# EDGAR Filing Document

**Accession Number:** 0002081206
**File Stem:** 0000950103-26-006306
**Filing Date:** 2026-4
**Character Count:** 254377
**Document Hash:** 6e524d3e5024bf595184c0d1f381ebea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-006306.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000950103-26-006306

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGI Inc
- **CENTRAL INDEX KEY:** 0002081206
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295393
- **FILM NUMBER:** 26909844

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** RUA SERGIO FERNANDES BORGES SOARES,1000
- **STREET 2:** PREDIO E1
- **CITY:** CAMPINAS
- **NON US STATE TERRITORY:** SAO PAULO
- **PROVINCE COUNTRY:** D5
- **ZIP:** 13054-709
- **BUSINESS PHONE:** 55 (19) 3031-4000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** RUA SERGIO FERNANDES BORGES SOARES,1000
- **STREET 2:** PREDIO E1
- **CITY:** CAMPINAS
- **NON US STATE TERRITORY:** SAO PAULO
- **PROVINCE COUNTRY:** D5
- **ZIP:** 13054-709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Agi, Inc.
- **DATE OF NAME CHANGE:** 20250812

**As filed with the Securities and Exchange Commission on April 28, 2026** 

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

________________

**FORM S-8**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

________________

**AGI Inc**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer Identification<br> No.) |
| **Rua Sergio Fernandes Borges Soares, 1000, Prédio E1**<br> **Campinas, SP, Brazil**<br> **+55 19 3031-4000** | **13054-709** |
| (Address of Principal Executive Offices) | (Zip Code)<br>|

---

****

<br> **AGI Inc 2026 Omnibus Incentive Plan**

<br> (Full Title of the Plans)

**Cogency Global Inc.**<br> **122 East 42nd Street, 18th Floor**<br> **New York, NY 10168**<br> ****<br> (Name and Address of Agent For Service)<br>

**(212) 947-7200**<br> (Telephone Number, Including Area Code, of Agent for Service)<br>

___________________

*Copies to:*

**Manuel Garciadiaz**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 450-4000** <br>

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □ Accelerated filer □ <br> Non-accelerated filer ⌧ (Do not check if a smaller reporting company) Smaller reporting company □ <br> 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 7(a)(2)(B) of the Securities Act. □

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (this "Registration Statement") in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of the Form S-8 instructions. The documents containing the information specified in Part I will be delivered to the participants in the plans as required by Rule 428(b)(1).

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents filed by AGI Inc (the "Registrant") with the Securities and Exchange Commission (the "Commission") pursuant to the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Registration Statement on Form F-1/A filed by the Registrant with the Commission on January 29, 2026 (File No. 333-292720), which contains the Registrant's audited financial statements for the latest fiscal year for which such financial statements have been filed (including any schedules appended thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registrant's prospectus filed by the Registrant with the Commission pursuant to Rule 424(b) under the Securities Act, relating to the Registrant's Registration Statement on Form F-1/A filed by the Registrant with the Commission on January 29, 2026 (File No. 333-292720), including any amendments or supplements thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of the Registrant's share capital which is contained in the Registrant's Registration Statement on Form 8-A (File No. 001-43114), filed by the Registrant with the Commission on February 10, 2026, including any amendments or supplements thereto.<br>

In addition, all documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents; except as to any portion of any future annual or quarterly report to shareholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent that any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as providing indemnification against dishonesty, willful default or fraud or the consequences of committing a crime.

The Registrant's amended and restated memorandum and articles of association, which became effective immediately prior to the Registrant's initial public offering, contains provisions that shall indemnify and hold harmless the Registrant's directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts incurred or sustained by such directors or officers, other than by reason of such person's own dishonesty, willful default or fraud, in or about the conduct of the Registrant's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil, criminal or other proceedings concerning the Registrant's us or our affairs in any court whether in the Cayman Islands or elsewhere.

Further, the Registrant has entered into indemnification agreements with each of the Registrant's directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require the Registrant, among other things, to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require the Registrant to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding. The Registrant believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions that are included in the Registrant's amended and restated memorandum and articles of association and in indemnification agreements that the Registrant has entered into with the Registrant's directors and executive officers may discourage shareholders from bringing a lawsuit against its directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Registrant's directors and executive officers, even though an action, if successful, might benefit the Registrant and other shareholders. Further, a shareholder's investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, the Registrant is not aware of any pending litigation or proceeding involving any person who is or was one of the Registrant's directors, officers, employees or other agents or is or was serving at the Registrant's request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and the Registrant is not aware of any threatened litigation that may result in claims for indemnification.

The Registrant has obtained insurance policies under which, subject to the limitations of the policies, coverage will be provided to its directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to the Registrant with respect to payments that may be made by the Registrant to these directors and executive officers pursuant to the Registrant's indemnification obligations or otherwise as a matter of law.

Certain of the Registrant's non-employee directors may, through their relationships with their employers, be insured or indemnified against certain liabilities incurred in their capacity as members of the Registrant's board of directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption for Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 4.1\* | [Amended and Restated Memorandum and Articles of Association of AGI Inc.](dp245105_ex0401.htm) |
| 5.1\* | [Opinion of Maples and Calder (Cayman) LLP.](dp245105_ex0501.htm) |
| 23.1\* | [Consent of Ernst & Young Auditores Independentes S/S Ltda.](dp245105_ex2301.htm) |
| 23.2\* | [Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.1).](dp245105_ex0501.htm) |
| 23.3\* | [Consent of Euromonitor International Limited.](dp245105_ex2303.htm)  |
| 24.1\* | [Power of Attorney (included in signature page hereof).](#a_001) |
| 99.1\* | [AGI Inc 2026 Omnibus Incentive Plan.](dp245105_ex9901.htm) |
| 107\* | [Filing Fee Table](dp245105_exfilingfees.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Table" set forth in Exhibit 107 to this Registration Statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Campinas, Brazil, on April 28, 2026.

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| | | |
|:---|:---|:---|
| AGI Inc | AGI Inc | AGI Inc |
| By: | /s/ Marcello Winnik Dubeux | /s/ Marcello Winnik Dubeux |
|  | Name: | Marcello Winnik Dubeux |
|  | Title: | Chief Financial Officer |

---

**POWER OF ATTORNEY AND SIGNATURES**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Marciano Testa and Marcello Winik Dubeux and each of them, the true and lawful attorneys-in-fact of the undersigned, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any or all amendments to this Registration Statement, including post-effective amendments, and registration statements filed pursuant to Rules 413 or 462 under the Securities Act, and to file or cause to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys or attorneys-in-fact or any of them or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons on the dates and in the capacities indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Marciano Testa<br> Marciano Testa | Chief Executive Officer and Director<br> (principal executive officer) | April 28, 2026 |
| /s/ Marcello Winik Dubeux<br> Marcello Winik Dubeux | Chief Financial Officer and Investor Relations Officer<br> (principal financial officer) | April 28, 2026 |
| /s/ Rafael de Oliveira Morais <br> Rafael de Oliveira Morais  | Chief Risk and Controllership Officer <br> (principal accounting officer) | April 28, 2026 |
| /s/ Glauber Marques Correa <br> Glauber Marques Correa  | Director | April 28, 2026 |
| /s/ Gabriel Felzenszwalb<br> Gabriel Felzenszwalb | Director | April 28, 2026 |
| /s/ Daniel Krepel Goldberg<br> Daniel Krepel Goldberg | Director | April 28, 2026 |
| /s/ Humberto Goes Linaris<br> Humberto Goes Linaris | Director | April 28, 2026 |
| /s/ Aod Cunha de Moraes Junior<br> Aod Cunha de Moraes Junior | Director | April 28, 2026 |
| /s/ Rosa Rios <br> Rosa Rios  | Director | April 28, 2026 |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of AGI Inc in the United States, has signed this registration statement on April 28, 2026.

---

| | | |
|:---|:---|:---|
| Authorized U.S. Representative<br>COGENCY GLOBAL INC. | Authorized U.S. Representative<br>COGENCY GLOBAL INC. | Authorized U.S. Representative<br>COGENCY GLOBAL INC. |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Sr. Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 4.1

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED** 

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**AGI INC**

(adopted by Special Resolution passed on 10 February 2026)

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION**

**OF**

**AGI INC**

(adopted by Special Resolution passed on 10 February 2026)

1 The name of the Company is AGI Inc.

2 The registered office of the Company shall be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide.

3 Subject to the following provisions of this Memorandum, the objects for which the Company is established are unrestricted.

4 Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2) of the Act.

5 Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required under the laws of the Cayman Islands unless duly licensed.

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| | |
|:---|:---|
| 6 | The Company shall not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that nothing in this clause shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands. |

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| | |
|:---|:---|
| 7 | The liability of each Member is limited to the amount from time to time unpaid on such Member's shares. |

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| | |
|:---|:---|
| 8 | The share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a nominal or par value of US$0.00005 each which comprise (i) 600,000,000 Class A Common Shares; (ii) 150,000,000 Class B Common Shares; and (iii) 250,000,000 shares of such class or classes (howsoever designated) and having the rights as the Board may determine from time to time in accordance with Article 4 of these Articles of Association of the Company, PROVIDED THAT, subject to the Act and these Articles of Association, the Company shall have the power to issue all or any part of its capital, whether original, redeemed, increased or reduced, with or without any preference, priority, special privilege or other rights or subject to any postponement of rights or to any condition or restriction whatsoever and so that, unless the conditions of issue shall otherwise expressly provide, every issue of shares, whether stated to be common, preference or otherwise shall be subject to the powers on the part of the Company hereinbefore provided. |

---

9 The Company may exercise the power contained in the Act to deregister in the Cayman Islands and be registered by way of continuation in another jurisdiction.

10 Capitalised terms that are not defined in this Memorandum of Association bear the meaning given in these Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**AGI INC**

(adopted by Special Resolution passed on 10 February 2026)

1 Preliminary

1.1 The regulations contained in Table A in the First Schedule of the Act shall not apply to the Company and
the following regulations shall be these Articles of Association of the Company.

