Exhibit
10.3


 


AMENDED
AND RESTATED


REGISTRATION
RIGHTS AGREEMENT


 


THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 16, 2022, is made
and entered into by and among Allenby Montefiore Limited, a private company limited by shares organized and existing under the
Laws of the Republic of Cyprus (“PubCo”), Supraeon Investments Limited, a private company limited by shares organized
and existing under the Laws of the Republic of Cyprus (the “Company”), Sagaliam Acquisition Corp., a Delaware corporation
(“Sagaliam”), Sagaliam Sponsor LLC, a Delaware limited liability company (the “Sponsor”) and each
of the other undersigned parties listed as Existing Holders on the signature pages hereto (each such party, together with the Sponsor
and any person or entity deemed an “Existing Holder” who hereafter becomes a party to this Agreement pursuant to Section
5.2 of this Agreement, an “Existing Holder” and, collectively, the “Existing Holders”) and
GLD Partners, LP, a Delaware limited partnership (“Seller”, together with any person or entity deemed a “New
Holder” who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, the “New Holders”).
Existing Holders, collectively with New Holders, are referred to herein as “Holders.” Capitalized terms used but not
otherwise defined in this Agreement shall have the meaning ascribed to such terms in the BCA (as defined below).


 


RECITALS


 


WHEREAS,
on December 20, 2021, Sagaliam and the Sponsor entered into that certain Registration Rights Agreement (the “Existing Registration
Rights Agreement”), pursuant to which Sagaliam granted the Sponsor certain registration rights with respect to certain securities
of Sagaliam;


 


WHEREAS,
Sagaliam, PubCo, the Company, PubCo Merger Sub, and Seller have entered into a Business Combination Agreement (as the same may
be amended, restated or supplemented, the “BCA”) pursuant to which, among other things, (a) (i) Seller will
contribute AEC Shares to the Company and (ii) PubCo will acquire all of the issued and outstanding shares of the Company
from Seller in exchange for PubCo Ordinary Shares such that the Company becomes a wholly-owned subsidiary of PubCo (the “Share
Exchange”); and immediately thereafter (b) every eight (8) outstanding Sagaliam Rights shall be contributed to PubCo in exchange
for one (1) newly issued PubCo Ordinary Share (the “Contribution”), and (c) in accordance with the Delaware General
Corporation Law, PubCo Merger Sub will merge with and into Sagaliam, with Sagaliam continuing as the surviving entity, as a result of
which, (i) Sagaliam shall become a wholly owned subsidiary of PubCo; and (ii) (A) each outstanding share of Sagaliam Class A Common Stock
will be automatically converted as of the Merger Effective Time into the right to receive one PubCo Ordinary Share and (B) each outstanding
share of Sagaliam Class B Common Stock will be automatically converted as of the Merger Effective Time into the right to receive one
PubCo Ordinary Share (the “Merger” and, together with the Share Exchange and Contribution, the “Transactions”);


 


WHEREAS,
in connection with the Share Exchange contemplated by the BCA and subject to the terms and conditions set forth therein, Seller shall
be issued ordinary shares, par value EUR 1.00 per share, of PubCo (“PubCo Ordinary Shares”), in each case, in such
amounts and subject to such terms and conditions as set forth in the BCA;


 


WHEREAS,
in connection with the Contribution contemplated by the BCA and subject to the terms and conditions set forth therein, the holders of
Sagaliam Rights shall be issued PubCo Ordinary Shares, in each case, in such amounts and subject to such terms and conditions as set
forth in the BCA;


 




    	 



    	 



    

 


WHEREAS,
in connection with the Merger contemplated by the BCA and subject to the terms and conditions set forth therein, the holders of Sagaliam
Common Stock (as defined below) shall be issued PubCo Ordinary Shares, in each case, in such amounts and subject to such terms and conditions
as set forth in the BCA;


 


WHEREAS,
pursuant to Section 5.5 of the Existing Registration Rights Agreement, the provisions, covenants and conditions set forth therein may
be amended or modified upon the written consent of Sagaliam and the Holders (as defined in the Existing Registration Rights Agreement)
of at least a majority-in-interest of the Registrable Securities (as defined in the Existing Registration Rights Agreement) at the time
in question, and the Sponsor is a Holder in the aggregate of at least a majority-in-interest of the Registrable Securities as of the
date hereof; and


 


WHEREAS,
in connection with the Transactions, Sagaliam and the Sponsor desire to amend and restate the Existing Registration Rights Agreement
in order to provide the Existing Holders and the New Holders certain registration rights with respect to certain securities of PubCo,
as set forth in this Agreement.


