# EDGAR Filing Document

**Accession Number:** 0001894057
**File Stem:** 0001104659-25-096147
**Filing Date:** 2025-10
**Character Count:** 99891
**Document Hash:** 4593f39ced043cb94ff9deac2c7db61e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-096147.hdr.sgml**: 20251002

**ACCESSION NUMBER**: 0001104659-25-096147

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251002

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Papaya Growth Opportunity Corp. I
- **CENTRAL INDEX KEY:** 0001894057
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 873071107
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41223
- **FILM NUMBER:** 251370391

**BUSINESS ADDRESS:**
- **STREET 1:** 52201 BROADWAY, SUITE 750
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 510-214-3751

**MAIL ADDRESS:**
- **STREET 1:** 52201 BROADWAY, SUITE 750
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Papaya Growth Opportunity Corp. I
- **CENTRAL INDEX KEY:** 0001894057
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 873071107
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 52201 BROADWAY, SUITE 750
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 510-214-3751

**MAIL ADDRESS:**
- **STREET 1:** 52201 BROADWAY, SUITE 750
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(** **d) of the<br> Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **September 26, 2025**

**PAPAYA GROWTH OPPORTUNITY CORP. I**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41223** | **87-3071107** |
| (State or other jurisdiction <br> of incorporation) | (Commission File Number) | (IRS Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **3500 South Dupont Highway, Suite HX-102, Dover, DE** | **19901** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(510) 214-3750**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⌧ Written communications pursuant to Rule 425 under
 the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading <br> Symbol(s) | Name of each exchange on which <br> registered |
| Units, each consisting of one share of Class A common stock, $0.0001 par value per share, and one-half of one redeemable warrant | PPYAU | OTC |
| Class A common stock, par value $0.0001 per share | PPYA | OTC |
| Warrants, each whole warrant exercisable for one share of Class A common stock | PPYAW | OTC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01. Entry into a Material Definitive Agreement**

***Amended Business Combination Agreement***

As previously reported in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the "**SEC**") on April 25, 2025, Papaya Growth Opportunity Corp. I, a Delaware corporation ("**SPAC**"), entered into a business combination agreement (as it may be amended or restated from time to time, the "**Business Combination Agreement**") on April 21, 2025, with Forbes & Manhattan Resources Inc., a company incorporated under the laws of the Province of Ontario, Canada ("**F&M**") and F&M Merger Sub 1 Inc., a Delaware corporation ("**Merger Sub**"), pursuant to which Merger Sub would merge with SPAC (the "**Merger**"), with the SPAC surviving the Merger (as such surviving corporation, the "**Surviving Corporation**"), and would have become a direct subsidiary of F&M (collectively, the "**Business Combination**").

On September 26, 2025, SPAC, F&M, Merger Sub and 2744026 Alberta Ltd., a corporation incorporated under the laws of the Province of Alberta (the "**Company**"), entered into an amendment to the Business Combination Agreement (the "**Business Combination Agreement Amendment**"), pursuant to which (i) F&M assigned to the Company, and the Company assumed, all of F&M's rights and obligations under the Business Combination Agreement, (ii) Merger Sub will be replaced by a new subsidiary entity formed by the Company in Delaware, (iii) the Outside Date (as defined in the Business Combination Agreement) is extended by one year to December 31, 2026, and (iv) certain other technical and conforming changes were made to reflect the new structure and parties. The material terms of the Business Combination otherwise remain unchanged.

The Business Combination Agreement Amendment has been unanimously approved by the independent directors of the SPAC.

The foregoing description of the Business Combination and the Business Combination Agreement Amendment does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K (this "**Form 8-K**"). Papaya stockholders, warrant holders and other interested parties are urged to read such agreements in their entirety. Capitalized terms used below and not otherwise defined herein have the meanings assigned to them in the Business Combination Agreement Amendment.

***Related Agreements***

 ****

This section describes the material provisions of certain additional agreements entered into pursuant to or in connection with the Business Combination Agreement Amendment (the "**Related Agreements**"), but does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete text of each of the Related Agreements, copies of each of which are filed as exhibits to this Form 8-K. Stockholders and other interested parties are urged to read such Related Agreements in their entirety. Unless otherwise defined herein, the capitalized terms used below are defined in the respective Related Agreement

***Release Agreement***

 ****

In connection with the foregoing, SPAC, F&M and Merger Sub entered into a Release Agreement dated September 26, 2025 (the "**Release Agreement**"), pursuant to which each party mutually released the others and their respective affiliates, officers, directors, employees, agents, and representatives from any and all claims, liabilities, and obligations arising out of or relating to the Business Combination Agreement and its performance, non-performance, or termination through the effective date of the Release Agreement.

The foregoing description of the Release Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, a copy of which is filed as Exhibit 10.1 hereto.

***Sponsor Support and Exchange Agreement***

Concurrently with the execution and delivery of the Business Combination Agreement Amendment, SPAC, Papaya Growth Opportunity I Sponsor, LLC, a Delaware limited liability company (the "**Sponsor**"), F&M and the Company entered into an Amendment to the Sponsor Support and Exchange Agreement, dated as of April 21, 2025 (the "**Sponsor Amendment**"), pursuant to which (i) F&M assigned to the Company, and the Company assumed, all of F&M's rights and obligations under such agreement and (ii) certain other conforming changes were made to such agreement.

The foregoing description of the Sponsor Amendment does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, a copy of which is filed as Exhibit 10.2 hereto.

**Item 1.02**

***Termination of Company Shareholder Support Agreement***

Concurrently with the execution and delivery of the Business Combination Agreement Amendment, SPAC, F&M, and the shareholders of F&M party thereto entered into a Termination Agreement (the "**Termination Agreement**"), pursuant to which the Company Shareholder Support Agreement, dated as of April 21, 2025 (the "**Support Agreement**") was terminated in full and is of no further force or effect, with no further obligations among the parties thereto.

The foregoing description of the Termination Amendment does not purport to be complete and is qualified in its entirety by the terms and conditions of the actual agreement, a copy of which is filed as Exhibit 10.3 hereto.

**Additional Information and Where to Find It**

This Current Report on Form 8-K relates to the Business Combination, but does not contain all the information that should be considered concerning the Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. The Company intends to file with the SEC a registration statement on Form F-4 relating to the Business Combination that will include a proxy statement of SPAC and a prospectus of the Company. When available, the definitive proxy statement/prospectus and other relevant materials will be sent to all SPAC stockholders as of a record date to be established for voting on the Business Combination Agreement, the Merger, the other transactions included in the Business Combination. SPAC also will file other documents regarding the Business Combination with the SEC. Before making any voting decision, investors and securities holders of SPAC are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Business Combination as they become available because they will contain important information about SPAC, the Company and the Business Combination.

Investors and securities holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by SPAC through the website maintained by the SEC at www.sec.gov.

**Participants in Solicitation**

SPAC and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from SPAC's stockholders in connection with the Business Combination. Information about SPAC's directors and executive officers and their ownership of SPAC's securities is set forth in SPAC's filings with the SEC, including SPAC's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on April 15, 2025. To the extent that such persons' holdings of SPAC's securities have changed since the amounts disclosed in SPAC's Annual Report on Form 10-K, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the names and interests in the Merger and Business Combination of SPAC's and the Company's respective directors and officers and other persons who may be deemed participants in the Business Combination may be obtained by reading the proxy statement/prospectus regarding the Business Combination when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.