1.2 In these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the following terms shall have the meanings set opposite if not inconsistent with the subject or context:

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| | |
|:---|:---|
| "**Act**" | the Companies Act (As Revised); |
| "**Allotment**" | shares are taken to be allotted when a person acquires the unconditional right to be included in the Register of Members in respect of those shares; |
| "**Affiliate**" | in respect of a Person, means any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, a trust for the benefit of such person, or a company, partnership or any natural person or entity controlled by such person, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity; |
| "**Articles**" | these articles of association of the Company as from time to time amended by Special Resolution; |
| "**Audit Committee**" | the audit committee of the Company formed by the Board pursuant to Article 24 hereof, or any successor of the audit committee; |
| "**Board" or "Board of Directors**" | the board of directors of the Company; |
| "**Business Combination**" | a statutory amalgamation, merger, consolidation, arrangement or other reorganization requiring the approval of the members of one or more of the participating companies as well as a short-form merger or consolidation that does not require a resolution of members; |

---

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| | |
|:---|:---|
| "**Chairman**" | the chairman of the Board of Directors appointed in accordance with Article 20.2; |
| "**Change of Control**" | (i) the merger or consolidation of the Company or any of its subsidiaries with or into another Person (other than the Company or any of its wholly owned subsidiaries) or the merger of another Person (other than the Company or any of its wholly owned subsidiaries) with or into the Company or any of its subsidiaries, (ii) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole to any Person other than a wholly owned subsidiary of the Company or (iii) any "person" or "group" (as such terms are used for purposes of Section 13(d) of the Exchange Act) is or becomes the a beneficial owner, directly or indirectly, of more than 50% of the Total Voting Power or acquires the power to direct or cause the direction of the management and policies of the Company, whether through the ownership of voting securities, by contract or otherwise; |
| "**Class A Common Shares**" | class A common shares in the capital of the Company having the rights provided for in these Articles; |
| "**Class B Common Shares**" | class B common shares in the capital of the Company having the rights provided for in these Articles; |
| "**Class B Shareholder Consent**" | the consent in writing of the holders of Class B Common Shares holding at least a majority of the Class B Common Shares in issue; |
| "**Clear days**" | in relation to a period of notice means that period excluding both the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect; |
| "**Clearing House**" | a clearing house recognized by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction; |
| "**Common Shares**" | Class A Common Shares, Class B Common Shares and shares of such other classes as may from time to time be designated by the Board pursuant to these Articles as being common shares for the purposes of Article 5.2; |
| "**Company**" | the above named company; |
| "**Company's Website**" | the website of the Company and/or its web-address or domain name; |
| "**Control**" | the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, shares having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |

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| | |
|:---|:---|
| "**Designated Stock** <br>**Exchange**"<br>| the New York Stock Exchange and any other stock exchange or interdealer quotation system listed in Schedule 4 of the Act on which shares in the capital of the Company are listed or quoted; |
| "**Directors**" | the Directors for the time being of the Company or, as the case may be, those Directors assembled as a Board or as a committee of the Board; |
| **"Dividend"** | includes a distribution or interim dividend or interim distribution; |
| **"Electronic"** | has the same meaning as in the Electronic Transactions Act (As Revised); |
| **"Electronic Communication"** | a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the SEC's website) or other electronic delivery methods as otherwise decided and approved by the Board; |
| **"Electronic Record"** | has the same meaning as in the Electronic Transactions Act (As Revised); |
| **"Electronic Signature"** | has the same meaning as in the Electronic Transactions Act (As Revised); |
| **"Exchange Act"** | the Securities Exchange Act of 1934, as amended of the United States of America; |
| **"Executed"** | includes any mode of execution; |
| **"Founding Shareholder"** | Mr. Marciano Testa, so long as he or any of his Affiliates or permitted transferees in accordance with Article 5.4(a) (4) shall "beneficially own" (as such term is defined in Rule 13d-3 of the Exchange Act) any Company shares; |
| **"Holder"** | in relation to any share, the Member whose name is entered in the Register of Members as the holder of the share; |
| **"Incentive Plan"** | any incentive plan or scheme established or implemented by the Company pursuant to which any Person who provides services of any kind to the Company or any of its direct or indirect subsidiaries (including, without limitation, any employee, executive, officer, director, consultant, secondee or other provider of services) may receive and/or acquire newly-issued shares of the Company or any interest therein; |
| **"Indemnified Person"** | every Director, alternate Director, Secretary or other officer for the time being or from time to time of the Company; |
| **"Independent Director"** | a Director who is an independent director as defined in the rules of any Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be; |
| **"Islands"** | the British Overseas Territory of the Cayman Islands; |
| **"Member"** | has the same meaning as in the Act; |

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| | |
|:---|:---|
| **"Memorandum"** | the memorandum of association of the Company as from time to time amended; |
| **"Month"** | a calendar month; |
| **"Officer"** | includes a Director and any Secretary; |
| **"Ordinary Resolution"** | a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote present in person or by proxy and voting at the meeting, and includes a unanimous written resolution of all Members entitled to vote; |
| **"Other Indemnitors"** | persons or entities other than the Company that may provide indemnification, advancement of expenses and/or insurance to the Indemnified Persons in connection with such Indemnified Persons' involvement in the management of the Company; |
| **"Paid up"** | paid up as to the par value of the shares and includes credited as paid up; |
| **"Person"** | any individual, corporation, general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organization or any other entity or governmental entity; |
| **"Register of Members"** | the register of Members required to be kept pursuant to the Act; |
| **"Seal"** | the common seal of the Company including every duplicate seal; |
| **"SEC"** | the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Secretary"** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |
| **"Securities Act"** | the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time; |
| **"Share"** | a share in the share capital of the Company, and includes stock (except where a distinction between shares and stock is expressed or implied) and includes a fraction of a share; |
| **"Signed"** | includes an Electronic Signature or any other representation of a signature affixed by mechanical means; |
| **"Special Resolution"** | has the same meaning as in the Act (thus requiring a two-thirds majority) and includes a unanimous written resolution of all Members entitled to vote and expressed to be a special resolution; |
| **"Subsidiary"** | a company is a subsidiary of another company if that other company: (i) holds a majority of the voting rights in it; (ii) is a member of it and has the right to appoint or remove a majority of its board of directors; or (iii) is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it; or if it is a subsidiary of a company which is itself a subsidiary of that other company. For the purpose of this definition the expression "company" includes any body corporate established in or outside of the Islands; |

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| | |
|:---|:---|
| **"Total Voting Power"** | the aggregate voting power of all issued Shares entitling the holders thereof to receive notice of, attend, speak and vote at general meetings of the Company, voting together as a single class; |
| **"Treasury Share"** | a share held in the name of the Company as a treasury share in accordance with the Act; |
| **"U.S. Person"** | a Person who is a citizen or resident of the United States of America; |
| **"Written and in Writing"** | includes all modes of representing or reproducing words in visible form including in the form of an Electronic Record. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the context otherwise requires, words or expressions defined in the Act shall have the
same meanings herein but excluding any statutory modification thereof not in force when these Articles become binding on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the context otherwise requires: (i) words importing the singular number shall include the plural
number and vice-versa; (ii) words importing the masculine gender only shall include the feminine gender; and (iii) words importing persons
only shall include companies or associations or bodies of person whether incorporated or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any phrase introduced by the terms "including", "include", "in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the headings herein are for convenience only and shall not affect the construction of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to statutes are, unless otherwise specified, references to statutes of the Islands and, subject
to paragraph (b) above, include any statutory modification or re-enactment thereof for the time being in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also
effective for that purpose.

2 Formation Expenses

The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company including the expenses of registration.

3 Situation of offices of the Company

3.1 The registered office of the Company shall be at such address in the Islands as the Board shall from time
to time determine.

3.2 The Company, in addition to its registered office, may establish and maintain such other offices, places
of business and agencies in the Islands and elsewhere as the Board may from time to time determine.

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| | |
|:---|:---|
| 4 | Shares |

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4.1 (a) Subject to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum
and these Articles (including, where applicable, any requirement for Class B Shareholder Consent), the Board has general and unconditional
authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the capital of the Company without
the approval of Members (whether forming part of the original or any increased share capital), either at a premium or at par, with or
without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise
and to such persons, on such terms and conditions, and at such times as the Board may decide, but so that no share shall be issued at
a discount, except in accordance with the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In particular and without prejudice to the generality of paragraph (a) above, the Board is hereby empowered
to authorise by resolution or resolutions from time to time and, except where Class B Shareholder Consent is required, without the approval
of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creation of one or more classes or series of preferred shares, to cause to be issued such preferred
shares and to fix the designations, powers, preferences and relative participating, optional and other rights, if any, and the qualifications,
limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series,
dividend rights, conversion rights, redemption privileges, voting rights and powers (including full or limited or no voting rights or
powers) and liquidation preferences, and to increase or decrease the number of shares comprising any such class or series (but not below
the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by law. Without limiting the
generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares
may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred
shares of any other class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to designate for issuance as Class A Common Shares or Class B Common Shares from time to time any or all
of the authorised but unissued shares of the Company which have not at that time been designated by the Memorandum or by the Directors
as being shares of a particular class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to create one or more further classes of shares which represent common shares for the purposes of Article
5.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to re-designate authorised but unissued Class B Common Shares from time to time as shares of another class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not issue shares or warrants to bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the rules of any Designated Stock Exchange, the Board shall have general and unconditional
authority to issue options, warrants or convertible securities of similar nature conferring the right upon the holders thereof to subscribe
for, purchase or receive any class of shares or securities in the capital of the Company to such persons, on such terms and conditions
and at such times as the Board may decide.

4.2 Notwithstanding Article 4.1, Class B Common Shares may only be issued pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a share-split, subdivision or similar transaction or as contemplated in Articles 5.6 or 34.1(b) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Business Combination involving the issuance of Class B Common Shares as full or partial consideration
that has been approved by Class B Shareholder Consent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an issuance of Class A Common Shares, whereby holders of Class B Common Shares are entitled to purchase
a number of Class B Common Shares that would allow them to maintain their proportional ownership interest in the Company pursuant to Article
4.3, provided that the holders of Class B Common Shares may only exercise such preemptive rights if the exercise of such preemptive rights
is approved by Class B Shareholder Consent prior to the expiry of the period during which the relevant offer may be accepted.