 


NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:


 


article
1 DEFINITIONS


 


1.1
Definitions. The terms defined in this Article 1 shall, for all purposes of this Agreement, have the respective meanings
set forth below:


 


“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Board, upon the recommendation of the Chief Executive Officer or principal financial officer of PubCo, after consultation with
outside counsel to PubCo, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which
they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed,
and (iii) PubCo has a bona fide business purpose for not making such information public.


 


“Agreement”
shall have the meaning given in the Preamble.


 


“BCA”
shall have the meaning given in the Recitals hereto.


 


“Board”
shall mean the Board of Directors of PubCo.


 


“Business
Combination” shall mean any merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination with one or more businesses, involving Sagaliam.


 


“Commission”
shall mean the United States Securities and Exchange Commission.


 


“Company”
shall have the meaning given in the Preamble.


 


“Contribution”
shall have the meaning given in the Recitals hereto.


 




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“Demand
Registration” shall have the meaning given in subsection 2.1.1.


 


“Demanding
Holder” shall have the meaning given in subsection 2.1.1.


 


“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.


 


“Existing
Holders” shall have the meaning given in the Preamble.


 


“Existing
Registration Rights Agreement” shall have the meaning given in the Recitals hereto.


 


“Form
F-1” shall have the meaning given in subsection 2.1.1.


 


“Form
F-3” shall have the meaning given in Section 2.3.


 


“Founder
Shares” shall mean 2,875,000 shares of the Sagaliam Class B Common Stock initially purchased by the Sponsor. The term “Founder
Shares” shall be deemed to include the shares of Sagaliam Common Stock issuable upon conversion thereof.


 


“Founder
Shares Lock-up Period” shall mean, with respect to 100% of the Founder Shares, the period ending on the earlier of twelve (12)
months after the consummation of the Transactions and the date on which the closing price of the PubCo Ordinary Shares equals or exceeds
$12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within a 30-trading day period commencing after the 180th day after the consummation of the Transactions.


 


“Holders”
shall have the meaning given in the Preamble.


 


“Insider
Letter” shall mean that certain letter agreement, dated as of December 20, 2021, by and among Sagaliam, the Sponsor, each of
Sagaliam’s officers and directors and certain other parties thereto.


 


“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.4.


 


“Merger”
shall have the meaning given in the Recitals hereto.


 


“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.


 


“New
Holder Lock-up Period” shall mean, with respect to the PubCo Ordinary Shares issued to Seller in connection with the Transactions,
the period ending on the earlier of (i) twelve (12) months after the consummation of the Transactions,(ii) the date on which the closing
price of the PubCo Ordinary Shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after the 180th day after the consummation
of the Transactions and (iii) the date such transfer restrictions are not applicable pursuant to that certain Lock-up Agreement, dated
as of the date hereof, by and between Seller and PubCo.


 


“New
Holders” shall have the meaning given in the Preamble.


 




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“Permitted
Transferees” shall mean (a) any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable
Securities prior to the expiration of the Founder Shares Lock-up Period, the New Holder Lock-up Period or Private Placement Lock-up Period,
as the case may be, under the Insider Letter, the Private Placement Units Subscription Agreement, this Agreement and any other applicable
agreement between such Holder and PubCo, and to any transferee thereafter and (b) with respect to a New Holder, any of such New Holder’s
Affiliates or any fund or investment account managed by such New Holder or the same management company that manages such New Holder;
provided, that such transferee to which a transfer is being made pursuant to clause (a) or (b) above, if not a Holder, enters into a
written agreement with PubCo agreeing to be bound to the restrictions set forth herein.


 


“Piggyback
Registration” shall have the meaning given in subsection 2.2.1.


 


“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Units that are held by the Sponsor or its Permitted
Transferees, and any of the Sagaliam Common Stock issued or issuable upon the exercise or conversion of the Private Placement Units and
that are held by the Sponsor or its Permitted Transferees, the period ending 30 days after the consummation of the Transactions.


 


“Private
Placement Units” shall mean 400,000 private units that the Sponsor purchased, at a price of $10.00 per unit pursuant to the
Private Placement Units Subscription Agreement (as defined below).


