Document:

Exhibit 10.23

 

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (the “Agreement”) is entered into effective immediately following the Effective Time (as
hereinafter defined) by and among Hayward Industries, Inc. (the “Company”), Hayward
Holdings, Inc. (the “Parent”) and Anthony P. Colucci (the “Executive”) (the
Company, the Parent and the Executive, individually, a “Party” and, collectively, the
 “Parties”). (Hereinafter the Company and the Parent together may be referred to as the
 “Companies.”)

 

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

 

WITNESSETH:

 

WHEREAS, the Executive
serves as Senior Vice President, Chief Financial Officer of the Company;

 

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

 

WHEREAS, the Parent
desires to employ the Executive and the Executive is willing to do so pursuant to the terms of this Agreement.

 

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

 

1.            Employment.
The Companies agree to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed,
for a period commencing immediately following the Effective Time and continuing until the Executive’s employment is terminated
pursuant to Section  7(c) hereof (the “Employment Period”).

 

2.            Position
and Duties. During the Employment Period, the Executive shall serve as Senior Vice President, Chief Financial Officer of
the Company, reporting directly to the Chief Executive Officer of the Company. In such capacity, the Executive shall have the
duties, responsibilities and authorities customarily associated with the position of Senior Vice President, Chief Financial
Officer in companies the size and nature of the Company. The Executive shall devote the Executive’s reasonable best
efforts and substantially all of the Executive’s business time to the performance of the Executive’s duties and
responsibilities hereunder; provided that the Executive shall be entitled to (i) serve as a member of the board
of directors of one (1) for-profit company, provided that such company is not a competitor of or supplier to the
Companies or doing business in the industry in which the Companies conduct business; (ii) serve on civic, charitable,
educational, religious, public interest or public service boards; and (iii) manage the Executive’s personal
and family investments, in each case to the extent such activities do not materially interfere with the performance of the
Executive’s duties and responsibilities hereunder (including, for the avoidance of doubt, the terms of Sections 
6, 7 and 7(c) hereof).

 

     

     

    

 

3.            Place
of Performance. During the Employment Period, the Executive shall be based primarily at the Company’s principal
executive offices, currently located at 620 Division Street, Elizabeth, New Jersey. The Executive understands and
agrees that the Executive may be required to travel from time to time for business purposes.

 

 4.           Compensation and Benefits; Incentive Awards.

 

(a)
          Base Salary. During the Employment Period, the Company shall pay
to the Executive a base salary (the “Base Salary”) at the rate of no less than $420,000 per calendar
year, less applicable deductions. The Base Salary shall be reviewed for increase (but not decrease) by the Parent’s
Board of Directors (the “Board”) no less frequently than annually and may be increased in the sole
discretion of the Board and any such adjusted Base Salary shall thereafter constitute the “Base Salary” for
purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the
Company’s regular payroll procedures.

 

(b)          Annual
Bonus. During the Employment Period, the Executive shall be paid an annual cash performance bonus (an “Annual
Bonus”) under the Company’s annual incentive plan (as in effect from time to time for senior executives) in
respect of each plan year that ends during the Employment Period, to the extent earned based on the achievement of
performance criteria set by the Board. The performance criteria for a plan year shall be determined by the Board, in good
faith, no later than sixty (60) days after the commencement of such plan year. The Executive’s target annual
bonus opportunity shall be 70% of the Executive’s Base Salary as of the beginning of the applicable plan year (the
 “Target Bonus”) if target levels of performance of that year are achieved. The Executive’s Annual
Bonus for any plan year shall be determined by the Board after the end of such plan year and shall be paid to the Executive
no later than seventy-five (75) calendar days following the end of such plan year. For purposes of Section 25(a) hereof,
if the Executive’s employment is terminated pursuant to the terms of Section 10 hereof after the end of any
plan year, but prior to such Annual Bonus determination by the Board with respect to that plan year, and the Board
subsequently determines that the Annual Bonus for that plan year has been earned by the Executive, then any such earned
Annual Bonus shall be considered an Accrued Benefit.

 

(c)          Incentive
Awards. During the Employment Period, the Executive shall be eligible to participate in any incentive plan that may be
made available, from time to time, to other senior executives of the Companies. You are offered the opportunity to
participate in Hayward’s equity incentive program. This opportunity is offered exclusively to key management
personnel and requires a personal investment by participants. You will receive 8000 stock options under the terms of the
program. As substantiated by proper documentation, you will also receive up to 2,000 restricted A shares to offset any
restricted stock or options that Honeywell may claw back. Vesting for the RSUs will be 100% upon exit for CCMP/MSD. [***]. Further details of this program will be provided
under separate cover.

 

 (d)          Signing Bonuses. We are pleased to offer you two signing bonuses as follows:

 

		(i)	$400,000 ($250,000 proceeds to be invested in Hayward) and

 

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(ii)            $165,000

 

Both bonuses will be paid in
a lump sum in separate checks on the next regularly scheduled pay date after you start employment with Hayward. The signing bonuses
are taxable, and all regular payroll taxes will be withheld. In the event that you leave Hayward within two (2) years of your
date of hire, you will be responsible for reimbursing the company for the signing bonuses.

 

(e)           As
substantiated by proper documentation, you will receive up to a $90,000 total payment in case of any retention/relocation clawback
by current employer.

 

(f)            Vacation;
Benefits. During the Employment Period, the Executive shall be entitled to four (4) weeks paid vacation annually (accruing
ratably on an annual basis) and to participate in employee benefits made available, from time to time, to senior executive officers
of the Company, including, without limitation, the Hayward Industries 401k Retirement Plan, the Hayward Industries Supplementary
Retirement Plan (Non Qual Plan), medical, dental and vision plans, short and long-term disability and life insurance programs and
Hayward’s ArmadaCare Executive Medical Plan.

 

(g)           Perquisites.
During the Employment Period and until the date of an IPO, the Executive shall be entitled to perquisites no less favorable than
generally provided by the Company, from time to time, to other senior executive officers of the Company (other than the Chief Executive
Officer), including a car (BMW 5 Series or similar). Both you and your spouse are permitted full personal use of this automobile.
The company will be responsible for insurance coverage, gas and repairs.

 

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

 

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6.            Confidentiality
and Assignment of Intellectual Property. The Executive hereby acknowledges and agrees that the business, financial and
other non-public information of the Companies and the Companies’ direct and indirect parents and subsidiaries is of a
confidential and proprietary nature. The Executive hereby further acknowledges and agrees that, during the course of his
employment by the Companies, he will have received, developed or learned of confidential and proprietary information of the
Companies and the Companies’ direct and indirect parents and subsidiaries not previously known to him and not known or
used generally. The Executive hereby agrees that, he will not disclose other than as required for the performance of his
duties under this Agreement, will keep in strict secrecy and confidence, and treat as the property of the Parent, the
Company or any of the Companies’ direct or indirect parents or subsidiaries, as the case may be, and will not use for
his own benefit or for the benefit of others any and all information, knowledge and other data relating to the business and
affairs of the Parent, the Company or any of the Companies’ direct or indirect parents or subsidiaries, as the case may
be (whether or not such information, knowledge or other data is in written form), that he may acquire, receive, develop or
learn in the course of his employment by the Parent, Company or any of the Companies’ direct or indirect subsidiaries.
For the avoidance of doubt, (i) nothing contained in this Agreement limits, restricts or in any other way affects the
Executive’s communicating with any governmental, administrative or legislative agency or entity (including a committee
thereof), or communicating with any official or staff person of a governmental, administrative or legislative agency or
entity, concerning matters relevant to such agency or entity, or requires the Executive to provide prior notice of such
communication to the Company or Parent, (ii) nothing contained in this Agreement limits, restricts or in any other way
affects any disclosures by the Executive required by law or court order, and (iii) nothing contained in this Agreement
limits, restricts or in any other way affects, and the Executive will not be held criminally or civilly liable under any
federal or state trade secret law for, the Executive’s disclosing a trade secret (y) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or
investigating a suspected violation of law, or (z) in a complaint or other document filed under seal in a lawsuit or
other proceeding; provided, however, that notwithstanding this immunity from liability, the Executive may be held liable if
he unlawfully accesses trade secrets subject to this Section 7 by unauthorized means. Anything herein to the contrary
notwithstanding, information, knowledge and other data relating to the business and affairs of the Parent, the Company or any
direct or indirect parent or subsidiary of either, including trade secrets, that are subject to the confidentiality
provisions of this Section 7 shall cease to be subject to such provisions if the data becomes known to the public
other than due to any wrongful action or negligence of the Executive.