4.3 With effect from the date on which any shares of the Company are first admitted to trading on a Designated
Stock Exchange, subject to Articles 4.4, 4.5 and 4.6, the Company shall not issue Class A Common Shares to a person on any terms unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has made an offer to each person who holds Class B Common Shares in the Company to issue to him on
the same economic terms such number of Class B Common Shares as would ensure that the proportion in nominal value of the issued Common
Shares held by him as Class B Common Shares after the issuance of such Class A Common Shares will be as nearly as practicable
equal to the proportion in nominal value of the issued Common Shares held by him as Class B Common Shares before the said issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the exercise of such preemptive right is rejected or not approved by Class B Shareholder Consent prior
to the expiry of the period during which any such offer may be accepted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (1) the exercise of such preemptive right is approved by Class B Shareholder Consent prior to the expiry
of the period during which any such offer may be accepted; and (2) either (A) the period during which any such offer may be accepted has
expired; or (B) the Company has received notice of the acceptance or refusal of every offer so made.

An offer made pursuant to this Article 4.3 may be made in either hard copy or by Electronic Communication, must state a period during which it may be accepted and the offer shall not be withdrawn before the end of that period. The period referred to must be at least 14 days beginning with the date on which the offer is deemed to be delivered in accordance with Article 36.

4.4 An offer shall not be regarded as being made contrary to the requirements of Article 4.3 by reason only
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fractional entitlements are rounded or otherwise settled or sold at the discretion of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no offer of Class B Common Shares is made to a shareholder where the making of such an offer would in
the view of the Board pose legal or practical problems in or under the laws or securities rules of any territory or the requirements of
any regulatory body or stock exchange such that the Board considers it is necessary or expedient in the interests of the Company to exclude
such shareholder from the offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the offer is conditional upon the said issue of Class A Common Shares proceeding.

4.5 The provisions of Article 4.3 do not apply in relation to the issue of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class A Common Shares if these are, or are to be, wholly or partly paid up otherwise than in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class A Common Shares which would, apart from any renunciation or assignment of the right to their allotment,
be held under or issued pursuant to an Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Class A Common Shares issued in furtherance of an initial public offering of shares of the Company (IPO)
or issued to underwriters in connection with an IPO pursuant to any over-allotment options granted by the Company.

4.6 Holders of Class B Common Shares may from time to time by a Class B Shareholder Consent, referring to
this Article 4.6, authorise the Board to issue Class A Common Shares for cash and, on the granting of such an authority, the Board shall
have the power to issue (pursuant to that authority) Class A Common Shares for cash as if Article 4.3 above did not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more issuances of Class A Common Shares to be made pursuant to that authority; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such issuances with such modifications as may be specified in that authority,

and unless previously revoked, that authority shall expire on the date (if any) specified in the authority or, if no date is specified, 12 months after the date on which the authority is granted, but the Company may before the power expires make an offer or agreement which would or might require Class A Common Shares to be issued after it expires.

4.7 Notwithstanding Article 4.1, no non-voting Common Shares shall be issued without such issuance first being
approved by an Ordinary Resolution, which Ordinary Resolution shall also be passed with the affirmative vote of Members holding a majority
of the then outstanding Class A Common Shares.

4.8 Notwithstanding Article 4.1, without prior Class B Shareholder Consent, the Board may not designate or
issue any class of shares with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dividend rights, conversion rights, redemption privileges and powers and/or liquidation preferences superior
to the rights of the Class B Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entitling the holder thereof to more than one vote per share held.

4.9 The Company may issue fractions of a share of any class and a fraction of a share shall be subject to
and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise
howsoever), limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share
of that class of shares.

4.10 The Company may, in so far as the Act permits, pay a commission to any person in consideration of his
subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure subscriptions (whether
absolute or conditional) for any shares in the capital of the Company. Such commissions may be satisfied by the payment of cash or the
allotment of fully or partly paid up shares or partly in one way and partly in the other. The Company may also, on any issue of shares,
pay such brokerage fees as may be lawful.

4.11 Except as required by law, no person shall be recognised by the Company as holding any share upon any
trust and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any share (except only as by these Articles or by law otherwise provided) or any other rights in respect
of any share except an absolute right to the entirety thereof in the holder.

4.12 (a) If at any time the share capital is divided into different classes of shares, the rights attached
to any class of shares (unless otherwise provided by these Articles or the terms of issue of the shares of that class) may be varied with:
(i) the consent in writing of the holders of two-thirds of the issued shares of that class or, in the case of the Class B Common Shares,
a Class B Shareholder Consent, or (ii) other than in the case of Class B Common Shares, the sanction of a Special Resolution passed at
a separate general meeting of the holders of the shares of that class. To every such separate general meeting, the provisions of these
Articles relating to general meetings shall mutatis mutandis apply, but so that the necessary quorum shall be any one or more persons
holding or representing by proxy not less than one-third of the issued shares of the class and that any holder of shares of the class
present in person or by proxy may demand a poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of Article 4.12, the Directors may treat all classes of shares or any two or more classes
of shares as forming one class if they consider that all such classes would be affected in the same way by the proposals under consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights conferred upon the holders of the shares of any class shall not, unless otherwise expressly
provided by the terms of issue of the shares of that class, be deemed to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creation or issue of further shares ranking pari passu therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the redemption or purchase of any shares of any class by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of authorised but unissued shares of that class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the creation or issue of shares with preferred or other rights including, without limitation, the creation
of any class or issue of shares with enhanced or weighted voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights conferred upon holders of Class A Common Shares shall not be deemed to be varied by the creation
or issue from time to time of further Class B Common Shares and the rights conferred upon holders of Class B Common Shares shall not be
deemed to be varied by the creation or issue from time to time of further Class A Common Shares.

4.13 The Directors may accept contributions to the capital of the Company otherwise than in consideration of
the issue of shares and the amount of any such contribution may, unless otherwise agreed at the time such contribution is made, be treated
by the Company as a distributable reserve, subject to the provisions of the Act and these Articles.

5 Class A Common Shares and Class B Common Shares

5.1 Holders of Class A Common Shares and Class B Common Shares have the right to receive notice of, attend,
speak and vote at general meetings of the Company. Holders of Class A Common Shares and Class B Common Shares shall at all times vote
together as one class on all resolutions submitted to a vote by the Members in general meetings. Each Class A Common Share shall entitle
the holder to one (1) vote on all matters subject to a vote at general meetings of the Company, and each Class B Common Share shall entitle
the holder to ten (10) votes on all matters subject to a vote at general meetings of the Company.

5.2 Without prejudice to any special rights conferred thereby on the holders of any other shares or class
of shares established pursuant to the Memorandum and/or these Articles from time to time, holders of Common Shares shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the
purposes of a reorganization or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) generally be entitled to enjoy all of the rights attaching to shares.

5.3 In no event shall Class A Common Shares be convertible into Class B Common Shares.

5.4 Class B Common Shares shall be convertible into Class A Common Shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Right of Conversion*** . Class B Common Shares shall be convertible into the same
number of Class A Common Shares, on a share-to-share basis, in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a holder of Class B Common Shares has the right to call upon the Company to effect a conversion of all
or any of his Class B Common Shares which right shall be exercised, at any time after issue and without payment of any additional sum,
by notice in writing given to the Company at its registered office (and which conversion shall be effected by the Company promptly upon
delivery of the said notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the holder(s) of a majority of the then outstanding Class B Common Shares have the right to require that
all outstanding Class B Common Shares be converted, which right shall be exercised, at any time after issue and without payment of any
additional sum, by notice in writing (which may be in one or more counterparts) signed by each of such holders given to the Company at
its registered office (and which conversion shall be effected by the Company promptly upon delivery of the said notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a Class B Common Share shall automatically convert into a Class A Common Share immediately and without
further action by the holder upon the registration of any transfer of a Class B Common Share (whether or not for value and whether or
not the certificate(s) (if any) representing such Class B Common Share are surrendered to the Company) in the Register of Members if such
transfer is made to heirs and/or successors of Mr. Marciano Testa due to the death of Mr. Marciano Testa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) subject to Article 5.4(a)(3), a Class B Common Share shall automatically convert into a Class A Common
Share immediately and without further action by the holder upon the registration of any transfer of a Class B Common Share (whether or
not for value and whether or not the certificate(s) (if any) representing such Class B Common Share are surrendered to the Company) in
the Register of Members, other than any transfers to the following permitted transferees:

&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) a holder of Class B Common Shares, to an Affiliate of a holder of Class B Common 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;(ii) one or more trustees of a trust established for the benefit of the holder or an Affiliate or immediate
family of a holder of the Class B Common Share;

&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) a partnership, corporation or other entity exclusively owned or controlled (whether wholly or jointly)
by the holder or an Affiliate of the holder of the Class B Common Share;

&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) transfers to organisations that are exempt from taxation under Section 501(3)(c) of the United States
Internal Revenue Code of 1986, as amended (or any successor thereto).

For the avoidance of doubt, the creation of any pledge, charge, encumbrance or other security interest or third party right of whatever description on any Class B Common Shares to secure a holder's contractual or legal obligations shall not be deemed to be a transfer unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in such third party (or its nominee) holding legal title to the related Class B Common Shares, in which case all the related Class B Common Shares shall be automatically and immediately converted into the same number of Class A Common Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if at any time, the total voting power of the issued and outstanding Class B Common Shares is less than
10% of the Total Voting Power, the Class B Common Shares then in issue shall automatically and immediately convert into Class A Common
Shares and no Class B Common Shares shall be issued by the Company thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Mechanics of Conversion*** . Before any holder of Class B Common Shares shall be
entitled to convert such Class B Common Shares into Class A Common Shares pursuant to sub-paragraph (a) (1) above, the holder shall, if
available, surrender the certificate or certificates therefor, duly endorsed (where applicable), at the registered office of the Company.

