agreement to the
contrary, in no event shall notice of non-renewal by the Company in accordance with this Section 1(a) (or any subsequent
reduction in duties or responsibility during the six (6)-month period following such notice) constitute or otherwise be deemed
to trigger Good Reason for purposes of this Employment Agreement.

 

(b)              
Duties. Effective as of the Effective Date, the Company agrees to employ Employee, and Employee agrees to be so employed,
in the position of Chief Executive Officer (“CEO”) of the Company, reporting solely and directly to the
Board of Directors of the Company (the “Board”). In such position, Employee shall have such duties, authority
and responsibilities as are customary for persons occupying such position in companies of like size and type, including full day-to-day
operational authority, and such additional duties, authority and responsibilities consistent with Employee’s position as
may be assigned from time to time by the Board. Employee shall be the senior-most executive officer of the Company, and shall serve
as a member of the board of directors (or equivalent governing body) of each of the Company’s principal operating subsidiaries.
All of the members of senior management of the Company and its subsidiaries shall report (directly or indirectly) to Employee.
Employee shall also serve as a member of the Executive Committee (as such term is defined below). Employee agrees to faithfully
perform the lawful duties assigned to Employee pursuant to this Employment Agreement to the best of Employee’s abilities.
Employee shall be subject to all laws, rules, regulations and policies as are from time to time applicable to employees of the
Company and, in the case of rules or policies adopted by the Company, communicated to Employee in writing. Employee shall devote
substantially all Employee’s working time, attention, best efforts and ability exclusively to the service of the Company
and its subsidiaries during the Term.

 

     

     

    

 

(c)              
Other Activities. Notwithstanding the foregoing, Employee may (i) serve on civic or charitable boards or not-for-profit
industry related organizations, (ii) engage in charitable, civic, educational, professional, community and/or industry activities
without remuneration therefor, (iii) deliver lectures or fulfill speaking engagements, and (iv) manage personal and family
investments, so long as such activities do not interfere with performance of Employee’s duties under the Employment Agreement.
Employee also may serve on the board of directors or advisory committee of other for-profit enterprises subject to the consent
of the Board, which shall not unreasonably be withheld.

 

(d)              
Executive Committee. The Board shall establish an executive committee (the “Executive Committee”),
which shall consist of three (3) directors, who shall be Employee and, initially, Carl Wu and Antony Leung (or, in lieu of Messrs.
Wu and/or Leung, such other individual(s) as may be designated by Messrs. Wu and/or Leung). Unless the members of the Executive
Committee unanimously agree otherwise, the Executive Committee shall meet at least once a month to discuss the management of the
Company and its subsidiaries and shall have reasonable access to senior management members of the Company. The Executive Committee
will be responsible for overseeing and assisting the management in implementing decisions and matters approved by the Board, including,
without limitation, the following matters: (i) monthly review of operational and financial performance or key performance
indicators; (ii) capital expenditures; (iii) financing; and (iv) mergers, acquisitions and other material transactions
involving the Company or any of its subsidiaries. All decisions of the Executive Committee will require the approval of a majority
of the members thereof. The Executive Committee shall otherwise be subject to all applicable requirements of the New York Stock
Exchange (or other applicable stock exchange requirements) and the terms of any applicable committee charter.

 

(e)              
Board Position. Employee shall be nominated to serve as a member of the Board as of the Effective Date, and at each
subsequent annual meeting of the Company’s shareholders during the Term and, subject to, and solely to the extent permitted
by, the requirements of the New York Stock Exchange (or other applicable stock exchange requirements), following the end of the
Term for so long as Employee is at least a one percent (1%) shareholder of the Company, the Company shall nominate Employee to
serve as a member of the Board, and Employee hereby acknowledges and agrees that, to the extent Employee is no longer entitled
to nomination or otherwise is no longer permitted to serve as a member of the Board under the requirements of the New York Stock
Exchange (or other applicable securities exchange requirements), Employee shall resign Employee’s Board membership.

 

		2.	Compensation. 

 

(a)              
Annual Salary. As compensation for Employee’s services hereunder, the Company shall pay to Employee an initial
annual salary at the rate of $600,000 per annum, payable in accordance with the Company’s standard payroll policies (the
“Annual Salary”). The Annual Salary shall be reviewed annually by the Company during the Term and shall be subject
to such increases (but not decreases) as the Company may determine, taking into consideration the Company’s and Employee’s
performance during the preceding year as well as increases in the cost of living and other factors.

 

(b)              
Annual Bonus. During the Term, Employee will be eligible to receive annual bonus compensation (the “Annual
Bonus”) pursuant to the Company’s short-term cash incentive plan (the “STIP”), as such shall
be established and approved by the Compensation Committee of the Board (the “Compensation Committee”). Pursuant
to the STIP, Employee’s annual target bonus for each year during the Term will be one hundred percent (100%) of Employee’s
Annual Salary (the “Annual Target Bonus”), with a maximum bonus equal to two hundred percent (200%) of Employee’s
Annual Salary; provided, that the actual amount of the Annual Bonus that may be paid to Employee in respect of each year
is to be determined based on the achievement of annual performance objectives as set forth in the STIP, and will be payable to
Employee so long as Employee is actively employed by the Company as of the date the Company pays annual bonuses to senior executives
under the STIP (except as otherwise provided in Section 4 hereof). Any Annual Bonus earned shall be paid in cash as soon
as reasonably practicable after the end of the fiscal year for which such bonus was earned, and in any event not later than two
and one-half (21⁄2) months after the end of such fiscal year, unless the Compensation Committee determines (at a time and
in a manner that complies with Section 409A of the U.S. Internal Revenue Code (“Section 409A”)) that payment
shall be made at a later date and/or in a different form.

 

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(c)              
Long-Term Equity Incentive Compensation. Employee shall be entitled to participate in the Company’s long-term
equity incentive plan (the “LTIP”) as determined by the Compensation Committee and subject to the terms and
conditions of the LTIP.

 

		3.	Benefits; Expense Reimbursement.

 

(a)              
Employee shall be eligible to participate in the Company’s group health, sickness and hospitalization insurance during
the Term and following Employee’s termination of employment with the Company (no matter the reason) for the life of Employee,
subject to the terms and conditions of such plans. In addition, during the Term, Employee shall be eligible to participate in any
other employee benefit plans of the Company (including without limitation any group life and accident insurances) in effect during
the Term, as may be amended from time to time, and generally available to the Company’s senior executive officers, subject
to the terms and conditions of such plans.

 

(b)              
Without limiting the generality of the foregoing, during the Term, the Company will provide Employee at its expense with
a life insurance policy with a death benefit equal to three (3) times the Annual Salary, the beneficiary to be named by Employee.
Employee shall have the right to reimbursement, upon proper accounting, of reasonable expenses and disbursements incurred by Employee
in the course of Employee’s duties hereunder. In addition, during each calendar year of the Term, Employee shall be entitled
to no less than five (5) weeks of paid home-leave vacation. In connection with such home leave vacation, the Company shall
reimburse Employee for round-trip economy class air fare for each of Employee, Employee’s spouse and Employee’s dependent
children from Beijing to Employee’s home in the United States. During the Term, Employee shall be entitled to the use of
a Company-owned automobile or an allowance to reimburse Employee for Employee’s costs associated with the use of a personal
automobile. During the Term, Employee shall also be provided, via direct payment or reimbursement to Employee at her discretion,
a special allowance of ten thousand dollars ($10,000) per month, which is intended to cover Employee’s additional expenses
related to family airfare, travel, housing, club memberships, professional society memberships, professional education fees and
similar expenses which are not otherwise reimbursable business expenses (the “Special Allowance”). Payment or
reimbursement of each of the benefits and expenses provided for in this paragraph with respect to any calendar year shall not affect
the amount of benefits payable or expenses eligible for reimbursement in any other calendar year, and such benefits and reimbursements
may not be exchanged for cash or another benefit. Payment of the Special Allowance and reimbursement for any of the expenses referred
to in this paragraph shall be made no later than March 15 of the calendar year following the calendar year in which the relevant
expenses are incurred.

 

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(c)              
Employee acknowledges that some or all of these benefits may be deemed compensation to Employee and that the Company may
withhold from any amounts payable to Employee all federal, state, local and/or other taxes and amounts as shall be required pursuant
to law, rule or regulation.

 

		4.	Employment Termination.

 

(a)           
(1) Cause. At any time during the Term, the Company shall have the right to terminate this Employment Agreement and
Employee’s employment with the Company hereunder, at any time upon written notice to Employee, in the event Employee engages
in conduct which constitutes “Cause.” For purposes of this Employment Agreement, “Cause” shall mean:
(i) Employee’s willful misconduct in the performance of Employee’s obligations under this Employment Agreement
or gross negligence in the performance of Employee’s obligations under this Employment Agreement; (ii) dishonesty or
misappropriation by Employee relating to the Company or any of its funds, properties, or other assets; (iii) inexcusable repeated
or prolonged absence from work by Employee (other than as a result of, or in connection with, a Disability); (iv) any unauthorized
disclosure by Employee of confidential or proprietary information of the Company, including, but not limited to, Confidential Information,
which is reasonably likely to result in material harm to the Company; (v) a conviction of Employee (including entry of a guilty
or nolo contendere plea) involving fraud, dishonesty, or moral turpitude, or involving a violation of federal or state securities
laws; or (vi) the failure by Employee to attempt to perform faithfully Employee’s duties hereunder, or other material
breach by Employee of this Employment Agreement, and such failure or breach is not cured, to the extent cure is possible, by Employee
within thirty (30) days after written notice thereof from the Company to Employee; provided, however, that no
event or condition described in clauses (i), (ii), (iii), (iv) and (vi) shall constitute
Cause unless (x) the Company first gives Employee written notice of its intention to terminate Employee’s employment
for Cause and the grounds for such termination no fewer than twenty (20) days prior to the date of termination; and (y) Employee
is provided the opportunity to appear before the Board, with or without legal representation at Employee’s election, to present
arguments on Employee’s own behalf; provided, further, however, that notwithstanding anything to the
contrary in this Employment Agreement and subject to the other terms of this proviso, the Company may take any and all actions,
including without limitation suspension (with or without pay, as determined by the Board), it deems appropriate with respect to
Employee and Employee’s duties at the Company pending such appearance. No act or failure to act on Employee’s part
will be considered “willful” unless done, or omitted to be done, by Employee not in good faith and without reasonable
belief that Employee’s action or omission was in the best interests of the Company.

