Exhibit 1.1









This is a
translation into English of the official Dutch version of the deed of conversion and amendment to the articles of association of a
private company with limited liability under Dutch law. Definitions included in Article 1 below appear in the English alphabetical
order, but will appear in the Dutch alphabetical order in the official Dutch version. In the event of a conflict between the English
and Dutch texts, the Dutch text shall prevail.



DEED OF CONVERSION AND AMENDMENT
TO THE ARTICLES OF ASSOCIATION NEXT.E.GO B.V.



On this day, the nineteenth day
of October two thousand and twenty-three, appeared before me, Paul Cornelis Simon van der Bijl, civil law notary in Amsterdam, the Netherlands:



Daniël Michel Hagelstein, born
in Wageningen, on the twenty-fifth day of August nineteen hundred and ninety-three, employed at the offices of me, civil law notary, located
at Beethovenstraat 400, 1082 PR Amsterdam.



The person appearing declared
that the general meeting of Next.e.GO B.V., a private company with limited liability, having its corporate seat in Amsterdam (address:
Lilienthalstraße 1, 52068 Aachen, Germany, trade register number: 87103486) (the “Company”), by written resolution
dated the nineteenth day of October two thousand and twenty-three (the “Written Resolution”), decided
to convert the Company into a public company with limited liability and to amend the Company’s articles of association in their
entirety.



A copy of the Written Resolution shall be attached to this
Deed as an annex.



The Company’s articles of association
were adopted upon incorporation by a deed executed on the twenty-fifth day of July two thousand twenty-two before Paul Cornelis Simon
van der Bijl, civil law notary in Amsterdam.



In order to carry out the abovementioned
resolution, the person appearing declared to (i) convert the Company into a public company with limited liability and (ii) amend the Company’s
articles of association in their entirety, as set out below:



ARTICLES OF ASSOCIATION
 DEFINITIONS AND INTERPRETATION

Article 1



|1.1 | In these articles of association the following definitions
shall apply:
|--- | -----------------------------------------------------------------------



| | Article     | An article of these articles of
association.                         
| | ----------- | ---------------------------------------------------------------------
| |             |                                                                      
| | Board       | The Company’s board of directors.                                    
| |             |                                                                      
| | Board Rules | The internal rules applicable to
the Board, as drawn up by the Board.
| |             |                                                                      
| | CEO         | The Company’s chief executive officer.                               
| |             |                                                                      
| | Chairman    | The chairman of
the Board.                                           
| |             |                                                                      
| | Company     | The company to which these article
of association pertain.           
| |             |                                                                      
| | DCC         | The Dutch Civil Code.                                                





1











| | Director                   | A member of the Board.                                                                                                                                                                                      
| | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                            |                                                                                                                                                                                                             
| | Executive Director         | An executive
Director.                                                                                                                                                                                      
| |                            |                                                                                                                                                                                                             
| | General Meeting            | The Company’s general meeting.                                                                                                                                                                              
| |                            |                                                                                                                                                                                                             
| | Group Company              | An entity or partnership which
is organisationally connected with the Company in an economic unit within the meaning of Section 2:246 DCC.                                                                  
| |                            |                                                                                                                                                                                                             
| | Indemnified Officer        | A current or former Director or
such other current or former director, officer or employee of the Company or its Group Companies as designated by the Board.                                                
| |                            |                                                                                                                                                                                                             
| | Meeting Rights             | With respect
to the Company, the rights attributed by law to the holders of depository receipts issued for shares with a company’s cooperation, including
the right to attend and address a General Meeting.
| |                            |                                                                                                                                                                                                             
| | Non-Executive Director     | A non-executive Director.                                                                                                                                                                                   
| |                            |                                                                                                                                                                                                             
| | Person with Meeting Rights | A shareholder, a usufructuary
or pledgee with voting rights or a holder of depository receipts for ordinary shares issued with the Company’s cooperation.                                                   
| |                            |                                                                                                                                                                                                             
| | Record Date                | The date of registration for a
General Meeting as provided by law.                                                                                                                                          
| |                            |                                                                                                                                                                                                             
| | Simple Majority            | More than half of the votes cast.                                                                                                                                                                           
| |                            |                                                                                                                                                                                                             
| | Subsidiary                 | A subsidiary of the Company within
the meaning of Section 2:24a DCC.                                                                                                                                        
| |                            |                                                                                                                                                                                                             
| | Vice-Chairman              | The vice-chairman of the Board.                                                                                                                                                                             



|1.2 | Unless the context requires otherwise, references to “ordinary shares” or “shareholders”
are to ordinary shares in the Company’s capital or to the holders thereof, respectively.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.3 | References to statutory provisions are to those provisions as they are
in force from time to time.
|--- | --------------------------------------------------------------------------------------------------



|1.4 | Terms that are defined in the singular have a corresponding meaning in the plural.
|--- | ----------------------------------------------------------------------------------



|1.5 | Words denoting a gender include each other gender.
|--- | --------------------------------------------------



|1.6 | Except as otherwise required by law, the terms “written” and “in writing” include
the use of electronic means of communication.
|--- | -------------------------------------------------------------------------------------------------------------------------------



NAME AND SEAT

Article 2



|2.1 | The Company’s name is Next.e.GO N.V.
|--- | ------------------------------------



|2.2 | The Company has its corporate seat in Amsterdam.
|--- | ------------------------------------------------



OBJECTS

Article 3



The Company’s objects are:



|a. | development, design, engineering, testing, manufacturing, production, marketing, sales, licensing and
life cycle services of all types of vehicles as well as production systems;
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|b. | to incorporate, to participate in, to finance, to hold any other interest in and to conduct the management
or supervision of other entities, companies, partnerships and businesses, including joint ventures;
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





2











|c. | to acquire, to manage, to invest, to exploit, to encumber and to dispose
of assets and liabilities;
|-- | ---------------------------------------------------------------------------------------------------



|d. | to furnish guarantees, to provide security, to warrant performance in
any other way and to assume liability, whether jointly and severally or otherwise, in respect of obligations of Group Companies or other
parties; and
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|e. | to do anything which, in the widest sense, is connected with or may be conducive to the objects described
above.
|-- | ----------------------------------------------------------------------------------------------------------------