Upon the occurrence of one of the bases of conversion provided for in paragraph (a) above, the Company shall enter or procure the entry of the name of the relevant holder of Class B Common Shares as the holder of the relevant number of Class A Common Shares resulting from the conversion of the Class B Common Shares in, and make any other necessary and consequential changes to, the Register of Members and shall procure that certificate(s) in respect of the relevant Class A Common Shares, together with a new certificate for any unconverted Class B Common Shares comprised in the certificate(s) surrendered by the holder of the Class B Common Shares, are issued to the holders of the Class A Common Shares and Class B Common Shares, as the case may be, if so requested.

Any conversion of Class B Common Shares into Class A Common Shares pursuant to this Article 5 shall be effected by any manner permitted by applicable law (including by means of: (i) the re-designation and re-classification of the relevant Class B Common Share as a Class A Common Share together with such rights and restrictions for the time being attached thereto and shall rank pari passu in all respects with the Class A Common Shares then in issue; and/or (ii) the compulsory redemption without notice of Class B Common Shares and the automatic application of the redemption proceeds in paying for such new Class A Common Shares into which the Class B Shares have been converted). Such conversion shall become effective forthwith upon entries being made in the Register of Members to record the conversion.

If the conversion is in connection with an underwritten public offering of securities, the conversion may, at the option of any holder tendering such Class B Common Shares for conversion, be conditional upon the closing with the underwriters of the sale of securities pursuant to such offering, in which event any persons entitled to receive Class A Common Shares upon conversion of such Class B Common Shares shall not be deemed to have converted such Class B Common Shares until immediately prior to the closing of such sale of securities.

The Company shall at all times reserve and keep available out of its authorised but unissued Class A Common Shares, for the purpose of effecting the conversion of the Class B Common Shares, such number of Class A Common Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective upon and with effect from the conversion of a Class B Common Share into a Class A Common Share
in accordance with this Article 5.4, the converted share shall be treated for all purposes as a Class A Common Share and shall carry the
rights and be subject to the restrictions attaching to Class A Common Shares.

5.5 No subdivision of Class A Common Shares into shares of an amount smaller than the nominal or par value
of such shares at the relevant time shall be effected unless Class B Common Shares are concurrently and similarly subdivided in the same
proportion and the same manner, and no subdivision of Class B Common Shares into shares of an amount smaller than the nominal or par value
of such shares at the relevant time shall be effected unless Class A Common Shares are concurrently and similarly subdivided in the same
proportion and the same manner.

5.6 No consolidation of Class A Common Shares into shares of an amount larger than the nominal or par value
of such shares at the relevant time shall be effected unless Class B Common Shares are concurrently and similarly consolidated in the
same proportion and the same manner, and no consolidation of Class B Common Shares into shares of an amount larger than the nominal or
par value of such shares at the relevant time may be effected unless Class A Common Shares are concurrently and similarly consolidated
in the same proportion and the same manner.

5.7 In the event that a dividend or other distribution is paid by the issue of Class A Common Shares or Class
B Common Shares or rights to acquire Class A Common Shares or Class B Common Shares (i) holders of Class A Common Shares shall receive
Class A Common Shares or rights to acquire Class A Common Shares, as the case may be; and (ii) holders of Class B Common Shares shall
receive Class B Common Shares or rights to acquire Class B Common Shares, as the case may be.

5.8 No Business Combination (whether or not the Company is the surviving entity) shall proceed unless by the
terms of such transaction: (i) the holders of Class A Common Shares have the right to receive, or the right to elect to receive, the same
form of consideration as the holders of Class B Common Shares, and (ii) the holders of Class A Common Shares have the right to receive,
or the right to elect to receive, at least the same amount of consideration on a per share basis as the holders of Class B Common Shares. The
Directors shall not approve such a transaction unless the requirements of this Article are satisfied.

5.9 No tender or exchange offer to acquire any Class A Common Shares or Class B Common Shares by any third
party pursuant to an agreement to which the Company is to be a party, nor any tender or exchange offer by the Company to acquire any Class
A Common Shares or Class B Common Shares shall be approved by the Company unless by the terms of such transaction: (i) the holders of
Class A Common Shares shall have the right to receive, or the right to elect to receive, the same form of consideration as the holders
of Class B Common Shares, and (ii) the holders of Class A Common Shares shall have the right to receive, or the right to elect to receive,
at least the same amount of consideration on a per share basis as the holders of Class B Common Shares. The Directors shall
not approve such a transaction unless the requirements of this Article are satisfied.

5.10 Save and except for voting rights and conversion rights and as otherwise set out in Article 4.3 and in
this Article 5, Class A Common Shares and the Class B Common Shares shall rank pari passu and shall have the same rights, preferences,
privileges and restrictions and share ratably and otherwise be identical in all respects as to all matters.

6 Share Certificates

6.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise
identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer or conversion shall
be cancelled and subject to these Articles and, save as provided in Articles 6.3, 7 and 8 below and in the case of a conversion of shares
pursuant to Article 5.4, no new certificate shall be issued until the former certificate representing a like number of relevant Shares
shall have been surrendered and cancelled.

6.2 Every share certificate of the Company shall bear legends required under the applicable laws, including
the Securities Act.

6.3 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and payment of the expenses reasonably incurred by the Company in investigating evidence as the Directors
may determine but otherwise free of charge, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

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| 7 | Lien |

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7.1 The Company shall have a first and paramount lien on every share (not being a share which is fully paid
as to its par value and share premium) for all moneys (whether presently payable or not) payable at a fixed time or called in respect
of that share (including any premium payable). The Directors may at any time declare any share to be wholly or in part exempt from the
provisions of this Article. The Company's lien on a share shall extend to any amount in respect of it.

7.2 The Company may sell in such manner as the Directors determine any shares on which the Company has a lien
if a sum in respect of which the lien exists is presently payable and is not paid within fourteen (14) Clear Days after notice has been
given to the holder of the share or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment
and stating that if the notice is not complied with the shares may be sold.

7.3 To give effect to a sale, the Directors may authorise some person to execute an instrument of transfer
of the shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee to the shares shall not be
affected by any irregularity or invalidity in the proceedings in reference to the sale.

7.4 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable, and any residue shall (upon surrender to the Company for cancellation of the certificate
for the shares sold, if any, and subject to a like lien for any moneys not presently payable as existed upon the shares before the sale)
be paid to the person entitled to the shares at the date of the sale.

8 Calls on Shares and Forfeiture

8.1 Subject to the terms of allotment, the Directors may make calls upon the Members in respect of any moneys
unpaid on their shares (whether in respect of nominal value or premium) and each Member shall (subject to receiving at least fourteen
(14) Clear Days' notice specifying when and where payment is to be made) pay to the Company as required by the notice the amount
called on his shares. A call may be required to be paid by instalments. A call may, before receipt by the Company of any sum due thereunder,
be revoked in whole or in part and payment of a call may be postponed in whole or in part. A person upon whom a call is made shall remain
liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made.

8.2 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

8.3 The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the
share.

8.4 If a call remains unpaid after it has become due and payable, the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment
of the share or in the notice of the call or, if no rate is fixed, at an annual rate of ten percent (10%), but the Directors may waive
payment of the interest wholly or in part.

8.5 An amount payable in respect of a share on allotment or at any fixed date, whether in respect of nominal
value or premium or as an instalment of a call, shall be deemed to be a call, and if it is not paid when due, all the provisions of these
Articles shall apply as if that amount had become due and payable by virtue of a call.

8.6 Subject to the terms of allotment, the Directors may make arrangements on the issue of shares for a difference
between the holders in the amounts and times of payment of calls on their shares.

8.7 If a call remains unpaid after it has become due and payable, the Directors may give to the person from
whom it is due not less than fourteen (14) Clear Days' notice requiring payment of the amount unpaid, together with any interest
which may have accrued. The notice shall name the place where payment is to be made and shall state that if the notice is not complied
with the shares in respect of which the call was made will be liable to be forfeited.

8.8 If the notice is not complied with, any share in respect of which it was given may, before the payment
required by the notice has been made, be forfeited by a resolution of the Directors and the forfeiture shall include all dividends or
other moneys payable in respect of the forfeited shares and not paid before the forfeiture.

8.9 Subject to the provisions of the Act, a forfeited share may be sold, re-allotted or otherwise disposed
of on such terms and in such manner as the Directors determine either to the person who was before the forfeiture the holder or to any
other person, and at any time before a sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Directors
think fit. Where, for the purposes of its disposal a forfeited share is to be transferred to any person, the Directors may authorise any
person to execute an instrument of transfer of the share to that person.

8.10 A person any of whose shares have been forfeited shall cease to be a Member in respect of them and shall
surrender to the Company for cancellation the certificate for the shares forfeited, if any, but shall remain liable to the Company for
all moneys which at the date of forfeiture were presently payable by him to the Company in respect of those shares with interest at the
rate at which interest was payable on those moneys before the forfeiture or, if no interest was so payable, at an annual rate of ten percent
(10%), from the date of forfeiture until payment but the Directors may waive payment wholly or in part or enforce payment without any
allowance for the value of the shares at the time of forfeiture or for any consideration received on their disposal.

8.11 A statutory declaration by a Director or the Secretary that a share has been forfeited on a specified
date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share and the declaration
shall (subject to the execution of an instrument of transfer if necessary) constitute a good title to the share and the person to whom
the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be
affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture or disposal of the share.

9 Transfer of Shares

9.1 Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer
in the usual or common form or in a form prescribed by any Designated Stock Exchange or in any other form approved by the Board and may
be under hand or, if the transferor or transferee is a Clearing House, by hand or by Electronic Signature or by such other manner of execution
as the Board may approve from time to time. Without prejudice to the generality of the foregoing, title to listed shares of
the Company may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated
Stock Exchange on which such shares are listed.

9.2 The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided
that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its
discretion to do so. Without prejudice to Article 9.1, the Board may also resolve, either generally or in any particular case, upon request
by either the transferor or transferee, to accept mechanically executed transfers including, where applicable, in accordance with the
laws and rules applicable to the Designated Stock Exchange. The transferor shall be deemed to remain the holder of the share until the
name of the transferee is entered in the Register of Members in respect thereof. Nothing in these Articles shall preclude the Board from
recognizing a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

9.3 The Board may in its absolute discretion and without giving any reason therefor, refuse to register a
transfer of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is not fully paid up (as to both par value and any premium) to a person of whom it does not approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby
still subsists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to more than four joint holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on which the Company has a lien.