 


“Private
Placement Units Subscription Agreement” shall mean the Subscription Agreement entered by Sagaliam and the Sponsor dated December
20, 2021.


 


“Pro
Rata” shall have the meaning given in subsection 2.1.4.


 


“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.


 


“PubCo”
shall have the meaning given in the Preamble.


 


“PubCo
Ordinary Shares” shall have the meaning given in the Recitals hereto.


 


“Registrable
Security” shall mean (a) the Founder Shares and the PubCo Ordinary Shares issued or issuable upon the conversion of any Founder
Shares, (b) the Private Placement Units (and underlying shares of the Sagaliam Common Stock or the PubCo Ordinary Shares, as applicable),
(c) any outstanding PubCo Ordinary Shares or any other equity security (including the PubCo Ordinary Shares issued or issuable upon the
exercise or conversion of any other equity security) of PubCo held by a Holder immediately following the Closing (including, for avoidance
of doubt, all PubCo Ordinary Shares to be issued to the New Holders and the Existing Holders at the Merger Effective Time pursuant to
the BCA), and (d) any other equity security of PubCo issued or issuable with respect to any of the securities described in the foregoing
clauses (a) – (c) by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such security
shall cease to be a Registrable Security when: (i) a Registration Statement with respect to the sale of such security shall have become
effective under the Securities Act and such security shall have been sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (ii) such security shall have been otherwise transferred, a new certificate for such security not bearing a legend
restricting further transfer shall have been delivered by PubCo and subsequent public distribution of such security shall not require
registration under the Securities Act; (iii) such security shall have ceased to be outstanding; (iv) such securities may be sold without
registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
(but with no volume or other restrictions or limitations or current public information requirements); or (v) such securities have been
sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.


 




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“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.


 


“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:


 


(a)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority,
Inc.) and any securities exchange on which the PubCo Ordinary Shares are then listed;


 


(b)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);


 


(c)
printing, messenger, telephone and delivery expenses;


 


(d)
reasonable fees and disbursements of counsel for PubCo;


 


(e)
reasonable fees and disbursements of all independent registered public accountants of PubCo incurred specifically in connection with
such Registration; and


 


(f)
reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand
Registration to be registered for offer and sale in the applicable Registration.


 


“Registration
Statement” shall mean any registration statement filed by PubCo with the Commission in compliance with the Securities Act and
the rules and regulations promulgated thereunder (other than a Registration Statement on Form S-4/F-4 or Form S-8, or their successors),
which registration statement covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus
included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement,
and all exhibits to and all material incorporated by reference in such registration statement.


 


“Requesting
Holder” shall have the meaning given in subsection 2.1.1.


 


“Sagaliam”
has the meaning given in the Preamble.


 


“Sagaliam
Class A Common Stock” means Sagaliam’s Class A common stock, par value $0.0001 per share.


 


“Sagaliam
Class B Common Stock” means Sagaliam’s Class B common stock, par value $0.0001 per share.


 


“Sagaliam
Common Stock” shall means the Sagaliam Class A Common Stock and Sagaliam Class B Common Stock.


 


“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.


 




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“Seller”
has the meaning given in the Preamble.


 


“Share
Exchange” shall have the meaning given in the Recitals hereto.


 


“Sponsor”
shall have the meaning given in the Preamble.


 


“Transactions”
shall have the meaning given in the Recitals hereto.


 


“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.


 


“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of PubCo are sold
to an Underwriter in a firm commitment underwriting for distribution to the public.


 


article
2 REGISTRATIONS


 


2.1
Demand Registration.


 


2.1.1
Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and
from time to time on or after the date Sagaliam consummates a Business Combination, either (i) the holders of a majority-in-interest
of the Registrable Securities held by the Existing Holders, their affiliates and transferees, or (ii) the holders of a majority-in-interest
of the Registrable Securities held by the New Holders, their affiliates and transferees (the “Demanding Holders”)
may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount
and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a
“Demand Registration”). PubCo shall, within ten (10) days of PubCo’s receipt of the Demand Registration, notify,
in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes
to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such
Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”)
shall so notify PubCo, in writing, within five (5) days after the receipt by the Holder of the notice from PubCo. Upon receipt by PubCo
of any such written notification from a Requesting Holder(s), such Requesting Holder(s) shall be entitled to have their Registrable Securities
included in a Registration pursuant to a Demand Registration and PubCo shall file , as soon thereafter as practicable, but not more than
forty-five (45) days immediately after PubCo’s receipt of the Demand Registration, the Registration of all Registrable Securities
requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall PubCo be
obligated to file more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1
with respect to any or all Registrable Securities; provided, however, that a Registration shall not be counted for
such purposes unless a Form F-1 or any similar long-form registration statement that may be available at such time (“Form F-1”)
has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting
Holders in such Form F-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.