**Forward-Looking Statements**

This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination between SPAC and the Company, including statements regarding the anticipated benefits of the transaction, the Company or SPAC's expectations concerning the outlook for the Company's business, productivity, plans and goals for product launches, deliveries and future operational improvement and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Surviving Corporation. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are their managements' current predictions, projections and other statements about future events that are based on current expectations and assumptions available to the Company and the SPAC, and, as a result, are subject to risks and uncertainties. Any such expectations and assumptions, whether or not identified in this document, should be regarded as preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against SPAC, the Surviving Corporation or others following the announcement of the Business Combination and the Business Combination Agreement; (3) the amount of redemption requests made by SPAC public stockholders and the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of SPAC, to obtain financing to complete the Business Combination or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards in connection with or following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination; (8) costs related to the Business Combination; (9) risks associated with changes in laws or regulations applicable to the Company's diverse business lines and the Company's international operations; (10) the possibility that the Company or the Surviving Corporation may be adversely affected by other economic, geopolitical, business, and/or competitive factors; (11) the Company's ability to anticipate trends and respond to changing customer preferences for fashion, arts and entertainment content and for lodging; and (12) negative perceptions or publicity of the brands of the Company. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 to be filed by the Company with the SEC, and other documents filed by the Company and/or SPAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. The Company and SPAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Neither the Company nor SPAC gives any assurance that either the Company or SPAC will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or SPAC or any other person that the events or circumstances described in such statement are material. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of SPAC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form F-4 and proxy statement/prospectus discussed above and other documents filed by SPAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially adversely from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Company and SPAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Company nor SPAC gives or can give any assurance that either Company or SPAC will achieve its expectations.

**No Offer or Solicitation**

This Current Report on Form 8-K is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of SPAC, Company, or Merger Sub, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or exemptions therefrom.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [2.1](tm2527759d1_ex2-1.htm) | [Amendment No. 1 to Business Combination Agreement, dated September 26, 2025, by and among SPAC, F&M, Merger Sub and Company.](tm2527759d1_ex2-1.htm) |
| [10.1](tm2527759d1_ex10-1.htm) | [Release Agreement, dated as of September 26, 2025, by and among SPAC, F&M and Merger Sub.](tm2527759d1_ex10-1.htm) |
| [10.2](tm2527759d1_ex10-2.htm) | [Amendment No. 1 to Sponsor Support and Exchange Agreement, dated as of September 26, 2025, by and among SPAC, Sponsor, F&M, Company and Merger Sub.](tm2527759d1_ex10-2.htm) |
| [10.3](tm2527759d1_ex10-3.htm) | [Termination Agreement, dated as of September 26, 2025, by and among SPAC, F&M and the shareholders party thereto.](tm2527759d1_ex10-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **PAPAYA GROWTH OPPORTUNITY CORP. I** | **PAPAYA GROWTH OPPORTUNITY CORP. I** |
| By: | /s/ Clay Whitehead |
| Name: | Clay Whitehead |
| Title: | Chief Executive Officer |

---

Dated: October 2, 2025

## Exhibit 2.1

**Exhibit 2.1**

EXECUTION VERSION

**AMENDMENT NO. 1** 

**TO** 

**BUSINESS COMBINATION AGREEMENT**

This AMENDMENT NO. 1 TO BUSINESS COMBINATION AGREEMENT (this "<u>Amendment</u>"), is made as of September 26, 2025 (the "<u>Effective Date</u>") by and among Forbes & Manhattan Resources Inc., a corporation incorporated under the laws of the Province of Ontario (the "<u>Assignor</u>"), Papaya Growth Opportunity Corp. I, a Delaware corporation formed as a special purpose acquisition company ("<u>SPAC</u>"), F&M Merger Sub 1 Inc., a Delaware corporation ("<u>Merger Sub</u>"), and 2744026 Alberta Ltd., a corporation incorporated under the laws of the Province of Alberta (the "<u>Company</u>" or "<u>Assignee</u>"). The Assignor, SPAC, Merger Sub and the Company are sometimes collectively referred to herein as the "<u>Parties</u>", and each individually as a "<u>Party</u>".

**RECITALS**

**WHEREAS**, the Parties (other than Assignee) are parties to that certain Business Combination Agreement dated as of April 21, 2025 (the "<u>BCA</u>"; capitalized terms not otherwise defined in this Amendment have the meanings given to such terms in the BCA);

**WHEREAS**, pursuant to <u>Section 10.4</u> (*Assignment*) of the BCA, Assignor wishes to assign and transfer to Assignee, and Assignee wishes to accept and assume from Assignor, all of Assignor's right, title and interest in the BCA and all of Assignor's liabilities, agreements, obligations, rights and duties in, under, and arising from the BCA from the Effective Date onwards;

**WHEREAS**, it is consistent with the Parties' interests to recognize Assignee as the successor party to the BCA from the Effective Date onwards and release Assignor from any and all liabilities, agreements, obligations, rights and duties in, under and arising from the BCA following the Effective Date;

**WHEREAS**, the Parties wish to release Merger Sub from any and all liabilities, agreements, obligations, rights and duties in, under and arising from the BCA; and

**WHEREAS**, the parties hereto wish to amend the BCA pursuant to <u>Section 10.11</u> (*Amendments*) thereof as hereinafter set forth.

**AGREEMENT**

**NOW THEREFORE**, in consideration of the representations, warranties, covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to the BCA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fifth paragraph of the Recitals is deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each reference to "Forbes & Manhattan Resources Inc." or "the Company" in the BCA shall be hereby deemed to be a reference to Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each reference to "Company Equityholder" in the BCA shall be hereby deemed to be a reference to "Company Shareholder".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each reference to "F&M Company" or "F&M Companies" in the BCA shall be hereby deemed to be a reference to "Group Company" or "Group Companies" (as defined in this Amendment), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 1.1</u> of the BCA is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The following definitions are added:

""*<u>ABCA</u>" means the Business Corporations Act (Alberta*)"

""*<u>Nimofast Transaction</u>" means the transaction contemplated between Questerre Energy Corporation and Nice Capital Holding Ltda. pursuant to which Nice Capital Holding Ltda. shall invest into the Company or an Affiliate thereof, by acquiring up to 50% of the existing Company Shares or up to 49% of Forbes Resources Brazil Holding S.A. plus a minority interest in the Company."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The definition of "Alternative Transaction" is hereby amended by the insertion of the words "*and the Nimofast Transaction*" after the word "Transactions" and before "concerning the sale or transfer…" in <u>clause (a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The definition of "Ancillary Agreements" is hereby amended and restated in its entirety as follows:

*""<u>Ancillary Agreements</u>" means, collectively, (a) the Sponsor Support and Exchange Agreement, (b) the Lock-Up Agreement, (c) the Registration Rights Agreement and (d) the Warrant Assignment Agreement."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The definition of "Company Disclosure Letter" is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The definition of "Company Equityholder" is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The definition of "Company Governing Documents" is hereby amended and restated in its entirety as follows:

""*<u>Company Governing Documents</u>" means the Certificate of Incorporation of the Company, dated as of September 5, 2025;"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The definition of "Company Interest" is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The definition of "Company RSU" is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The definition of "Company Shares" is hereby amended and restated in its entirety as follows:

*""<u>Company Shares</u>" means the Class A common voting shares of the Company."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The definition of "F&M Company" is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The definition of "Fully-Diluted Company Shares" is hereby amended and restated in its entirety as follows:

""*<u>Fully-Diluted Company Shares</u>" means the sum, without duplication, of the total number of issued and outstanding Company Shares as of immediately prior to the Merger Effective Time*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The definition of "OBCA" is hereby deleted in its entirety and each reference to OBCA in the BCA shall be hereby deemed to be a reference to "ABCA" (as defined in this Amendment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) A new definition of "Group Company" is hereby inserted and shall read as follows:

"*"<u>Group Company</u>" means the Company and its direct and indirect Subsidiaries (other than Merger Sub).*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The definition of "Shareholder Support Agreement" is hereby deleted in tis entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Article III of the BCA is deleted in its entirety and replaced with the following;