SHARES - AUTHORISED SHARE CAPITAL AND DEPOSITORY RECEIPTS

Article 4



|4.1 | The Company’s authorised share capital amounts to twenty-eight million
and five hundred thousand euro (EUR 28,500,000).
|--- | -----------------------------------------------------------------------------------------------------------------------



|4.2 | The authorised share capital is divided into two hundred and thirty-seven
million and five hundred thousand (237,500,000) ordinary shares, each having a nominal value of twelve eurocents (EUR 0.12).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.3 | The Board may resolve that one or more ordinary shares are divided into
such number of fractional ordinary shares as may be determined by the Board. Unless specified differently, the provisions of these articles
of association concerning ordinary shares and shareholders apply mutatis mutandis to fractional ordinary shares and the holders thereof,
respectively.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.4 | The Company may cooperate with the issue of depository receipts for ordinary
shares in its capital.
|--- | ---------------------------------------------------------------------------------------------------



SHARES - FORM AND SHARE REGISTER

Article 5



|5.1 | All ordinary shares are in registered form. The Company may issue share
certificates for ordinary shares in registered form as may be approved by the Board. Each Director is authorised to sign any such share
certificate on behalf of the Company.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.2 | Ordinary shares shall be numbered consecutively, starting from 1.
|--- | -----------------------------------------------------------------



|5.3 | The Board shall keep a register setting out the names and addresses of
all shareholders and all holders of a usufruct or pledge in respect of ordinary shares. The register shall also set out any other particulars
that must be included in the register pursuant to applicable law. The register may be kept in several copies and in several places. Part
of the register may be kept outside the Netherlands to comply with applicable local law or pursuant to stock exchange rules. The Board
may appoint a registrar to keep the register on its behalf.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.4 | Shareholders, usufructuaries and pledgees shall provide the Board with
the necessary particulars in a timely fashion. Any consequences of not, or incorrectly, notifying such particulars shall be borne by the
party concerned.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.5 | All notifications may be sent to shareholders, usufructuaries and pledgees
at their respective addresses as set out in the register.
|--- | ------------------------------------------------------------------------------------------------------------------------------------



SHARES - ISSUE

Article 6



|6.1 | The Company can only issue ordinary shares pursuant to a resolution of the General Meeting or of another body authorised
by the General Meeting for this purpose for a specified period not exceeding five years. When granting such authorisation, the number
of ordinary shares that may be issued must be specified. The authorisation may be extended, in each case for a period not exceeding five
years. Unless stipulated differently when granting the authorisation, the authorisation cannot be revoked. For as long as and to the extent
that another body has been authorised to resolve to issue ordinary shares, the General Meeting shall not have this authority.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



3











|6.2 | Article 6.1 applies mutatis mutandis to the granting of rights to subscribe for
ordinary shares, but does not apply in respect of issuing ordinary shares to a party exercising a previously acquired right to subscribe
for ordinary shares.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.3 | The Company may not subscribe for ordinary shares in its own capital.
|--- | ---------------------------------------------------------------------



SHARES -
PRE-EMPTION RIGHTS

Article 7



|7.1 | Upon an issue of ordinary shares, each shareholder shall have a pre-emption right in proportion to
the aggregate nominal value of his ordinary shares.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------



|7.2 | In deviation of Article 7.1, shareholders do not have pre-emption rights in respect of:
|--- | ---------------------------------------------------------------------------------------



| | a. | ordinary shares issued against non-cash contribution; or
| | -- | --------------------------------------------------------



| | b. | ordinary shares issued to employees of the Company or of
a Group Company.
| | -- | -------------------------------------------------------------------------



|7.3 | The Company shall announce an issue with pre-emption rights and the period during which those rights
can be exercised in the State Gazette and in a daily newspaper with national distribution, unless the announcement is sent in writing
to all shareholders at the addresses submitted by them.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.4 | Pre-emption rights may be exercised for a period of at least two weeks after the date of announcement
in the State Gazette or after the announcement was sent to the shareholders.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.5 | Pre-emption rights may be limited or excluded by a resolution of the General Meeting or of the body authorised
as referred to in Article 6.1, if that body was authorised by the General Meeting for this purpose for a specified period not exceeding
five years. The authorisation may be extended, in each case for a period not exceeding five years. Unless stipulated differently when
granting the authorisation, the authorisation cannot be revoked. For as long as and to the extent that another body has been authorised
to resolve to limit or exclude pre-emption rights, the General Meeting shall not have this authority.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.6 | A resolution of the General Meeting to limit or exclude pre-emption rights, or to grant an authorisation
as referred to in Article 7.5, shall require a majority of at least two thirds of the votes cast if less than half of the issued share
capital is represented at the General Meeting.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.7 | The preceding provisions of this Article 7 apply mutatis mutandis to the granting
of rights to subscribe for ordinary shares, but do not apply in respect of issuing ordinary shares to a party exercising a previously
acquired right to subscribe for ordinary shares.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



SHARES - PAYMENT

Article 8



|8.1 | Without prejudice to Section 2:80(2) DCC, the nominal value of an ordinary share
and, if the ordinary share is subscribed for at a higher price, the difference between these amounts must be paid up upon subscription
for that ordinary share.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



4













|8.2 | Ordinary shares must be paid up in cash, except to
the extent that payment by means of a contribution in another form has been agreed.
|--- | --------------------------------------------------------------------------------------------------------------------------------------



|8.3 | Payment in a currency other than the euro can only
be made with the Company’s consent. Where such a payment is made, the payment obligation is satisfied for the amount in euro for which
the paid amount can be freely exchanged. Without prejudice to the last sentence of Section 2:80a(3) DCC, the date of the payment determines
the exchange rate.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



SHARES - FINANCIAL
ASSISTANCE

Article 9



|9.1 | The Company may not provide security, give a price guarantee, warrant
performance in any other way or commit itself jointly and severally or otherwise with or for others with a view to the subscription for
or acquisition of ordinary shares or depository receipts for ordinary shares in its capital by others. This prohibition applies equally
to Subsidiaries.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.2 | The Company and its Subsidiaries may not provide loans with a view to the subscription for or acquisition of ordinary
shares or depository receipts for ordinary shares in the Company’s capital by others, unless the Board resolves to do so and Section 2:98c
DCC is observed.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|9.3 | The preceding provisions of this Article 9 do not apply if ordinary shares
or depository receipts for ordinary shares are subscribed for or acquired by or for employees of the Company or of a Group Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