 

(2)       
Termination By the Company for Cause; Resignation By Employee without Good Reason. If this Employment Agreement and Employee’s
employment with the Company hereunder is terminated for Cause, or if Employee voluntarily resigns (which Employee may do at any
time) from the Company without Good Reason (as such term is defined in Section 4(b)(1) hereof) during the Term, the Company
shall pay Employee:

 

(i) a lump sum amount within
thirty (30) days after such termination (or such later date as may be required by Section 4(j) hereof) equal to the sum
of (A) all earned but unpaid portions of the Annual Salary earned through the date of resignation or termination of employment,
as applicable (the “Termination Date”), (B) payment of or reimbursement for any unreimbursed business expenses,
air fare, and automobile expenses incurred by Employee prior to the Termination Date to which Employee is entitled pursuant to
Section 3 hereof, and (C) payment for any unused vacation days through the Termination Date;

 

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(ii) other than in the case
of termination by the Company for Cause, any earned but unpaid Annual Bonus for a previously completed fiscal year of the Company,
which shall be paid at the time paid to active employees, but no later than two and one-half (2 1⁄2) months after the end
of the fiscal year for which the bonus was earned (or such later date as may be required by Section 4(j) hereof); and

 

(iii) any other amounts
or benefits (other than severance, termination or similar pay) required to be paid or provided by law or under any plan, program
or policy of the Company (including without limitation the Company’s group health, sickness and hospitalization insurance
as provided in Section 3(a) hereof), which shall be paid or provided in accordance with the terms of such law, plan, program
or policy (or such later date as may be required by Section 4(j) hereof) (the items in clauses (i)(A)-(C), (ii),
and (iii) collectively, the “Accrued Amounts”);

 

and following any such termination of employment, Employee shall
not be entitled to receive any other compensation or benefits from the Company hereunder, including, without limitation, any portion
of the Annual Bonus for the fiscal year in which the Termination Date occurs.

 

(b)          
(1)  By the Company without Cause; Resignation By Employee for Good Reason. This Employment Agreement and Employee’s
employment with the Company hereunder may also be terminated by the Company without Cause, or by Employee upon the occurrence of
an event constituting Good Reason. For purposes of this Employment Agreement, “Good Reason” shall mean: (i) any
reduction in Employee’s authority, functions, duties, or responsibilities; (ii) any adverse change in Employee’s
positions, titles or reporting responsibility (such that Employee reports to a person other than the Board); (iii) any adverse
change in reporting lines such that the members of senior management of the Company and its subsidiaries no longer report directly
or indirectly to Employee; (iv) the assignment of duties to Employee that are inconsistent with Employee’s position
and status as CEO of the Company; (v) a reduction in the Annual Salary during the Term or a material reduction in Annual Target
Bonus opportunity during the Term; (vi) any other material breach of this Employment Agreement by the Company; or (vii) Employee’s
relocation by the Company or a successor thereto without Employee’s written consent to a location other than Beijing, China;
provided, that (x) Employee provides notice to the Company of the existence of the event or condition constituting
the basis for Employee’s Good Reason resignation within sixty (60) days after Employee learns that such event or condition
exists; (y) in the case of (i) through (vi) above, the Company has failed to cure the event constituting Good Reason
within thirty (30) days following written notice thereof from Employee, and (z) Employee’s termination of employment
occurs not later than one hundred and twenty (120) days after Employee learns that such event or condition exists.

 

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(2) In the event that Employee’s
employment with the Company shall terminate during the Term on account of termination by the Company without Cause, or by Employee
with Good Reason, then the Company shall pay or provide to Employee, as Employee’s sole and exclusive remedy hereunder:

 

(A) the Accrued Amounts, which
shall be paid or provided at the times set forth in Section 4(a)(2);

 

(B) a pro-rated (based on the
number of days employed in the year of termination or resignation) Annual Bonus for the fiscal year in which such termination or
resignation occurs based on the amount of Annual Bonus actually earned for such fiscal year by virtue of the achievement of the
performance goals established for such fiscal year (a “Pro-Rated Bonus”), which shall be paid at the same time
the Annual Bonus for that fiscal year is paid to active employees, but not later than two and one-half (2 1⁄2) months after
the end of such fiscal year (provided, however, that in the event the termination of Employee’s employment
with the Company occurs within twelve (12) months following a “change in control” (as such term is defined in the LTIP)
which is also a change in control event for purposes of Section 409A, the pro-rated bonus provided under this clause (B)
shall instead be based on the greater of (x) the average of the Annual Bonus paid to Employee for the two (2) completed fiscal
years immediately preceding the Termination Date and (y) thirty percent (30%) of the Annual Salary of Employee as of the last
day of the most recently completed fiscal year, and such amount shall be paid on the sixtieth (60th) day following the
Termination Date (or such later date as may be required by Section 4(j)));

 

(C) an annuity policy which
will provide Employee with payments of one thousand dollars ($1,000) per month from the date Employee attains age 65 until her
death, which annuity policy shall be delivered to Employee on the sixtieth (60th) day following the Termination Date
(or such later date as may be required by Section 4(j)); and

 

(D) Three hundred percent (300%)
of the sum of (1) the Annual Salary to which Employee would have been entitled if Employee had continued working for the Company
for an additional twelve (12)-month period following the Termination Date, (2) the amount of Annual Bonus that was paid to
Employee for the Company’s fiscal year immediately prior to the fiscal year in which the Termination Date occurs, and (3)
the annual Special Allowance under Section 3, with the cash amounts payable under this clause (D) being paid to Employee
in a lump sum payment on the sixtieth (60th) day following the Termination Date (or such later date as may be required
by Section 4(j)).

 

Notwithstanding the foregoing provisions of this paragraph:
(1) the payments provided for in this Section 4(b)(2) other than those provided for in clause (A) shall be contingent
upon Employee’s continued compliance with Sections 5 and 6 hereof (except that Employee shall not be deemed
for purposes of this Section 4(b) not to have been in compliance with Section 6 solely as a result of an unintentional
and immaterial disclosure of Confidential Information) and Employee shall be obligated to repay all such payments upon determination
by the Board that Employee has failed to comply as such with Sections 5 or 6 hereof; and (2) all of the payments
and benefits provided for in this Section 4(b)(2) other than those provided for in clause (A) shall be subject to
Employee’s execution of the Release referred to in Section 24 within the time period set forth therein and Employee’s
non-revocation of such Release within any applicable revocation period.

 

(c)           
In the event that Employee becomes entitled to one or more payments (with a “payment” including, without limitation,
the vesting of equity-based awards or other non-cash benefit or property, whether pursuant to the terms of this Employment Agreement
or any other plan, arrangement or agreement with the Company or any affiliated company) (the “Total Payments”),
which are or become subject to the tax imposed by Section 4999 of the Internal Revenue Code of 1986 (the “Code”)
(or any similar tax that may hereafter be imposed) (the “Excise Tax”), the Company shall pay to Employee at
the time specified below an additional amount (the “Gross-up Payment”) (which shall include, without limitation,
reimbursement for any penalties and interest that may accrue in respect of such Excise Tax) such that the net amount retained by
Employee, after reduction for any Excise Tax (including any penalties or interest thereon) on the Total Payments and any federal,
state and local income or employment tax and Excise Tax on the Gross-up Payment provided for by this Section 4(c), but before
reduction for any federal, state or local income or employment tax on the Total Payments, shall be equal to the sum of (x) the
Total Payments, and (y) an amount equal to the product of (1) any deductions disallowed for federal, state or local income
tax purposes because of the inclusion of the Gross-up Payment in Employee’s adjusted gross income multiplied by (2) the highest
applicable marginal rate of federal, state or local income taxation, respectively, for the calendar year in which the Gross-up
Payment is to be made.

 

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(d)          
For purposes of determining whether any of the Total Payments will be subject to the Excise Tax and the amount of such Excise
Tax pursuant to subsection (c) above,

 

(i) the Total Payments shall
be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess
parachute payments” within the meaning of Section 280G(b)(1) of the Code shall be treated as subject to the Excise Tax,
unless, and except to the extent that, in the written opinion of independent compensation consultants or auditors of nationally
recognized standing selected by the Company and reasonably acceptable to Employee (“Independent Auditors”),
the Total Payments (in whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or in
part) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code
in excess of the base amount within the meaning of Section 280G(b)(3) of the Code or are otherwise not subject to the Excise Tax,

 

(ii)  the amount of the
Total Payments which shall be treated as subject to the Excise Tax shall be equal to the lesser of (A) the total amount of
the Total Payments or (B) the amount of excess parachute payments within the meaning of Section 280G(b)(1) of the Code
(after applying clause (i) above), and

 

(iii)  the value of any
non-cash benefits or any deferred payment or benefit shall be determined by the Company’s Independent Auditors appointed
pursuant to clause (i) above in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

 

