SEC Contract Filing

Filing Date: 2022-10-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2227810d9_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS REGISTRATION RIGHTS AGREEMENT (as the same
may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof, this &ldquo;<B>Agreement</B>&rdquo;),
dated as of October&nbsp;28, 2022, is made and entered into by and among:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Perfect
Corp., a Cayman Islands exempted company with limited liability (the &ldquo;<B>Company</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Provident
Acquisition Holdings Ltd., a Cayman Islands exempted company with limited liability (the &ldquo;<B>Sponsor</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;certain
shareholders of the Company, as set forth on Schedule A hereto (the &ldquo;<B>Legacy Equityholders</B>&rdquo; and, together with the Sponsor
and any person or entity who hereafter becomes a party to this Agreement pursuant to Section&nbsp;5.02 of this Agreement, a &ldquo;<B>Holder</B>&rdquo;
and, collectively the &ldquo;<B>Holders</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Business Combination Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Provident Acquisition Corp. (&ldquo;</FONT><B>PAQC</B>&rdquo;), the Company, Beauty Corp., a Cayman Islands exempted company with limited
liability and a wholly-owned Subsidiary of the Company (&ldquo;<B>Merger Sub 1</B>&rdquo;), and Fashion Corp., a Cayman Islands exempted
company with limited liability and a wholly owned Subsidiary of the Company (&ldquo;<B>Merger Sub 2</B>&rdquo;), entered into that certain
Agreement and Plan of Merger, dated as of March&nbsp;3, 2022, and that certain First Amendment to Agreement and Plan of Merger, dated
as of September&nbsp;16, 2022 (collectively, the &ldquo;<B>Business Combination Agreement</B>&rdquo;), pursuant to which, among other
things, Merger Sub 1 will merge with and into PAQC, whereupon the separate existence of Merger Sub 1 will cease, and PAQC will continue
its existence under the Companies Act (As Revised) of the Cayman Islands (the &ldquo;<B>Cayman Islands Companies Act</B>&rdquo;) as a
wholly owned Subsidiary of the Company (the &ldquo;<B>First Merger</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
immediately following the consummation of the First Merger and as part of the same overall transaction, upon the terms and subject to
the conditions in the Business Combination Agreement and in accordance with Part&nbsp;XVI of the Cayman Islands Companies Act, PAQC (as
the surviving company of the First Merger) will merge with and into Merger Sub 2, whereupon the separate existence of PAQC will cease,
and Merger Sub 2 will be the surviving company and continue its existence under the Cayman Islands Companies Act as a wholly owned subsidiary
of the Company (the &ldquo;</FONT><B>Second Merger</B>&rdquo; and together with the First Merger, collectively, the &ldquo;<B>Mergers</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to the terms and provisions of the Business Combination Agreement, prior to the effective time of the Mergers, the Company will
have undertaken the Recapitalization whereby, among other things, (a)&nbsp;the Pre-Recapitalization Company Shares of the Company held
by the Legacy Equityholders will be recapitalized, repurchased and cancelled by the Company in exchange for the issuance of the Company
Ordinary Shares, and (b)&nbsp;the Company will adopt an amended and restated memorandum