SHARES - ACQUISITION
OF OWN SHARES

Article 10



|10.1 | The acquisition by the Company of ordinary shares in its own capital which
have not been fully paid up shall be null and void.
|---- | ------------------------------------------------------------------------------------------------------------------------------



|10.2 | The Company may only acquire fully paid up ordinary shares in its own capital
for no consideration or if and to the extent that the General Meeting has authorised the Board for this purpose and all other relevant
statutory requirements of Section 2:98 DCC are observed.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.3 | An authorisation as referred to in Article 10.2 remains valid for no longer
than eighteen months. When granting such authorisation, the General Meeting shall determine the number of ordinary shares that may be
acquired, how they may be acquired and within which range the acquisition price must be. An authorisation shall not be required for the
Company to acquire ordinary shares in its own capital in order to transfer them to employees of the Company or of a Group Company pursuant
to an arrangement applicable to them, provided that these ordinary shares are included on the price list of a stock exchange.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.4 | Without prejudice to Articles 10. l through 10.3, the Company may acquire
ordinary shares in its own capital for cash consideration or for consideration satisfied in the form of assets. In the case of a consideration
being satisfied in the form of assets, the value thereof, as determined by the Board, must be within the range stipulated by the General
Meeting as referred to in Article 10.3.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.5 | The previous provisions of this Article 10 do not apply to ordinary shares acquired by the Company under universal title of succession.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------



5











|10.6 | In this Article 10, references to ordinary shares include depository receipts
for ordinary shares.
|---- | --------------------------------------------------------------------------------------------------



SHARES - REDUCTION OF ISSUED SHARE CAPITAL

Article 11



|11.1 | The General Meeting can resolve to reduce the Company’s issued share capital
by cancelling ordinary shares or by reducing the nominal value of ordinary shares by virtue of an amendment to these articles of association.
The resolution must designate the ordinary shares to which the resolution relates and it must provide for the implementation of the resolution.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11.2 | A resolution to cancel ordinary shares may only relate to ordinary shares
held by the Company itself or in respect of which the Company holds the depository receipts.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11.3 | A resolution of the General Meeting to reduce the Company’s issued share
capital shall require a majority of at least two thirds of the votes cast if less than half of the issued share capital is represented
at the General Meeting.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



SHARES - ISSUE AND TRANSFER REQUIREMENTS

Article 12



|12.1 | Except as otherwise provided or allowed by Dutch law, the issue or transfer
of an ordinary share shall require a deed to that effect and, in the case of a transfer and unless the Company itself is a party to the
transaction, acknowledgement of the transfer by the Company.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.2 | The acknowledgement shall be set out in the deed or shall be made in
such other manner as prescribed by law.
|---- | ------------------------------------------------------------------------------------------------------------



|12.3 | For as long as any ordinary shares are admitted to trading on the New
York Stock Exchange, the NASDAQ Stock Market or on any other regulated stock exchange operating in the United States of America, the laws
of the State of New York shall apply to the property law aspects of the ordinary shares reflected in the register administered by the
relevant transfer agent, without prejudice to the applicable provisions of Chapters 4 and 5 of Title 10 of Book 10 DCC.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



SHARES - USUFRUCT AND PLEDGE

Article 13



|13.1 | Ordinary shares can be encumbered with a usufruct or pledge.
|---- | ------------------------------------------------------------



|13.2 | The voting rights attached to an ordinary share which is subject to a
usufruct or pledge vest in the shareholder concerned.
|---- | ---------------------------------------------------------------------------------------------------------------------------



|13.3 | In deviation of Article 13.2, the holder of a usufruct or pledge on ordinary
shares shall have the voting rights attached thereto if this was provided when the usufruct or pledge was created. Shareholders who, in
accordance with this Article 13.3, do not have voting rights shall have Meeting Rights.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.4 | Usufructuaries and pledgees without voting rights shall not have Meeting Rights.
|---- | --------------------------------------------------------------------------------





6











BOARD - COMPOSITION

Article 14



|14.1 | The Company has a Board consisting of:
|---- | --------------------------------------



| | a. | one or more Executive Directors, being primarily charged
with the Company’s day-to-day operations; and
| | -- | ------------------------------------------------------------------------------------------------------



| | b. | one or more Non-Executive Directors,
being primarily charged with the supervision of the performance of the duties of the Directors.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------



The Board shall be composed of individuals.



|14.2 | The Board shall determine the number of Executive Directors and the number of Non-Executive
                                         Directors, provided that the majority of the Directors shall be Non-Executive Directors.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.3 | The Board may elect an Executive Director to be the CEO. The Board may dismiss the CEO, provided that
the CEO so dismissed shall subsequently continue his term of office as an Executive Director without having the title of CEO.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.4 | The Board shall elect a Non-Executive Director to be the Chairman and may elect another Non-Executive
Director to be the Vice-Chairman. The Board may dismiss the Chairman or Vice-Chairman, provided that the Chairman or Vice-Chairman so
dismissed shall subsequently continue his term of office as a Non-Executive Director without having the title of Chairman or Vice-Chairman,
respectively.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.5 | If a Director is absent or unable to act, he may be replaced temporarily by a person whom the Board
has designated for that purpose and, until then, the other Director(s) shall be charged with the management of the Company. If all Directors
are absent or unable to act, the management of the Company shall be attributed to the person who most recently ceased to hold office as
the Chairman. If such former Chairman is unwilling or unable to accept that position, the management of the Company shall be attributed
to the person who most recently ceased to hold office as the CEO (if elected). If such former CEO is also unwilling or unable to accept
that position, the management of the Company shall be attributed to one or more persons whom the General Meeting has designated for that
purpose. The person(s) charged with the management of the Company in this manner, may designate one or more persons to be charged with
the management of the Company instead of, or together with, such person(s).
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.6 | A Director shall be considered to be unable to act within the meaning of Article 14.5:
|---- | --------------------------------------------------------------------------------------



| | a. | during the existence of a vacancy on the Board, including
as a result of:
| | -- | -------------------------------------------------------------------------



| | i. | his death;
| | -- | ----------



| | ii. | his dismissal by the General Meeting, other than at the proposal
of the Board; or
| | --- | ---------------------------------------------------------------------------------



| | iii. | his voluntary resignation before his term of office has expired;
| | ---- | ----------------------------------------------------------------



| | iv. | not being reappointed by the General Meeting, notwithstanding
a (binding) nomination to that effect by the Board, provided that the Board may always
decide to decrease the number of Directors such that a vacancy no longer exists; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | during his suspension; or
| | -- | -------------------------



| | c. | in a period during which the Company has not been able to
contact him (including as a result of illness), provided that such period lasted longer than five consecutive days (or such other period
as determined by the Board on the basis of the facts and circumstances at hand).
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