*"**ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY***

*The Company hereby represents and warrants to SPAC that each of the following statements is true, correct and complete as of the Effective Date and as of the Closing Date (or, if such representations and warranties are made with respect to a certain date, as of such date):*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1 <u>Organization, Good Standing, Corporate Power and Qualification</u>*

"*(a) The Company is duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of incorporation. The Company has the requisite corporate power and authority to own and operate its properties and assets, to carry on its business as presently conducted and contemplated to be conducted, to execute and deliver this Agreement and the Ancillary Agreements to which it is or will be a party and to perform its obligations hereunder and thereunder. The Company is presently qualified to do business and in good standing in each jurisdiction in which it is required to be so qualified and in good standing. Prior to the Effective Date, the Company has made available to SPAC accurate and complete copies of the Company Governing Documents, in each case as amended to date and in effect as of the Effective Date.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2 <u>Due Authorization</u>. All corporate action on the part of the Company and its respective directors, officers and shareholders necessary for the (a) authorization, execution and delivery by it of this Agreement and the Ancillary Agreements to which it is or will be a party, (b) consummation of the Transactions and (c) performance of its obligations hereunder or thereunder has been taken or will be taken at or prior to the Closing, subject to (i) receipt of Nice Capital Holding Ltda.'s approval upon determining the final structure of the Nimofast Transaction (the "**Nimofast Approval**"), (ii) the filing of the Merger Filing Documents and (iii) the receipt of the Regulatory Approvals. This Agreement and the Ancillary Agreements to which the Company or New Merger Sub is or will be a party (assuming due authorization, execution and delivery by each other party thereto) constitute valid and binding obligations of the Company or New Merger Sub, as applicable, enforceable against the Company or New Merger Sub, as the case may be, in accordance with their respective terms, except (A) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors' rights generally and (B) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies or by general principles of equity (the exceptions set forth in clauses (A) and (B), collectively, the "<u>Enforceability Exceptions</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.3 <u>Non-Contravention</u>. The Company is not in material violation of any term of the Company Governing Documents. The Company is not in violation of any term or provision of any Governmental Order to which it is party or by which it is bound which has had or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. The execution and delivery by the Company of this Agreement and each Ancillary Agreement to which it is or will be a party and the performance of its obligations hereunder and thereunder will not result in, by the giving of notice, the lapse of time or otherwise, (a) any violation of, conflict with, require any consent, filing, notice, waiver or approval or constitute a default under (i) its Governing Documents, (ii) any Contract to which it is a party or by which its assets are bound or (iii) any applicable Law, Permit or Governmental Order (subject in each case to obtaining the approval of the Company Board, the Nimofast Approval and the Merger Sub Shareholder Approval, filing of the Merger Filing Documents and receipt of the Regulatory Approvals), or (b) the creation of any Lien upon any of its the properties or assets (other than Permitted Liens), except, in the case of <u>clauses (a)(ii)</u>, <u>(a)(iii)</u> and <u>(b)</u>, to the extent that the occurrence of the foregoing has not had, and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.4 <u>Capitalization</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) As of the Effective Date, the issued and outstanding share capital of the Company consists of an unlimited number of Company Shares, an unlimited number of Class B common voting shares, an unlimited number of Class C common voting shares and an unlimited number of Preferred Shares, of which 100 Company Shares are issued and outstanding as of the date hereof. As of the Effective Date, other than pursuant to the Nimofast Transaction, there are no other Company Interests authorized, reserved for issuance, issued or outstanding.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) There are no issued and outstanding options or warrants to purchase Company Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) All outstanding Company Shares and all outstanding shares of each Subsidiary of the Company have been issued and granted in compliance with (A) all applicable securities Laws and other applicable Laws and (B) all pre-emptive rights and other requirements set forth in applicable contracts to which the Company or any Subsidiary of the Company is a party.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) All of the issued and outstanding Company Shares have been duly authorized and allotted as fully paid. Other than in connection with the Nimofast Transaction, the Company Shares are not subject to, nor have they been issued in violation of, any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of any applicable Law, the Company Governing Documents or any Contract to which the Company is a party or otherwise bound; and the Company Shares are free and clear of any Liens, other than Permitted Liens.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) Other than pursuant to the Nimofast Transaction, the Company has not issued or granted, and is not otherwise bound by or subject to, any subscriptions, options, warrants, rights or other securities (including debt securities) convertible, exercisable or exchangeable for Company Shares, any commitments, calls, conversion rights, rights of exchange or privilege (whether pre-emptive, contractual or by matter of Law), plans or other agreements of any character providing for the issuance of additional shares, the sale of treasury shares or other equity interests, or for the repurchase or redemption of shares or other equity interests of the Company or the value of which is determined by reference to shares or other equity interests of the Company, and there are no voting trusts, proxies or agreements of any kind which may obligate the Company to issue, purchase, register for sale, redeem or otherwise acquire any Company Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.5 <u>Subsidiaries</u>. The Company has no Subsidiaries other than Forbes Resources Brazil Holding SA, Parana Xisto SA and PX Energy Canada Inc. The Company does not own or control, directly or indirectly, any interest in any corporation, partnership, limited liability company, association or other business entity.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.6 <u>Proxy/Registration Statement</u>. The information supplied by the Company for inclusion or incorporation by reference in the Proxy/Registration Statement or any current report of SPAC on Form 8-K shall not, (a) in the case of the Proxy/Registration Statement, on the effective date of the Proxy/Registration Statement, (b) in the case of the Proxy/Registration Statement or any current report of SPAC on Form 8-K, when filed, made available, mailed or distributed, as the case may be, or (c) in the case of the Proxy/Registration Statement, at the time of the SPAC Shareholder Meeting and the Merger Effective Time, contain any untrue statement of a material fact or fail to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. All documents that the Company is responsible for filing with the SEC in connection with the Transactions will comply as to form and substance in all material respects with the applicable requirements of the Securities Act and the Exchange Act. Notwithstanding the foregoing, the Company makes no representation, warranty or covenant with respect to any information supplied by or on behalf of SPAC, its Affiliates or any holder of SPAC Shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.7 <u>No Additional Representations or Warranties.</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Except as provided in this <u>Article III</u> or in the case of fraud, (i) none of the Group Companies, any of their Affiliates or any of their equityholders, partners, members or Representatives has made, or is making, any representation or warranty whatsoever to SPAC, its Subsidiaries or the holders of SPAC Shares; (ii) the Group Companies hereby expressly disclaims and negates, to the fullest extent permitted by applicable Law, any other representation or warranty whatsoever (whether at Law or in equity), and any statement, information, opinion, projection or advice made, communicated or furnished (orally or in writing) to SPAC, its Subsidiaries or their respective Representatives with respect to the Group Companies or any of its Affiliates, their respective equityholders, partners, members or Representatives, and any matter relating to any of them, including their affairs, the condition, value or quality of the assets, liabilities, financial condition or results of operations, or with respect to the accuracy or completeness of any other information provided or made available to SPAC, its Affiliates or any of their respective Representatives by, or on behalf of, the Group Companies or any of its Affiliates, whether orally or in writing, in any confidential information memoranda, any actual or virtual "dataroom", management presentation, due diligence discussion or in any other form in contemplation of the Transactions; and (iii) neither the Group Companies nor any of its Affiliates or any of their respective equityholders, partners, members or Representatives shall be liable in respect of the accuracy or completeness of any information provided to SPAC, its Subsidiaries or the Sponsor or their respective Affiliates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Without limiting the generality of this <u>Section 3.7</u>, except as provided in this <u>Article III</u> or in the case of fraud, none of the Group Companies or any other Person on behalf of the Group Companies has made or makes any representation or warranty, whether express or implied, with respect to any projections, forecasts, estimates or budgets made available to SPAC, its Affiliates or any of their respective Representatives of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the Group Companies (including the reasonableness of the assumptions underlying any of the foregoing), or the probable success or profitability of the Group Companies, whether or not included in any management presentation or in any other information made available to SPAC, its Affiliates or any of their respective Representatives or any other Person, and, except as provided in this <u>Article III</u> or in the case of fraud, any such representations or warranties are expressly disclaimed.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Except as provided in this <u>Article III</u> or in the case of fraud, SPAC is not relying on any representation or warranty, oral or written, express or implied whatsoever as to the condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the Company, the prospects (financial or otherwise) or the viability or likelihood of success of the business of the Group Companies as conducted after the Closing."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Article V</u> of the BCA is hereby deleted in its entirety and replaced with the following:

*"**ARTICLE V COVENANTS OF THE COMPANY***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1 <u>Company Conduct of Business</u>. Except (i) as expressly permitted by this Agreement or the Ancillary Agreements, (ii) as required by applicable Law, any Governmental Authority or any Contract to which any Group Company is a party, (iii) pursuant to the Nimofast Transaction, (iv) for the incurrence of Company Transaction Expenses; (v) as conducted in the Ordinary Course or (vi) as consented to by SPAC in writing (which consent shall not be unreasonably conditioned, withheld, delayed or denied and shall be deemed given if SPAC has not affirmatively denied consent in writing within five (5) Business Days of receipt of the Company's written request for consent), from the Effective Date through the earlier of the Closing or the valid termination of this Agreement pursuant to <u>Article IX</u> (the "<u>Interim Period</u>"), the Company shall not, and shall cause the other Group Companies and Merger Sub to not:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Change or amend the Governing Documents of the Company or Merger Sub;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Make or declare any dividend or distribution to its shareholders or make any other distributions in respect of its capital stock or equity interests;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) Split, subdivide, combine, reclassify, recapitalize or otherwise amend any terms of any shares or series of any Group Company or Merger Sub's capital stock or equity interests, except for any such transaction by a wholly-owned Subsidiary of the Company that remains a wholly-owned Subsidiary of the Company after consummation of such transaction;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv) Purchase, repurchase, redeem or otherwise acquire any issued and outstanding share capital, outstanding shares of capital stock, membership interests or other equity interests, except for transactions between the Company and any wholly-owned Subsidiary of the Company;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v) Adopt a plan of, or otherwise enter into or effect a, complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization, merge or consolidate with any Person or be acquired by any Person, or file for bankruptcy;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi) Limit the right of any Group Company to engage in any line of business or in any geographic area, to develop, market or sell products or services, or to compete with any Person;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii) Issue any additional interests of any Group Company or Merger Sub or securities exercisable for or convertible into Group Company or Merger Sub equity interests; or grant any options, warrants, convertible equity instruments or other equity-based awards that relate to the equity of any Group Company; or*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ix) Enter into any agreement or otherwise make a binding commitment to do any action prohibited under this <u>Section 5.1</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.2 <u>D&O Indemnification and Insurance.</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) The parties agree that all rights to exculpation, indemnification and advancement of expenses existing in favor of the current or former directors and officers of SPAC (the "<u>SPAC D&O Indemnified Parties</u>") as provided in SPAC Governing Documents as in effect on the Effective Date, or under any indemnification, employment or other similar agreements between any SPAC D&O Indemnified Parties and SPAC in effect on the Effective Date, shall survive the Closing and continue in full force and effect in accordance with its terms to the extent permitted by applicable Law. For a period of six (6) years after the Merger Effective Time, the Company shall cause the Governing Documents of the Surviving Corporation to contain provisions no less favorable with respect to exculpation and indemnification of and advancement of expenses to SPAC D&O Indemnified Parties than are set forth as of the date of this Agreement in the SPAC Governing Documents to the extent permitted by applicable Law. The provisions of this <u>Section 5.2</u> shall survive the Closing and are intended to be for the benefit of, and shall be enforceable by, each of the SPAC D&O Indemnified Parties and their respective heirs and representatives.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) The Company shall, or shall cause the Surviving Corporation to, obtain and fully pay the premium for a "tail" insurance policy (the "<u>D&O Tail Insurance</u>") that provides coverage for up to a six (6) year period from the Closing Date, for the benefit of the directors and officers of the Surviving Corporation and SPAC (the "<u>D&O Indemnified Parties</u>") that is substantially equivalent to and in any event not less favorable in the aggregate than SPAC's existing policy or, if substantially equivalent insurance coverage is unavailable, the best available coverage; <u>provided</u> that in no event shall the Company or the Surviving Corporation be required to expend for such policies pursuant to this <u>Section 5.2(b)</u> an annual premium amount in excess of $400,000. The Company shall cause such D&O Tail Insurance to be maintained in full force and effect, for its full term, and cause the other parties to honor all obligations thereunder.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.3 <u>No Trading in SPAC Stock</u>. The Company acknowledges and agrees that it is aware of the restrictions imposed by U.S. federal securities Laws and the rules and regulations of the SEC and OTC promulgated thereunder or otherwise and other applicable Laws on a Person possessing material nonpublic information about a publicly traded company. The Company hereby agrees that, while it is in possession of such material nonpublic information, it shall not purchase or sell any securities of SPAC (except with the prior written consent of SPAC), take any other action with respect to SPAC in violation of such Laws, or cause or encourage any third party to do any of the foregoing.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.4 <u>Anti-Takeover Matters</u>. During the Interim Period, the Company shall not adopt any shareholder rights plan, "poison pill" or similar anti-takeover instrument or plan in effect to which any Group Company would be or become subject, party or otherwise bound.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.5 <u>Financial Statements</u>.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) By no later than June 30, 2026, the Company will deliver to SPAC the necessary annual and interim financial statements prepared in conformity with IFRS, audited or reviewed, as required in accordance with PCAOB standards and including the notes thereto and the report of a qualified and recognized independent accountant, for inclusion in the Proxy/Registration Statement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) During the Interim Period, the Company will deliver to SPAC its unaudited quarterly financial statements concurrently with the delivery of the same to its parent company and/or to Nice Capital Holding Ltda.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.6 <u>Regulation S-K 1200</u>. By no later than March 31, 2026, the Company will deliver to SPAC, for inclusion in the Proxy/Registration Statement, all documents and information as required by Item 1200 of Regulation S-K of the Exchange Act, as would comply with the requirements of Regulation S-K for the Company's material operations and for each property that is material to the Companies' business and financial condition and that must be filed with the Proxy/Registration Statement."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The BCA is hereby amended by the addition of the following section under <u>Article VI</u>:

"*6.5 <u>No Trading in Questerre Stock</u>. The SPAC acknowledges and agrees that it is aware of the restrictions imposed by Canadian securities Laws and the rules and regulations of the securities commissions and the Toronto Stock Exchange promulgated thereunder or otherwise and other applicable Laws on a Person possessing material nonpublic information about a publicly traded company. The SPAC hereby agrees that, while it is in possession of such material nonpublic information, it shall not purchase or sell any securities of Questerre Energy Corporation (except with the prior written consent of the Company), take any other action with respect to Questerre Energy Corporation in violation of such Laws, or cause or encourage any third party to do any of the foregoing.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section 9.1(e)</u> of the BCA is hereby amended and restated in its entirety as follows:

"*(e) By written notice to the Company from SPAC if (i) there is any breach of any representation, warranty, covenant or agreement on the part of the Company set forth in this Agreement, such that the conditions specified in <u>Section 8.2(a)</u> and <u>Section 8.2(b)</u> would not be satisfied at the Closing (a "<u>Terminating Company Breach</u>"), except that, if such Terminating Company Breach is curable by the Company through the exercise of its reasonable best efforts, then, for a period of up to fifteen (15) days after receipt by the Company of notice from SPAC of such breach (the "<u>Company Cure Period</u>"), such termination shall not be effective, and such termination shall become effective only if the Terminating Company Breach is not cured within the Company Cure Period, (ii) the Company's obligations specified in <u>Section 5.5(a)</u> or <u>Section 5.6</u> are not timely satisfied, as applicable (a "<u>Terminating Company Reporting Breach</u>"), except that, if any such Terminating Company Reporting Breach is curable by the Company through the exercise of its reasonable best efforts, then, for a period of up to thirty (30) days after such breach (the "<u>Company Reporting Cure Period</u>"), such termination shall not be effective, and such termination shall become effective only if the Terminating Company Reporting Breach is not cured within the Company Reporting Cure Period, or (iii) the Closing has not occurred on or before December 31, 2026, or such later date if such date is extended in accordance with the SPAC Charter (the "<u>Outside Date</u>") other than as a result of a material breach of this Agreement by SPAC;*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Section 10.3</u> of the BCA is hereby amended and restated in its entirety as follows:

"*10.3 <u>Notices</u>. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service or (d) when delivered by email during normal business hours at the location of the recipient, and otherwise on the next following Business Day, addressed as follows:*

*If to SPAC, to:*

*Papaya Growth Opportunity Corp. I<br> 3500 South Dupont Highway, Suite HX-102* 

*Dover, DE 19901<br> E-mail: clay@papayagrowth.com*

*Attention: Clay Whitehead<br>* 

<br> *with a copy (which shall not constitute notice) to:*

 

*Greenberg Traurig, LLP<br> One Vanderbilt Avenue<br> New York, New York 10017<br> Email: alan.annex@gtlaw.com; adam.namoury@gtlaw.com<br> Attention: Alan Annex; Adam Namoury*

 

*If to the Company, to:*

*2744026 Alberta Ltd.<br> c/o Questerre Energy Corporation<br> Suite 1650, 801 – 6th Avenue SW<br> Calgary, Alberta T2P 3W2*

*Michael Binnion*

*Email: mbinnion@questerre.com*

 

*with a copy (which shall not constitute notice) to:*

*Borden Ladner Gervais LLP<br> 1900, 520 – 3<sup>rd</sup> Avenue SW<br> Calgary, Alberta T2P 0R8<br> Email: spearson@blg.com<br> Attention: Steven Pearson*

*or to such other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside counsel shall not constitute notice*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Merger Sub</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assignee agrees that it shall, promptly after the date hereof, incorporate a wholly-owned direct Subsidiary in the State of Delaware (such Subsidiary, "<u>New Merger Sub</u>") with the intent that New Merger Sub shall assume any and all liabilities, agreements, obligations, rights and duties of Merger Sub in, under and arising from the BCA and any other documents or instruments delivered pursuant thereto. Assignee agrees that it shall (and the other Parties shall cooperate with Assignee to), promptly following the incorporation of New Merger Sub, execute any and all such documents as shall be reasonably necessary to appropriately reflect the assumption by New Merger Sub of any and all liabilities, agreements, obligations, rights and duties of Merger Sub in, under and arising from the BCA and any other documents or instruments delivered pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Effective Date, each reference to "Merger Sub" in the BCA shall be hereby deemed to be a reference to "New Merger Sub".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exhibits.</u> The parties hereto acknowledge that the "form and substance" of the Lock-Up Agreement and Registration Rights Agreement to be delivered at Closing will be the forms appended as <u>Exhibit A</u> and <u>Exhibit B</u> to the BCA, respectively, amended as necessary to reflect the amendments set out in this Amendment and any such other changes necessary to accurately reflect the specifics of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assignment</u>. From Effective Date onwards, pursuant to <u>Section 10.4</u> (*Assignment*) of the BCA, Assignor hereby transfers, assigns, conveys and delivers unto Assignee any and all right, title and interest of Assignor in, to and under the BCA and any other documents or instruments delivered pursuant thereto, and Assignee hereby accepts such transfer, assignment, conveyance and delivery of the BCA and any other documents or instruments delivered pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Delegation</u>. Subject to the terms of this Amendment, from the Effective Date onwards, pursuant to <u>Section 10.4</u> (*Assignment*) of the BCA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assignor hereby delegates to Assignee any and all liabilities, agreements, obligations, rights and duties of Assignor in, under and arising from the BCA and any other documents or instruments delivered pursuant thereto, and Assignee hereby assumes responsibility for such liabilities, agreements, obligations, rights and duties of Assignor in, under and arising from the BCA and any other documents or instruments delivered pursuant thereto, including without limitation all of Assignor's outstanding and future obligations, duties and liabilities under the BCA and any other documents or instruments delivered pursuant thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Party hereby (i) consents to the delegation of Assignor's liabilities, agreements, obligations, rights and duties under the BCA and any other documents or instruments delivered thereto from the Effective Date onwards; (ii) irrevocably and unconditionally releases and discharges Assignor and Merger Sub from any and all liabilities, agreements, obligations, rights and duties required to be performed by Assignor and Merger Sub, as applicable, thereunder, including without limitation liabilities, agreements, obligations, rights and duties that arise following the Effective Date; and (iii) recognizes Assignee as Assignor's successor in interest in and to all of Assignor's rights, duties, obligations and liabilities in, to and under the BCA and any other documents or instruments delivered thereto, including without limitation all of Assignor's outstanding and future obligations, duties and liabilities under such agreement from the Effective Date onwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Waiver and Release.</u> Each of the Assignor, SPAC, and Merger Sub, on behalf of itself and its respective officers, directors, equityholders, partners, members, employees, agents, affiliates, representatives, successors and assigns, hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fully and irrevocably releases, discharges, dismisses and waives any and all claims, rights, causes of action, suits, obligations, debts, demands, arrangements, promises, liabilities, controversies, costs, expenses, fees or damages of any kind (including without limitation through recission or other relief), whether known or unknown, accrued or not accrued, foreseen or unforeseen or matured or not matured (collectively, "<u>Claims</u>") that any such persons would or could have, or may hereafter have, against the Assignee and its current and future affiliates (including, without limitation, all persons who control the Assignee within the meaning of the Securities Act), and any of their respective officers, directors, stockholders, partners, members, managers, employees, agents, advisors, representatives, successors and assigns arising out of, based upon or relating to any acts or omissions of any of the Assignor, SPAC, and Merger Sub to the extent (and solely to the extent) such acts or omissions both (i) occurred prior to the Effective Date and (ii) related to any breach or alleged breach of the BCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees not to assist, solicit or encourage, directly or indirectly, any other person or entity to assert any Claim released, discharged, dismissed or waived pursuant to <u>Section 6(a)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confirms that it understands the significance of the foregoing waiver and that the Assignee is relying on the foregoing waiver when deciding to enter into this Amendment and would not enter into this Amendment without the foregoing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>. <u>Sections 10.1</u> (*Trust Account Waiver*), 10.3 (*Notices*), <u>10.4</u> (*Assignment*), <u>10.7</u> (*Governing Law*), <u>10.8</u> (*Headings; Counterparts*) and <u>10.14</u> (*Jurisdiction; Waiver of Jury Trial*) of the BCA are incorporated herein by reference and shall apply, *mutatis mutandis*, to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments</u>. This Amendment may be amended or modified in whole or in part, only by a duly authorized agreement in writing executed by the parties hereto. Any purported amendment by any party or parties hereto effected in a manner which does not comply with this <u>Section 6</u> shall be null and void, *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Consent</u>. Each Party hereby agrees that this Amendment shall constitute consent on the part of such Party to assign, delegate and amend, as applicable, the BCA as such consent is required under <u>Sections 10.4</u> (*Assignment*) and <u>10.11</u> (*Amendments*) of the BCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Reference to and Effect on Agreements; Entire Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to addressing or interpreting the BCA after the Effective Date, any references to "this Agreement" in the BCA will mean the BCA as modified by this Amendment. Except as specifically amended by this Amendment, the provisions of the BCA shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to addressing or interpreting the BCA prior to the Effective Date, any references to "this Agreement" in the BCA shall mean the BCA that was in effect on April 21, 2025 unamended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment, the BCA (as modified by this Amendment) and the Ancillary Agreements constitute the entire understanding of the Parties and supersedes all prior agreements, undertakings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed and delivered by their respective representatives thereunto duly authorized as or the date first above written.