(e)           
For purposes of determining the amount of the Gross-up Payment, Employee shall be deemed (i) to pay federal income
taxes at the highest marginal rate of federal income taxation for the calendar year in which the Gross-up Payment is to be made;
(ii) to pay any applicable state and local income taxes at the highest marginal rate of taxation for the calendar year in
which the Gross-up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction
of such state and local taxes if paid in such year (determined without regard to limitations on deductions based upon the amount
of Employee’s adjusted gross income); and (iii) to have otherwise allowable deductions for federal, state and local
income tax purposes at least equal to those disallowed because of the inclusion of the Gross-up Payment in Employee’s adjusted
gross income. In the event that the Excise Tax is subsequently determined to be less than the amount taken into account hereunder
at the time the Gross-up Payment is made, Employee shall repay to the Company at the time that the amount of such reduction in
Excise Tax is finally determined (but, if previously paid to the taxing authorities, not prior to the time the amount of such reduction
is refunded to Employee or otherwise realized as a benefit by Employee) the portion of the Gross-up Payment that would not have
been paid if such Excise Tax had been applied in initially calculating the Gross-up Payment, plus interest on the amount of such
repayment at the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed
the amount taken into account hereunder at the time the Gross-up Payment is made (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-up Payment), the Company shall make an additional Gross-up Payment
in respect of such excess (plus any interest and penalties payable with respect to such excess) at the time that the amount of
such excess is finally determined. The Gross-up Payment provided for above shall be paid on the thirtieth day (or such earlier
date as the Excise Tax becomes due and payable to the taxing authorities) after it has been determined that the Total Payments
(or any portion thereof) are subject to the Excise Tax (or such later date as may be required by Section 4(j)); provided,
however, that if the amount of such Gross-up Payment or portion thereof cannot be finally determined on or before such day,
the Company shall pay to Employee on such day an estimate, as determined by the Company’s Independent Auditors appointed
pursuant to clause (i) above, of the minimum amount of such payments and shall pay the remainder of such payments (together
with interest at the rate provided in Section 1274(b)(2)(B) of the Code), as soon as the amount thereof can be determined.
In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess
amount, together with interest at the rate provided in Section 1274(b)(2)(B) of the Code, shall be repaid by Employee to the
Company within five (5) days after notice from the Company of such determination. If more than one Gross-up Payment is made,
the amount of each Gross-up Payment shall be computed so as not to duplicate any prior Gross-up Payment. The Company shall have
the right to control all proceedings with the Internal Revenue Service that may arise in connection with the determination and
assessment of any Excise Tax and, at its sole option, the Company may pursue or forego any and all administrative appeals, proceedings,
hearings and conferences with any taxing authority in respect of such Excise Tax (including any interest or penalties thereon);
provided, however, that the Company’s control over any such proceedings shall be limited to issues with respect
to which a Gross-up Payment would be payable hereunder and Employee shall be entitled to settle or contest any other issue raised
by the Internal Revenue Service or any other taxing authority. Employee shall cooperate with the Company in any proceedings relating
to the determination and assessment of any Excise Tax and shall not take any position or action that would materially increase
the amount of any Gross-up Payment hereunder. Notwithstanding any other provisions of this Section 4(e), any Gross-up Payment
hereunder shall be made no later than the end of Employee’s taxable year next following Employee’s taxable year in
which Employee remits the Excise Tax (or interest or penalties thereon) to which the Gross-up Payment relates.

 

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(f)               
Except as otherwise provided in this Employment Agreement, Employee shall not be required to mitigate the amount of any
payment provided for in this Section 4 by seeking employment or otherwise, nor shall the amount of any payment or
benefit provided for in this Section 4 be reduced by any compensation earned by Employee as the result of employment
by another employer, by retirement benefits, by offset against any amount claimed to be owed by Employee to the Company, or otherwise.

 

(g)              
Death; Disability. This Employment Agreement and Employee’s employment with the Company hereunder shall terminate
immediately and automatically upon the death of Employee, and may be terminated by the Company upon the Disability (as defined
below) of Employee. For purposes of this Employment Agreement, “Disability” shall mean physical or mental incapacity
of a nature which prevents Employee, in the good faith judgment of the Board, from performing Employee’s duties under this
Employment Agreement for a period of one-hundred and eighty (180) consecutive days or two-hundred and seventy (270) days during
any year with each year under this Employment Agreement commencing on each anniversary of the Effective Date. If this Employment
Agreement and Employee’s employment with the Company hereunder is terminated on account of Employee’s death or Disability,
then the Company shall pay Employee, or Employee’s estate, conservator or designated beneficiary, as the case may be, an
amount equal to:

 

(A) the Accrued Amounts,
which shall be paid at the times set forth in Section 4(a)(2); and

 

(B) a pro-rated (based
on the number of days employed in the year of termination) Annual Bonus for the fiscal year in which such termination occurs based
on the greater of (1) the average of the Annual Bonus paid to Employee for the two (2) completed fiscal years immediately
preceding such termination, and (2) thirty percent (30%) of the Annual Salary of Employee as of the last day of the most recently
completed fiscal year, which shall be paid in a lump sum on the sixtieth (60th) day following the Termination Date (or such
later date as may be required by Section 4(j));

 

and following any such termination, neither Employee, nor Employee’s
estate, conservator or designated beneficiary, as the case may be, shall be entitled to receive any other compensation or benefits
from the Company hereunder. Notwithstanding the foregoing, in the event of termination on account of Disability, the amount payable
under clause (B) of this Section 4(g) shall be subject to the execution by Employee or Employee’s legal representatives
of the Release referred to in Section 24 within the time period set forth therein and non-revocation of such Release within
any applicable revocation period.

 

(h)          
Non-Renewal of the Term. This Employment Agreement and Employee’s employment with the Company hereunder shall
terminate immediately and automatically upon the expiration of the Term following notice of non-renewal of the Term by either the
Company or Employee in accordance with Section 1(a). In such event, the Company shall pay Employee:

 

(i) the Accrued Amounts,
which shall be paid at the times set forth in Section 4(a)(2);

 

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(ii) a Pro-Rated Bonus
(as defined in Section 4(b)(2)), which shall be paid at the same time the bonus for that fiscal year is paid to active employees
(or such later date as may be required by Section 4(j)), but not later than two and one-half (2 1⁄2) months after the
end of such fiscal year;

 

(iii) an annuity policy
which will provide Employee with payments of one thousand dollars ($1,000) per month from the date Employee attains age 65 until
her death, which annuity policy shall be delivered to Employee on the sixtieth (60th) day following the Termination
Date (or such later date as may be required by Section 4(j)); and

 

(iv) the Annual Salary
to the same extent to which Employee would have been entitled if Employee had continued working for the Company for an additional
twelve (12)-month period.

 

The payment provided for in clause (iv) above shall
be made in a lump sum payment on the sixtieth (60th) day following the Termination Date (or such later date as may be required
by Section 4(j)); provided, that (1) the payments provided for in this Section 4(h) other than those provided
for in clause (i) shall be contingent upon Employee’s continued compliance with Sections 5 and
6 hereof (except that Employee shall not be deemed for purposes of this Section 4(h) not to have been in compliance
with Section 6 solely as a result of an unintentional and immaterial disclosure of confidential information) and Employee
shall be obligated to repay such payments in their entirety upon determination by the Board that Employee has failed to comply
as such with Sections 5 or 6 hereof; and (2) the payments and benefits provided for in this Section 4(h)
other than those provided for in clause (i) shall be subject to Employee’s execution of the Release referred to in
Section 24 hereof within the time period set forth therein and Employee’s non-revocation of such Release within any
applicable revocation period.

 

(i)            
Upon the termination of this Employment Agreement pursuant to Section 4 hereof, the Company shall have no further
obligations under this Employment Agreement except for amounts and benefits payable pursuant to Section 4 hereof; provided,
however, that Sections 5 through 26 hereof shall survive and remain in full force and effect.

 

(j)            
Notwithstanding the foregoing provisions of this Section 4, if Employee is a “specified employee” within
the meaning of Section 409A, as determined by the Compensation Committee in accordance with Section 409A, any amounts payable under
this Section 4 which constitute “deferred compensation” within the meaning of Section 409A and which are otherwise
scheduled to be paid during the first six (6) months following Employee’s termination of employment (other than any payments
that are permitted under Section 409A to be paid within six months following termination of employment of a “specified employee”)
shall be suspended until the six (6)-month anniversary of Employee’s termination of employment (or Employee’s death,
if sooner), at which time all payments that were suspended shall be paid to Employee in a lump sum, together with interest on each
suspended payment at the prime rate (as reported in the Wall Street Journal) in effect on the date of termination, compounded daily,
from the date of suspension to the date of payment. For purposes of Section 409A, each installment or other payment under this
Section 4 will be treated as a separate payment. A termination of employment shall not be deemed to have occurred for purposes
of any provision of this Employment Agreement providing for the payment of any amounts or benefits upon or following a termination
of employment unless such termination is also a “separation from service” (within the meaning of Section 409A).

 

    9

     

    

 

		5.	Non-Competition.

 

(a)           
Employee hereby agrees that, during the period from the Effective Date through the end of the first twelve (12) months
after the cessation of Employee’s employment with the Company, Employee will not engage in “Competition” with
the Company. For purposes of this Employment Agreement, “Competition” by Employee shall mean Employee’s
engaging in, or otherwise directly or indirectly being employed by or acting as a consultant or lender to, or being a director,
officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting Employee’s name to be used in
connection with the activities of any other business or organization anywhere in the world which primarily engages in the business
of providing health care services in China (a “Competing Business”); provided, however, that,
notwithstanding the foregoing, it shall not be a violation of this Section 5(a) for Employee to (x) become the registered
or beneficial owner of up to three percent (3%) of any class of the capital stock of a competing corporation, provided that Employee
does not otherwise participate in the business of such corporation or (y) work in a non-competitive business of a company
which is carrying on a Competing Business, the revenues of which represent less than twenty percent (20%) of the consolidated revenues
of that company, or, as a result thereof, owning compensatory equity in that company.

 

(b)          
Employee hereby agrees that, during the period from the Effective Date through the end of the first twelve (12) months
after the cessation of Employee’s employment with the Company, Employee will not solicit for employment or hire, in any business
enterprise or activity, any employee of the Company who was employed by the Company during the Term; provided, that the
foregoing shall not be violated by general advertising not targeted at Company employees nor by serving as a reference upon request.