7













BOARD - APPOINTMENT, SUSPENSION AND DISMISSAL

Article 15



|15.1 | The General Meeting shall appoint the Directors and may at any time suspend
or dismiss any Director. In addition, the Board may at any time suspend an Executive Director.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.2 | The General Meeting shall only appoint Directors upon a binding nomination
by the Board. The General Meeting may at any time resolve to render such nomination to be non-binding by a majority of at least two thirds
of the votes cast representing more than half of the issued share capital. If a nomination is rendered non-binding, a new nomination shall
be made by the Board. If the nomination comprises one candidate for a vacancy, a resolution concerning the nomination shall result in
the appointment of the candidate, unless the nomination is rendered non-binding. A second meeting as referred to in Section 2:120(3) DCC
cannot be convened. The nomination shall state whether the candidate is nominated for appointment as Executive Director or Non-Executive
Director.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.3 | At a General Meeting, a resolution to appoint a Director can only be passed
in respect of candidates whose names are stated for that purpose in the agenda of that General Meeting or the explanatory notes thereto.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.4 | A resolution of the General Meeting to suspend or dismiss a Director
shall require a majority of at least two thirds of the votes cast representing more than half of the issued share capital, unless the
resolution is passed at the proposal of the Board. A second meeting as referred to in Section 2:120(3) DCC cannot be convened.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.5 | If a Director is suspended and the General Meeting does not resolve to
dismiss him within three months from the date of such suspension, the suspension shall lapse.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



BOARD - DUTIES AND ORGANISATION

Article 16



|16.1 | The Board is charged with the management of the Company, subject to the
restrictions contained in these articles of association. This includes in any event setting the Company’s policy and strategy. In performing
their duties, Directors shall be guided by the interests of the Company and of the business connected with it.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.2 | The Board shall draw up Board Rules concerning its organisation, decision-making
and other internal matters, with due observance of these articles of association. In performing their duties, the Directors shall act
in compliance with the Board Rules.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.3 | The Directors may allocate their duties amongst themselves in or pursuant
to the Board Rules or otherwise pursuant to resolutions adopted by the Board, provided that:
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | the Executive Directors shall
be charged with the Company’s day-to-day operations;
| | -- | ----------------------------------------------------------------------------------



| | b. | the task of supervising the
performance of the duties of the Directors cannot be taken away from the Non-Executive Directors;
| | -- | -----------------------------------------------------------------------------------------------------------------------------



| | c. | the Chairman must be a Non-Executive
Director; and
| | -- | --------------------------------------------------



| | d. | the making of proposals for
the appointment of a Director and the determination of the compensation of the Executive Directors cannot be allocated to an Executive
Director.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



8











|16.4 | The Board may determine in writing, in or pursuant to the Board Rules or otherwise pursuant to resolutions
adopted by the Board, that one or more Directors can validly pass resolutions in respect of matters which fall under his/their duties.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.5 | The Board shall establish the committees which the Company is required to have and otherwise such committees
as are deemed to be appropriate by the Board. The Board shall draw up (and/or include in the Board Rules) rules concerning the organisation,
decision-making and other internal matters of its committees.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.6 | The Board may perform the legal acts referred to in Section 2:94(1) DCC without the prior approval
of the General Meeting.
|---- | --------------------------------------------------------------------------------------------------------------------------



BOARD - DECISION-MAKING

Article 17



|17.1 | Without prejudice to Article 17.5, each Director may cast one vote in the decision-making of the Board.
|---- | -------------------------------------------------------------------------------------------------------



|17.2 | A Director can be represented by another Director holding a written proxy for the purpose of the deliberations
and the decision-making of the Board.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------



|17.3 | Resolutions of the Board shall be passed, irrespective of whether this occurs at a meeting or otherwise,
by Simple Majority unless the Board Rules provide differently.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17.4 | Invalid votes, blank votes and abstentions shall not be counted as votes cast. Directors who casted
an invalid or blank vote or who abstained from voting shall be taken into account when determining the number of Directors who are present
or represented at a meeting of the Board.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17.5 | Where there is a tie in any vote of the Board, the Chairman shall have a casting vote, provided that
there are at least three Directors in office. Otherwise, the relevant resolution shall not have been passed.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17.6 | The Executive Directors shall not participate in the decision-making concerning:
|---- | --------------------------------------------------------------------------------



| | a. | the determination of the compensation of Executive Directors;
and
| | -- | -----------------------------------------------------------------



| | b. | the instruction of an auditor to audit the annual accounts
if the General Meeting has not granted such instruction.
| | -- | -------------------------------------------------------------------------------------------------------------------



|17.7 | A Director shall not participate in the deliberations and decision-making of the Board on a matter in
relation to which he has a direct or indirect personal interest which conflicts with the interests of the Company and of the business
connected with it. If, as a result thereof, no resolution can be passed by the Board, the resolution may nevertheless be passed by the
Board as if none of the Directors has a conflict of interests as described in the previous sentence.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17.8 | Meetings of the Board can be held through audio-communication facilities, provided that all participants
can hear each other and communicate with each other simultaneously.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17.9 | Resolutions of the Board may, instead of at a meeting, be passed in writing, provided
that all Directors are familiar with the resolution to be passed and none of them objects to this decision-making process. Articles 17.1
through 17.7 apply mutatis mutandis.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





9











|17.10 | The approval of the General Meeting is required for resolutions of the Board concerning
a material change to the identity or the character of the Company or the business, including in any event:
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | transferring the business or materially all of the business
to a third party;
| | -- | -----------------------------------------------------------------------------



| | b. | entering into or terminating a long-lasting alliance of the
Company or of a Subsidiary either with another entity or company, or as a fully liable partner of a limited partnership or general partnership,
if this alliance or termination is of significant importance for the Company; and
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. | acquiring or disposing of an interest in the capital of a
company by the Company or by a Subsidiary with a value of at least one third of the value of the assets, according to the balance sheet
with explanatory notes or, if the Company prepares a consolidated balance sheet, according to the consolidated balance sheet with explanatory
notes in the Company’s most recently adopted annual accounts.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|17.11 | The absence of the approval of the General Meeting of a resolution as referred to in Article 17.10 shall
result in the relevant resolution being null and void pursuant to Section 2:14(1) DCC but shall not affect the powers of representation
of the Board or of the Directors.
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