9.4 Without limiting the generality of Article 9.3, the Board may also decline to recognise any instrument
of transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Shares are fully paid (as to both par value and any premium) and free of any lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is lodged at the registered office or such other place at which the Register
of Members is kept in accordance with the Act accompanied by any relevant share certificate(s), if any, and/or such other evidence as
the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed
by some other person on his behalf, the authority of that person so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if applicable, the instrument of transfer is duly and properly stamped.

9.5 If the Directors refuse to register a transfer of a share, they shall within two (2) months after the
date on which the transfer was lodged with the Company send to the transferee notice of the refusal.

9.6 The registration of transfers of shares or of any class of shares may, after compliance with any notice
requirement of any Designated Stock Exchange, be suspended and the Register of Members be closed at such times and for such periods (not
exceeding in the whole thirty (30) days in any year) as the Board may determine.

9.7 The Company shall be entitled to retain any instrument of transfer which is registered, but any instrument
of transfer which the Directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.

10 Transmission of Shares

10.1 If a Member dies, the survivor, or survivors where he was a joint holder, and his personal representatives
where he was a sole holder or the only survivor of joint holders shall be the only persons recognised by the Company as having any title
to his interest; but nothing in these Articles shall release the estate of a deceased Member from any liability in respect of any share
which had been jointly held by him.

10.2 A person becoming entitled to a share in consequence of the death or bankruptcy of a Member may, upon
such evidence being produced as the Directors may properly require, elect either to become the holder of the share or to have some person
nominated by him registered as the transferee. If he elects to become the holder he shall give notice to the Company to that effect. If
he elects to have another person registered he shall execute an instrument of transfer of the share to that person. All these Articles
relating to the transfer of shares shall apply to the notice or instrument of transfer as if it were an instrument of transfer executed
by the Member and the death or bankruptcy of the Member had not occurred.

10.3 A person becoming entitled to a share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were the holder of the share, except that he shall not, before being registered as the holder
of the share, be entitled in respect of such share to attend or vote at any meeting of the Company or at any separate meeting of the holders
of any class of shares in the Company.

11 Changes of Capital

11.1 (a) Subject to and in so far as permitted by the provisions of the Act and these Articles, the Company
may from time to time by Ordinary Resolution alter or amend the Memorandum to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall
prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate and divide all or any of its share capital into shares of larger amounts than its existing
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sub-divide its existing shares, or any of them, into shares of smaller amounts than is fixed by the Memorandum
provided that in the subdivision, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be
the same as it was in the case of the share from which the reduced share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except so far as otherwise provided by the conditions of issue, the new shares shall be subject to the
same provisions with reference to the payment of calls, lien, transfer, transmission, forfeiture and otherwise as the shares in the original
share capital.

11.2 Whenever as a result of a consolidation of shares any Members would become entitled to fractions of a
share, the Directors may, on behalf of those Members, sell the shares representing the fractions for the best price reasonably obtainable
to any person (including, subject to the provisions of the Act, the Company) and distribute the net proceeds of sale in due proportion
among those Members, and the Directors may authorise some person to execute an instrument of transfer of the shares to, or in accordance
with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall his
title to the shares be affected by any irregularity in or invalidity of the proceedings in reference to the sale.

11.3 The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner and with and subject to any incident, consent, order or other matter required by law.

12 Redemption and Purchase of Own Shares

12.1 Subject to the provisions of the Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company
or the Member on such terms and in such manner as the Directors may, before the issue of shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own shares (including any redeemable shares) in such manner and on such terms as the Directors
may determine and agree with the relevant Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own shares in any manner authorised by
the Act, including out of capital.

12.2 The Directors may, when making a payment in respect of the redemption or purchase of shares, if so authorised
by the terms of issue of the shares (or otherwise by agreement with the holder of such shares) make such payment in cash or in specie
(or partly in one and partly in the other).

12.3 Upon the date of redemption or purchase of a share, the holder shall cease to be entitled to any rights
in respect thereof (excepting always the right to receive (i) the price therefor and (ii) any dividend which had been declared in respect
thereof prior to such redemption or purchase being effected) and accordingly his name shall be removed from the Register of Members with
respect thereto and the share shall be cancelled.

13 Treasury Shares

13.1 The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

13.2 The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

14 Register of Members

14.1 The Company shall maintain or cause to be maintained the Register of Members in accordance with the Act,
provided that for so long as the securities of the Company are listed for trading on the Designated Stock Exchange, title to such securities
may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange.

14.2 The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Act. The Directors may also determine which Register of Members shall constitute the principal register and which
shall constitute the branch register or registers, and to vary such determination from time to time.

15 Closing Register of Members or Fixing Record Date

15.1 For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed thirty (30) days. If the Register shall be so closed for the purpose of determining those Members that
are entitled to receive notice of, attend or vote at a meeting of Members, the Register shall be so closed for at least ten (10) Clear
Days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register.

15.2 In lieu of, or apart from, closing the Register of Members, the Directors may fix, in advance or in arrears,
a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any
adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any dividend or other distribution,
or in order to make a determination of Members for any other purpose.

15.3 If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a dividend or other distribution,
the date on which notice of the meeting is sent or posted or the date on which the resolution of the Directors resolving to pay such dividend
or other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination
of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any
adjournment thereof.

16 General Meetings

16.1 An annual general meeting of the Company may at the discretion of the Board be held in the year in which
these Articles were adopted and shall be held in each year thereafter at such time as determined by the Board and the Company may, but
shall not (unless required by the Act) be obliged to, in each year hold any other general meeting.

16.2 The agenda of the annual general meeting shall be set by the Board and shall include the presentation
of the Company's annual accounts and the report of the Directors (if any).

16.3 General meetings may be held in any place as the Directors may determine. To the extent permitted
by law, general meetings may also be held virtually.

16.4 All general meetings other than annual general meetings shall be called extraordinary general meetings
and the Company shall specify the meeting as such in the notices calling it.

16.5 The Directors may with the consent of the Chairman of the Board, whenever they think fit, convene an extraordinary
general meeting of the Company.

16.6 For so long as the Founding Shareholder (together with his Affiliates and permitted transferees) holds
a majority of the Total Voting Power, the Directors shall on a Members' requisition in accordance with these Articles forthwith
proceed to convene an extraordinary general meeting of the Company. A Members' requisition is a requisition of Members holding
at the date of deposit of the requisition a majority of the Total Voting Power.

16.7 The Members' requisition must state the objects of the meeting and must be signed by the requisitionists
and deposited at the registered office, and may consist of several documents in like form each signed by one or more requisitionists.

16.8 If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors
do not within fourteen (14) days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting
to be held within a further twenty-one (21) days, the requisitionists, or any of them representing more than one-half of the total voting
rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than
the day which falls three (3) months after the expiration of the first said twenty-one (21) day period.

16.9 A general meeting convened as aforesaid by requisitionists shall be convened in as close to the same manner
as possible as that in which general meetings are to be convened by Directors.

16.10 Save as set out in Articles 16.1 to 16.9 (including where a Meeting has been requisitioned by Members),
the Members (other than the requisitionists) have no right to propose resolutions to be considered or voted upon at annual general meetings
or extraordinary general meetings of the Company.

17 Notice of General Meetings

17.1 At least eight (8) Clear Days' notice specifying the place, the day and the hour of each general
meeting and the general nature of such business to be transacted thereat shall be given in the manner hereinafter provided, including,
but not limited to, as described in Article 36, or in such other manner (if any) as may be prescribed by Ordinary Resolution,
to such persons as are entitled to vote or may otherwise be entitled under these Articles to receive such notices from the Company; provided
that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the
provisions of these Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than 95%, in par value of the Shares giving that right.

17.2 The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a meeting
by, any person entitled to receive notice shall not invalidate the proceedings at that general meeting.

18 Proceedings at General Meetings

18.1 No business shall be transacted at any meeting unless a quorum is present at the time when the meeting
proceeds to business. One or more Members holding not less than one-third in aggregate of the voting power of all Shares in issue and
entitled to vote, present in person or by proxy or, if a corporation or other non-natural person, by its duly authorised representative,
shall represent a quorum.

18.2 If a quorum is not present within half an hour from the time appointed for the meeting to commence or
if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved
and in any other case it shall stand adjourned and shall reconvene on the same day in the next week at the same time and/or place or to
such other day, time and/or place as the Directors may determine, and if at the reconvened meeting a quorum is not present within half
an hour from the time appointed for the meeting to commence, the Members present shall be a quorum.

18.3 A person may participate in a general meeting by conference telephone or other communications equipment
by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation
by a Member in a meeting in this manner is treated as presence in person at that meeting and is counted in a quorum and entitled to vote.

18.4 The Chairman or in his absence the vice-chairman of the Board (if any) or, in their absence, any other
person appointed by the Directors shall preside as chairman of the meeting. If no Chairman, vice-chairman (if any) or other person appointed
by the Directors is present and willing to act within fifteen (15) minutes after the time appointed for holding the meeting, the Members
present in person or by proxy and entitled to vote shall choose one of their number to be chairman.

18.5 The order of business at each such meeting shall be as determined by the chairman of the meeting. The
chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts
and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures
for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions
on entry to such meeting after the time prescribed for the commencement thereof, and the opening and closing of the polls. The chairman
of the meeting shall announce at each such meeting the date and time of the opening and the closing of the polls for each matter upon
which the Members will vote at such meeting.

18.6 A Director shall, notwithstanding that he is not a Member, be entitled to attend and speak at any general
meeting and at any separate meeting of the holders of any class of shares in the Company.

18.7 The chairman of the meeting may, with the consent of any meeting at which a quorum is present (and shall
if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at
any adjourned meeting other than business which might properly have been transacted at the meeting had the adjournment not taken place.
When a meeting is adjourned for fourteen (14) days or more, at least seven (7) Clear Days' notice shall be given in the manner herein
provided, including, but not limited to, as described in Article 36, specifying the time and place of the adjourned meeting and the general
nature of the business to be transacted. Otherwise it shall not be necessary to give any such notice.