 


2.1.2
Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a
Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed
with the Commission with respect to a Registration pursuant to the Demand Registration has been declared effective by the Commission
and (ii) PubCo has complied with all of its obligations under this Agreement with respect thereto; provided, further, that
if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to
a Demand Registration is interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental
agency, the Registration Statement with respect to such Demand Registration shall be deemed not to have been declared effective, unless
and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding
Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify
PubCo in writing, but in no event later than five (5) days, of such election; and provided, further, that PubCo shall not
be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with
respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.


 




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2.1.3
Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest
of the Demanding Holders so advise PubCo as part of their Demand Registration that the offering of the Registrable Securities pursuant
to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder
(if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such
Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided
herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection
2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering
by the majority-in-interest of the Demanding Holders initiating the Demand Registration.


 


2.1.4
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a
Demand Registration, in good faith, advises PubCo, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar
amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together
with all other PubCo Ordinary Shares or other equity securities that PubCo desires to sell and the PubCo Ordinary Shares, if any, as
to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other
shareholders of PubCo who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in
the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of the Underwritten Offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then PubCo shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities
of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that
each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number
of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration
(such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities;
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable
Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising
their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number
of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i)
and (ii), the PubCo Ordinary Shares or other equity securities that PubCo desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(i), (ii) and (iii), the PubCo Ordinary Shares or other equity securities of other persons or entities that PubCo is
obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold
without exceeding the Maximum Number of Securities.


 




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2.1.5
Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest
of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a
Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to PubCo and the Underwriter
or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding
anything to the contrary in this Agreement, PubCo shall be responsible for the Registration Expenses incurred in connection with a Registration
pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.


 


2.2
Piggyback Registration.


 


2.2.1
Piggyback Rights. If, at any time after the consummation of the Transactions, PubCo proposes to file a Registration Statement
under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, for its own account or for the account of shareholders of PubCo (or by PubCo and by the
shareholders of PubCo including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i)
filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to PubCo’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of PubCo or (iv) for
a dividend reinvestment plan, then PubCo shall give written notice of such proposed filing to all of the Holders of Registrable Securities
as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice
shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the
name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within
five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). PubCo shall, in
good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its reasonable best efforts
to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this subsection 2.2.1 to be included in such Piggyback Registration on the same terms and conditions
as any similar securities of PubCo included in such Piggyback Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable
Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by PubCo.


 


2.2.2
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be
a Piggyback Registration, in good faith, advises PubCo and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of the securities that PubCo desires to sell, taken together with (i) the PubCo Ordinary
Shares or other equity securities, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements
with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration
has been requested pursuant to Section 2.2 hereof, and (iii) the PubCo Ordinary Shares or other equity securities, if any, as
to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders
of PubCo, exceeds the Maximum Number of Securities, then:


 


(a)
If the Registration is undertaken for PubCo’s account, PubCo shall include in any such Registration (A) first, the PubCo Ordinary
Shares or other equity securities that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities
of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which
can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A) and (B), the PubCo Ordinary Shares, if any, as to which Registration has been requested
pursuant to written contractual piggy-back registration rights of other stockholders of PubCo, which can be sold without exceeding the
Maximum Number of Securities;


 




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(b)
If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then PubCo shall
include in any such Registration (A) first, the PubCo Ordinary Shares or other equity securities, if any, of such requesting persons
or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata
based on the number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold
without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (A) and (B), the PubCo Ordinary Shares or other equity securities that PubCo desires to sell, which can be
sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A), (B) and (C), the PubCo Ordinary Shares or other equity securities
for the account of other persons or entities that PubCo is obligated to register pursuant to separate written contractual arrangements
with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.


 


2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to PubCo and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with
respect to such Piggyback Registration. PubCo (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the
contrary in this Agreement, PubCo shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration
prior to its withdrawal under this subsection 2.2.3.


 


2.2.4
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.