 

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

 

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

 

7.            Non-Competition
and Non-Solicitation.

 

(a)
          During the Employment Period and for a period of one (1) year
thereafter (the “Non-Compete Period”), the Executive shall not engage, directly or indirectly, whether as
principal, agent, employee, consultant, distributor, representative, five percent (5%) or greater stockholder or otherwise,
in any business activities in the United States of America or any other jurisdiction in which the Companies operate, which
are in any way competitive with the business conducted by the Companies during the Employment Period.

 

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

 

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

 

8.            Mutual
Non-Disparagement. During the Employment Period and for the two-year period following the Date of Termination, the Executive
agrees not to make public statements or communications, or statements or communications that, at the time made, are intended or
reasonably likely to become public, that disparage or criticize the Parent or any of its direct or indirect parents or subsidiaries,
including the Company, or any of their respective businesses, services or products or their current, former or future equityholders,
directors or executive officers (in their capacities as such). During the Employment Period and for the two-year period following
the Date of Termination, each of the Company and the Parent shall instruct its directors and executive officers to not make public
statements or communications that disparage or criticize the Executive. For purposes of this Section 8, “public”
as used in reference to a statement or communication means the public generally, including the current, former or future equityholders,
directors or executive officers of the Parent and its direct or indirect parents or subsidiaries, including the Company, and the
customers, vendors or other business partners of any such Person. The foregoing shall not be violated by truthful statements in
response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without
limitation, depositions in connection with such proceedings).

 

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

 

Death. If the
Executive’s employment with the Companies is terminated during the Employment Period as a result of the
Executive’s death, the Employment Period shall terminate without further notice or any action required by the Companies
or the Executive’s estate or other legal representative. Upon the Executive’s death, the Company shall pay or
provide to the Executive’s estate or other legal representative (i) all Accrued Benefits, (ii) a Pro-Rata
Bonus and (iii) Class A restricted shares will be treated in the same manner as Class A Common Stock, as noted
in the separate Subscription Agreement.

 

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(a)          Disability.
If the Companies, or either of them, terminate the Executive’s employment during the Employment Period because of the Executive’s
Disability, the Company shall pay or provide to the Executive (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) the
Post-Termination Benefits, (iv) the COBRA Coverage Benefits and (v) Class A restricted shares and Class A Common
Stock will be treated as noted in the separate Subscription Agreement.

 

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

 

(c)          Termination
by the Companies without Cause or by the Executive for Good Reason. If, during the Employment Period, the Companies, or
either of them, terminate the Executive’s employment without Cause (other than due to Disability) or if the
Executive terminates his employment with either of the Companies for Good Reason, the Company shall pay or provide the
Executive (or the Executive’s estate or other legal representative, if the Executive dies after such termination but
before receiving such amount) (i) all Accrued Benefits, (ii) a Pro-Rata Bonus, (iii) an amount equal to the sum of
the Executive’s Base Salary and TargetBonus, payable in equal installments paid at the same time as normal payroll
payments are made for the twelve (12) month period following the Date of Termination, with such payments to commence on the
first payroll date following the Payment Date (as defined below), but retroactive to the day following the Date of
Termination, subject to Section  9(h) hereof, (iv) the Post Termination Benefits, (v) the COBRA
Coverage Benefits and (vi) outplacement counseling services at a total cost not to exceed Twelve Thousand Dollars
($12,000).

 

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

 

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

 

(f)           Release.
As a condition to the Executive’s entitlements (other than the Accrued Benefits), as provided in Section 7(c)(b) and
10(d) hereof (the “Severance Benefits”), the Executive must timely execute and deliver to the Companies,
and not revoke, a release of claims in substantially the form attached as Exhibit A hereto (the “Release”);
provided, that for the avoidance of doubt, the foregoing Release requirement shall not apply to the Company’s obligation
to provide the Accrued Benefits or any amounts payable under Section 10(a). The Release must be executed and delivered
by the Executive (and no longer be subject to revocation) as provided in Section 3(c) of Exhibit A.
The Release must become effective, if at all, by the date specified therein (and in all events no later than the ninetieth (90th)
calendar day following the Date of Termination). The first payment of the Severance Benefits (excluding the Pro Rata Bonus)
hereof will be made on the Company’s next regular payday following the earlier of (i) the date upon which the Release
(if applicable) becomes effective, binding and irrevocable and (ii) the expiration of ninety (90) calendar days from the
Date of Termination (the “Payment Date”), but will be retroactive to the day following the Date of Termination.

 

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

 

(h)          Change
of Control Consequences. Upon a Change of Control, whether occurring during the Employment Period or after the Employment Period
and prior to an IPO of the common stock of the Parent, the Parent will use its good faith best efforts to hold a shareholder vote
in accordance with Section 280G(b)(5)(B) of the Code seeking approval of any amounts treated as excess parachute payments
in connection with a Change of Control in the event the Change of Control is subject to Internal Revenue Code Section 280G.

 

(i)            Satisfaction
of Obligations. Anything herein to the contrary notwithstanding, upon satisfaction of their respective applicable obligations
as set forth in this Section  7(c), the Companies shall have no further obligations to the Executive under this
Agreement, except as set forth in Section 14 hereof. The obligation of the Companies to provide the Severance Benefits
(or, if such Severance Benefits have commenced, to continue providing the Severance Benefits) to the Executive are expressly conditioned
upon the Executive’s continued performance of and compliance with his obligations under the Covenants; provided, however,
that an immaterial and unintentional breach by the Executive of the Covenants provided in Section 7 or Section 9
hereof shall not be deemed to be a failure to perform or comply with such obligations. In the event of the Executive’s death
after his termination of employment but prior to his receiving, in full, the payments or other benefits to which he is entitled
hereunder, his estate or other legal representative shall succeed to such entitlements.

 

10.
          Indemnification. During the Employment Period and thereafter,
and without limiting any provision contained in the Acquisition Agreement, the Companies will indemnify the Executive to the
fullest extent permitted by law and each of the Companies’ certificate of incorporation, bylaws or other governing
documents, as applicable, and cause him to be covered under such directors and officers insurance policies as the Companies
maintain in effect from time to time; provided that such policies shall furnish directors and officers insurance protection
no less in amount and extent of coverage than furnished by policies provided by the Company for the benefit of the Executive
prior to the Effective Time. The Executive agrees to promptly notify the Companies of any actual or threatened claim arising
out of or as a result of the Executive’s employment hereunder or any office or directorship held with Parent, the
Company or any of their Affiliates.

 

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

 

If to the Company, to:

 

Hayward Industries, Inc.

620 Division Street

Elizabeth, NJ 07201

Attn: Chairman

 

If to the Parent, to:

 

Hayward Holdings, Inc.

620 Division Street

Elizabeth, NJ 07201

Attn: Chairman

 

If to the Executive, to: Address last shown on the
Company’s records.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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		19.	Dispute Resolution.

 

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

 

(b)          Court Proceeding.
Each of the Parties agrees that any dispute between the Parties in respect of which resolution by a court of any issue is required
either (i) in accordance with the provisions of Section 20(a) or (ii) for the purpose of the recognition
and enforcement of any judgment by the arbitrator, shall be resolved only in the courts of New Jersey or the United States District
Court for the District of New Jersey and the appellate courts having jurisdiction of appeals from such courts.