 

		6.	Confidentiality; Intellectual Property.

 

(a)           
Except as otherwise provided in this Employment Agreement, at all times during and after the Term, Employee shall keep secret
and retain in strictest confidence, any and all “Confidential Information” relating to the Company, and shall use such
Confidential Information only in furtherance of the performance by Employee of Employee’s duties to the Company and not for
personal benefit or the benefit of any interest adverse to the Company’s interests. For purposes of this Employment Agreement,
“Confidential Information” shall mean any information including without limitation plans, specifications, models,
samples, data, customer lists and customer information, computer programs and documentation, and other technical and/or business
information, in whatever form, tangible or intangible, that can be communicated by whatever means available at such time, that
relates to the Company’s current business or future business contemplated during the Term, products, services and development,
or information received from others that the Company is obligated to treat as confidential or proprietary (provided, that
such Confidential Information shall not include any information that (i) has become generally available to the public or is
generally known in the relevant trade or industry other than as a result of an improper disclosure by Employee, or (ii) was
available to or became known to Employee prior to the disclosure of such information on a non-confidential basis without breach
of any duty of confidentiality to the Company), and Employee shall not disclose such Confidential Information to any Person other
than the Company, except with the prior written consent of the Company, as may be required by law or court or administrative order
(in which event Employee shall so notify the Company as promptly as practicable), or in performance of Employee’s duties
hereunder. Further, this Section 6(a) shall not prevent Employee from disclosing Confidential Information in connection
with any litigation, arbitration or mediation to enforce this Employment Agreement, provided that such disclosure is necessary
for Employee to assert any claim or defense in such proceeding.

 

    10

     

    

 

(b)          
Notwithstanding the foregoing, nothing in this Section 6 shall prohibit or impede Employee from communicating, cooperating
or filing a complaint with any federal, state or local governmental or law enforcement branch, agency or entity (collectively,
a “Governmental Entity”) with respect to possible violations of any federal, state or local law or regulation,
or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions
of any such law or regulation; provided, that in each case such communications and disclosures are consistent with applicable
law. Employee understands that Employee does not need the prior authorization of (or to give notice to) the Company regarding any
such communication or disclosure. Employee further understands and acknowledges that an individual shall not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence
to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected
violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal. Employee understands and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the
trade secret, except pursuant to court order. Notwithstanding the foregoing, under no circumstance will Employee be authorized
to disclose any information covered by attorney-client privilege or attorney work product of the Company and its subsidiaries and
affiliates without prior written consent of the Company’s General Counsel or other officer designated by the Company or except
as otherwise required by applicable law.

 

(c)           
Upon termination of employment for any reason, Employee shall return to the Company all copies, reproductions and summaries
of confidential information in Employee’s possession and erase the same from all media in Employee’s possession, and,
if the Company so requests, shall certify in writing that Employee has done so. All Confidential Information is and shall remain
the property of the Company (or, in the case of information that the Company receives from a third party which it is obligated
to treat as confidential, then the property of such third party); provided, however, that Employee shall be entitled
to retain copies of (i) information showing Employee’s compensation or relating to reimbursement of expenses, (ii) information
that is required for the preparation of Employee’s personal income tax return, (iii) documents provided to Employee
in Employee’s capacity as a participant in any employee benefit plan, policy or program of the Company and (iv) this
Employment Agreement and any other agreement by and between Employee and the Company with regard to Employee’s employment
or termination thereof.

 

(d)           
All Intellectual Property (as hereinafter defined) and Technology (as hereinafter defined) created, developed, obtained
or conceived of by Employee during the Term, and all business opportunities presented to Employee during the Term, shall be owned
by and belong exclusively to the Company, provided that they reasonably relate to any of the business of the Company on the date
of such creation, development, obtaining or conception, and Employee shall (i) promptly disclose any such Intellectual Property,
Technology or business opportunity to the Company, and (ii) execute and deliver to the Company, without additional compensation,
such instruments as the Company may require from time to time to evidence its ownership of any such Intellectual Property, Technology
or business opportunity. For purposes of this Employment Agreement, (x) the term “Intellectual Property”
means and includes any and all trademarks, trade names, service marks, service names, patents, copyrights, and applications therefor,
and (y) the term “Technology” means and includes any and all trade secrets, proprietary information, invention,
discoveries, know-how, formulae, processes and procedures.

 

    11

     

    

 

		7.	Covenants Reasonable. 

 

The parties acknowledge that the restrictions
contained in Sections 5 and 6 hereof are a reasonable and necessary protection of the immediate interests of
the Company, and any violation of these restrictions could cause substantial injury to the Company and that the Company would not
have entered into this Employment Agreement without receiving the additional consideration offered by Employee in binding Employee
to any of these restrictions. In the event of a breach or threatened breach by Employee of any of these restrictions, the Company
shall be entitled to apply to any court of competent jurisdiction for an injunction restraining Employee from such breach or threatened
breach; provided, however, that the right to apply for an injunction shall not be construed as prohibiting the Company
from pursuing any other available remedies for such breach or threatened breach.

 

		8.	No Third Party Beneficiary. 

 

This Employment Agreement is not intended
and shall not be construed to confer any rights or remedies hereunder upon any Person, other than the parties hereto or their permitted
assigns (including, without limitation, Employee’s estate following Employee’s death). “Person”
shall mean an individual, corporation, partnership, limited liability company, limited liability partnership, association, trust
or other unincorporated organization or entity.

 

		9.	Notices. 

 

Unless otherwise provided herein, any
notice, exercise of rights or other communication required or permitted to be given hereunder shall be in writing and shall be
given by overnight delivery service such as Federal Express, telecopy (or like transmission) or personal delivery against receipt,
or mailed by registered or certified mail (return receipt requested), to the party to whom it is given at such party’s address
set forth below such party’s name on the signature page or such other address as such party may hereafter specify by notice
to the other party hereto. Any notice or other communication shall be deemed to have been given as of the date so personally delivered
or transmitted by telecopy or like transmission or on the next business day when sent by overnight delivery service.

 

		10.	Representations. 

 

The Company hereby represents and warrants
that the execution and delivery of this Employment Agreement and the performance by the Company of its obligations hereunder have
been duly authorized by all necessary corporate action of the Company.

 

		11.	Withholding.

 

Anything to the contrary notwithstanding,
all payments required to be made by the Company to Employee, her transferee or her beneficiaries, including her estate, shall be
subject to withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to
any applicable law or regulation.

 

    12

     

    

 

		12.	Amendment. 

 

This Employment Agreement may be amended
only by a written agreement signed by the parties hereto.

 

		13.	Binding Effect. 

 

The rights and duties under this Employment
Agreement are not assignable by Employee other than as a result of Employee’s death. None of Employee’s rights under
this Employment Agreement shall be subject to any encumbrances or the claims of Employee’s creditors. This Employment Agreement
shall be binding upon and inure to the benefit of the Company and any successor organization which shall succeed to the Company
by merger or consolidation or operation of law, or by acquisition of all or substantially all of the assets of the Company (provided
that a successor by way of acquisition of assets shall have undertaken in writing to assume the obligations of the Company hereunder).

 

		14.	Governing Law. 

 

This Employment Agreement shall be governed
by and construed in accordance with the internal laws of the Cayman Islands applicable to contracts to be performed wholly within
such jurisdiction and without regard to its conflict of laws provisions.

 

		15.	Severability. 

 

If any provision of this Employment Agreement,
including those contained in Sections 5 and 6 hereof, shall for any reason be held invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions hereof shall not be affected or impaired thereby. Moreover,
if any one or more of the provisions of this Employment Agreement, including those contained in Sections 5 and 6
hereof, shall be held to be excessively broad as to duration, activity or subject, such provisions shall be construed by limiting
and reducing them so as to be enforceable to the maximum extent allowable by applicable law. To the extent permitted by applicable
law, each party hereto waives any provision of law that renders any provision of this Employment Agreement invalid, illegal or
unenforceable in any way.

 

		16.	Execution in Counterparts. 

 

This Employment Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same
instrument. Signatures delivered by facsimile or electronically (including via .pdf) shall be deemed effective for all purposes.

 

		17.	Entire Agreement. 

 

This Employment Agreement and the equity
award agreements entered into in connection with the closing of the transactions contemplated by the Transaction Agreement set
forth the entire agreement, and supersede all prior agreements and understandings, both written and oral, between the parties with
respect to the subject matter hereof and thereof, including the Amended and Restated Employment Agreement, dated as of December
15, 2008, by and between Employee and Chindex International, Inc., as amended (the “Prior Agreement”); provided,
that any of Employee’s rights to payment, benefits or indemnification under the Prior Agreement shall be governed by the
Prior Agreement which shall remain enforceable in accordance with its terms.

 

    13

     

    

 

		18.	Titles and Headings. 

 

Titles and headings to Sections herein
are for purposes of reference only, and shall in no way limit, define or otherwise affect the meaning or interpretation of any
of the provisions of this Employment Agreement.

 

		19.	Conflicts of Interest. 

 

Employee specifically covenants, warrants
and represents to the Company that Employee has the full, complete and entire right and authority to enter into this Employment
Agreement, that Employee has no agreement, duty, commitment or responsibility of any kind or nature whatsoever with any corporation,
partnership, firm, company, joint venture or other entity or other Person which would conflict in any manner whatsoever with any
of Employee’s duties, obligations or responsibilities to the Company pursuant to this Employment Agreement, that Employee
is not in possession of any document or other tangible property of any other Person of a confidential or proprietary nature which
would conflict in any manner whatsoever with any of Employee’s duties, obligations or responsibilities to the Company pursuant
to Employee’s Employment Agreement, and that Employee is fully ready, willing and able to perform each and all of Employee’s
duties, obligations and responsibilities to the Company pursuant to this Employment Agreement.

 

		20.	Consent to Jurisdiction. 

 

The parties hereby irrevocably submit
to the jurisdiction of any New York State or Federal court sitting in the City of New York in any action or proceeding to enforce
the provisions of this Employment Agreement, and waive the defense of inconvenient forum to the maintenance of any such action
or proceeding.