BOARD - COMPENSATION

Article 18



|18.1 | The General Meeting shall adopt the Company’s policy concerning the compensation of the Board with
due observance of the relevant statutory requirements. A resolution to adopt or amend the Company’s policy concerning the compensation
of the Board shall be passed by Simple Majority.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.2 | The compensation of Directors shall be determined by the Board with due observance of the policy referred
to in Article 18.1.
|---- | -----------------------------------------------------------------------------------------------------------------------------



|18.3 | The Board shall submit proposals concerning compensation arrangements for the Board in the form of ordinary
shares or rights to subscribe for ordinary shares to the General Meeting for approval. This proposal must at least include the number
of ordinary shares or rights to subscribe for ordinary shares that may be awarded to the Board and which criteria apply for such awards or changes thereto.
The absence of the approval of the General Meeting shall not affect the powers of representation.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



BOARD - REPRESENTATION

Article 19



|19.1 | The Board is entitled to represent the Company.
|---- | -----------------------------------------------



|19.2 | The power to represent the Company also vests in the CEO individually (if the CEO is elected and is
an Executive Director) or the sole Executive Director (if any) as well as in any other two Executive Directors acting jointly.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|19.3 | The Company may also be represented by the holder of a power of attorney
to that effect. If the Company grants a power of attorney toan individual, the Board may grant an
appropriate title to such person.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



INDEMNITY

Article 20



|20.1 | The Company shall indemnify and hold harmless each of its Indemnified Officers against:
|---- | ---------------------------------------------------------------------------------------



| | a. | any financial losses or damages incurred by such Indemnified
Officer; and
| | -- | -------------------------------------------------------------------------



10













| | b. | any expense reasonably paid or incurred by such Indemnified Officer in connection with any threatened,
pending or completed suit, claim, action or legal proceedings of a civil, criminal, administrative or other nature, formal or informal,
in which he becomes involved, to the extent this relates to his current or former
position with the Company and/or a Group Company and in each case to the extent permitted by applicable law.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.2 | The Company shall immediately reimburse the financial losses, damages and/or expenses as referred to
in Article 20.1 to an Indemnified Officer claiming such reimbursement by submitting an invoice or other document evidencing such financial
losses, damages and/or expenses, provided that any such amount reimbursed by the Company must immediately be repaid to the Company in
the event the reimbursement was provided in relation to a situation in which such Indemnified Officer has no right to indemnification
under Article 20.3.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.3 | No indemnification shall be given to an Indemnified Officer:
| | ---- | ------------------------------------------------------------



| | a. | if a competent court or arbitral tribunal has established, without having (or no longer having) the possibility
for appeal, that the acts or omissions of such Indemnified Officer that led to the financial losses, damages, expenses, suit, claim, action
or legal proceedings as described in Article 20.1 are of an unlawful nature (including acts or omissions which are considered to constitute
malice, gross negligence, intentional recklessness and/or serious culpability attributable to such Indemnified Officer);
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | to the extent that his financial losses, damages and expenses are covered
under insurance and the relevant insurer has settled, or has provided reimbursement for, these financial losses, damages and expenses
(or has irrevocably undertaken to do so);
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. | in relation to proceedings brought by such Indemnified Officer against the Company, except for proceedings
brought to enforce indemnification to which he is entitled pursuant to these articles of association, pursuant to an agreement between
such Indemnified Officer and the Company which has been approved by the Board or pursuant to insurance taken out by the Company for the
benefit of such Indemnified Officer; or
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d. | for any financial losses, damages or expenses incurred in connection with a settlement of any proceedings
effected without the Company’s prior consent.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20.4 | The Board may stipulate additional terms, conditions and restrictions in relation to the indemnification
referred to in Article 20.1.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------



| | 20.5 | The Company may take out a director and officer (D&O) liability insurance for the benefit of any
one or more specific Indemnified Officers and/or categories of Indemnified Officers.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





11











GENERAL MEETING -
CONVENING AND HOLDING MEETINGS

Article 21



| | 21.1 | Annually, at least one General Meeting shall be held. This annual General Meeting shall be held within
six months after the end of the Company’s financial year.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21.2 | A General Meeting shall also be held:
| | ---- | -------------------------------------



| | a. | within three months after the Board has considered it to be likely
that the Company’s equity has decreased to an amount equal to or lower than half of its paid up and called up capital, in order to discuss
the measures to be taken if so required; and
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | whenever the Board so decides.
| | -- | ------------------------------



| | 21.3 | General Meetings must be held in the place where the Company has its
                                                                                                              corporate seat or in Arnhem, Assen, Eindhoven, The Hague, Haarlem, ‘s-Hertogenbosch, Groningen, Leeuwarden, Lelystad,
                                                                                                              Maastricht, Middelburg, Rotterdam, Schiphol (Haarlemmermeer), Utrecht or Zwolle. If and when allowed by law, the Board is authorized
                                                                                                              to decide whether (and if so, under what conditions) the General Meeting will also or exclusively be accessible through the use of
                                                                                                              electronic means.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21.4 | If the Board has failed to ensure that a General Meeting as referred to in Articles 21. l or 21.2 paragraph a. is held, each
Person with Meeting Rights may be authorised by the court in preliminary relief proceedings to do so.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21.5 | One or more Persons with Meeting Rights who collectively represent at least
the part of the Company’s issued share capital prescribed by law for this purpose may request the Board in writing to convene a General
Meeting, setting out in detail the matters to be discussed. If the Board has not taken the steps necessary to ensure that the General
Meeting could be held within the relevant statutory period after the request, the requesting Person(s) with Meeting Rights may be authorised,
at his/their request, by the court in preliminary relief proceedings to convene a General Meeting.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21.6 | Any matter of which the discussion has been requested in writing by one
or more Persons with Meeting Rights who, individually or collectively, represent at least the part of the Company’s issued share capital
prescribed by law for this purpose shall be included in the convening notice or announced in the same manner, if the Company has received
the substantiated request or a proposal for a resolution no later than on the sixtieth day prior to that of the General Meeting.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21.7 | Persons with Meeting Rights
who wish to exercise their rights as described in Articles 21.5 and 21.6 must first consult the Board. In that respect, the Board
shall have, and Persons with Meeting Rights must observe, the right to invoke any cooling-off period and response period provided under
applicable law and/or the Dutch Corporate Governance Code.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21.8 | A General Meeting must be convened with due observance of the relevant statutory minimum convening period.
| | ---- | ----------------------------------------------------------------------------------------------------------



| | 21.9 | All Persons with Meeting Rights must be convened for the General Meeting
in accordance with applicable law. The shareholders may be convened for the General Meeting by means of convening letters sent to the
addresses of those shareholders in accordance with Article 5.5. The previous sentence does not prejudice the possibility of sending a
convening notice by electronic means in accordance with Section 2:113(4) DCC.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