 

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

 

    	 	-11-	 

     

    

 

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

 

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

 

		23.	Section 409A.

 

(a)          The
intent of the Parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A
and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and,
accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
Specifically, if any provision of this Agreement is ambiguous, such that one interpretation of the provision would comply
with Code Section 409A and another interpretation would result in a failure to comply with any applicable requirement
under Code Section 409A, the Parties intend that the interpretation that complies with Code Section 409A shall be
the one that governs. To the extent permitted under Code Section 409A, this Agreement, and the terms of any Plan (as
defined in Section  24(f) below) to the extent they relate to the Executive’s entitlements thereunder,
shall be modified, either (i) as reasonably requested by the Executive, with the Company’s and Parent’s
consent), or as the Company may propose (or, as the Parent may propose, with respect to any Plan maintained by it)
with the Executive’s consent, to the extent necessary to comply with all applicable requirements of, and to avoid the
imposition of any additional tax, interest or penalties under, Code Section 409A in connection with the payments and
benefits to be paid or provided to the Executive hereunder or under such Plan. To the extent that any provision hereof, or of
any Plan, is modified in order to comply with Code Section 409A, such modification shall be made in good faith, shall
not impose any additional costs on the Parent or the Company and shall, to the maximum extent reasonably possible, maintain
the original intent and economic benefit to the Executive and the Companies of the applicable provision without violating the
provisions of Code Section 409A.

 

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

 

    	 	-12-	 

     

    

 

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

 

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

 

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

 

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

 

24.          Definitions.

 

(a)          “Accrued
Benefits” means (i) any unpaid Base Salary through the date the Executive’s employment terminates,
(ii) except in the case of a termination of employment pursuant to Section  9(b), any earned and payable,
but unpaid, Annual Bonus; (iii) any accrued and unpaid vacation; (iv) any amounts or benefits owing to the
Executive or to the Executive’s beneficiaries under the then applicable benefit plans of the Company in which the
Executive participated immediately prior to the Date of Termination (excluding any severance plan, program, agreement or
arrangement); and (v) any amounts owing to the Executive for reimbursement of business expenses properly incurred by the
Executive prior to the Date of Termination and which are reimbursable in accordance with Section 6, provided that
the Executive, or his estate or other legal representative, submits all expenses and supporting documentation required within
thirty (30) days of the Date of Termination (or one-hundred eighty (180) days in the case of termination due to death).
Amounts payable (A) under clauses (i), (ii) and (iii) shall be paid promptly after the Date of Termination but
in any event by no later than thirty (30) days after such date; (B) under clause (iv) shall be paid in accordance
with the terms and conditions of the applicable plan, program or arrangement; and (C) under clause (v) shall be
paid in accordance with the terms of the applicable expense policy but in any event by no later than the time for payment of
the reimbursement required pursuant to Section  23(c) above.

 

    	 	-13-	 

     

    

 

(b)            “Acquisition
Agreement” means the Acquisition Agreement and Plan of Merger dated June 7, 2017 entered into by, inter alia,
the Company and the Parent, as amended.

 

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

 

(d)           “Cause”
means: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of his
duties, including, without limitation, misappropriation of funds or property of the Company or any of its Subsidiaries or
Affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the
Executive’s commission of a felony or commission of a misdemeanor involving fraud or any misconduct by the Executive
that results in material injury or reputational harm to the Company or any of its Subsidiaries and Affiliates; (iii) any
act or omission that constitutes a material breach by the Executive of (a) any of his obligations under any material
agreement with the Company or any of its Affiliates (including this Agreement) or (b) any material written policy of the
Company or any of its Subsidiaries, including the continued non-performance by the Executive of his duties (other than by
reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than
thirty (30) days following written notice from the Board delineating such non-performance; (iv) a breach by the
Executive of any restrictive covenant by the Executive contained in any agreement between such Executive and the Company or
any of its Subsidiaries (including Exhibit B or Appendix B, as applicable, to any award agreement), provided,
that an immaterial and unintentional breach of the Covenants provided in Section 7 or Section 9
hereof shall not constitute “Cause”; (v) the Executive’s engaging in any intentional act of
dishonesty, violence or threat of violence (including any violation of federal securities Laws) which is or could
reasonably be expected to be materially injurious to the financial condition or business reputation of the Company or any of
its Subsidiaries or Affiliates; (vi) the Executive’s illegal use of controlled substances during the performance
of the Executive’s duties that adversely affects the reputation or best interest of the Company or any Affiliate
thereof; or (vii) the Executive’s failure to cooperate with a bona fide internal investigation or an investigation
by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction
or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to
fail to cooperate or to produce documents or other materials in connection with such investigation.

 

    	 	-14-	 

     

    

 

(e)            “Change
of Control” means a Liquidity Event as that term is defined in the Stockholders Agreement.

 

(f)            “COBRA
Coverage Benefits” shall mean continued coverage for the Executive and his dependents under the Company’s
group health care benefit plans for a period of twelve (12)  months following the
Date of Termination, with the Executive (or in the event of the Executive’s death , his dependents) paying the same
portion of the total cost of such coverage that the Company’s active employees are required to pay for such coverage,
and the Company paying for that portion of such total cost as exceeds the portion paid for by the Executive. The COBRA
Coverage Benefits shall be provided to the Executive or his dependents subject to (A) the Executive’s (or in the
event of the Executive’s death, his dependent’s) making a timely election of continuation coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and remaining eligible for
COBRA coverage during such period, and (B) the Executive’s (or in the event of the Executive’s death, his
dependent’s) continued payment of the portion of the total cost of such coverage required to be paid by the Executive
as provided in the preceding sentence. The COBRA Coverage Benefits shall immediately cease to be provided hereunder on the
date on which the Executive commences to receive equivalent health care benefit coverage under a health care plan, or plans,
of any subsequent employer of the Executive. If and to the extent necessary in order for the Executive to avoid being subject
to tax under section 105(h) of the Internal Revenue Code on any payment or reimbursement of any health care expenses
made to him or for his benefit pursuant to Section  7(c) hereof the Company shall impute as taxable income
to the Executive an amount equal to the excess of (i) the full actuarial cost of the health care benefit coverages
provided to him and his dependents under Section  7(c) hereof over (ii) the portion of such total cost
paid for by the Executive or his dependents for each period during which such coverages are provided.

 

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

 

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

 

    	 	-15-	 

     

    

 

 (i)           “Effective Time” has the meaning set forth in the Acquisition Agreement.

 

(j)           “Good
Reason” means that the Executive has complied with the Good Reason Process following the occurrence of the
following events: (i) any act taken by the Company that results in any material and sustained diminution in the
Executive’s responsibilities or authority from those that are consistent with his title; (ii) a failure of the
Company to pay or cause to be paid the executive’s Base Salary, Annual Bonus or material employee benefits required to
be provided to him, when due or (iii) any material breach of this Agreement by the Companies (each such event, a
 “Good Reason Condition”).

 

(k)           “Good
Reason Process” means that (i) the Executive reasonably determines in good faith that a Good Reason Condition
has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition
within thirty (30) days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the
Company's efforts, if any, for a period of not less than thirty (30) days following such notice (the “Cure
Period”), to remedy the Good Reason Condition; (iv) notwithstanding such efforts, or in the event the Company
does not remedy such event, the Good Reason Condition continues to exist; and (v) the Executive terminates his or her
employment within ninety (90) days after the Good Reason Condition has occurred; provided, that, for the avoidance of
doubt, if the Company cures the Good Reason Condition due the Cure Period, Good Reason shall be deemed not to have
occurred.

 

 (l)           “IPO” has the meaning set forth in the Stockholders Agreement.

 

(m)          “Post-Termination
Benefits” shall mean, at the Parent’s election, either (i) payment by the Companies to the Executive of an
amount equal to the cost of any perquisites, welfare benefits, and retirement plan contributions the Executive would otherwise
have been eligible to receive in the twelve (12) months following the Executive’s Date of Termination, or

 

(ii)           the
provision, for twelve (12) months following the Executive’s Date of Termination, in kind by the Company to the Executive
of the perquisites, welfare benefits, or retirement plan contributions described in clause (i) of this definition, provided
that, in the case of a payment under clause (i), the Parent has determined in its reasonable and sole discretion that it would
be permissible to do so under the terms of any applicable plan and applicable law. For the sake of clarity, COBRA Coverage Benefits
shall be as provided in Section 25(f) above.

 

    	 	-16-	 

     

    

 

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

 

(o)           “Stockholders
Agreement” shall mean the Hayward Holdings, Inc. Stockholders Agreement, dated as of the date hereof,
as it may be amended, modified or amended and restated from time to time.

 

    	 	-17-	 

     

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed and delivered this Agreement as of the Effective Time.