 

		21.	Indemnification. 

 

If Employee is made party to, is threatened
to be made party to, receives any legal process in, or receive any discovery request or request for information in connection with,
any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by
reason of the fact that Employee was an officer, director, employee or agent of the Company of any of its subsidiaries or affiliates,
or was serving at the request of the Company or any of its subsidiaries or affiliates, the Company shall indemnify and hold Employee
harmless to the fullest extent permitted by the Company’s Certificate of Incorporation and bylaws or, if greater, by the
laws of the Cayman Islands, against all costs, expenses, liabilities and losses Employee incurs in connection therewith. Such indemnification
shall continue even if Employee has ceased to be an officer, director, employee or agent of the Company or any of its subsidiaries
or affiliates, and shall inure to the benefit of Employee’s heirs, executors and administrators. The Company shall reimburse
Employee for all costs and expenses Employee incurs with any Proceeding within twenty (20) business days after receipt by the Company
of a written request for such reimbursement and appropriate documentation associated with such expenses. This provision shall in
all events survive any termination of this Employment Agreement.

 

    14

     

    

 

		22.	Liability Insurance. 

 

The Company shall cover Employee under
directors and officers liability insurance both during and, while potential liability exists, after the Term in the same amount
and to the same extent as the Company generally provides to its other senior executive officers and directors. This provision shall
in all events survive any termination of this Employment Agreement.

 

		23.	No Duty to Mitigate. 

 

Employee shall have no duty to mitigate
or offset any amounts payable by the Company to Employee hereunder.

 

		24.	Release.

 

As a condition to the obligation of the
Company to make the payments provided for in this Employment Agreement and otherwise perform its obligations hereunder to Employee
upon termination of Employee’s employment, Employee or Employee’s legal representatives shall deliver to the Company,
no later than forty-five (45) days after termination of Employee’s employment pursuant to either Section 4(b), 4(g)
(other than due to Employee’s death) or 4(h), a written release, substantially in the form attached hereto as Exhibit A,
and the time for revocation of such release shall have expired without the release having been revoked; provided, however,
that such release shall be conditioned on the receipt from the Company of a release of Employee, provided that such release from
the Company shall not be such a condition and shall be null and void and of no force or effect in the event of any act or omission
by Employee that could constitute the basis for termination for Cause or that could be a crime of any kind. Notwithstanding anything
to the contrary, if the period for the release to become effective spans two taxable years, any payment due to Employee upon termination
of Employee’s employment shall be made on the later of the date the release becomes effective and irrevocable or the first
business day of the second taxable year.

 

		25.	Section 409A. 

 

This Agreement is intended to comply with
Section 409A and any ambiguities shall be interpreted consistent with such intention. Employee and the Company agree to cooperate
to make such amendments to the terms of this Employment Agreement as may be necessary to avoid the imposition of penalties and
additional taxes under Section 409A of the Code; provided, however, that the Company agrees that any such amendment
shall, to the extent possible without violating Section 409A, provide Employee with economically equivalent payments and benefits.
While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty
taxes under Section 409A, in no event whatsoever shall the Company or any of its subsidiaries or affiliates be liable for any additional
tax, interest, or penalties that may be imposed on Employee as a result of Section 409A or any damages for failing to comply with
Section 409A (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A).

 

    15

     

    

 

		26.	Review of Counsel.

 

Employee hereby acknowledges and confirms
that Employee is freely entering into this Employment Agreement and that Employee has had an opportunity to consult with an attorney
of Employee’s choice in connection with the negotiation and execution of this Employment Agreement.

 

[Signature page follows]

 

    16

     

    

 

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

 

 

	 	/s/ Roberta Lynn Lipson
	 	Roberta Lynn Lipson
	 	 
	 	c/o United Family Healthcare
	 	Hengtong Office Park Building 7
	 	Jiuxianqiao Road #10
	 	Beijing, P.R.China

 

[Project Unicorn – Signature Page to Employment Agreement]

 

    	 	 	 

     

    

 

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

 

	 	NEW FRONTIER CORPORATION
	 	 
	 	 
	 	By: 	/s/ Carl Wu
	 	Name:	Carl Wu
	 	Title:	Director
	 	 
	 	23rd Floor, 299 QRC
	 	287-299 Queen’s Road Central
	 	Hong Kong

 

[Project Unicorn – Signature Page to Employment Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A 

 

Form of Release

 

This Release (this “Release”) is entered
into by Roberta Lipson (“Employee”) and New Frontier Corporation, an exempted company incorporated with limited
liability under the laws of the Cayman Islands (the “Company”), effective as of ___________________, _____ (the
“Effective Date”).

 

In consideration of the promises set forth in the Employment
Agreement between Employee and the Company, dated as of ___________________, 2019 (the “Employment Agreement”),
Employee and the Company agree as follows:

 

1. General Releases and Waivers
of Claims.

 

(a) Employee’s Release of
Company. In consideration of the payments and benefits provided to Employee under the Employment Agreement and after consultation
with counsel, Employee and each of Employee’s respective heirs, executors, administrators, representatives, agents, successors
and assigns (collectively, the “Employee Parties”) hereby irrevocably and unconditionally release and forever
discharge the Company and its subsidiaries and affiliates and each of their respective officers, employees, directors, shareholders
and agents (“Company Parties”) from any and all claims, actions, causes of action, rights, judgments, fees and
costs (including attorneys’ fees), obligations, damages, demands, accountings or liabilities of whatever kind or character
(collectively, “Claims”), including, without limitation, any Claims based upon contract, tort, or under any
federal, state, local or foreign law, that the Employee Parties may have, or in the future may possess, arising out of any aspect
of Employee’s employment relationship with and service as an employee, officer, director or agent of the Company or any of
its subsidiaries or affiliates, or the termination of such relationship or service, that occurred, existed or arose on or prior
to the date hereof; provided, however, that Employee does not release, discharge or waive (i) any rights to
payments and benefits provided under the Employment Agreement that are contingent upon the execution by Employee of this Release,
(ii) any right Employee may have to enforce this Release or the provisions of the Employment Agreement that survive termination
of the Employment Agreement, (iii) Employee’s eligibility for indemnification in accordance with any written indemnification
agreement, the Company’s certificate of incorporation, bylaws or other corporate governance document, or any applicable insurance
policy, with respect to any liability Employee incurred or might incur as an employee, officer or director of the Company, including,
without limitation, pursuant to Sections 21 and 22 of the Employment Agreement, (iv) any claims for accrued,
vested benefits under any employee benefit or pension plan of the Company Parties subject to the terms and conditions of such plan
and applicable law including, without limitation, any such claims under the Employee Retirement Income Security Act of 1974, or
(v) any rights of Employee in connection with her interest as a stockholder or equity-award holder of the Company.

 

    	 	 	 

     

    

 

(b) Employee’s Specific
Release of ADEA Claims. In further consideration of the payments and benefits provided to Employee under the Employment Agreement,
the Employee Parties hereby unconditionally release and forever discharge the Company Parties from any and all Claims that the
Employee Parties may have as of the date Employee signs this Release arising under the Federal Age Discrimination in Employment
Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”). By signing
this Release, Employee hereby acknowledges and confirms the following: (i) Employee was advised by the Company in connection
with Employee’s termination to consult with an attorney of Employee’s choice prior to signing this Release and to have
such attorney explain to Employee the terms of this Release, including, without limitation, the terms relating to Employee’s
release of claims arising under ADEA; (ii) Employee was given a period of not fewer than twenty-one (21) days or forty-five
(45) days, whichever is applicable under applicable law, to consider the terms of this Release and to consult with an attorney
of Employee’s choosing with respect thereto; and (iii) Employee knowingly and voluntarily accepts the terms of this
Release. Employee also understands that Employee has seven (7) days following the date on which Employee signs this Release
within which to revoke the release contained in this paragraph, by providing the Company a written notice of Employee’s revocation
of the release and waiver contained in this paragraph.

 

(c) Company’s Release of
Employee. The Company for itself and on behalf of the Company Parties hereby irrevocably and unconditionally release and forever
discharge the Employee Parties from any and all Claims, including, without limitation, any Claims based upon contract, tort, or
under any federal, state, local or foreign law, that the Company Parties may have, or in the future may possess, arising out of
any aspect of Employee’s employment relationship with and service as an employee, officer, director or agent of the Company
or any of its subsidiaries or affiliates, or the termination of such relationship or service, that occurred, existed or arose on
or prior to the date hereof, excepting any Claim which would constitute or result from conduct by Employee that could constitute
the basis for termination for Cause under the Employment Agreement or could be a crime of any kind. Anything to the contrary notwithstanding
in this Release, nothing herein shall release Employee or any other Employee Party from any Claims based on any right the Company
may have to enforce this Release or the Employment Agreement.

 

(d) No Assignment. Each of
the parties represents and warrants that it has not assigned any of the Claims being released under this Release.

 

2. Proceedings. Each of Employee
and the Company represents and warrants that it has not filed any complaint, charge, claim or proceeding against the other party
before any local, state or federal agency, court or other body relating to Employee’s employment or the termination thereof
(each, individually, a “Proceeding”).