 


2.3
Registrations on Form F-3. Any Holder of Registrable Securities may at any time, and from time to time, request in writing that
PubCo, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale
of any or all of their Registrable Securities on Form F-3 or any similar short form registration statement that may be available at such
time (“Form F-3”); provided, however, that PubCo shall not be obligated to effect such request through
an Underwritten Offering. Within five (5) days of PubCo’s receipt of a written request from a Holder or Holders of Registrable
Securities for a Registration on Form F-3, PubCo shall promptly give written notice of the proposed Registration on Form F-3 to all other
Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such
Holder’s Registrable Securities in such Registration on Form F-3 shall so notify PubCo, in writing, within ten (10) days after
the receipt by the Holder of the notice from PubCo. As soon as practicable thereafter, but not more than thirty (30) days after PubCo’s
initial receipt of such written request for a Registration on Form F-3, PubCo shall register all or such portion of such Holder’s
Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other
Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided,
however, that PubCo shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof if (i) a Form
F-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity
securities of PubCo entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities
(if any) at any aggregate price to the public of less than $5,000,000. Registrations effected pursuant to this Section 2.3 shall
not be counted as Demand Registrations effected pursuant to subsection 2.2.1.


 




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2.4
Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to PubCo’s good
faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company
initiated Registration and provided that PubCo has delivered written notice to the Holders prior to receipt of a Demand Registration
pursuant to subsection 2.2.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable
Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and PubCo and the Holders are
unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration
would be seriously detrimental to PubCo and the Board concludes as a result that it is essential to defer the filing of such Registration
Statement at such time, then in each case PubCo shall furnish to such Holders a certificate signed by the Chairman of the Board stating
that in the good faith judgment of the Board it would be seriously detrimental to PubCo for such Registration Statement to be filed in
the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, PubCo shall have
the right to defer such filing for a period of not more than thirty (30) days; provided, however, that PubCo shall not
defer its obligation in this manner more than once in any 12-month period.


 


article
3 COMPANY PROCEDURES


 


3.1
General Procedures. If at any time after the consummation of the Transactions PubCo is required to effect the Registration of
Registrable Securities, PubCo shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable
Securities in accordance with the intended plan of distribution thereof, and pursuant thereto PubCo shall, as soon as expeditiously as
practicable and in connection with any such request:


 


3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and
use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
covered by such Registration Statement have been sold;


 


3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by the any Holder of Registrable Securities included such Registration Statement or
any Underwriter named in such Registration Statement or as may be required by the rules, regulations or instructions applicable to the
registration form used by PubCo or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective
until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution
set forth in such Registration Statement or supplement to the Prospectus;


 




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3.1.3
prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and each Holder of Registrable Securities included in such Registration, and each such Holder’s legal counsel, copies of
such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the Underwriters and each Holder of Registrable Securities included in such
Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;


 


3.1.4
prior to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of PubCo and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that PubCo shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is
not then otherwise so subject;


 


3.1.5
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by PubCo are then listed;


 


3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;


 


3.1.7
advise (i) each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued and (ii) each Holder of Registrable Securities covered by such Registration Statement, promptly after
PubCo receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus
forming a part of such registration statement has been filed;


 


3.1.8
at least three (3) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation,
providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;





 


3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;


 






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3.1.10
permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense,
in the preparation of the Registration Statement, and cause PubCo’s officers, directors and employees to supply all information
reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided,
however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory
to PubCo, prior to the release or disclosure of any such information; and provided further, PubCo may not include the name of
any Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus, any amendment
or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration
Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter and providing
each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which comments PubCo shall
include unless contrary to applicable law (for the avoidance of doubt, once approved by such Holder, PubCo may publish the name and such
information approved by the Holder in substantially the same form in subsequent documents included or incorporated by reference into
a Registration Statement or Prospectus as required by the SEC without such Holder’s prior written consent);


 


3.1.11
obtain a “cold comfort” letter from PubCo’s independent registered public accountants in the event of an Underwritten
Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered
by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest
of the participating Holders;


 


3.1.12
on the date the Registrable Securities are delivered for sale pursuant to such Registration obtain an opinion and negative assurance
letter, dated such date, of counsel representing PubCo for the purposes of such Registration, addressed to the participating Holders,
the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration
in respect of which such opinion is being given as the participating Holders, placement agent, sales agent, or Underwriter may reasonably
request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in
interest of the participating Holders;


 


3.1.13
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;


 


3.1.14
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of PubCo’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter
by the Commission);


 


3.1.15
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its reasonable
efforts to make available senior executives of PubCo to participate in customary “road show” presentations that may be reasonably
requested by the Underwriter in any Underwritten Offering; and


 


3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating
Holders, consistent with the terms of this Agreement, in connection with such Registration.