 

	 	HAYWARD INDUSTRIES, INC.
	 	 
	 	By:	             
	 	Name:
	 	Title:
	 	 
	 	HAYWARD HOLDINGS, INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	Anthony P. Colucci

 

[Signature Page to Employment Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

Release

 

For good and valuable
consideration, including the rights and obligations contained in the Employment Agreement dated as of ________, 2018 (the “Employment
Agreement”) this agreement and release is entered into by and among _______________ (the “Executive”),
Hayward Industries, Inc. (the “Company”) and Hayward Holdings, Inc. (the “Parent”)
(the “Release”). (Together, the Company and the Parent may hereinafter be referred to as the “Companies.”)

 

	1.	The Executive, on behalf of himself and his dependents, heirs, administrators, agents, personal
representatives, executors, successors and assigns (together with the Executive, the “Executive Releasees”),
does hereby irrevocably, completely and unconditionally release, waive and forever discharge the Companies and their past, present
and future parents, subsidiaries, affiliated corporations, partnerships, joint ventures, employee benefit plans, insurers and their
predecessors, successors and assigns (collectively, “Company Affiliates”)
and all of the Company Affiliates’ past, present and future shareholders, directors, officers, employees, agents, trustees,
and representatives, both individually and in their official capacities, and their successors and assigns (together with the Company
Affiliates, the “Company Releasees”), from any and all actions, rights, claims, demands, obligations, liabilities,
attorneys’ fees and causes of action of any kind or description whatsoever, in law, equity or otherwise, whether known or
unknown, whether past or present, arising out of or in any way related to the Executive’s employment, or termination of employment,
with either or both of the Companies (including any events, acts, conduct or omissions related thereto) occurring at any time prior
to or at the date on which the Executive signs and returns this Release (the “Release Date”), including, but
not limited to, any action, claim, demand, obligation, liability or cause of action arising under any Federal, state, or local
law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866, 1871, 1964 and 1991,
the Equal Pay Act, the Americans with Disabilities Act of 1990, the National Labor Relations Act, the Fair Labor Standards Act
of 1938, the Employee Retirement Income Security Act of 1974 (other than any claim as excepted below), the Age Discrimination in
Employment Act of 1967, all as amended, and the wage and hour, wage payment and fair employment practices laws of the state or
states in which the Executive has been employed), tort, contract or any other legal obligation (collectively, the “Claims”);
provided, however, the Executive does not release any of the following Claims:

 

		a.	any Claim to payments, benefits or other entitlements, including, without limitation, under any
compensation or benefit plan, program or other arrangement of the Company, the Parent or any Company Affiliate including, without
limitation, any incentive or deferred compensation plan including any cash or equity award, any pension plan or benefits under
any medical, dental, vision, life insurance or disability insurance plan;

 

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

 

    	 	A-1	 

     

    

 

		c.	any Claim arising from a breach of the Employment Agreement, including any right to enforce the
Employment Agreement;

 

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

 

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

 

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

 

		g.	any Claim that arises after the Release Date.

 

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

 

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

 

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

 

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

 

 

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

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

 

    	 	A-2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

[remainder of
page intentionally blank]

 

    	 	A-3	 

     

    

 

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

 

AGREED AND EXECUTED:

 

	 	Anthony P. Colucci
	 	 
	Dated: __________, 2018	 
	 	 
	 	 
		HAYWARD INDUSTRIES, INC.
	 	 
	Dated: __________, 2018	 
		Name:
		Title:
	 	 
	 	 
		HAYWARD HOLDINGS, INC.
	 	 
	Dated: __________, 2018	 
		Name:
		Title:Exhibit 10.24

 

The
CORPORATEplan for RetirementSM

EXECUTIVE
PLAN

 

BASIC PLAN DOCUMENT

 

CORPORATEplan
for Retirement EXECUTIVE

BASIC PLAN DOCUMENT

 

ARTICLE 1

ADOPTION AGREEMENT

 

ARTICLE 2

DEFINITIONS

 

2.01 - Definitions

 

ARTICLE 3

PARTICIPATION

 

3.01 - Date of Participation

3.02 - Resumption of Participation Following Re
employment

3.03 - Cessation or Resumption of Participation Following
a Change in Status

 

ARTICLE 4

CONTRIBUTIONS

 

4.01 - Deferral Contributions

4.02 - Matching Contributions

4.03 - Employer Contributions

4.04 - Time of Making Contributions

 

ARTICLE 5

PARTICIPANTS' ACCOUNTS

 

5.01 - Individual Accounts

 

ARTICLE 6

INVESTMENT OF CONTRIBUTIONS

 

6.01 - Manner of Investment

6.02 - Investment Decisions

 

ARTICLE 7

RIGHT TO BENEFITS

 

7.01 - Normal or Early Retirement

7.02 - Death

7.03 - Other Termination of Employment

7.04 - Separate Account

7.05 - Forfeitures

7.06 - Adjustment for Investment Experience

7.07 - Unforeseeable Emergency Withdrawals

7.08 - Change in Control

 

ARTICLE 8

DISTRIBUTION OF BENEFITS PAYABLE AFTER TERMINATION
OF SERVICE

 

8.01 - Distribution of Benefits to Participants
and Beneficiaries

8.02 - Determination of Method of Distribution

8.03 - Notice to Trustee

8.04 - Time of Distribution

 

    2

     

    

 

ARTICLE 9

AMENDMENT AND TERMINATION

 

9.01 - Amendment by Employer

9.02 - Retroactive Amendments

9.03 - Termination

9.04 - Distribution Upon Termination of the Plan

 

ARTICLE 10

MISCELLANEOUS

 

10.01 - Communication to Participants

10.02 - Limitation of Rights

10.03 - Nonalienability of Benefits

10.04 - Facility of Payment

10.05 - Information between Employer and Trustee

10.06 - Notices

10.07 - Governing Law

 

ARTICLE 11

PLAN ADMINISTRATION

 

11.01 - Powers and responsibilities of the Administrator

11.02 - Nondiscriminatory Exercise of Authority

11.03 - Claims and Review Procedures

 

    3

     

    

 

PREAMBLE

 

It is the intention of the Employer to establish herein an
unfunded plan maintained solely for the purpose of providing deferred compensation for a select group of management or highly compensated
employees as provided in ERISA.

 

Article 1. Adoption Agreement.

 

Article 2. Definitions.

 

		2.01.	Definitions.

 

 (a) Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context:

 

(1)       "Account"
means an account established on the books of the Employer for the purpose of recording amounts credited on behalf of a Participant
and any income, expenses, gains or losses included thereon.

 

(2)       "Administrator"
means the Employer adopting this Plan, or other person designated by the Employer in Section 1.01(b).

 

(3)       "Adoption
Agreement" means Article 1, under which the Employer establishes and adopts or amends the Plan and designates the optional
provisions selected by the Employer. The provisions of the Adoption Agreement shall be an integral part of the Plan.

 

(4)       "Beneficiary"
means the person or persons entitled under Section 7.02 to receive benefits under the Plan upon the death of a Participant.

 

(5)       “Bonus”
means any performance-based Compensation based on services performed for the Employer over a period of at least 12 months.

 

(6)       “Change
of Control” means a change in the ownership or effective control of the Employer, or a substantial portion of the Employer’s
assets as defined in the regulations under Code Section 409A.

 

 (7)       "Code" means the Internal Revenue Code of 1986, as amended from time to time.

 

(8)      "Compensation"
means for purposes of Article 4 (Contributions) wages as defined in Section 3401(a) of the Code and all other payments
of compensation to an employee by the Employer (in the course of the Employer’s trade or business) for which the Employer
is required to furnish the employee a written statement under Section 6041(d) and 6051(a)(3) of the Code, excluding
any items elected by the Employer in Section 1.04, reimbursements or other expense allowances, fringe benefits (cash and
non-cash), moving expenses, deferred compensation and welfare benefits, but including amounts that are not includable in the gross
income of the Participant under a salary reduction agreement by reason of the application of Sections 125, 132(f)(4), 402(e)(3),
402(h) or 403(b) of the Code. Compensation shall be determined without regard to any rules under Section 3401(a) of
the Code that limit the remuneration included in wages based on the nature or location of the employment or the services performed
(such as the exception for agricultural labor in Section 3401(a)(2) of the Code).