---

| | | |
|:---|:---|:---|
| <u>ASSIGNOR:</u> | FORBES & MANHATTAN RESOURCES INC. | FORBES & MANHATTAN RESOURCES INC. |
|  | By: | /s/ Stan Bharti |
|  | Name: Stan Bharti | Name: Stan Bharti |
|  | Title: Director | Title: Director |
| <u>ASSIGNEE</u>: | 2744026 ALBERTA LTD. | 2744026 ALBERTA LTD. |
|  | By: | /s/ Michael Binnion |
|  | Name: Michael Binnion | Name: Michael Binnion |
|  | Title: President & Chief Executive Officer | Title: President & Chief Executive Officer |
| <u>SPAC</u>: | PAPAYA GROWTH OPPORTUNITY CORP. I | PAPAYA GROWTH OPPORTUNITY CORP. I |
|  | By: | /s/ Clay Whitehead |
|  | Name: Clay Whitehead | Name: Clay Whitehead |
|  | Title: Chief Executive Officer | Title: Chief Executive Officer |
| <u>MERGER SUB</u>: | F&M MERGER SUB 1 INC. | F&M MERGER SUB 1 INC. |
|  | By: | /s/ Stan Bharti |
|  | Name: Stan Bharti | Name: Stan Bharti |
|  | Title: Director | Title: Director |

---

## Exhibit 10.1

**Exhibit 10.1**

EXECUTION VERSION

**RELEASE AGREEMENT**

This RELEASE AGREEMENT (this "**Agreement**") is entered into as of September 26, 2025 (the "**Effective Date**"), by and among Papaya Growth Opportunity Corp. I, a Delaware corporation ("**Papaya**"), Forbes & Manhattan Resources Inc., an Ontario corporation ("**FMR**"), and F&M Merger Sub 1 Inc., a Delaware corporation ("**Merger Sub**"). Papaya, FMR, and Merger Sub are collectively referred to herein as the "**Parties**" and each individually as a "**Party**."

**RECITALS**

WHEREAS, on April 1, 2025, the Parties entered into that certain Business Combination Agreement (the "**BCA**");

AND WHEREAS, the Parties are entering into an amendment to the BCA (the "**Amendment**") pursuant to which FMR and Merger Sub will no longer be parties to the BCA; and

AND WHEREAS, in connection with the Amendment and as a condition thereto, Papaya has agreed to release FMR, Merger Sub, and their respective Released Parties (as defined below) from any and all liabilities arising under or related to the BCA.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

**1. Release** 

(a) Papaya, for itself and on behalf of its affiliates, successors, assigns, officers, directors, employees, agents, and representatives (collectively, the "**Papaya Releasing Parties**"), hereby unequivocally and irrevocably releases, acquits, and forever discharges FMR, Merger Sub, and each of their respective affiliates, successors, assigns, officers, directors, employees, agents, representatives, heirs, executors, administrators, and any other related persons or entities (collectively, the "**FMR Released Parties**"), from any and all past, present, direct, indirect, known, unknown, asserted, unasserted, contingent, or non-contingent claims, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, demands, liabilities, obligations, fees, expenses, attorney's fees, or any other form of relief whatsoever, whether in law, equity, admiralty, or otherwise (collectively, "**Papaya Claims**"), that the Papaya Releasing Parties ever had, now have, or hereafter may have against the FMR Released Parties, arising out of, relating to, or in any way connected with the BCA, including but not limited to any performance, non-performance, breach, or termination thereunder, from the beginning of the world to the Effective Date.

(b) FMR, for itself and on behalf of its affiliates, successors, assigns, officers, directors, employees, agents, and representatives (collectively, the "**FMR Releasing Parties**"), hereby unequivocally and irrevocably releases, acquits, and forever discharges Papaya and each of its affiliates, successors, assigns, officers, directors, employees, agents, representatives, heirs, executors, administrators, and any other related persons or entities (collectively, the "**Papaya Released Parties**"), from any and all past, present, direct, indirect, known, unknown, asserted, unasserted, contingent, or non-contingent claims, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, demands, liabilities, obligations, fees, expenses, attorney's fees, or any other form of relief whatsoever, whether in law, equity, admiralty, or otherwise (collectively, "**FMR Claims**" and, together with the Papaya Claims, collectively, "**Claims**"), that the FMR Releasing Parties ever had, now have, or hereafter may have against the Papaya Released Parties, arising out of, relating to, or in any way connected with the BCA, including but not limited to any performance, non-performance, breach, or termination thereunder, from the beginning of the world to the Effective Date.

**2. Covenant Not to Sue**

(a) Papaya covenants and agrees that it will not, and will cause the other Papaya Releasing Parties not to, institute, maintain, or prosecute any action, claim, suit, proceeding, or demand in any court, tribunal, or forum against any of the FMR Released Parties with respect to any Papaya Claims released hereunder.

(b) FMR covenants and agrees that it will not, and will cause the other FMR Releasing Parties not to, institute, maintain, or prosecute any action, claim, suit, proceeding, or demand in any court, tribunal, or forum against any of the Papaya Released Parties with respect to any FMR Claims released hereunder.

**3. Representations and Warranties**

Each Party represents and warrants to the others as follows:

(a) It has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

(b) This Agreement has been duly executed and delivered by it and constitutes a valid and binding obligation, enforceable against it in accordance with its terms.

(c) It has not assigned, transferred, or otherwise disposed of any Claims released hereunder to any third party.

**4. No Admission of Liability**

The execution of this Agreement and the releases contained herein shall not be construed as an admission of liability by any Party, and each Party expressly denies any liability.

**5. Governing Law**

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles.

**6. Entire Agreement**

This Agreement constitutes the entire understanding and agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, and representations, whether written or oral.

**7. Amendments**

This Agreement may not be amended, modified, or waived except in a writing signed by all Parties hereto.

**8. Counterparts**

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart.

**9. Severability**

If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

*[Remainder of page intentionally left blank]*

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

**PAPAYA GROWTH OPPORTUNITY CORP. I**

---

| | |
|:---|:---|
| By: | /s/ Clay Whitehead |

---

Name: Clay Whitehead

Title: Chief Executive Officer

**FORBES & MANHATTAN RESOURCES INC.**

---

| | |
|:---|:---|
| By: | /s/ Stan Bharti |

---

Name: Stan Bharti

Title: Director

**F&M MERGER SUB 1 INC.**

---

| | |
|:---|:---|
| By: | /s/ Stan Bharti |

---

Name: Stan Bharti

Title: Director

[Signature Page to Release Agreement]

## Exhibit 10.2

**Exhibit 10.2**

EXECUTION VERSION

**AMENDMENT NO. 1** 

**TO** 

**SPONSOR SUPPORT AND EXCHANGE AGREEMENT**

This AMENDMENT NO. 1 TO SPONSOR SUPPORT AND EXCHANGE AGREEMENT (this "<u>Amendment</u>"), is made as of September 26, 2025 (the "<u>Effective Date</u>") by and among Papaya Growth Opportunity I Sponsor, LLC, a Delaware limited liability company (the "<u>Sponsor</u>"), Forbes & Manhattan Resources Inc., a corporation incorporated under the laws of the Province of Ontario (the "<u>Assignor</u>"), Papaya Growth Opportunity Corp. I, a Delaware corporation formed as a special purpose acquisition company ("<u>SPAC</u>"), and 2744026 Alberta Ltd., a corporation incorporated under the laws of the Province of Alberta (the "<u>Company</u>" or "<u>Assignee</u>"). Sponsor, the Assignor, SPAC and the Company are sometimes collectively referred to herein as the "<u>Parties</u>", and each individually as a "<u>Party</u>".