18.8 At each meeting of the Members, all corporate actions, including the election of Directors, to be taken
by vote of the Members (except as otherwise required by applicable law and except as otherwise provided in these Articles) shall be authorised
by Ordinary Resolution. Where a separate vote by a class or classes or series is required, save as provided in Article 4.11, the affirmative
vote of the majority of Shares of such class or classes or series present in person or represented by proxy at the meeting and voting
shall be the act of such class or series (unless provided otherwise in the resolutions providing for the issuance of such class or series).

18.9 At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

18.10 A poll shall be taken in such manner as the chairman directs and he may appoint scrutineers (who need
not be Members) and fix a place and time for declaring the result of the poll. The result of the poll shall be deemed to be the resolution
of the meeting at which the poll was taken.

18.11 In the case of equality of votes, the chairman of the meeting shall be entitled to a casting vote in addition
to any other vote he may have.

18.12 If for so long as the Company has only one Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a general meeting, the sole Member or a proxy for that Member or (if the Member is a corporation)
a duly authorised representative of that Member is a quorum and Article 18.1 is modified accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sole Member may agree that any general meeting be called by shorter notice than that provided for
by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other provisions of these Articles apply with any necessary modification (unless the provision expressly
provides otherwise).

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|:---|:---|
| 19 | Votes of Members |

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19.1 Subject to any rights or restrictions attached to any shares (including without limitation the enhanced
voting rights attaching to Class B Common Shares provided for in Article 5), every Member who (being an individual) is present in person
or by proxy or (being a corporation) is present by a duly authorised representative (not being himself a Member entitled to vote) or by
proxy, shall on a poll have one vote for every share of which he is the holder (or, in the case of a Class B Common Share, ten (10) votes
for every Class B Common Share of which he is the holder).

19.2 In the case of joint holders, the vote of the senior joint holder who tenders a vote, whether in person
or by proxy, shall be accepted to the exclusion of the votes of the other joint holders; and seniority shall be determined by the order
in which the names of the holders stand in the Register of Members.

19.3 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands
or elsewhere) in matters concerning mental disorder may vote, by his receiver, curator bonis or other person authorised in that behalf
appointed by that court, and any such receiver, curator bonis or other person may vote by proxy. Evidence to the satisfaction of the Directors
of the authority of the person claiming to exercise the right to vote shall be received at the registered office of the Company, or at
such other place as is specified in accordance with these Articles for the deposit or delivery of forms of appointment of a proxy, or
in any other manner specified in these Articles for the appointment of a proxy, not less than forty-eight (48) hours before the time appointed
for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not
be exercisable.

19.4 No Member shall, unless the Directors otherwise determine, be entitled to vote at any general meeting
or at any separate meeting of the holders of any class of shares in the Company, either in person or by proxy or by a corporate representative,
in respect of any share held by him unless all moneys presently payable by him in respect of that share have been paid.

19.5 No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting
at which the vote objected to is tendered, and every vote not disallowed at the meeting shall be valid. Any objection made in due time
shall be referred to the chairman of the meeting whose decision shall be final and conclusive.

19.6 Votes may be given either personally or by proxy. Deposit or delivery of a form of appointment of a proxy
does not preclude a Member from attending and voting at the meeting or at any adjournment of it, save that only the Member or his proxy
may cast a vote.

19.7 A Member entitled to more than one vote need not, if he votes, use all his votes or cast all votes he
uses the same way.

19.8 Subject as set out herein, an instrument appointing a proxy shall be in writing in any usual form or in
any other form which the Directors may approve and shall be executed by or on behalf of the appointor save that, subject to the Act, the
Directors may accept the appointment of a proxy received in an Electronic Communication at an address specified for such purpose, on such
terms and subject to such conditions as they consider fit. The Directors may require the production of any evidence which they consider
necessary to determine the validity of any appointment pursuant to this Article.

19.9 Subject to Article 19.10 below, the form of appointment of a proxy and any authority under which it is
executed or a copy of such authority certified notarially or in some other way approved by the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an instrument in writing, be left at or sent by post to the registered office of the Company
or such other place within the Islands or elsewhere as is specified in the notice convening the meeting or in any form of appointment
of proxy sent out by the Company in relation to the meeting at any time before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an appointment of a proxy contained in an Electronic Communication, where an address has
been specified by or on behalf of the Company for the purpose of receiving Electronic Communications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation contained in an Electronic Communication to appoint a proxy issued by the Company in
relation to the meeting;

be received at such address at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited or delivered
as required by paragraphs (a) or (b) of this Article after the poll has been demanded and at any time before the time appointed for the
taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where the poll is taken immediately but is taken not more than forty-eight (48) hours after it was demanded,
be delivered at the meeting at which the poll was demanded to the chairman of the meeting or to the secretary or to any Director;

and a form of appointment of proxy which is not deposited or delivered in accordance with this Article or Article 19.10 is invalid.

19.10 Notwithstanding Article 19.9 above, the Directors may by way of note to or in any document accompanying
the notice of a general meeting (or adjourned meeting) fix the latest time by which the appointment of a proxy must be communicated to
or received by the Company (being not more than 48 hours before the relevant meeting).

19.11 A vote or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid
notwithstanding the previous determination of the authority of the person voting or demanding a poll unless notice of the determination
was received by the Company at the registered office of the Company or, in the case of a proxy, any other place specified for delivery
or receipt of the form of appointment of proxy or, where the appointment of a proxy was contained in an Electronic Communication, at the
address at which the form of appointment was received, before the commencement of the meeting or adjourned meeting at which the vote is
given or the poll demanded or (in the case of a poll taken otherwise than on the same day as the meeting or adjourned meeting) the time
appointed for taking the poll.

19.12 Any corporation or other non-natural person which is a Member of the Company may in accordance with its
constitutional documents, or, in the absence of such provision, by resolution of its directors or other governing body, authorise such
person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised
shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it
were an individual Member.

19.13 If a Clearing House (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the Company,
it may, by resolution of its directors or other governing body or by power or attorney, authorise such Person(s) as it thinks fit to act
as its representative(s) at any general meeting of the Company or of any class of shareholders of the Company, provided that, if more
than one Person is so authorised, the authorisation shall specify the number and class of shares in respect of which such Person is so
authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the
Clearing House (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that Clearing House (or its nominee(s)) or
depositary (or its nominee(s)) could exercise if it were an individual Member holding the number and class of shares specified in such
authorisation.

19.14 A resolution in writing (in one or more counterparts) signed by all the Members or all the Members holding
a particular class of shares shall be as valid and effective as if it had been passed at a meeting of the Members or the Members holding
the particular class of shares as the case may be, duly convened and held. Unless otherwise provided by its terms, such a resolution
shall be effective from the date and time of the last signature.

20 Number of Directors and Chairman

20.1 Subject to Article 21.2, the Board shall consist of such number of Directors as a majority of the Directors
then in office may determine from time to time, provided that, unless otherwise determined by the Members acting by Special Resolution,
the Board shall consist of not less than six Directors and not more than 11 Directors.

20.2 For so long as there are Class B Common Shares in issue, the holders of Class B Common Shares shall appoint
the chairman of the Board of Directors by notice in writing to the Company signed by the holders of Class B Common Shares holding a majority
of the Class B Common Shares in issue. If there are no Class B Common Shares in issue, the chairman of the Board of Directors shall be
elected and appointed by the Directors. The Directors may also, at any time, elect a vice-chairman of the Board of Directors. The period
for which the Chairman and the vice-chairman shall hold office shall be determined by the holders of Class B Common Shares or the Directors
appointing such Chairman or the vice-chairman (as appropriate). The Chairman shall preside as chairman at every meeting of the Board of
Directors.

21 Appointment, Disqualification and Removal of Directors

21.1 Save as provided in Articles 21.2, 21.3, 21.4 21.6 and 21.7, Directors shall be appointed by an Ordinary
Resolution of Members.

21.2 For so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Founding Shareholder (together with his Affiliates and permitted transferees) continue to beneficially
hold at least 40% of the Total Voting Power, the Founding Shareholder shall be entitled to appoint up to five Directors (or if the size
of the Board is increased, such number of Directors equal to a majority of the Directors then appointed, rounded upward to the nearest
whole number of Directors) and shall be entitled to remove and replace any such Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Founding Shareholder (together with his Affiliates and permitted transferees) continue to beneficially
hold at least 25% of the Total Voting Power, the Founding Shareholder shall be entitled to appoint up to three Directors (or if the size
of the Board is increased, such number of Directors equal to one-third of the Directors then appointed, rounded upward to the nearest
whole number of Directors) and shall be entitled to remove and replace any such Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Founding Shareholder (together with his Affiliates and permitted transferees) continue to beneficially
hold at least 5% of the Total Voting Power, the Founding Shareholder shall be entitled to appoint up to one Director (or if the size of
the Board is increased, such number of Directors equal to 10% of the Directors then appointed, rounded upward to the nearest whole number
of Directors) and shall be entitled to remove and replace any such Directors.

21.3 The Founding Shareholder may only appoint, remove or replace a Director by giving the Company written
notice of the appointment, removal or replacement of such Director and the date and time the appointment, removal or replacement is to
take effect, provided that where a Director appointed by the Founding Shareholder (each, a "**Founding Director**") is removed
or otherwise vacates their office as a Director, that Founding Director may only be replaced by the Founding Shareholder. Until
the Classifying Date (as defied below), each Founding Director shall have an unlimited term unless specified in the notice appointing
the Director.

21.4 The appointment, removal or replacement of a Founding Director shall, unless the written notice indicates
otherwise, take effect from the date the relevant written notice is received by the Company.