 

    	 	 	 

     

    

 

Compensation shall also include amounts
deferred pursuant to an election under Section 4.01.

 

In the case of any Self-Employed Individual
or an Owner-Employee, Compensation means the Self-Employed Individual's Earned Income.

 

(9)       "Earned
Income" means the net earnings of a Self-Employed Individual derived from the trade or business with respect to which the
Plan is established and for which the personal services of such individual are a material income-providing factor, excluding any
items not included in gross income and the deductions allocated to such items, except that for taxable years beginning after December 31,
1989 net earnings shall be determined with regard to the deduction allowed under Section 164(f) of the Code, to the extent
applicable to the Employer. Net earnings shall be reduced by contributions of the Employer to any qualified plan, to the extent
a deduction is allowed to the Employer for such contributions under Section 404 of the Code.

 

(10)     "Employee"
means any employee of the Employer, Self-Employed Individual or Owner-Employee.

 

(11)     "Employer"
means the employer named in Section 1.02(a) and any Related Employers designated in Section 1.02(b).

 

(12)     "Employment
Commencement Date" means the date on which the Employee first performs an Hour of Service.

 

 (13)     “Entry Date” means the date(s) designated in Section 1.03(b).

 

(14)     "ERISA"
means the Employee Retirement Income Security Act of 1974, as from time to time amended.

 

(15)     "Fund
Share" means the share, unit, or other evidence of ownership in a Permissible Investment.

 

 (16)     "Hour of Service" means, with respect to any Employee,

 

 (A)    Each hour for which the Employee is directly or indirectly paid, or entitled to payment, for the performance of duties for the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period in which the duties were performed;

 

 (B)    Each hour for which the Employee is directly or indirectly paid, or entitled to payment, by the Employer or Related Employer (including payments made or due from a trust fund or insurer to which the Employer contributes or pays premiums) on account of a period of time during which no duties are performed (irrespective of whether the employ-ment relationship has terminated) due to vacation, holiday, illness, incapacity, disability, layoff, jury duty, military duty, or leave of absence, each such hour to be credited to the Employee for the Eligibility Computation Period in which such period of time occurs, subject to the following rules:

 

(i)       No
more than 501 Hours of Service shall be credited under this paragraph (B) on account of any single continuous period during
which the Employee performs no duties;

 

    2

     

    

 

(ii)      Hours
of Service shall not be credited under this paragraph (B) for a payment which solely reimburses the Employee for medically-related
expenses, or which is made or due under a plan maintained solely for the purpose of complying with applicable workmen's compensation,
unemployment compensation or disability insurance laws; and

 

(iii)     If
the period during which the Employee performs no duties falls within two or more computation periods and if the payment made on
account of such period is not calculated on the basis of units of time, the Hours of Service credited with respect to such period
shall be allocated between not more than the first two such computation periods on any reasonable basis consistently applied with
respect to similarly situated Employees; and

 

 (C) Each hour not counted under paragraph (A) or (B) for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to be paid by the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period to which the award or agreement pertains rather than the computation period in which the award agreement or payment is made.

 

For purposes
of determining Hours of Service, Employees of the Employer and of all Related Employers will be treated as employed by a single
employer. For purposes of paragraphs (B) and (C) above, Hours of Service will be calculated in accordance with the provisions
of Section 2530.200b-2(b) of the Department of Labor regulations, which are incorporated herein by reference.

 

Solely
for purposes of determining whether a break in service for participation purposes has occurred in a computation period, an
individual who is absent from work for maternity or paternity reasons shall receive credit for the hours of service which
would otherwise been credited to such individual but for such absence, or in any case in which such hours cannot be
determined, 8 hours of service per day of such absence. For purposes of this paragraph, an absence from work for maternity
reasons means an absence (1) by reason of the pregnancy of the individual, (2) by reason of a birth of a child of
the individual, (3) by reason of the placement of a child with the individual in connection with the adoption of such
child by such individual, or (4) for purposes of caring for such child for a period beginning immediately following such
birth or placement. The hours of service credited under this paragraph shall be credited (1) in the computation period
in which the absence begins if the crediting is necessary to prevent a break in service in that period, or (2) in all
other cases, in the following computation period.

 

(17)      “Key
Employee” means a Participant who is key employee pursuant to Code Section 416(i), without regard to paragraph (5) thereof.
A Participant will not be considered a Key Employee unless the Employer is a corporation which has any of its stock publicly traded
according to Code Section 409A and regulations thereunder.

 

(18)     "Normal
Retirement Age" means the normal retirement age specified in Section 1.07(f) of the Adoption Agreement.

 

(19)      "Owner-Employee"
means, if the Employer is a sole proprietorship, the individual who is the sole proprietor, or, if the Employer is a partnership,
a partner who owns more than 10 percent of either the capital interest or the profits interest of the partnership.

 

(20)      "Participant"
means any Employee who participates in the Plan in accordance with Article 3 hereof.

 

    3

     

    

 

(21)     "Permissible
Investment" means the investments specified by the Employer as available for investment of assets of the Trust and agreed
to by the Trustee. The Permissible Investments under the Plan shall be listed in the Service Agreement.

 

(22)     "Plan"
means the plan established by the Employer as set forth herein as a new plan or as an amendment to an existing plan, by executing
the Adoption Agreement, together with any and all amendments hereto.

 

(23)     "Plan
Year" means the 12-consecutive-month period designated by the Employer in Section 1.01(c).

 

(24)     "Related
Employer" means any employer other than the Employer named in Section 1.02(a), if the Employer and such other employer
are members of a controlled group of corporations (as defined in Section 414(b) of the Code) or an affiliated service
group (as defined in Section 414(m)), or are trades or businesses (whether or not incorporated) which are under common control
(as defined in Section 414(c)), or such other employer is required to be aggregated with the Employer pursuant to regulations
issued under Section 414(o).

 

(25)     "Self-Employed
Individual" means an individual who has Earned Income for the taxable year from the Employer or who would have had Earned
Income but for the fact that the trade or business had no net profits for the taxable year.

 

(26)     “Service
Agreement” means the agreement between the Employer and Trustee regarding the arrangement between the parties for recordkeeping
services with respect to the Plan.

 

 (27)     "Trust" means the trust created by the Employer.

 

(28)     "Trust
Agreement" means the agreement between the Employer and the Trustee, as set forth in a separate agreement, under which assets
are held, administered, and managed subject to the claims of the Employer's creditors in the event of the Employer's insolvency,
until paid to Plan Participants and their Beneficiaries as specified in the Plan.

 

 (29)     "Trust Fund" means the property held in the Trust by the Trustee.

 

(30)     "Trustee"
means the corporation or individual(s) appointed by the Employer to administer the Trust in accordance with the Trust Agreement.

 

(31)     "Years
of Service for Vesting" means, with respect to any Employee, the number of whole years of his periods of service with the
Employer or a Related Employer (the elapsed time method to compute vesting service), subject to any exclusions elected by the Employer
in Section 1.07(c). An Employee will receive credit for the aggregate of all time period(s) commencing with the Employee's
Employment Commencement Date and ending on the date a break in service begins, unless any such years are excluded by Section 1.07(c).
An Employee will also receive credit for any period of severance of less than 12 consecutive months. Fractional periods of a year
will be expressed in terms of days.

 

In the case of a Participant
who has 5 consecutive 1-year breaks in service, all years of service after such breaks in service will be disregarded for the purpose
of vesting the Employer-derived account balance that accrued before such breaks, but both pre-break and post-break service will
count for the purposes of vesting the Employer -derived account balance that accrues after such breaks. Both accounts will share
in the earnings and losses of the fund.

 

In the case of a Participant
who does not have 5 consecutive 1-year breaks in service, both the pre-break and post-break service will count in vesting both
the pre-break and post-break employer-derived account balance.

 

    4

     

    

 

A break
in service is a period of severance of at least 12 consecutive months. Period of severance is a continuous period of time during
which the Employee is not employed by the Employer. Such period begins on the date the Employee retires, quits or is discharged,
or if earlier, the 12-month anniversary of the date on which the Employee was otherwise first absent from service.