12











GENERAL MEETING - PROCEDURAL RULES

Article 22



| | 22.1 | The General Meeting shall be chaired by one of the following individuals, taking into account the following
order of priority:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------



| | a. | by the Chairman, if there is a Chairman and he is present at the General Meeting;
| | -- | ---------------------------------------------------------------------------------



| | b. | by the Vice-Chairman, if there is a Vice-Chairman and he is present at the General Meeting;
| | -- | -------------------------------------------------------------------------------------------



| | c. | by another Non-Executive Director who is chosen by the Non-Executive Directors present at the General
Meeting from their midst;
| | -- | -------------------------------------------------------------------------------------------------------------------------------



| | d. | by the CEO, if there is a CEO and he is present at the General Meeting; or
| | -- | --------------------------------------------------------------------------



| | e. | by another person appointed by the General Meeting.
| | -- | ---------------------------------------------------



The person who should chair the
General Meeting pursuant to paragraphs a. through d. may appoint another person to chair the General Meeting instead of him.



| | 22.2 | The chairman of the General Meeting shall appoint another person present at the General Meeting to act
                                                                                                        as secretary and to minute the proceedings at the General Meeting. The minutes of a General Meeting shall be adopted by the chairman
                                                                                                        of that General Meeting or by the Board. Where an official report of the proceedings is drawn up by a civil law notary, no minutes
                                                                                                        need to be prepared. Every Director may instruct a civil law notary to draw up such an official report at the Company’s
                                                                                                        expense.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22.3 | The chairman of the General Meeting shall decide on the admittance to the General Meeting of persons
other than:
| | ---- | ----------------------------------------------------------------------------------------------------------------



| | a. | the persons who have Meeting Rights at that General Meeting, or their proxyholders; and
| | -- | ---------------------------------------------------------------------------------------



| | b. | those who have a statutory right to attend that General Meeting on other grounds.
| | -- | ---------------------------------------------------------------------------------



| | 22.4 | The holder of a written proxy from a Person with Meeting Rights who is entitled to attend a General
Meeting shall only be admitted to that General Meeting if the proxy is determined to be acceptable by the chairman of that General Meeting.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22.5 | The Company may direct that any person, before being admitted to a General Meeting, identify himself by means of a valid
                                                                    passport or driver’s license and/or should be submitted to such security arrangements as the Company may consider to be
                                                                    appropriate under the given circumstances. Persons who do not comply with these requirements may be refused entry to the General
                                                                    Meeting.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22.6 | The chairman of the General Meeting has the right to eject any person from the General Meeting if he
considers that person to disrupt the orderly proceedings at the General Meeting.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22.7 | The General Meeting may be conducted in a language other than the Dutch language, if so determined by
the chairman of the General Meeting.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 22.8 | The chairman of the General Meeting may limit the amount of time that persons present at the General Meeting
are allowed to take in addressing the General Meeting and the number of questions they are allowed to raise, with a view to safeguarding
the orderly proceedings at the General Meeting. The chairman of the General Meeting may also adjourn the meeting if he considers that
this shall safeguard the orderly proceedings at the General Meeting.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



13











GENERAL MEETING - EXERCISE
OF MEETING AND VOTING RIGHTS

Article 23



| | 23.1 | Each Person with Meeting Rights has the right to attend, address and, if applicable, vote at General
Meetings, whether in person or represented by the holder of a written proxy. Holders of fractional ordinary shares together constituting
the nominal value of an ordinary share shall exercise these rights collectively, whether through one of them or through the holder of
a written proxy. The Board may, whether or not subject to certain conditions, grant an exemption from the last sentence of this Article
23.1.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23.2 | The Board may decide that each Person with Meeting Rights is entitled, whether in person or represented
by the holder of a written proxy, to participate in, address and, if applicable, vote at the General Meeting (whether or not exclusively
and in deviation of Article 23.1, to the extent permitted by law) by electronic means of communication. For the purpose of applying the
preceding sentence it must be possible, by electronic means of communication, for the Person with Meeting Rights to be identified, to
observe in real time the proceedings at the General Meeting and, if applicable, to vote. The Board may impose conditions on the use of
the electronic means of communication, provided that these conditions are reasonable and necessary for the identification of the Person
with Meeting Rights and the reliability and security of the communication. Such conditions must be announced in the convening notice.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23.3 | The Board can also decide that votes cast through electronic means of communication
or by means of a letter prior to the General Meeting are considered to be votes that are cast during the General Meeting. These votes
shall not be cast prior to the Record Date.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23.4 | For the purpose of articles 23.1 through 23.3, those who have voting rights and/or Meeting Rights on
the Record Date and are recorded as such in a register designated by the Board shall be considered to have those rights, irrespective
of whoever is entitled to the ordinary shares or depository receipts at the time of the General Meeting. Unless Dutch law requires otherwise,
the Board is free to determine, when convening a General Meeting, whether the previous sentence applies.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23.5 | Each Person with Meeting Rights must notify the Company in writing of his identity and his intention to attend the General
                                                                    Meeting. This notice must be received by the Company ultimately on the seventh day prior to the General Meeting, unless indicated
                                                                    otherwise when such General Meeting is convened. Persons with Meeting Rights that have not complied with this requirement may be
                                                                    refused entry to the General Meeting.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



GENERAL MEETING - DECISION-MAKING

Article 24



| | 24.1 | Each ordinary share shall give the right to cast one vote at the General Meeting. Fractional ordinary
shares, if any, collectively constituting the nominal value of an ordinary share shall be considered to be equivalent to such ordinary
share.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.2 | No vote can be cast at a General Meeting in respect of an ordinary share belonging to the Company or a Subsidiary or in respect
                                                                    of an ordinary share for which any of them holds the depository receipts. Usufructuaries and pledgees of ordinary shares belonging
                                                                    to the Company or its Subsidiaries are not, however, precluded from exercising their voting rights if the usufruct or pledge was
                                                                    created before the relevant ordinary share belonged to the Company or a Subsidiary. Neither the Company nor a Subsidiary can vote
                                                                    ordinary shares in respect of which it holds a usufruct ora
                                                                    pledge.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