 

[Project Unicorn – Signature Page to Employment Agreement]

 

    	 	 	 

     

    

 

3. Remedies.

 

(a) In the event Employee initiates
or voluntarily participates in any Proceeding involving any of the matters waived or released in this Release, or if Employee fails
to abide by any of the terms of this Release, or if Employee revokes the ADEA release contained in Paragraph 2(b) of
this Release within the seven (7)-day period provided under Paragraph 2(b), the Company may, in addition to any other
remedies it may have, reclaim any amounts paid to Employee, and terminate any benefits or payments that are due, pursuant to the
termination provisions of the Employment Agreement, without waiving the release granted herein. In addition, in the event that
the Board of Directors of the Company determines that Employee has failed to comply with Sections 5 and/or 6
of the Employment Agreement (other than as a result of an unintentional and immaterial disclosure of Confidential Information (as
defined in the Employment Agreement)), the Company may, in addition to any other remedies it may have, reclaim any amounts paid
to Employee pursuant to Section 4(b)(2)(D) or Section 4(h)(iv) of the Employment Agreement, without waiving
the release granted herein. Employee acknowledges and agrees that the remedy at law available to the Company for breach of any
of Employee’s post-termination obligations under the Employment Agreement or Employee’s obligations herein would be
inadequate and that damages flowing from such a breach may not readily be susceptible to being measured in monetary terms. Accordingly,
Employee acknowledges, consents and agrees that, in addition to any other rights or remedies that the Company may have at law or
in equity, the Company shall be entitled to seek a temporary restraining order or a preliminary or permanent injunction, or both,
without bond or other security, restraining Employee from breaching Employee’s post-termination obligations under the Employment
Agreement or Employee’s obligations hereunder. Such injunctive relief in any court shall be available to the Company, in
lieu of, or prior to or pending determination in, any arbitration proceeding.

 

(b) Employee understands that by
entering into this Release Employee will be limiting the availability of certain remedies that Employee may have against the Company
and limiting also Employee’s ability to pursue certain claims against the Company.

 

(c) The Company acknowledges and
agrees that the remedy at law available to Employee for breach of any of its post-termination obligations under the Employment
Agreement or its obligations hereunder would be inadequate and that damages flowing from such a breach may not readily be susceptible
to being measured in monetary terms. Accordingly, the Company acknowledges, consents and agrees that, in addition to any other
rights or remedies that Employee may have at law or in equity, Employee shall be entitled to seek a temporary restraining order
or a preliminary or permanent injunction, or both, without bond or other security, restraining the Company from breaching its post-termination
obligations under the Employment Agreement or its obligations hereunder. Such injunctive relief in any court shall be available
to Employee, in lieu of, or prior to or pending determination in, any arbitration proceeding.

 

    	 	 	 

     

    

 

(d) The Company understands that
by entering into this Release it will be limiting the availability of certain remedies that it may have against Employee and limiting
also its ability to pursue certain claims against Employee.

 

4. Severability Clause. In
the event any provision or part of this Release is found to be invalid or unenforceable, only that particular provision or part
so found, and not the entire Release, will be inoperative.

 

5. Nonadmission. Nothing contained
in this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or Employee.

 

6. Governing Law. All matters
affecting this Release, including the validity thereof, are to be governed by, and interpreted and construed in accordance with,
the laws of the Cayman Islands applicable to contracts executed in and to be performed in that jurisdiction.

 

7. Notices. All notices or
communications hereunder shall be made in accordance with Section 9 of the Employment Agreement:

 

EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS READ THIS RELEASE AND
THAT EMPLOYEE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT EMPLOYEE HEREBY EXECUTES THE SAME AND MAKES THIS
RELEASE AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF EMPLOYEE’S OWN FREE WILL.

 

IN WITNESS WHEREOF, the parties have executed this Release as
of the date first set forth above.

 

	 	 
	 	Roberta Lipson
	 	 
	 	 
	 	 
	 	NEW FRONTIER CORPORATION
	 	 
	 	By:Exhibit 4.8

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement, dated as of December 17, 2019 (this “Agreement”), is made and entered into by and among New Frontier
Corporation, an exempted company incorporated with limited liability under the laws of the Cayman Islands (“NFC”),
and the Founder Parties (as such term is defined in the Transaction Agreement among NFC, certain of its Subsidiaries, Healthy Harmony
Holdings, L.P., such Founder Parties and certain other parties (the “Transaction Agreement”)). Capitalized terms
used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Transaction Agreement.

 

RECITALS

 

WHEREAS, in connection
with the consummation of the transactions contemplated by the Transaction Agreement, the parties hereto desire to enter into this
Agreement in order to grant certain registration rights to each Holder as hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the premises and of the mutual promises, representations, warranties, covenants, conditions and agreements contained
herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound by the terms hereof, agree as follows:

 

1.            Defined Terms. As used in this Agreement (i) the following terms shall have the meaning ascribed to them below, and
(ii) other capitalized terms not defined herein have the meaning ascribed to them in the Purchase Agreements.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Business
Day” means any day except Saturday, Sunday and any day that is a federal legal holiday in the United States.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations of the SEC promulgated
thereunder.

 

“Filing Deadline”
means the 30th day following the Closing.

 

“Holders”
means the Founder Parties.

 

“Long-Form
Registration Statement” has the meaning set forth in Section 2(a).

 

“Ordinary
Shares” means NFC’s Class A ordinary shares, par value $0.0001 per share.

 

“Prospectus”
means the prospectus that forms a part of the Registration Statement and is used in connection therewith.

 

     

    	 	 	2

    

 

“Registrable
Securities” means any (a) Ordinary Shares issued or issuable in connection with the transactions contemplated by the
Transaction Agreement and beneficially owned by a Holder, and (b) any Ordinary Shares issued or issuable with respect to any shares
described in clause (a) above by way of a stock dividend or stock split or in exchange for or upon conversion of such shares or
otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, or other reorganization
or similar event with respect to the Ordinary Shares (it being understood that, for purposes of this Agreement, a person shall
be deemed to be a holder of Registrable Securities whenever such person has the right to then acquire or obtain from NFC any Registrable
Securities, whether or not such acquisition has actually been effected). As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when (i) such securities are sold under circumstances in which all of the applicable conditions
of Rule 144 under the Securities Act are met, (ii) such securities become eligible for sale pursuant to Rule 144 without volume
or manner-of-sale restrictions and without the requirement for NFC to be in compliance with the current public information requirement
under Rule 144(c)(1), (iii) such securities are transferred to a person or entity other than an Affiliate of the Holder and the
Holder does not expressly assign its rights under this Agreement with respect to such securities to the transferee, or (iv) such
securities have ceased to be outstanding.

 

“Registration
Statement” means any Short-Form Registration Statement and Long-Form Registration Statement and shall include any final
Prospectus, exhibit, supplement or amendment included in or relating to, and any document incorporated by reference in, the Registration
Statement (or deemed to be a part thereof).

 

“Rule 144”
means Rule 144 adopted by the SEC under the Securities Act or any successor rule.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, together with the rules and regulations of the SEC promulgated thereunder.

 

“Selling Shareholder”
means a Holder, its respective executive officers and directors and each person, if any, who controls the Holder within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act.

 

“Short-Form
Registration Statement” has the meaning set forth in Section 2(a).

 

“Suspension”
has the meaning set forth in Section 3(b).

 

“Suspension
Notice” has the meaning set forth in Section 3(b).

 

“Transaction
Agreement” has the meaning set forth in the recitals.

 

     

    	 	 	3

    

 

2.          
Registration Procedures and Expenses.

 

(a)         
NFC will prepare and file with the SEC, as promptly as reasonably practicable following the Closing, but in no event later
than the Filing Deadline, a registration statement on Form S-3 or Form F-3 (or any successor thereto) as applicable covering the
resale of the Registrable Securities (the “Short-Form Registration Statement”), and as soon as reasonably practicable
thereafter but in no event later than 15 days following the filing of the Short-Form Registration Statement (45 days in the event
of a full review of the Short-Form Registration Statement by the SEC), use best efforts to cause such registration statement to
be declared effective under the Securities Act. In the event that Form S-3 or Form F-3 (or any successor thereto) as applicable
is or becomes unavailable to register the resale of the Registrable Securities at any time prior to the expiration of all Holders’
registration rights pursuant to this Agreement, NFC will prepare and file with the SEC, as promptly as reasonably practicable following
the Closing but in no event later than the Filing Deadline, a registration statement on Form S-1 or Form F-1 (or any successor
thereto) as applicable covering the resale of the Registrable Securities (the “Long-Form Registration Statement”),
and as soon as reasonably practicable thereafter but in no event later than 30 days following the filing of the Long-Form Registration
Statement (60 days in the event of a full review of the Long-Form Registration Statement by the SEC), use best efforts to cause
such registration statement to be declared effective under the Securities Act.

 

(b)         
NFC will use its reasonable best efforts to:

 

(i)           
prepare and file with the SEC such amendments and supplements to the Registration Statement and the Prospectus as may be
necessary or advisable to keep the Registration Statement continuously effective and current for the Registrable Securities held
by the Holders for a period ending on the earlier of (i) the date on which all Ordinary Shares initially required to be registered
pursuant to this Agreement cease to be Registrable Securities or (ii) such time as all Registrable Securities have been sold pursuant
to a registration statement or Rule 144. NFC will notify each Holder promptly upon the Registration Statement and each post-effective
amendment thereto being declared effective by the SEC and advise each Holder that the form of Prospectus contained in the Registration
Statement or post-effective amendment thereto, as the case may be, at the time of effectiveness meets the requirements of Section
10(a) of the Securities Act or that it intends to file a Prospectus pursuant to Rule 424(b) under the Securities Act that meets
the requirements of Section 10(a) of the Securities Act;

 

(ii)         
furnish to each Holder and its representatives and counsel in advance of filing the Registration Statement or the Prospectus
or any amendment or supplement thereto a copy of a reasonably complete draft of such Registration Statement or Prospectus or any
amendment or supplement thereto, and provide Holder the opportunity to object to any information pertaining to Holder that is contained
therein and make necessary corrections reasonably requested by Holder with respect to such information prior to filing the Registration
Statement or the Prospectus or any amendment or supplement thereto;

 

(iii)         
furnish to each Holder with respect to the Registrable Securities registered under the Registration Statement such number
of copies of the Registration Statement and the Prospectus (including supplemental prospectuses) filed with the SEC in conformance
with the requirements of the Securities Act and other such documents as the Holder may reasonably request, in order to facilitate
the public sale or other disposition of all or any of the Registrable Securities by the Holder;

 

(iv)         
make any necessary blue sky filings;

 

(v)          
advise the Holders, promptly after it shall receive notice or obtain knowledge of the issuance of any stop order by the
SEC delaying or suspending the effectiveness of the Registration Statement or of the initiation of any proceeding for that purpose;
and it will promptly use its commercially reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
at the earliest possible moment if such stop order should be issued; and

 

     

    	 	 	4

    

 

(vi)         
with a view to making available to each Holder the benefits of Rule 144 and any other rule or regulation of the SEC that
may at any time permit the Holder to sell Registrable Securities to the public without registration, NFC covenants and agrees to
use its reasonable best efforts to: (i) make and keep public information available, as those terms are understood and defined in
Rule 144, until the earlier of (A) such date as all of the Registrable Securities qualify to be resold immediately without restriction,
and without regard for whether NFC has filed and made available the information contemplated by Rule 144(c)(1), pursuant to Rule
144 or (B) such date as all of the Registrable Securities shall have been resold pursuant to Rule 144 (and may be further resold
without restriction); (ii) file with the SEC in a timely manner all reports and other documents required of NFC under the Securities
Act and under the Exchange Act; and (iii) furnish to the Holder upon request, as long as the Holder owns any Registrable Securities,
(A) a written statement by NFC as to whether it has complied with the reporting requirements of the Securities Act and the Exchange
Act, and (B) such other information as may be reasonably requested in order to avail the Holder of any rule or regulation of the
SEC that permits the selling of any such Registrable Securities without registration.