21.5 Until the Classifying Date, every Director (other than any Founding Director) shall be appointed for a
one-year term or such other term as the Ordinary Resolution or other action appointing such Director or officer may provide, unless they
resign or their office is vacated earlier, provided, however, that such term shall be extended in the event that no successor has been
appointed (in which case such term shall be extended to the date on which such successor has been appointed). Directors are eligible for
re-election. From and after the date on which Founding Shareholder (together with his Affiliates and permitted transferees) no longer
beneficially holds more than 50% of the Total Voting Power (the "**Classifying Date** "), the Company shall cause the Directors
to be, and the Directors shall be, divided into three classes designated Class I, Class II and Class III. Each class of Directors shall
consist, as nearly as possible, of one third of the total number of Directors constituting the entire Board. The Board shall assign Directors
in office at the Classifying Date to such classes, provided that the Founding Directors shall be allocated to the longest duration class
or classes. Each Director shall serve for a term ending on the date of the third annual general meeting of the Members next following
the annual general meeting of the Members at which such Director was appointed, *provided that* Directors initially designated as
Class I Directors shall serve for a term ending on the date of the first annual general meeting of the Members following the Classifying
Date, Directors initially designated as Class II Directors shall serve for a term ending on the second annual general meeting of the Members
following the Classifying Date, and Directors initially designated as Class III Directors shall serve for a term ending on the date of
the third annual general meeting of the Members following the Classifying Date.

21.6 Subject to Article 21.3, any vacancies on the Board arising other than upon the removal of a Director
by resolution passed at a general meeting can be filled by the remaining Director(s) (notwithstanding that the remaining Director(s) may
constitute fewer than the number of Directors required by Article 20.1 or fewer than is required for a quorum pursuant to Article 28.1). Any
such appointment shall be as an interim Director to fill such vacancy until the next annual general meeting of Members (and such appointment
shall terminate at the commencement of the annual general meeting) or until the appointment of a new non-interim Director.

21.7 The Company may enter into agreements with one or more Members granting them the right to appoint and
remove one or more Directors on such terms as the Directors may determine from time to time; provided that, for so long as the Founding
Shareholder (together with his Affiliates and permitted transferees) continues to beneficially hold at least 10% of the Total Voting Power,
the Company shall not enter into any such agreement without the prior written consent or approval of the holders a majority of the Class
B Ordinary Shares in issue. Any Director appointed pursuant to this Article 21.7 may only be removed in accordance with the terms of such
agreements and as otherwise set out in these Articles.

21.8 Additions to the existing Board (subject to the maximum provided for in Article 20.1 above and the rights
of the Founding Shareholder to appoint Founding Directors) may be made by Ordinary Resolution.

21.9 There is no age limit for Directors.

21.10 No shareholding qualification shall be required for a Director. A Director who is not a Member shall nevertheless
be entitled to receive notice of and to attend and speak at general meetings of the Company.

21.11 While any shares of the Company are admitted to trading on a Designated Stock Exchange, the Board must
at all times comply with the residency and citizenship requirements of securities laws of the United States applicable to foreign private
issuers and shall at no time have a majority of Directors who are U.S. Persons. Notwithstanding any other provision in these Articles,
no appointment or election of a U.S. Person as a Director shall be permitted if such appointment or election would have the effect of
creating a majority of Directors who are U.S. Persons, and any such appointment or election shall be disregarded for all purposes.

21.12 For so long as there are Class B Common Shares in issue, Directors may be removed (with or without cause)
by the holders of Class B Common Shares by notice in writing to the Company. Any such notice of removal must state the intention to remove
the relevant Director(s) and must be served on the Company not less than ten calendar days prior to the effective date of such removal
and the Company will provide notice of such removal to the relevant Director(s) or Chairman. If there are no Class B Common Shares in
issue, Directors may be removed (with or without cause) by Ordinary Resolution of Members. The notice of general meeting must
contain a statement of the intention to remove the Director and must be served on the Director not less than ten (10) calendar days before
the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.

21.13 The office of a Director shall be vacated automatically if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he or she becomes prohibited by law from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he or she becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he or she dies or is, in the opinion of all his co-Directors, incapable by reason of mental disorder of
discharging his duties as Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he or she resigns his or her office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in case of any Director who is not a Founding Director, he or she has for more than six (6) months been
absent without permission of the Directors from meetings of Directors held during that period and the remaining Directors resolve that
his or her office be vacated.

22 Alternate Directors

22.1 Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

22.2 An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors (in place of his appointor) and generally to perform all
the functions of his appointor as a Director in his absence.

22.3 An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.

22.4 Any appointment or removal of an alternate Director shall be by written notice to the Company at its registered
office, signed by the Director making or revoking the appointment, or in any other manner approved by the Directors.

22.5 Subject to the provisions of these Articles, an alternate Director shall be deemed for all purposes to
be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing
him.

23 Powers of Directors

23.1 Subject to the provisions of the Act, to the Memorandum and these Articles, to any directions given by
Ordinary Resolution and to the listing rules of any Designated Stock Exchange, the business of the Company shall be managed by the Directors
who may exercise all the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any
prior act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. The
powers given by this Article shall not be limited by any special power given to the Directors by these Articles and a meeting of Directors
at which a quorum is present may exercise all powers exercisable by the Directors.

23.2 The Board may exercise all the powers of the Company to raise capital or borrow money and to mortgage
or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject
to the Act, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation
of the Company or of any third party.

23.3 Notwithstanding anything to the contrary in the Memorandum or the Articles, for so long as the Founding
Shareholder (together with his Affiliates and permitted transferees) continues to beneficially hold at least 10% of the Total Voting Power,
the Company shall not take any action, or permit its subsidiaries to take any action (including any action by the Board or any committee
thereof), with respect to any of the following matters without the prior written consent or approval of the holders a majority of the
Class B Ordinary Shares in issue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) entering into any transaction or series of transactions that would result in a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any merger, consolidation, reorganization (including conversion) or any other Business Combination involving
the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any liquidation, dissolution, receivership, commencement of bankruptcy, insolvency or similar proceedings
with respect to the Company or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorizing or issuing any shares or any security or obligation that, by its terms, directly or indirectly,
is convertible into or exchangeable or exercisable for shares (collectively, "**Convertible Securities**") and any option,
warrant or other right to subscribe for, purchase or acquire Convertible Securities, other than (i) pursuant to any share plan, employee
share purchase plan or equity incentive plan approved by the Board, (ii) in connection with the acquisition by the Company or any of its
subsidiaries of the securities, business, technology, property or other assets of another Person or pursuant to an employee benefit plan
assumed by the Company or any of its subsidiaries in connection with such acquisition, or the Company's joint ventures, equipment
leasing arrangements, debt financings or other strategic transactions; provided that the aggregate number of shares (or shares underlying
Convertible Securities) issued or issuable over any 12-month period under this clause (ii) shall not exceed 10% of the total number of
Ordinary Shares in issue on the first day of such 12-month period, (iii) in connection with the exchange or conversion of Class B Ordinary
Shares into Class A Ordinary Shares, as contemplated hereby, or (iv) in compliance with these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the acquisition, sale, conveyance, transfer or other disposition of any asset or business of the Company
or any of its subsidiaries, in one transaction or a series of related transactions, the aggregate consideration or fair value of which
is greater than or equal to 20% of the Company's net equity value on the date of such transaction, as determined by the Board in
good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) redeeming, repurchasing or otherwise acquiring any shares or Convertible Securities of the Company or
any of its subsidiaries, other than redemptions, repurchases or acquisitions of from employees, officers, directors, consultants or other
Persons performing services for the Company or any of its subsidiaries (or in connection with the cessation of such services) pursuant
to agreements under which the Company or any of its subsidiaries has the option to repurchase such shares or Convertible Securities upon
the occurrence of certain events, such as the termination of employment or service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) paying or declaring any dividend or distribution on any shares of the Company or any of its subsidiaries
except to the extent such payments are to the Company or one of its directly or indirectly wholly owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) incurring, creating or assuming any indebtedness of the Company or any of its subsidiaries in an amount
greater than or equal to the Company's net equity value in the aggregate on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material change in the strategic direction or scope of the Company's business, as determined
by the Board in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any transaction or agreement (other than relating to the issuance or sale of shares or Convertible Securities)
between the Company and/or any of its subsidiaries, on the one hand, and any officer, Director or Affiliate of the Company, on the other
(excluding, in all cases, of the Founding Shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any determination or approval of the annual compensation of an officer and/or Director of the Company
(excluding, in all cases, of the Founding Shareholder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the adoption of a shareholders' rights plan.

24 Delegation of Directors' Powers

24.1 Subject to these Articles, the Directors may from time to time appoint any Person, whether or not a Director,
to hold such office in the Company as the Directors may think necessary for the administration of the Company, including without prejudice
to the foregoing generality, the offices of chief executive officer, chief operating officer and chief financial officer, one or more
vice presidents, managers or controllers, and for such term and at such remuneration (whether by way of salary or commission or participation
in profits or partly in one way and partly in another) and with such powers and duties as the Directors may think fit.

24.2 Without limiting the generality of Article 24.1, the Directors may appoint one or more of their body to
the office of managing Director or to any other executive office under the Company, and the Company may enter into an agreement or arrangement
with any Director for his/her employment, subject to applicable law and any listing rules of the SEC or any Designated Stock Exchange,
or for the provision by him of any services outside the scope of the ordinary duties of a Director. Any such appointment, agreement or
arrangement may be made upon such terms as the Directors determine and they may remunerate any such Director for his services as they
think fit. Any appointment of a Director to an executive office shall terminate automatically if he ceases to be a Director but without
prejudice to any claim to damages for breach of the contract of service between the Director and the Company.

24.3 The Directors may, by power of attorney or otherwise, appoint any person to be the agent of the Company
for such purposes and on such conditions as they determine, including authority for the agent to delegate all or any of his powers.

24.4 Subject to applicable law and the listing rules of any Designated Stock Exchange, the Directors may delegate
any of their powers to any committee (including, without limitation, an Audit Committee), consisting of one or more persons, whether or
not Directors. They may also delegate to any executive officer or committee of executive officers such of their powers as they
consider desirable to be exercised by him or them. Any such delegation may be made subject to any conditions the Directors may impose,
and either collaterally with or to the exclusion of its own powers and may be revoked or altered. Subject to any such conditions, the
proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of
Directors so far as they are capable of applying. Where a provision of these Articles refers to the exercise of a power, authority or
discretion by the Directors and that power, authority or discretion has been delegated by the Directors to a committee, the provision
shall be construed as permitting the exercise of the power, authority or discretion by the committee.