 

In the case
of an individual who is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the first
anniversary of the first date of such absence shall not constitute a break in service. For purposes of this paragraph, an absence
from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the individual, (2) by
reason of the birth of a child of the individual, (3) by reason of the placement of a child with the individual in connection
with the adoption of such child by such individual, or (4) for purposes of caring for such child for a period beginning immediately
following such birth or placement.

 

If the Plan
maintained by the Employer is the plan of a predecessor employer, an Employee's Years of Service for Vesting shall include years
of service with such predecessor employer. In any case in which the Plan maintained by the Employer is not the plan maintained
by a predecessor employer, service for such predecessor shall be treated as service for the Employer to the extent provided in
Section 1.08.

 

(b) Pronouns used in the Plan are in the masculine
gender but include the feminine gender unless the context clearly indicates otherwise.

 

Article 3. Participation.

 

3.01.
Date of Participation. An eligible Employee (as set forth in Section 1.03(a)) who has filed an election
pursuant to Section 4.01 will become a Participant in the Plan on the first Entry Date coincident with or following the date
on which such election would otherwise become effective, as determined under Section4.01.

 

3.02.
Resumption of Participation Following Reemployment. If a Participant ceases to be an Employee and thereafter
returns to the employ of the Employer he will again become a Participant as of an Entry Date following the date on which he completes
an Hour of Service for the Employer following his re employment, if he is an eligible Employee as defined in Section 1.03(a),
and has filed an election pursuant to Section 4.01.

 

3.03.
Cessation or Resumption of Participation Following a Change in Status. If any Participant continues in the employ
of the Employer or Related Employer but ceases to be an eligible Employee as defined in Section 1.03(a), the individual shall
continue to be a Participant until the entire amount of his benefit is distributed; however, the individual shall not be entitled
to make Deferral Contributions or receive an allocation of Matching or Employer Contributions during the period that he is not
an eligible Employee. Such Participant shall continue to receive credit for service completed during the period for purposes of
determining his vested interest in his Accounts. In the event that the individual subsequently again becomes an eligible Employee,
the individual shall resume full participation in accordance with Section 3.01.

 

    5

     

    

 

Article 4. Contributions.

 

4.01. Deferral
Contributions. Each Participant may elect to execute a salary reduction agreement with the Employer to reduce
his Compensation by a specified percentage, not exceeding the percentage set forth in Section 1.05(a) and equal to
a whole number multiple of one (1) percent, per payroll period, subject to any election regarding Bonuses, as set out in
Subsection 1.05(a)(2). Such agreement shall become effective on the first day of the period as set forth in the Participant's
election. The election will be effective to defer Compensation relating to all services performed in a calendar year
subsequent to the filing of such an election, subject to any election regarding Bonuses, as set out in Subsection 1.05(a)(2).
An election once made will remain in effect until a new election is made; provided, however that such an election choosing a
distribution date pursuant to 1.06(b)(1)(B) will only be effective for the Plan Year indicated. A new election will be
effective as of the first day of the following calendar year and will apply only to Compensation payable with respect to
services rendered after such date, except that a separate election made pursuant to Section 1.05(a)(2) will be
effective immediately if made no later than 6 months before the end of the period during which the services on which the
Bonus is based are performed. If the Employer has selected 1.05(a)(2), no amount will be deducted from Bonuses unless the
Participant has made a separate election. Amounts credited to a Participant's account prior to the effective date of any new
election will not be affected and will be paid in accordance with that prior election. The Employer shall credit an amount to
the account maintained on behalf of the Participant corresponding to the amount of said reduction. Under no circumstances may
a salary reduction agreement be adopted retroactively. To the extent permitted in regulations under Code Section 409A, a
Participant may revoke a salary reduction agreement for a calendar year during that year, provided, however, that such
revocation shall apply only to Compensation not yet earned. In that event, the Participant shall be precluded from electing
to defer future Compensation hereunder during the calendar year to which the revocation applies. Notwithstanding the above,
in the calendar year in which the Plan first becomes effective or in the year in which the Participant first becomes eligible
to participate, an election to defer compensation may be made within 30 days after the Participant is first eligible or the
Plan is first effective, which election shall be effective with respect to Compensation payable with respect to services
rendered after the date of the election.

 

4.02.
Matching Contributions. If so provided by the Employer in Section 1.05(b), the Employer shall make a “Matching
Contribution” to be credited to the account maintained on behalf of each Participant who had “Deferral Contributions”
pursuant to Section 4.01 made on his behalf during the year and who meets the requirement, if any, of Section 1.05(b)(3).
The amount of the “Matching Contribution” shall be determined in accordance with Section 1.05(b).

 

4.03.
Employer Contributions. If so provided by the Employer in Section 1.05(c)(1), the Employer shall make an
 “Employer Contribution” to be credited to the account maintained on behalf of each Participant who meets the requirement,
if any, of Section 1.05(c)(3) in the amount required by Section 1.05(c)(1). If so provided by the Employer in Section 1.05(c)(2),
the Employer may make an “Employer Contribution” to be credited to the account maintained on behalf of any Participant
in such an amount as the Employer, in its sole discretion, shall determine. In making “Employer Contributions” pursuant
to Section 1.05(c)(2), the Employer shall not be required to treat all Participants in the same manner in determining such
contributions and may determine the “Employer Contribution” of any Participant to be zero.

 

4.04.
Time of Making Contributions. The Employer shall remit contributions deemed made hereunder to the Trust as soon
as practicable after such contributions are deemed made under the terms of the Plan.

 

Article 5. Participants' Accounts.

 

5.01.
Individual Accounts . The Administrator will establish and maintain an Account for each Participant, which will
reflect Matching, Employer and Deferral Contributions credited to the Account on behalf of the Participant and earnings, expenses,
gains and losses credited thereto, and deemed investments made with amounts in the Participant's Account. The Administrator will
establish and maintain such other accounts and records as it decides in its discretion to be reasonably required or appropriate
in order to discharge its duties under the Plan. Participants will be furnished statements of their Account values at least once
each Plan Year. The Administrator shall provide the Trustee with information on the amount credited to the separate account of
each Participant maintained by the Administrator in its records.

 

    6

     

    

 

Article 6. Investment of Contributions.

 

6.01.
Manner of Investment. All amounts credited to the Accounts of
Participants shall be treated as though invested and reinvested only in eligible investments selected by the Employer in the Service
Agreement.

 

6.02.
Investment Decisions. Investments in which the Accounts of Participants shall be treated as invested and reinvested
shall be directed by the Employer or by each Participant, or both, in accordance with the Employer's election in Section 1.11(a).

 

 (a) All dividends, interest, gains and distributions of any nature that would be earned in respect of Fund Shares in which the Account is treated as investing shall be credited to the Account as though reinvested in additional shares of that Permissible Investment.

 

 (b) Expenses that would be attributable to the acquisition of investments shall be charged to the Account of the Participant for which such investment is treated as having been made.

 

Article 7. Right to Benefits.

 

7.01.
Normal or Early Retirement. If provided by the Employer in Section 1.07(e), each Participant who attains
his Normal Retirement Age or Early Retirement Age will have a nonforfeitable interest in his Account in accordance with the vesting
schedule(s) elected in Section 1.07. If a Participant retires on or after attainment of Normal or Early Retirement Age,
such retirement is referred to as a normal retirement. On or after his normal retirement, the balance of the Participant's Account,
plus any amounts thereafter credited to his Account, subject to the provisions of Section 7.06, will be distributed to him
in accordance with Article 8.

 

If provided by the
Employer in Section 1.07, a Participant who separates from service before satisfying the age requirements for early retirement,
but has satisfied the service requirement will be entitled to the distribution of his Account, subject to the provisions of Section 7.06,
in accordance with Article 8, upon satisfaction of such age requirement.

 

7.02.
Death. If a Participant dies before the distribution of his Account has commenced, or before such distribution
has been completed, his Account shall become vested in accordance with the vesting schedule(s) elected in Section 1.07
and his designated Beneficiary or Beneficiaries will be entitled to receive the balance or remaining balance of his Account, plus
any amounts thereafter credited to his Account, subject to the provisions of Section 7.06. Distribution to the Beneficiary
or Beneficiaries will be made in accordance with Article 8. A distribution to a beneficiary of a Key Employee is not considered
to be a distribution to a Key Employee for purposes of Sections 1.06 and 7.08.