 




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3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by PubCo. It is acknowledged by the Holders
that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.


 


3.3
Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities
of PubCo pursuant to a Registration initiated by PubCo hereunder unless such person (i) agrees to sell such person’s securities
on the basis provided in any underwriting arrangements approved by PubCo and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.


 


3.4
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from PubCo that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received
copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that PubCo hereby covenants to prepare
and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by PubCo
that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would require PubCo to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to PubCo for reasons beyond PubCo’s control, PubCo may, upon giving prompt
written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement
for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by PubCo to be necessary for such
purpose. In the event PubCo exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt
of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell
Registrable Securities. PubCo shall immediately notify the Holders of the expiration of any period during which it exercised its rights
under this Section 3.4. and, upon the expiration of any such period, the Holders shall be entitled to resume the use of any such
Prospectus in connection with any sale or offer to sell Registrable Securities.


 


3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, PubCo, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace
period) all reports required to be filed by PubCo after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to
promptly furnish the Holders with true and complete copies of all such filings. PubCo further covenants that it shall take such further
action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell PubCo Ordinary
Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144
promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any reasonably
requested legal opinions and/or certifications, the cost of which shall be borne by PubCo. Upon the request of any Holder, PubCo shall
deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.


 




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article
4 INDEMNIFICATION AND CONTRIBUTION


 


4.1
Indemnification.


 


4.1.1
PubCo agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and agents
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and out-of-pocket expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to PubCo by such Holder expressly for use
therein. PubCo shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within
the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.


 


4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to PubCo in writing such information and affidavits as PubCo reasonably requests for use in connection with any such Registration Statement
or Prospectus and, to the extent permitted by law, shall indemnify PubCo, its directors and officers and agents and each person who controls
PubCo (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and out-of-pocket expenses (including
without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or
omission is contained in any information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein.
The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of PubCo.
For the avoidance of doubt, the obligation to indemnify under this subsection 4.1.2 shall be several, not joint and several, among
the Holders of Registrable Securities, and the total indemnification liability of a Holder under this subsection 4.1.2 shall be
in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration
Statement.


 


4.1.3
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to,
or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local
counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect
to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter
into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party
pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.


 


4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. PubCo and each Holder participating in an offering also agrees to make such provisions as are reasonably requested by
any indemnified party for contribution to such party in the event the PubCo’s or such Holder’s indemnification is unavailable
for any reason.


 




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4.1.5
If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the
liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3
above, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation
or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5
were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of
such fraudulent misrepresentation.


 


article
5 MISCELLANEOUS


 


5.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, facsimile or electronic mail. Each notice
or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served,
sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case
of notices delivered by courier service, hand delivery, facsimile or electronic mail, at such time as it is delivered to the addressee
(with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation.
Any notice or communication under this Agreement must be addressed, if to PubCo, to: Arabian Entertainment Company Limited Jeddah Street
PO Box 51994 Jeddah 21533, Saudi Arabia Attention: Kamran Khan, Chief Operating Officer, and, if to any Holder, at such Holder’s
address or contact information as set forth in PubCo’s books and records. Any party may change its address for notice at any time
and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days
after delivery of such notice as provided in this Section 5.1.


 


5.2
Assignment; No Third Party Beneficiaries.


 


5.2.1
This Agreement and the rights, duties and obligations of PubCo hereunder may not be assigned or delegated by PubCo in whole or in part.


 




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5.2.2
Prior to the expiration of the Founder Shares Lock-up Period, New Holder Lock-up Period or the Private Placement Lock-up Period, as the
case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in
part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted
Transferee agrees to become bound by the transfer restrictions set forth in this Agreement, the Insider Letter, the Private Placement
Units Subscription Agreement and other applicable agreements (but only to the extent such Holder is a party thereto).


 


5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.


 


5.2.4
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 5.2 hereof.