 

(c)         
NFC will pay the expenses incurred by NFC and each Holder in complying with this Agreement, including, without limitation,
all registration and filing fees, FINRA fees, exchange listing fees, fees of transfer agents and registrars, printing expenses,
fees and disbursements of counsel, including Founder Parties’ counsel fees up to a maximum of $20,000 plus disbursements,
and independent reserve engineers for NFC, blue sky fees and expenses and the expense of any special audits incident to or required
by any such registration (but excluding and all underwriting discounts and selling commissions applicable to the sale of Registrable
Securities by the Holders).

 

(d)         
NFC understands that each Holder disclaims being an underwriter but acknowledges that a determination by the SEC that a
Holder is deemed an underwriter shall not relieve NFC of any obligations it has hereunder.

 

3.          
Transfer of Shares After Registration; Suspension.

 

(a)         
Except in the event that Section 3(b) applies, NFC shall: (i) prepare and file from time to time with the SEC a post-effective
amendment to the Registration Statement or a supplement to the related Prospectus or a supplement or amendment to any document
incorporated therein by reference or file any other required document so that such Registration Statement will not contain 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, and so that, as thereafter delivered to each Holder, such Prospectus will not contain 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,
in light of the circumstances under which they were made, not misleading; (ii) provide the Holders copies of any documents filed
pursuant to clause (i) above; and (iii) upon request, inform each Holder in writing that NFC has complied with its obligations
in Section 2(b)(i) (or that, if NFC has filed a post-effective amendment to the Registration Statement which has not yet been declared
effective, NFC will notify the Holder in writing to that effect, will use its commercially reasonable best efforts to secure the
effectiveness of such post-effective amendment as promptly as possible and will promptly notify the Holder pursuant to Section
2(b)(i) when the amendment has become effective).

 

     

    	 	 	5

    

 

(b)         
In the event: (i) of any request by the SEC during the period of effectiveness of the Registration Statement for amendments
or supplements to the Registration Statement or related Prospectus or for additional information; (ii) of the issuance by the SEC
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose;
(iii) of the receipt by NFC of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose; or (iv)
of any event or circumstance which necessitates the making of any changes in the Registration Statement or Prospectus, or any document
incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not
contain any 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, and that in the case of the Prospectus, it will not contain any 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, in
the light of the circumstances under which they were made, not misleading; then NFC shall promptly deliver a certificate in writing
to the Holders (the “Suspension Notice”) to the effect of the foregoing and, upon receipt of such Suspension
Notice, the Holders will refrain from selling any Registrable Securities pursuant to the Registration Statement (a “Suspension”)
until the Holders are advised in writing by NFC that the current Prospectus may be used, and have received copies from NFC of any
additional or supplemental filings that are incorporated or deemed incorporated by reference in any such Prospectus. In the event
of any Suspension, NFC will use its commercially reasonable best efforts to cause the use of the Prospectus so suspended to be
resumed as soon as practicable after delivery of a Suspension Notice to the Holders. In addition to and without limiting any other
remedies (including, without limitation, at law or at equity, or pursuant to Section 2(d)) available to NFC and the Holders, NFC
and the Holders shall be entitled to specific performance in the event that the other party fails to comply with the provisions
of this Section 3(b).

 

(c)          
If a Suspension is not then in effect, each Holder may sell Registrable Securities under the Registration Statement, provided
that it complies with any applicable prospectus delivery requirements. The Holders may use the last form of the Prospectus publicly
available on NFC’s database at sec.gov as authorized for such delivery requirement unless they have been notified in writing
otherwise, and the reason therefore, by NFC. Upon receipt of a request therefor, NFC will provide an adequate number of current
Prospectuses to each Holder and to any other parties reasonably requiring such Prospectuses.

 

4.          
Indemnification.

 

(a)         
NFC agrees to indemnify and hold harmless each Selling Shareholder from and against any losses, claims, damages or liabilities
to which such Selling Shareholder may become subject (under the Securities Act or otherwise) insofar as such losses, claims, damages
or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon (i) any untrue statement of a material
fact in the Registration Statement or omission to state 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, (ii) any inaccuracy in the representations
and warranties of NFC contained in this Agreement or the failure of NFC to perform its obligations hereunder or (iii) any failure
by NFC to fulfill any undertaking included in the Registration Statement, and NFC will reimburse such Selling Shareholder for any
reasonable legal expense or other actual accountable out-of-pocket expenses reasonably incurred in investigating, defending or
preparing to defend any such action, proceeding or claim; provided, however, that NFC shall not be liable in any such case to the
extent that such loss, claim, damage or liability arises out of, or is based upon, an untrue statement in the Registration Statement
or omission to state 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, in reliance upon and in conformity with written information furnished
to NFC by or on behalf of such Selling Shareholder specifically for use in preparation of the Registration Statement or the failure
of such Selling Shareholder to comply with its covenants and agreements contained herein or any statement or omission in any Prospectus
that is corrected in any subsequent Prospectus that was delivered to the Selling Shareholder prior to the pertinent sale or sales
by the Selling Shareholder. The indemnity provided in this Section 4(a) shall remain in full force and effect regardless of any
investigation made by or on behalf of a Selling Shareholder and shall survive any transfer of Registrable Securities by such Selling
Shareholder.

 

     

    	 	 	6

    

 

(b)          
Each Holder severally (as to itself), and not jointly, agrees to indemnify and hold harmless NFC (and each person, if any,
who controls NFC within the meaning of Section 15 of the Securities Act, each officer of NFC who signs the Registration Statement
and each director of NFC) from and against any losses, claims, damages or liabilities to which NFC (or any such officer, director
or controlling person) may become subject (under the Securities Act or otherwise), to the extent that such losses, claims, damages
or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, (i) any failure by that Holder to
comply with the covenants and agreements contained herein or (ii) any untrue statement of a material fact contained in the Registration
Statement if, and only if, such untrue statement was made in reliance upon and in conformity with written information furnished
by or on behalf of that Holder specifically for use in preparation of the Registration Statement, and that Holder will reimburse
NFC (or such officer, director or controlling person, as the case may be), for any reasonable legal expense or other reasonable
actual accountable out-of-pocket expenses reasonably incurred in investigating, defending or preparing to defend any such action,
proceeding or claim. The obligation to indemnify and reimburse expenses shall be limited to the net amount of the proceeds received
by the Holder from the sale of the Registrable Securities pursuant to the Registration Statement.

 

(c)          
Promptly after receipt by any indemnified person of a notice of a claim or the beginning of any action in respect of which
indemnity is to be sought against an indemnifying person pursuant to this Section 4, such indemnified person shall notify the indemnifying
person in writing of such claim or of the commencement of such action, but the omission to so notify the indemnifying party will
not relieve it from any liability which it may have to any indemnified party under this Section 4 (except to the extent that such
omission materially and adversely affects the indemnifying party’s ability to defend such action) or from any liability otherwise
than under this Section 4. Subject to the provisions hereinafter stated, in case any such action shall be brought against an indemnified
person, the indemnifying person shall be entitled to participate therein, and, to the extent that it shall elect by written notice
delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, shall be entitled
to assume the defense thereof, with counsel reasonably satisfactory to such indemnified person. After notice from the indemnifying
person to such indemnified person of its election to assume the defense thereof (unless it has failed to assume the defense thereof
and appoint counsel reasonably satisfactory to the indemnified party), such indemnifying person shall not be liable to such indemnified
person for any legal expenses subsequently incurred by such indemnified person in connection with the defense thereof; provided,
however, that if there exists or shall exist a conflict of interest that would make it inappropriate, in the reasonable opinion
of counsel to the indemnified person, for the same counsel to represent both the indemnified person and such indemnifying person
or any Affiliate or associate thereof, the indemnified person shall be entitled to retain its own counsel (who shall not be the
same as the opining counsel) at the expense of such indemnifying person; provided, however, that no indemnifying person shall be
responsible for the fees and expenses of more than one separate counsel (together with appropriate local counsel) for all indemnified
parties. In no event shall any indemnifying person be liable in respect of any amounts paid in settlement of any action unless
the indemnifying person shall have approved the terms of such settlement; provided that such consent shall not be unreasonably
withheld, conditioned or delayed. No indemnifying person shall, without the prior written consent of the indemnified person, effect
any settlement of any pending or threatened proceeding in respect of which any indemnified person is or could reasonably have been
a party and indemnification could have been sought hereunder by such indemnified person, unless such settlement includes an unconditional
release of such indemnified person from all liability on claims that are the subject matter of such proceeding.