 

A Participant may designate
a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries, by giving notice to the Administrator
on a form designated by the Administrator. If more than one person is designated as the Beneficiary, their respective interests
shall be as indicated on the designation form.

 

A copy of the death
certificate or other sufficient documentation must be filed with and approved by the Administrator. If upon the death of the Participant
there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant's Account, such amount
will be paid to his surviving spouse or, if none, to his estate (such spouse or estate shall be deemed to be the Beneficiary for
purposes of the Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, but before they have been completed,
and, in the opinion of the Administrator, no person has been designated to receive such remaining benefits, then such benefits
shall be paid to the deceased Beneficiary's estate.

 

    7

     

    

 

7.03. Other
Termination of Employment. If provided by the Employer in Section 1.07, if a Participant terminates his
employment for any reason other than death or normal retirement, he will be entitled to a termination benefit equal to
(i) the vested percentage(s) of the value of the Matching and Employer Contributions to his Account, as adjusted
for income, expense, gain, or loss, such percentage(s) determined in accordance with the vesting
schedule(s) selected by the Employer in Section 1.07, and (ii) the value of the Deferral Contributions to his
Account as adjusted for income, expense, gain or loss. The amount payable under this Section 7.03 will be subject to the
provisions of Section 7.06 and will be distributed in accordance with Article 8. For purposes of the Plan, a
termination of employment is a separation from service as defined pursuant to Code Section 409A and regulations
thereunder.

 

7.04.
Separate Account. If a distribution from a Participant's Account has been made to him at a time when he has a
nonforfeitable right to less than 100 percent of his Account, the vesting schedule in Section 1.07 will thereafter apply only
to amounts in his Account attributable to Matching and Employer Contributions allocated after such distribution. The balance of
his Account immediately after such distribution will be transferred to a separate account that will be maintained for the purpose
of determining his interest therein according to the following provisions.

 

At any relevant time
prior to a forfeiture of any portion thereof under Section 7.05, a Participant's nonforfeitable interest in his Account held
in a separate account described in the preceding paragraph will be equal to P(AB + (RxD))-(RxD), where P is the nonforfeitable
percentage at the relevant time determined under Section 7.05; AB is the account balance of the separate account at the relevant
time; D is the amount of the distribution; and R is the ratio of the account balance at the relevant time to the account balance
after distribution. Following a forfeiture of any portion of such separate account under Section 7.05 below, any balance in
the Participant's separate account will remain fully vested and nonforfeitable.

 

7.05.
Forfeitures. If a Participant terminates his employment, any portion of his Account (including any amounts credited
after his termination of employment) not payable to him under Section 7.03 will be forfeited by him.

 

7.06.
Adjustment for Investment Experience. If any distribution under this Article 7 is not made in a single payment,
the amount remaining in the Account after the distribution will be subject to adjustment until distributed to reflect the income
and gain or loss on the investments in which such amount is treated as invested and any expenses properly charged under the Plan
to such amounts.

 

7.07.
Unforeseeable Emergency Withdrawals. Subject to the provisions of Article 8, a Participant shall not be
permitted to withdraw his Account (and earnings thereon) prior to retirement or termination of employment, except that, to the
extent permitted under Section 1.09, a Participant may apply to the Administrator to withdraw some or all of his Account if
such withdrawal is made on account of an unforeseeable emergency as determined by the Administrator in accordance with the requirements
of and subject to the limitations provided within Code Section 409A and regulations thereunder.

 

7.08.
Change in Control Distributions. If the Employer has elected to apply Section 1.06(c), then, upon a Change
in Control, notwithstanding any other provision of the Plan to the contrary, all Participants shall have a nonforfeitable right
to receive the entire amount of their account balances under the Plan. All distributions due to a Change in Control shall be paid
out to Participants as soon as administratively practicable, except that any such distribution to a Key Employee who has terminated
employment pursuant to Section 7.03 shall not be earlier than the 1st day of the seventh month following that Key Employee’s
termination of employment.

 

Article 8. Distribution of Benefits.

 

8.01.
Form of Distribution of Benefits to Participants and Beneficiaries. The Plan provides for distribution as
a lump sum to be paid in cash on the date specified by the Employer in Section 1.06 pursuant to the method provided in Section 8.02.
If elected by the Employer in Section 1.10 and specified in the Participant's deferral election, the distribution will be
paid through a systematic withdrawal plan (installments) for a time period not exceeding 10 years beginning on the date specified
by the Employer in Section 1.06.

 

    8

     

    

 

8.02. Events Requiring Distribution of Benefits to Participants
and Beneficiaries.

 

(a)      If
elected by the Employer in Section 1.06(a), the Participant will receive a distribution upon the earliest of the events specified
by the Employer in Section 1.06(a), subject to the provisions of Section 7.08, and at the time indicated in Section 1.06(a)(2).
If the Participant dies before any event in Section 1.06(a) occurs, the Participant shall be considered to have terminated
employment and the Participant’s benefit will be paid to the Participant’s Beneficiary in the same form and at the
same time as it would have been paid to the Participant pursuant to this Article 8.

 

(b)     If
elected by the Employer in Section 1.06(b), the Participant will receive a distribution of all amounts not deferred pursuant
to Section 1.06(b)(1)(B) (and earnings attributable to those amounts) upon termination of employment, subject to the
delay applicable to Key Employees described therein, as applicable. If elected by the Employer in Section 1.06(b)(1)(B), the
Participant shall have the election to receive distributions of amounts deferred pursuant to Section 4.01 (and earnings attributable
to those amounts) after a date specified by the Participant in his deferral election which is at least 12 months after the first
day of the calendar year in which such amounts would be earned. Amounts distributed to the Participant pursuant to Section 1.06(b) shall
be distributed at the time indicated in Section 1.06(b)(2). Subject to the provisions of Section 7.08, the Participant
shall receive a distribution in the form provided in Section 8.01. If the Participant dies before any event in Section 1.06(a) occurs,
the Participant shall be considered to have terminated employment and the Participant’s benefit will be paid to the Participant’s
Beneficiary in the same form and at the same time as it would have been paid to the Participant pursuant to this Article 8.
However, if the Participant dies before the date specified by the Participant in an election pursuant to Section 1.06(b)(1)(B),
then the Participant’s benefit shall be paid to the Participant’s Beneficiary in the form provided in Section 8.01
as if the Participant had elected to be paid at termination of employment.

 

8.03.     Determination
of Method of Distribution. The Participant will determine the method of distribution of benefits to himself and
his Beneficiary, subject to the provisions of Section 8.02. Such determination will be made at the time the Participant makes
a deferral election. A Participant's election cannot be altered, except, if elected by the Employer in Section 1.10(b), if
the Participant's balance falls below the level described in regulations under Code Section 409A, the Participant's benefit
payable due to termination of employment will be distributed in a lump sum rather than installments.

 

 (a) When Section 1.06(a) has been elected by the Employer. The distribution period specified in a Participant's first deferral election specifying distribution under a systematic withdrawal plan shall apply to all subsequent elections of distributions under a systematic withdrawal plan made by the Participant. Once a Participant has made an election for the method of distribution, that election shall be effective for all contributions made on behalf of the Participant attributable to any Plan Year after that election was made and before the Plan Year for which that election has been altered in the manner prescribed by the Administrator. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution shall be a lump sum at termination of employment.

 

 (b) When Section 1.06(b) has been elected by the Employer. The distribution period for distributions under a systematic withdrawal plan shall be specified in each Participant's contribution election selecting payments under a systematic withdrawal plan. If the Participant does not designate in the manner prescribed by the Administrator the method of distribution, such method of distribution for all such contributions shall be a lump sum at termination of employment.

 

8.04.
Notice to Trustee. The Administrator will notify the Trustee, pursuant to the method stated in the Trust Agreement
for providing direction, whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The Administrator's
notice shall indicate the form, amount and frequency of benefits that such Participant or Beneficiary shall receive.