14











| | 24.3 | Unless a greater majority is required by law or by these articles of
association, all resolutions of the General Meeting shall be passed by Simple Majority. If applicable law requires a greater majority
for resolutions of the General Meeting and allows the articles of association to provide for a lower majority, those resolutions shall
be passed with the lowest possible majority, except if these Articles of association explicitly provide otherwise.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.4 | Subject to any provision of mandatory Dutch law and any higher quorum
requirement stipulated by these Articles of association, if the Company is subject to a requirement under applicable securities laws or
listing rules that the General Meeting can only pass certain resolutions if a certain part of the Company’s issued share capital is represented
at such General Meeting, then such resolutions shall be subject to such quorum as specified by such securities laws or listing rules and
a second meeting as referred to in Section 2:120(3) DCC cannot be convened.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.5 | Invalid votes, blank votes and abstentions shall not be counted as votes
cast. Ordinary shares in respect of which an invalid or blank vote has been cast and ordinary shares in respect of which an abstention
has been made shall be taken into account when determining the part of the issued share capital that is represented at a General Meeting.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.6 | Where there is a tie in any vote of the General Meeting, the relevant
resolution shall not have been passed.
| | ---- | ------------------------------------------------------------------------------------------------------------



| | 24.7 | The chairman of the General Meeting shall decide on the method of voting
and the voting procedure at the General Meeting.
| | ---- | -------------------------------------------------------------------------------------------------------------------------



| | 24.8 | The determination during the General Meeting made by the chairman of that
General Meeting with regard to the results of a vote shall be decisive. If the accuracy of the chairman’s determination is contested immediately
after it has been made, a new vote shall take place if the majority of the General Meeting so requires or, where the original vote did
not take place by response to a roll call or in writing, if any party with voting rights who is present so requires. The legal consequences
of the original vote shall lapse as a result of the new vote.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.9 | The Board shall keep a record of the resolutions passed. The record shall
be available at the Company’s office for inspection by Persons with Meeting Rights. Each of them shall, upon request, be provided with
a copy of or extract from the record, at no more than the cost price.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.10 | Shareholders may pass resolutions
outside a meeting, unless the Company has cooperated with the issuance of depository receipts for ordinary shares in its capital.
Such resolutions can only be passed by a unanimous vote of all shareholders with voting rights. The votes shall be cast in writing and
may be cast through electronic means.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24.11 | The Directors shall, in that capacity, have an advisory vote at the General Meetings.
| | ----- | -------------------------------------------------------------------------------------





15











GENERAL MEETING - SPECIAL RESOLUTIONS

Article 25



| | 25.1 | The following resolutions can only be passed by the General Meeting at the proposal of the Board:
| | ---- | -------------------------------------------------------------------------------------------------



| | a. | the issue of ordinary shares or the granting of rights to subscribe for ordinary shares;
| | -- | ----------------------------------------------------------------------------------------



| | b. | the limitation or exclusion of pre-emption rights;
| | -- | --------------------------------------------------



| | c. | the designation or granting of an authorisation as referred to in Articles 6.1, 7.5 and 10.2, respectively;
| | -- | -----------------------------------------------------------------------------------------------------------



| | d. | the disapplication or revocation of a designation or authorisation as
referred to in Articles 6.1, 7.5 and 10.2, respectively;
| | -- | ------------------------------------------------------------------------------------------------------------------------------



| | e. | the reduction of the Company’s issued share capital;
| | -- | ----------------------------------------------------



| | f. | the making of a distribution
from the Company’s profits or reserves;
| | -- | --------------------------------------------------------------------



| | g. | the making of a distribution in the form of ordinary shares in the Company’s capital or in the form
of assets, instead of in cash;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------



| | h. | the adoption or amendment of the Company’s policy concerning the compensation
of the Board;
| | -- | -------------------------------------------------------------------------------------------



| | i. | the amendment of these articles of association;
| | -- | -----------------------------------------------



| | j. | the entering into of a merger or demerger;
| | -- | ------------------------------------------



| | k. | the instruction of the Board
to apply for the Company’s bankruptcy; and
| | -- | -----------------------------------------------------------------------



| | I. | the Company’s dissolution.
| | -- | --------------------------



| | 25.2 | A
                                            matter which has been included in the convening notice or announced in the same manner by
                                            or at the request of one or more Persons with Meeting Rights pursuant to Articles 21.5 and/or
                                            21.6 shall not be considered to have been proposed by the Board for purposes of Article
                                            25.1, unless
                                            the Board has expressly indicated that it supports the discussion of such matter in the agenda
                                            of the General Meeting concerned or in the explanatory notes thereto.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





16











REPORTING - FINANCIAL YEAR,
ANNUAL ACCOUNTS AND MANAGEMENT REPORT

Article 26



| | 26.1 | The Company’s financial year shall coincide with the calendar year.
| | ---- | -------------------------------------------------------------------



| | 26.2 | Annually, within the relevant statutory period, the Board shall prepare the annual
accounts and the management report and deposit them at the Company’s office for inspection by the shareholders.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26.3 | The annual accounts shall be signed by the Directors. If any of their signatures
is missing, this shall be mentioned, stating the reasons.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 26.4 | The Company shall ensure that the annual accounts, the management report and the particulars to be added
pursuant to Section 2:392(1) DCC shall be available at its offices as from the convening of the General Meeting at which they are to be
discussed. The Persons with Meeting Rights are entitled to inspect such documents at that location and to obtain a copy at no cost.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26.5 | The annual accounts shall be adopted by the General Meeting.
| | ---- | ------------------------------------------------------------



REPORTING - AUDIT

Article 27



| | 27.1 | The General Meeting shall instruct an external auditor as referred to in Section 2:393 DCC to audit the annual accounts. Where the General Meeting
fails to do so, the Board shall be authorised to do so.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27.2 | The instruction may be revoked
by the General Meeting and by the body that has granted the instruction. The instruction can only be revoked for well-founded reasons;
a difference of opinion regarding the reporting or auditing methods shall not constitute such a reason.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