 

     

    	 	 	7

    

 

(d)          
If the indemnification provided for in this Section 4 is unavailable to or insufficient to hold harmless an indemnified
party under subsections 4(a) or 4(b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings
in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative fault of NFC on the one hand and the liable Holder on the other in connection with the statements or omissions
or other matters which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any
other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, in the case
of an untrue statement, whether the untrue statement relates to information supplied by NFC on the one hand or the liable Holder
on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
untrue statement. NFC and the Holders agree that it would not be just and equitable if contribution pursuant to this subsection
4(d) were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable
considerations referred to above in this subsection 4(d). The amount paid or payable by an indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection 4(d) will be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this subsection 4(d), no Holder will be required to contribute any
amount in excess of the amount by which the net amount received by that Holder from the sale of the Registrable Securities to which
such loss relates exceeds the amount of any damages which that Holder has otherwise been required to pay to NFC by reason of such
untrue statement. 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 guilty of such fraudulent misrepresentation. The Holders’ obligations
in this subsection to contribute are several and not joint.

 

(e)          
The parties to this Agreement hereby acknowledge that they are sophisticated business persons who were represented by counsel
during the negotiations regarding the provisions hereof including, without limitation, the provisions of this Section 4, and are
fully informed regarding said provisions. They further acknowledge that the provisions of this Section 4 fairly allocate the risks
in light of the ability of the parties to investigate NFC and its business in order to assure that adequate disclosure is made
in the Registration Statement as required by the Securities Act and the Exchange Act.

 

     

    	 	 	8

    

 

(f)          
The obligations of NFC and of the Holders under this Section 4 shall survive completion of any offering of Registrable Securities
pursuant to the Registration Statement. No indemnifying party, in the defense of any such claim or litigation, shall, except with
the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a complete and unconditional
release from all liability in respect to such claim or litigation.

 

5.           
Information Available. So long as the Registration Statement is effective covering the resale of Registrable Securities
owned by a Holder, NFC will furnish (or, to the extent such information is available electronically through NFC’s filings
with the SEC, NFC will make available via the SEC’s EDGAR system or any successor thereto) to each Holder:

 

(a)          
as soon as practicable after it is available, one copy of (i) its Annual Report to Stockholders (which Annual Report shall
contain financial statements audited in accordance with generally accepted accounting principles by a national firm of certified
public accountants) and (ii) if not included in substance in the Annual Report to Stockholders, its Annual Report on Form 10-K
(the foregoing, in each case, excluding exhibits);

 

(b)         
upon the request of an Holder, all exhibits excluded by the parenthetical to subparagraph (a)(ii) of this Section 5 as filed
with the SEC and all other information that is made available to stockholders; and

 

(c)          
upon the reasonable request of an Holder, an adequate number of copies of the Prospectuses to supply to any other party
requiring such Prospectuses; and NFC, upon the reasonable request of an Holder, will meet with each Holder or its representatives
at NFC’s headquarters during NFC’s normal business hours to discuss all information relevant for disclosure in the
Registration Statement covering the Registrable Securities and will otherwise reasonably cooperate with any Holder’s investigation
for the purpose of reducing or eliminating the Holder’s exposure to liability under the Securities Act, including the reasonable
production of information at NFC’s headquarters; provided, that NFC shall not be required to disclose any confidential information
to or meet at its headquarters with an Holder until and unless that Holder shall have entered into a confidentiality agreement
in form and substance reasonably satisfactory to NFC with NFC with respect thereto.

 

6.          
Assignment of Registration Rights. The rights to cause NFC to register Registrable Securities pursuant to this Agreement
may be assigned by a Holder to a party that acquires, other than pursuant to the Registration Statement or Rule 144, any of the
Registrable Securities, or to any Affiliate of an Holder that acquires any Registrable Securities. Any such permitted assignee
will have all the rights of such Holder under this Agreement with respect to the Registrable Securities transferred.

 

7.         
Required Information. NFC’s obligations under Section 2 of this Agreement with respect to a Holder are subject
to such Holder having furnished to NFC in writing such customary information as NFC reasonably requests for use in connection with
the Registration Statement, or any amendment or supplement thereto.

 

     

    	 	 	9

    

 

8.          
Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable
Securities outstanding; provided, that the provisions of Subsection 2(b)(v) and Section 4 will survive any such termination.

 

9.          
Counterparts. This Agreement may be executed and delivered (including by facsimile or email transmission) in counterparts,
each of which shall be deemed an original instrument, but all such counterparts together shall constitute but one agreement. This
Agreement may be signed by facsimile signature or other electronic delivery of an image file reflecting execution hereof and, if
so signed: (i) may be relied on by each party as if the document were a manually signed original and (ii) will be binding on each
party for all purposes.

 

10.        
Remedies. Each holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. NFC acknowledges that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Agreement and NFC hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

 

11.        
Governing Law. This Agreement, and all claims or causes of action (whether in contract, tort or statute) or matters
(including matters of validity, construction, effect, performance and remedies) that may be based upon, arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based
upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) shall be governed
by and construed exclusively in accordance with the laws of the State of New York (without giving effect to any choice of law principles).

 

12.        
Consent to Jurisdiction. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the courts
of the State of New York and the federal courts of the United States of America located in the County of New York, State of New
York, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions
contemplated hereby, and each party hereby irrevocable agrees that all claims in respect of such dispute or proceeding may be heard
and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection
which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any
of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such
dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for purposes of this Agreement
and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this
Agreement may become involved.

 

13.        
Captions. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the
construction or interpretation of any provision of this Agreement.

 

     

    	 	 	10

    

 

14.        
Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. NFC may assign this Agreement at any time in connection with a sale or acquisition
of NFC, whether by merger, consolidation, sale of all or substantially all of NFC’s assets, or similar transaction, without
the consent of the Holders; provided, that the successor or acquiring Person agrees in writing to assume all of NFC’s rights
and obligations under this Agreement.

 

15.        
Entire Agreement. This Agreement, together with the Purchase Agreement and the Exhibits and Schedules attached thereto
and hereto, constitutes the entire agreement between the parties pertaining to the subject matter hereof, and supersede all prior
agreements, understandings, negotiations and discussions, whether oral or written, of the parties pertaining to the subject matter
hereof.

 

16.        
Amendment, Modification and Waiver. The provisions of this Agreement may only be amended, modified, supplemented or
waived with the prior written consent of NFC and by both the holders of a majority of all Registrable Securities and the holders
of a majority of the Registrable Securities held by the Founder Parties. No waiver by any party or parties shall operate or be
construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of
a similar or different character, and whether occurring before or after that waiver. Except as otherwise set forth in this Agreement,
no failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate
or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

17.        
No Third-Party Beneficiaries. This Agreement is exclusively for the benefit of the parties hereto, and their respective
successors and permitted assigns, and this Agreement shall not be deemed to confer upon or give to any other third party any remedy,
claim, liability, reimbursement, cause of action or other right.

 

18.        
Severability. If any term or other provisions of this Agreement is held invalid, illegal or incapable of being enforced
under any rule of law, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in a materially adverse manner
with respect to either party; provided, however, that if any such term or provision may be made enforceable by limitation thereof,
then such term or provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable
Law.

 

[SIGNATURES BEGIN ON THE FOLLOWING PAGE]

 

     

     

    

  

IN WITNESS WHEREOF, this Registration Rights
Agreement has been signed by each of the parties hereto as of the date first above written.

 

	  	NFC:
	 	 	 
	 	NEW FRONTIER CORPORATION
	 	 	 
	 	 	 
	 	 By:	/s/
    Carl Wu
	 	 	Name: Carl Wu
		 	Title:
    Director

 

[Unicorn – Signature Page to Registration
Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, this Registration Rights
Agreement has been signed by each of the parties hereto as of the date first above written.

 

	 	HOLDERS: 
	 	 	 
	 	ROBERTA LIPSON
	 	 	 
	 	 	 
	 	By:	/s/
    Roberta Lipson
	 	 	Name: Roberta Lipson

 

[Unicorn – Signature Page to Registration
Rights Agreement]

  

     

     

    

 

IN WITNESS WHEREOF, this Registration Rights
Agreement has been signed by each of the parties hereto as of the date first above written.

 

	 	HOLDERS:
	 	 	 
	 	THE BENJAMIN LIPSON PLAFKER TRUST
	 	Acting by Roberta Lipson, its trustee
	 	 	 
	 	 	 
	 	By:	/s/ Roberta Lipson
	 	 	Name: Roberta Lipson

 

[Unicorn – Signature Page to Registration
Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, this Registration Rights
Agreement has been signed by each of the parties hereto as of the date first above written.

 

	 	HOLDERS:
	 	 	 
	 	THE DANIEL LIPSON PLAFKER TRUST
	 	Acting by Roberta Lipson, its trustee
	 	 	 
	 	 	 
	 	By:	/s/
    Roberta Lipson
	 	 	Name: Roberta Lipson

 

[Unicorn – Signature Page to Registration
Rights Agreement]

  

     

     

    

  

IN WITNESS WHEREOF, this Registration Rights
Agreement has been signed by each of the parties hereto as of the date first above written.

 

	 	HOLDERS:
	 	 	 
	 	THE JONATHAN LIPSON PLAFKER TRUST
	 	Acting by Roberta Lipson, its trustee
	 	 	 
	 	 	 
	 	By:	/s/
    Roberta Lipson
	 	 	Name: Roberta Lipson

 

[Unicorn – Signature Page to Registration
Rights Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, this Registration Rights
Agreement has been signed by each of the parties hereto as of the date first above written.

 

	 	HOLDERS:
	 	 	 
	 	THE ARIEL BENJAMIN LEE TRUST 
	 	Acting by Roberta Lipson, its trustee
	 	 	 
	 	 	 
	 	By:	/s/
    Roberta Lipson
	 	 	Name: Roberta Lipson

 

[Unicorn – Signature Page to Registration
Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]