**RECITALS**

**WHEREAS**, the Parties (other than Assignee) are parties to that certain Sponsor Support Agreement dated as of April 21, 2025 (the "<u>Sponsor Support Agreement</u>"; capitalized terms not otherwise defined in this Amendment have the meanings given to such terms in the Sponsor Support Agreement);

**WHEREAS**, pursuant to <u>Section 7.7</u> (*Successors and Assigns; Joinder Agreement*) of the Sponsor Support Agreement, Assignor wishes to assign and transfer to Assignee, and Assignee wishes to accept and assume from Assignor, all of Assignor's right, title and interest in the Sponsor Support Agreement and all of Assignor's liabilities, agreements, obligations, rights and duties in, under, and arising from the Sponsor Support Agreement from the Effective Date onwards;

**WHEREAS**, it is consistent with the Parties' interests to recognize Assignee as the successor party to the Sponsor Support Agreement from the Effective Date onwards and release Assignor from any and all liabilities, agreements, obligations, rights and duties in, under and arising from the Sponsor Support Agreement following the Effective Date; and

**WHEREAS**, the parties hereto wish to amend the Sponsor Support Agreement pursuant to <u>Section 7.5</u> (*Amendments*) thereof as hereinafter set forth.

**AGREEMENT**

**NOW THEREFORE**, in consideration of the representations, warranties, covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to the Sponsor Support Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each reference to "Forbes & Manhattan Resources Inc." or "the Company" in the Sponsor Support Agreement shall be hereby deemed to be a reference to Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.1(i)</u> of the Sponsor Support Agreement is hereby amended and restated in its entirety as follows:

"*(i) it is an exempted company limited by shares and is existing in good standing under the laws of Alberta, Canada;*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 7.6</u> of the Sponsor Support Agreement is hereby amended and restated in its entirety as follows:

<u>"7*.6 Notices*</u>*. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service or (d) when delivered by email during normal business hours at the location of the recipient, and otherwise on the next following Business Day, addressed as follows:*

*If to SPAC, to:*

*Papaya Growth Opportunity Corp. I<br> 3500 South Dupont Highway, Suite HX-102* 

*Dover, DE 19901<br> E-mail: clay@papayagrowth.com*

*Attention: Clay Whitehead<br>* 

<br> *if prior to the Business Combination, with a copy (which shall not constitute notice) to:*

 

*Greenberg Traurig, LLP<br> One Vanderbilt Avenue<br> New York, New York 10017<br> Email: alan.annex@gtlaw.com; adam.namoury@gtlaw.com<br> Attention: Alan Annex; Adam Namoury*

 

*If to the Company, to:*

*2744026 Alberta Ltd.<br> c/o Questerre Energy Corporation<br> Suite 1650, 801 – 6th Avenue SW<br> Calgary, Alberta T2P 3W2*

*Michael Binnion*

*Email: mbinnion@questerre.com*

 

*with a copy (which shall not constitute notice) to:*

 

*Borden Ladner Gervais LLP<br> 1900, 520 – 3<sup>rd</sup> Avenue SW<br> Calgary, Alberta T2P 0R8<br> Email: spearson@blg.com<br> Attention: Steven Pearson*

 

*If to the Sponsor:*

*Papaya Growth Opportunity I Sponsor, LLC<br> 2201 Broadway, 750*

*Oakland, CA 94612<br> E-mail: clay@papayagrowth.com*

*Attention: Clay Whitehead*

** 

<br> ** 

<br> *with a copy (which shall not constitute notice) to:*

 

*Greenberg Traurig, LLP<br> One Vanderbilt Avenue<br> New York, New York 10017<br> Email: alan.annex@gtlaw.com; adam.namoury@gtlaw.com<br> Attention: Alan Annex; Adam Namoury*"

or to such other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside counsel shall not constitute notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Assignment</u>. As of the Effective Date, pursuant to <u>Section 7.7</u> (*Successors and Assigns; Joinder Agreement*) of the Sponsor Support Agreement, Assignor hereby transfers, assigns, conveys and delivers unto Assignee any and all right, title and interest of Assignor in, to and under the Sponsor Support Agreement and any other documents or instruments delivered pursuant thereto, and Assignee hereby accepts such transfer, assignment, conveyance and delivery of the Sponsor Support Agreement and any other documents or instruments delivered pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Delegation</u>. Subject to the terms of this Amendment, from Effective Date onwards, pursuant to <u>Section 7.7</u> (*Successors and Assigns; Joinder Agreement*) of the Sponsor Support Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assignor hereby delegates to Assignee any and all liabilities, agreements, obligations, rights and duties of Assignor in, under and arising from the Sponsor Support Agreement and any other documents or instruments delivered pursuant thereto, and Assignee hereby assumes responsibility for such liabilities, agreements, obligations, rights and duties of Assignor in, under and arising from the Sponsor Support Agreement and any other documents or instruments delivered pursuant thereto, including without limitation all of Assignor's outstanding and future obligations, duties and liabilities under the Sponsor Support Agreement and any other documents or instruments delivered pursuant thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Party hereby (i) consents to the delegation of Assignor's liabilities, agreements, obligations, rights and duties under the Sponsor Support Agreement and any other documents or instruments delivered thereto from the Effective Date onwards; (ii) irrevocably and unconditionally releases and discharges Assignor and Merger Sub from any and all liabilities, agreements, obligations, rights and duties required to be performed by Assignor and Merger Sub, as applicable, thereunder, including without limitation liabilities, agreements, obligations, rights and duties that arise following the Effective Date; and (iii) recognizes Assignee as Assignor's successor in interest in and to all of Assignor's rights, duties, obligations and liabilities in, to and under the Sponsor Support Agreement and any other documents or instruments delivered thereto, including without limitation all of Assignor's outstanding and future obligations, duties and liabilities under such agreement from the Effective Date onwards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Waiver and Release.</u> Each of the Sponsor, SPAC, and the Assignor, on behalf of itself and its respective officers, directors, equityholders, partners, members, employees, agents, affiliates, representatives, successors and assigns, hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fully and irrevocably releases, discharges, dismisses and waives any and all claims, rights, causes of action, suits, obligations, debts, demands, arrangements, promises, liabilities, controversies, costs, expenses, fees or damages of any kind (including without limitation through recission or other relief), whether known or unknown, accrued or not accrued, foreseen or unforeseen or matured or not matured (collectively, "<u>Claims</u>") that any such persons would or could have, or may hereafter have, against the Assignee and its current and future affiliates (including, without limitation, all persons who control the Assignee within the meaning of the Securities Act), and any of their respective officers, directors, stockholders, partners, members, managers, employees, agents, advisors, representatives, successors and assigns arising out of, based upon or relating to any acts or omissions of any of the Assignor, SPAC, and the Sponsor to the extent (and solely to the extent) such acts or omissions both (i) occurred prior to the Effective Date and (ii) related to any breach or alleged breach of the Sponsor Support Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees not to assist, solicit or encourage, directly or indirectly, any other person or entity to assert any Claim released, discharged, dismissed or waived pursuant to <u>Section 4(a)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confirms that it understands the significance of the foregoing waiver and that the Assignee is relying on the foregoing waiver when deciding to enter into this Amendment and would not enter into this Amendment without the foregoing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Miscellaneous</u>. <u>Sections 1.2</u> (*Terms Generally*), <u>7.6</u> (*Notices*), <u>Section 7.7</u> (*Successors and Assigns; Joinder Agreement*), <u>7.9</u> (*Governing Law*) and <u>7.10</u> (*Jurisdiction; Waiver of Jury Trial*) of the Sponsor Support Agreement are incorporated herein by reference and shall apply, *mutatis mutandis*, to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendments</u>. This Amendment may be amended or modified in whole or in part, only by a duly authorized agreement in writing executed by the parties hereto. Any purported amendment by any party or parties hereto effected in a manner which does not comply with this <u>Section 5</u> shall be null and void, *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Consent</u>. Each Party hereby agrees that this Amendment shall constitute consent on the part of such Party to assign, delegate and amend, as applicable, the Sponsor Support Agreement as such consent is required under <u>Sections 7.5</u> (*Amendments*) and <u>7.7</u> (*Successors and Assigns; Joinder Agreement*) of the Sponsor Support Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Reference to and Effect on Agreements; Entire Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to addressing or interpreting the Sponsor Support Agreement after the Effective Date, any references to "this Agreement" in the Sponsor Support Agreement will mean the Sponsor Support Agreement as modified by this Amendment. Except as specifically amended by this Amendment, the provisions of the Sponsor Support Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to addressing or interpreting the Sponsor Support Agreement with respect to an even that took place prior to the Effective Date, any references to "this Agreement" in the Sponsor Support Agreement shall mean the Sponsor Support Agreement that was in effect on April 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment, the Sponsor Support Agreement (as modified by this Amendment) and the Ancillary Agreements constitute the entire understanding of the parties to this Amendment and supersedes all prior agreements, undertakings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed and delivered by their respective representatives thereunto duly authorized as or the date first above written.