17











DISTRIBUTIONS - GENERAL

Article 28



| | 28.1 | A distribution can only be made to the extent that the Company’s equity
exceeds the amount of the paid up and called up part of its capital plus the reserves which must be maintained by law.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28.2 | The Board may resolve to make interim distributions, provided that it
appears from interim accounts to be prepared in accordance with Section 2:105(4) DCC that the requirement referred to in Article 28.1
has been met.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28.3 | Distributions shall be made in proportion to the aggregate nominal value
of the ordinary shares.
| | ---- | ------------------------------------------------------------------------------------------------



| | 28.4 | The parties entitled to a distribution shall be the relevant shareholders,
usufructuaries and pledgees, as the case may be, at a date to be determined by the Board for that purpose. This date shall not be earlier
than the date on which the distribution was announced.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28.5 | The General Meeting may resolve, subject to Article 25, that all or part
of a distribution, instead of being made in cash, shall be made in the form of ordinary shares in the Company’s capital or in the form
of the Company’s assets.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28.6 | A distribution shall be payable on such date and, if it concerns a distribution
in cash, in such currency or currencies as determined by the Board. If it concerns a distribution in the form of the Company’s assets,
the Board shall determine the value attributed to such distribution for purposes of recording the distribution in the Company’s accounts
with due observance of applicable law (including the applicable accounting principles).
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28.7 | A claim for payment of a distribution shall lapse after five years have
expired after the distribution became payable.
| | ---- | ----------------------------------------------------------------------------------------------------------------------



| | 28.8 | For the purpose of calculating the amount or allocation of any distribution,
ordinary shares held by the Company in its own capital shall not be taken into account. No distribution shall be made to the Company in
respect of ordinary shares held by it in its own capital.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



DISTRIBUTIONS - RESERVES

Article 29



| | 29.1 | Subject to Article 25, the General Meeting is authorised to resolve to
make a distribution from the Company’s reserves.
| | ---- | -----------------------------------------------------------------------------------------------------------------------



| | 29.2 | The Board may resolve to charge amounts to be paid up on ordinary shares
against the Company’s reserves, irrespective of whether those ordinary shares are issued to existing shareholders.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





18











DISTRIBUTIONS - PROFITS

Article 30



| | 30.1 | Subject to Article 28.1, the profits shown in the Company’s annual accounts
in respect of a financial year shall be appropriated as follows,, and in the following order of priority:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | the Board shall determine which part of the profits shall be added to the Company’s reserves; and
| | -- | -------------------------------------------------------------------------------------------------



| | b. | subject to Article 25, the remaining profits shall be at the disposal of the General Meeting for distribution
on the ordinary shares.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------



| | 30.2 | Subject to Article 28.1, a distribution of profits shall be made after the adoption of the annual accounts
that show that such distribution is allowed.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------



DISSOLUTION AND LIQUIDATION

Article 31



| | 31.1 | In the event of the Company being dissolved, the liquidation shall be effected by the Board, unless
the General Meeting decides otherwise.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 31.2 | To the extent possible, these articles of association shall remain in effect during the liquidation.
| | ---- | ----------------------------------------------------------------------------------------------------



| | 31.3 | Any assets remaining after payment of all of the Company’s debts shall be distributed to the shareholders.
| | ---- | ----------------------------------------------------------------------------------------------------------



| | 31.4 | After the Company has ceased to exist, its books, records and other information carriers shall be kept
for the period prescribed by law by the person designated for that purpose in the resolution of the General Meeting to dissolve the Company.
Where the General Meeting has not designated such a person, the liquidators shall do so.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





19











FEDERAL FORUM PROVISION

Article 32



Unless the Company consents
in writing to the selection of an alternative forum, the sole and exclusive forum for any complaint asserting a cause of action arising
under the United States Securities Act of 1933, as amended, to the fullest extent permitted by applicable law, shall be the United States
federal district courts. Notwithstanding the foregoing, the foregoing provisions of this Article 32 shall not apply to claims seeking
to enforce any liability or duty created by the United States Securities Exchange Act of 1934, as amended. To the fullest extent permitted
by law, anyone purchasing or otherwise acquiring any interest in any security of the Company shall be deemed to have notice of and consented
to the provisions of this Article 32.



TRANSITIONAL PROVISION

Article 33



| | 33.1 | Upon the Company’s issued share capital increasing to an amount of eleven million one hundred thousand
euro (EUR 11,100,000):
| | ---- | -----------------------------------------------------------------------------------------------------------------------------



| | a. | the Company’s authorised share capital described in Article 4.1 shall immediately and automatically
increase to an amount of fifty-five million and five hundred thousand euro (EUR 55,500,000); and
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | b. | the composition of the authorised share capital described in Article 4.2 shall immediately and automatically
be adjusted, such that the authorised share capital shall be divided into four hundred and sixty-two million five hundred thousand (462,500,000)
ordinary shares, each having a nominal value of twelve eurocents (EUR 0.12).
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33.2 | This Article 33 shall lapse and shall no longer form part of these articles of association at the moment
immediately after the increase of the Company’s issued share capital as described in the first sentence
of Article 33.1 shall have become effective.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



20











FINAL STATEMENTS



Finally, the person appearing declared
that:



|a. | as evidenced by the Written Resolution, the person appearing has been authorised
to execute this Deed;
|-- | ------------------------------------------------------------------------------------------------------



|b. | immediately following the execution of this Deed, the Company’s issued share capital shall amount
                                                                     to five million eight hundred and eighty-two thousand three hundred and fifty-two euro and ninety-six cent (EUR 5,882,352.96);
                                                                     and
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|c. | the auditor’s statement as referred to in Section 2:72(1) of the Dutch Civil Code shall be attached
to this Deed as an annex.
|-- | -----------------------------------------------------------------------------------------------------------------------------



The person appearing is known to me, civil law notary.



This Deed was executed in Amsterdam on the date mentioned
in its heading.



After I, civil law notary, had
conveyed and explained the contents of the Deed in substance to the person appearing, the person appearing declared that to have taken
note of the contents of the Deed, to be in agreement with the contents and not to wish them to be read out in full. Following a partial
reading, the Deed was signed by the person appearing and by me, civil law notary.



(signatures follow)



| | ISSUED FOR TRUE COPY         
| | -----------------------------
| | (Signed: P.C.S. van der Bijl)





21