 

8.05. Time
of Distribution. In no event will distribution to a Participant be made later than the date specified by the
Participant in his salary reduction agreement. All distributions will be made as soon as administratively feasible following
the distribution date specified in Section 1.06 or Section 7.08, if applicable.

 

    9

     

    

 

Article 9. Amendment and Termination.

 

9.01
Amendment by Employer. The Employer reserves the authority to amend the Plan by filing with the Trustee an amended
Adoption Agreement, executed by the Employer only, on which said Employer has indicated a change or changes in provisions previously
elected by it. Such changes are to be effective on the effective date of such amended Adoption Agreement. Any such change notwithstanding,
no Participant's Account shall be reduced by such change below the amount to which the Participant would have been entitled if
he had voluntarily left the employ of the Employer immediately prior to the date of the change. The Employer may from time to time
make any amendment to the Plan that may be necessary to satisfy the Code or ERISA. The Employer's board of directors or other individual
specified in the resolution adopting this Plan shall act on behalf of the Employer for purposes of this Section 9.01.

 

9.02
Retroactive Amendments. An amendment made by the Employer in accordance with Section 9.01 may be made effective
on a date prior to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate to enable
the Plan and Trust to satisfy the applicable requirements of the Code or ERISA or to conform the Plan to any change in federal
law or to any regulations or ruling thereunder. Any retroactive amendment by the Employer shall be subject to the provisions of
Section 9.01.

 

9.03.
Termination. The Employer has adopted the Plan with the intention and expectation that contributions will be
continued indefinitely. However, said Employer has no obligation or liability whatsoever to maintain the Plan for any length of
time and may discontinue contributions under the Plan or terminate the Plan at any time by written notice delivered to the Trustee
without any liability hereunder for any such discontinuance or termination.

 

9.04.
Distribution upon Termination of the Plan. Upon termination of the Plan, no further Deferral, Employer or Matching
Contributions shall be made under the Plan, but Accounts of Participants maintained under the Plan at the time of termination shall
continue to be governed by the terms of the Plan until paid out in accordance with the terms of the Plan.

 

Article 10. Miscellaneous.

 

10.01.
Communication to Participants. The Plan will be communicated to all Participants by the Employer promptly after
the Plan is adopted.

 

10
02. Limitation of Rights. Neither the establishment of the Plan and the Trust, nor any amendment thereof, nor
the creation of any fund or account, nor the payment of any benefits, will be construed as giving to any Participant or other person
any legal or equitable right against the Employer, Administrator or Trustee, except as provided herein; and in no event will the
terms of employment or service of any Participant be modified or in any way affected hereby.

 

10.03.
Nonalienability of Benefits. The benefits provided hereunder will not be subject to alienation, assignment, garnishment,
attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so
subjected will not be recognized, except to such extent as may be required by law.

 

10
04. Facility of Payment. In the event the Administrator determines, on the basis of medical reports or other
evidence satisfactory to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling
his affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may disburse such payments, or direct
the Trustee to disburse such payments, as applicable, to a person or institution designated by a court which has jurisdiction
over such recipient or a person or institution otherwise having the legal authority under State law for the care and control of
such recipient. The receipt by such person or institution of any such payments shall be complete acquittance therefore, and any
such payment to the extent thereof, shall discharge the liability of the Trust for the payment of benefits hereunder to such recipient.

 

    10

     

    

 

10.05.
Information between Employer and Trustee. The Employer agrees to furnish the Trustee, and the Trustee agrees
to furnish the Employer with such information relating to the Plan and Trust as may be required by the other in order to carry
out their respective duties hereunder, including without limitation information required under the Code or ERISA and any regulations
issued or forms adopted thereunder.

 

10.06.
Notices. Any notice or other communication in connection with this Plan shall be deemed delivered in writing
if addressed as provided below and if either actually delivered at said address or, in the case of a letter, three business days
shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered
or certified:

 

(a)      If
to the Employer or Administrator, to it at the address set forth in the Adoption Agreement, to the attention of the person specified
to receive notice in the Adoption Agreement;

 

 (b)      If to the Trustee, to it at the address set forth in the Trust Agreement;

 

or, in each case at such other address
as the addressee shall have specified by written notice delivered in accordance with the foregoing to the addressor's then effective
notice address.

 

10.07.
Governing Law. The Plan and the accompanying Adoption Agreement will be construed, administered and enforced
according to ERISA, and to the extent not preempted thereby, the laws of the Commonwealth of Massachusetts, without regard to its
conflicts of law principles.

 

Article 11. Plan Administration.

 

11.01.
Powers and responsibilities of the Administrator . The Administrator has the full power and the full responsibility
to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA. The Administrator's powers
and responsibilities include, but are not limited to, the following:

 

(a)            To
make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;

 

(b)            To
interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under
the Plan;

 

(c)            To
decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;

 

 (d)            To administer the claims and review procedures specified in Section 11.03;

 

(e)           To
compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the
provisions of the Plan;

 

 (f)             To determine the person or persons to whom such benefits will be paid;

 

 (g)             To authorize the payment of benefits;

 

(h)            To
comply with any applicable reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA;

 

    11

     

    

 

(i)             To
appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan;

 

(j)             By
written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative Committee to administer
the Plan;

 

11.02.   Nondiscriminatory
Exercise of Authority. Whenever, in the administration of the Plan, any discretionary action by the Administrator
is required, the Administrator shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated
will receive substantially the same treatment.

 

 11.03.   Claims and Review Procedures.

 

(a) Claims
Procedure. If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in
writing with the Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its
decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent
Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim
and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the
person wishes to submit a request for review, including a statement of the such person’s right to bring a civil action under
Section 502(a) of ERISA following as adverse determination upon review. Such notification will be given within 90 days
after the claim is received by the Administrator (or within 180 days, if special circumstances require an extension of time for
processing the claim, and if written notice of such extension and circumstances is given to such person within the initial 90-day
period).

 

If the claim
concerns disability benefits under the Plan, the Plan Administrator must notify the claimant in writing within 45 days after the
claim has been filed in order to deny it. If special circumstances require an extension of time to process the claim, the Plan
Administrator must notify the claimant before the end of the 45-day period that the claim may take up to 30 days longer to process.
If special circumstances still prevent the resolution of the claim, the Plan Administrator may then only take up to another 30
days after giving the claimant notice before the end of the original 30-day extension. If the Plan Administrator gives the claimant
notice that the claimant needs to provide additional information regarding the claim, the claimant must do so within 45 days of
that notice.

 

(b) Review Procedure.
Within 60 days after the date on which a person receives a written notice of a denied claim (or, if applicable, within 60 days
after the date on which such denial is considered to have occurred), such person (or his duly authorized representative) may (i) file
a written request with the Administrator for a review of his denied claim and of pertinent documents and (ii) submit written
issues and comments to the Administrator. This written request may include comments, documents, records, and other information
relating to the claim for benefits. The claimant shall be provided, upon the claimant’s request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The review will take
into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without
regard to whether such information was submitted or considered in the initial benefit determination. The Administrator will notify
such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person
and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The decision on
review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special
circumstances require an extension of time for processing the request, such as an election by the Administrator to hold a hearing,
and if written notice of such extension and circumstances is given to such person within the initial 60-day period). The extension
notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render
the determination on review.

 

    12

     

    

 

If the initial claim
was for disability benefits under the Plan and has been denied by the Plan Administrator, the claimant will have 180 days from
the date the claimant received notice of the claim’s denial in which to appeal that decision. The review will be handled
completely independently of the findings and decision made regarding the initial claim and will be processed by an individual who
is not a subordinate of the individual who denied the initial claim. If the claim requires medical judgment, the individual handling
the appeal will consult with a medical professional whom was not consulted regarding the initial claim and who is not a subordinate
of anyone consulted regarding the initial claim and identify that medical professional to the claimant.

 

The Plan Administrator
shall provide the claimant with written notification of a plan’s benefit determination on review. In the case of an adverse
benefit determination, the notification shall set forth, in a manner calculated to be understood by the claimant – the specific
reason or reasons for the adverse determinations, reference to the specific plan provisions on which the benefit determination
is based, a statement that the claimant is entitled to receive, upon the claimant’s request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the claim for benefits.

 

    13

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