---

| | | |
|:---|:---|:---|
| <u>ASSIGNOR:</u> | FORBES & MANHATTAN RESOURCES INC. | FORBES & MANHATTAN RESOURCES INC. |
|  | By: | /s/ Stan Bharti |
|  | Name: Stan Bharti | Name: Stan Bharti |
|  | Title: Director | Title: Director |
| <u>ASSIGNEE</u>: | 2744026 ALBERTA LTD. | 2744026 ALBERTA LTD. |
|  | By: | /s/ Jason D'Silva |
|  | Name: Jason D'Silva | Name: Jason D'Silva |
|  | Title: Chief Financial Officer | Title: Chief Financial Officer |
| <u>SPAC</u>: | PAPAYA GROWTH OPPORTUNITY CORP. I | PAPAYA GROWTH OPPORTUNITY CORP. I |
|  | By | /s/ Clay Whitehead |
|  | Name: Clay Whitehead | Name: Clay Whitehead |
|  | Title: Chief Executive Officer | Title: Chief Executive Officer |
| <u>SPONSOR</u>: | PAPAYA GROWTH OPPORTUNITY I SPONSOR, LLC | PAPAYA GROWTH OPPORTUNITY I SPONSOR, LLC |
|  | By: | /s/ Clay Whitehead |
|  | Name: Clay Whitehead | Name: Clay Whitehead |
|  | Title: Managing Member | Title: Managing Member |

---

## Exhibit 10.3

**Exhibit 10.3**

EXECUTION VERSION

**TERMINATION AGREEMENT**

<br> This Termination Agreement (this "<u>Termination Agreement</u>") is dated as of September 26, 2025, by and among each such Person listed on <u>Schedule I</u> hereto as a "Shareholder" (the "<u>Shareholders</u>"), Forbes & Manhattan Resources Inc., a corporation incorporated under the laws of the Province of Ontario (the "<u>Company</u>") and Papaya Growth Opportunity Corp. I, a Delaware corporation formed as a special purpose acquisition company ("<u>SPAC</u>"). The Shareholders, the Company and SPAC are sometimes individually referred to herein as a "<u>Party</u>" and collectively as the "<u>Parties</u>."

RECITALS

WHEREAS, the Parties previously entered into that certain Company Shareholder Support Agreement dated April 21, 2025 (the "<u>Company Shareholder Support Agreement</u>"); and

WHEREAS, the Parties desire to enter into this Termination Agreement to provide for the full discharge and termination of the Company Shareholder Support Agreement.

NOW THEREFORE, in consideration of the undertakings of the Parties as set forth in this Termination Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the Parties agree as follows:

1. <u>Termination</u>. The Company Shareholder Support Agreement is hereby fully terminated and of no further
force and effect without any further obligation or liability of any Party due or owing thereunder to any other Party or any other person
or entity.

2. <u>Governing Law and Venue</u>. This Company Shareholder Support Agreement and all disputes or controversies
arising out of or relating to this Termination Agreement shall be governed by, and construed in accordance with, the internal laws of
the State of New York, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles
of the State of New York.

3. <u>Binding Agreement</u>. This Termination Agreement shall be binding upon and inure to the benefit of
the successors, assigns and legal representatives of the Parties. Each Party acknowledges and agrees that it fully understands the provisions
set forth in this Termination Agreement and their effect, and that each Party is voluntarily entering into this Termination Agreement.

4. <u>Severability</u>. If any provision or portion of this Termination Agreement shall be held by a court
of competent jurisdiction to be illegal, invalid, or unenforceable, the remaining provisions or portions shall remain in full force and
effect.

5. <u>Counterparts</u>. This Termination Agreement may be executed in one or more counterparts, each of which
will be deemed to be an original, but all of which together will constitute one and the same instrument. An executed signature page delivered
via facsimile transmission or electronic signature shall be deemed as effective as an original executed signature page.

6. <u>Entire Agreement; Modification</u>. This Termination Agreement is the entire agreement between the
Parties with respect to the subject matter hereof and supersedes any prior agreement or communications between the Parties, whether written,
oral, electronic or otherwise, with respect to the subject matter hereof. No change, modification, amendment, or addition of or to this
Termination Agreement shall be valid unless in writing and signed by authorized representatives of the Parties.

*[Signature page follows]*

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

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| FORBES & MANHATTAN RESOURCES INC. | FORBES & MANHATTAN RESOURCES INC. |
| By: | /s/ Stan Bharti |
| Name: Stan Bharti | Name: Stan Bharti |
| Title: Director | Title: Director |
| **SPAC:** | **SPAC:** |
| PAPAYA GROWTH OPPORTUNITY CORP. ILLC | PAPAYA GROWTH OPPORTUNITY CORP. ILLC |
| By: | /s/ Clay Whitehead |
| Name: Clay Whitehead | Name: Clay Whitehead |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **SHAREHOLDERS:** | **SHAREHOLDERS:** |
| FORBES & MANHATTAN LIMITED | FORBES & MANHATTAN LIMITED |
| By: | /s/ Stan Bharti |
| Name: Stan Bharti | Name: Stan Bharti |
| Title: Director | Title: Director |
| 1917478 HOLDINGS ULC | 1917478 HOLDINGS ULC |
| By: | /s/ Julian Bharti |
| Name: Julian Bharti | Name: Julian Bharti |
| Title: President | Title: President |
| 1313986 BC ULC | 1313986 BC ULC |
| By: | /s/ Christy Bharti |
| Name: Christy Bharti | Name: Christy Bharti |
| Title: Owner | Title: Owner |
| /s/ Peter Tagliamonte | /s/ Peter Tagliamonte |
| PETER TAGLIAMONTE | PETER TAGLIAMONTE |
| /s/ Neil Said | /s/ Neil Said |
| NEIL SAID | NEIL SAID |
| /s/ Craig Marchuk | /s/ Craig Marchuk |
| CRAIG MARCHUK | CRAIG MARCHUK |

---