 


5.2.5
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate PubCo
unless and until PubCo shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the
written agreement of the assignee, in a form reasonably satisfactory to PubCo, to be bound by the terms and provisions of this Agreement
(which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as
provided in this Section 5.2 shall be null and void.


 


5.3
Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same instrument. The words “execution,”
signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document
related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code.


 


5.4
Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW
YORK COUNTY IN THE STATE OF NEW YORK.


 


5.5
Amendments and Modifications. Upon the written consent of PubCo and the Holders of at least a majority in interest of the Registrable
Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be
waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares
of capital stock of PubCo, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. No course of dealing between any Holder or PubCo and any other party hereto or any failure or delay on the
part of a Holder or PubCo in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies
of any Holder or PubCo. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver
or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.


 




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5.6
Other Registration Rights. PubCo represents and warrants that no person, other than a Holder of Registrable Securities, has any
right to require PubCo to register any securities of PubCo for sale or to include such securities of PubCo in any Registration filed
by PubCo for the sale of securities for its own account or for the account of any other person. Further, PubCo represents and warrants
that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event
of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. PubCo further agrees
that it shall not hereafter enter into any agreement with respect to its securities that is superior to the registration rights granted
to the Holders hereunder, including any agreement that would allow such current or future holder to require PubCo to include securities
in any registration statement filed by PubCo for such holders on a basis other than pari passu with, or expressly subordinate to, the
registration rights of the Holders hereunder provided. Notwithstanding any other rights and remedies the Holders may have in respect
of PubCo pursuant to this Agreement, if PubCo enters into any other registration rights or similar agreement with respect to any of its
securities that contains provisions that violate the preceding sentence, the terms and conditions of the registration rights agreement
shall immediately be deemed to have been amended without further action by PubCo or any Holder, so that such Holders shall each be entitled
to the benefit of any such more favorable or less restrictive terms or conditions, as the case may be.


 


5.7
Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date
as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by
the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 (or
any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale and without
compliance with the current public reporting requirements set forth under Rule 144(i)(2). The provisions of Section 3.5 and Article
4 shall survive any termination.


 


[Signature
Pages Follow]


 




    	17



    	 



    

 


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


 


	 	GLD
    PARTNERS, LP
	 	 	 
	 	By:	/s/ Eric Andrews
	 	Name:	Eric
    Andrews
	 	Title:	Chief
    Financial Officer


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    

 


	 	SUPRAEON
    INVESTMENTS LTD
	 	 	 
	 	By:	/s/ Brett Rosen
	 	Name:
    	Brett
    Rosen
	 	Title:	Director


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    

 


	 	Allenby
    Montefiore Limited
	 	 	 
	 	By:	/s/
                                            Daniel Gordon

	 	Name:	Daniel
    Gordon
	 	Title:	Director


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    




 


	 	SAGALIAM
    ACQUISITION CORP.
	 	 
	 	By:	/s/ Barry
    Kostiner
	 	Name:
    	Barry
    Kostiner
	 	Title:
    	Chief
    Executive Officer


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    

 


	 	Sagaliam
    Sponsor LLC
	 	 
	 	By:
    	GLD
    Sponsor Member, LLC, a Delaware limited liability company and its Managing Member
	 	 	 
	 	By:
    	/s/ Barry Kostiner
	 	Name:
    	Barry
    Kostiner
	 	Title:
    	Member


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    

 


	 	EXISTING
    HOLDER:
	 	 
	 	/s/ Barry Kostiner
	 	Barry
    Kostiner


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    




 


	 	EXISTING
    HOLDER:
	 	 
	 	/s/ Jiayin Liu
	 	Jiayin
    Liu


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    




 


	 	EXISTING
    HOLDER:
	 	 
	 	/s/ Thomas W. Neukranz
	 	Thomas
    W. Neukarnz


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    




 


	 	EXISTING
    HOLDER:
	 	 
	 	/s/ George Caruolo
	 	George
    Caruolo


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    

 


	 	EXISTING
    HOLDER:
	 	 
	 	/s/ Gabriel Del Virginia
	 	Gabriel
    Del Virginia


 


[Signature
Page to Amended and Restated Registration Rights Agreement]


 




    	 



    	 



    

 


	 	EXISTING
    HOLDER:
	 	 
	 	/s/ Glauco Lolli-Ghetti
	 	Glauco
    Lolli-Ghetti
	 	 


 


[Signature
Page to Amended and Restated Registration Rights Agreement]