24.5 Without limiting the generality of Article 24.4, the Board shall establish a permanent Audit Committee,
and where such committees are established, the Board may adopt formal written charters for such committees and, if so, shall review and
assess the adequacy of such formal written charters on an annual basis. Each of these committees shall be empowered to do all things necessary
to exercise the rights of such committee set forth in these Articles and shall have such powers as the Board may delegate pursuant to
Article 24.4 and as required by the rules of the Designated Stock Exchange or applicable law. The Audit Committee shall consist of such
number of directors as the Board shall from time to time determine (or such minimum number as may be required from time to time by any
Designated Stock Exchange). For so long as any class of Shares is listed on a Designated Stock Exchange, the Audit Committee shall be
made up of such number of Independent Directors as is required from time to time by the rules of the Designated Stock Exchange or otherwise
required by applicable law.

24.6 At least one (1) member of the Audit Committee will be an audit committee financial expert as determined
by the rules adopted by the Designated Stock Exchange. Such financial expert shall have a special past employment experience
in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results
in the individual's financial sophistication

25 Remuneration and Expenses of Directors

25.1 The Directors shall be entitled to such remuneration as the Board may determine and, unless otherwise
determined, the remuneration shall be deemed to accrue from day to day.

25.2 Members of the Audit Committee may be paid annual compensation in the form of a fixed salary in such amount
as the Board may determine.

25.3 A Director who at the request of the Directors goes or resides outside of the Islands, makes a special
journey or performs a special service on behalf of the Company may be paid such reasonable additional remuneration (whether by way of
salary, percentage of profits or otherwise) and expenses as the Directors may decide.

25.4 The Directors may be paid all traveling, hotel and other expenses properly incurred by them in connection
with their attendance at meetings of Directors or committees of Directors or general meetings or separate meetings of the holders of any
class of shares or of debentures of the Company or otherwise in connection with the discharge of their duties.

26 Directors' Gratuities and Pensions

The Directors may cause the Company to provide benefits, whether by the payment of gratuities or pensions or by insurance or otherwise, for any existing Director or any Director who has held but no longer holds any executive office or employment with the Company or with any body corporate which is or has been a subsidiary of the Company or a predecessor in business of the Company or of any such subsidiary, and for any member of his family (including a spouse and a former spouse) or any person who is or was dependent on him, and may (as well before as after he ceases to hold such office or employment) contribute to any fund and pay premiums for the purchase or provision of any such benefit.

27 Directors' Interests

27.1 Subject to the Act and listing rules of any Designated Stock Exchange, if a Director has disclosed to
the other Directors the nature and extent of any direct or indirect interest which the Director has in any transaction or arrangement
with the Company, a Director notwithstanding his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may be a party to or otherwise interested in any transaction or arrangement with the Company or in which
the Company is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may be a Director or other officer of, or employed by, or a party to any transaction or arrangement with,
or otherwise interested in, any body corporate promoted by the Company or in which the Company is otherwise interested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not by reason of his office be accountable to the Company for any benefit which he derives from
any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such
transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.

27.2 For the purposes of Article 27.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general notice given to the Directors to the effect that (1) a Director is a member or officer of a
specified company or firm and is to be regarded as having an interest in any transaction or arrangement which may after the date of the
notice be made with that company or firm; or (2) a Director is to be regarded as interested in any transaction or arrangement which may
after the date of the notice be made with a specified person who is connected with him or her shall be deemed to be a sufficient disclosure
that the Director has an interest of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interest of which a Director has no knowledge and of which it is unreasonable to expect
him to have knowledge shall not be treated as an interest of his.

27.3 A Director must disclose any direct or indirect interest in any transaction or arrangement with the Company,
and following a declaration being made pursuant to these Articles, subject to any separate requirement for Audit Committee approval under
applicable law or the listing rules of any Designated Stock Exchange, and unless disqualified by the chairman of the relevant meeting,
a Director may vote in respect of any such transaction or arrangement in which such Director is interested and may be counted in the quorum
at such meeting.

27.4 Notwithstanding the foregoing, no "Independent Director" (as defined herein) and with respect
of whom the Board has determined constitutes an "Independent Director" for purposes of compliance with applicable law or the
Company's listing requirements, shall without the consent of the Audit Committee take any of the foregoing actions or any other
action that would reasonably be likely to affect such Director's status as an "Independent Director" of the Company.

28 Proceedings of Directors

28.1 The quorum for the transaction of the business of the Directors shall be a simple majority of the Directors
then in office (subject to there being a minimum of two (2) Directors present), including the Chairman. A person who holds
office as an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate
Director shall, if his appointor is not present, count twice towards the quorum, but one such Director shall not constitute a quorum on
his own.

28.2 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they determine
is appropriate. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman
of the meeting shall have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his
appointor to a separate vote on behalf of his appointor in addition to his own vote.

28.3 A person may participate in a meeting of the Directors or any committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the
same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting and is counted in a
quorum and entitled to vote.

28.4 A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of
a committee of the Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor and if such alternate
Director is also a Director, being entitled to sign such resolution both on behalf of his appointor and in his capacity as a Director)
shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be,
duly convened and held. Unless otherwise provided by its terms, such a resolution shall be effective from the date and time
of the last signature.

28.5 A Director or alternate Director may, and another officer of the Company on the direction of a Director
or alternate Director shall, call a meeting of the Directors by at least five (5) Clear Days' notice in writing to every Director
and alternate Director which notice shall set forth the general nature of the business to be considered unless notice is waived by all
the Directors (or their alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all
the provisions of these Articles relating to the giving of notices by the Company to the Members shall apply mutatis mutandis.

28.6 Notwithstanding Article 28.5, if all Directors so agree to the meeting, a Director or alternate Director
may, or other officer of the Company on the direction of a Director or alternate Director may, call a meeting of the Directors on shorter
notice than is provided for in Article 28.5 by notice in writing to every Director and alternate Director, which notice shall set forth
the general nature of the business to be considered.

28.7 The continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any
vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant to these Articles as the necessary
quorum of Directors, the continuing Directors or Director may act for the purpose of increasing the number of Directors to be equal to
such fixed number, or of summoning a general meeting of the Company, but for no other purpose.

28.8 All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

28.9 A Director who is present at a meeting of the Directors at which action on any Company matter is taken
shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he
shall file his written dissent from such action with the person acting as the secretary of the meeting before the adjournment thereof
or shall forward such dissent by registered mail to the Company immediately after the conclusion of the meeting. Such right to dissent
shall not apply to a Director who voted in favour of such action.

29 Secretary and Other Officers

The Directors may by resolution appoint a Secretary and may by resolution also appoint such other officers as may from time to time be required upon such terms as to the duration of office, remuneration and otherwise as they may think fit PROVIDED THAT, the Directors may only appoint persons as Directors in accordance with Article 21.6. Such Secretary or other officers need not be Directors and in the case of the other officers may be ascribed such titles as the Directors may decide. The Directors may by resolution remove from that position any Secretary or other officer appointed pursuant to this Article.

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|:---|:---|
| 30 | Minutes |

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The Directors shall cause minutes to be made in books kept for the purposes of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all resolutions and proceedings of meetings of the Company, of the holders of any class of shares in the
Company and of the Directors and of committees of Directors, including the names of the Directors present at each such meeting.

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| | |
|:---|:---|
| 31 | Seal |

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31.1 The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority
of the Directors or of a committee of Directors authorised by the Directors. The Directors may determine who shall sign any instrument
to which the Seal is affixed, and unless otherwise so determined every such instrument shall be signed by a Director or by such other
person as the Directors may authorise.

31.2 The Company may have for use in any place or places outside the Islands a duplicate Seal or Seals, each
of which shall be a reproduction of the Seal of the Company and, if the Directors so determine, shall have added on its face the name
of every place where it is to be used.

31.3 The Directors may by resolution determine (i) that any signature required by this Article need not be
manual but may be affixed by some other method or system of reproduction or mechanical or Electronic Signature and/or (ii) that any document
may bear a printed reproduction of the Seal in lieu of affixing the Seal thereto.

31.4 No document or deed otherwise duly executed and delivered by or on behalf of the Company shall be regarded
as invalid merely because at the date of the delivery of the deed or document, the Director, Secretary or other officer or person who
shall have executed the same or affixed the Seal thereto, as the case may be, for and on behalf of the Company shall have ceased to hold
such office and authority on behalf of the Company.

32 Dividends

32.1 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends (including
interim dividends) in accordance with the respective rights of the Members, but no dividend shall exceed the amount recommended by the
Directors.

32.2 Subject to the provisions of the Act, the Directors may declare dividends in accordance with the respective
rights of the Members and authorise payment of the same out of the funds of the Company lawfully available therefor. If at any time the
share capital is divided into different classes of shares, the Directors may pay dividends on shares which confer deferred or non-preferred
rights with regard to dividends as well as on shares which confer preferential rights with regard to dividends, but no dividend shall
be paid on shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears. The Directors
may also pay at intervals settled by them any dividend payable at a fixed rate if it appears that there are sufficient funds of the Company
lawfully available for distribution to justify the payment. Provided the Directors act in good faith they shall not incur any liability
to the holders of shares conferring preferred rights for any loss they may suffer by the lawful payment of a dividend on any shares having
deferred or non-preferred rights.

32.3 The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending
such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other
than shares in the capital of the Company) as the Directors may from time to time think fit.

32.4 Except as otherwise provided by the rights attached to shares and subject to Article 15, all dividends
shall be paid in proportion to the number of shares a Member holds as of the date the dividend is declared; save that (a) if any share
is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly;
and (b) where the Company has shares in issue which are not fully paid up (as to par value) the Company may pay dividends in proportion
to the amount paid up on each share.

32.5 The Directors may deduct from a dividend or other amounts payable to a person in respect of a share any
amounts due from him to the Company on account of a call or otherwise in relation to a share.

32.6 Any Ordinary Resolution or Directors' resolution declaring a dividend may direct that it shall be
satisfied wholly or partly by the distribution of assets and, where any difficulty arises in regard to such distribution, the Directors
may settle the same and in particular may issue fractional certificates and fix the value for distribution of any assets and may determine
that cash shall be paid to any Member upon the footing of the value so fixed in order to adjust the rights of Members and may vest any
assets in trustees.

32.7 Any dividend or other moneys payable on or in respect of a share may be paid by cheque sent by post to
the registered address of the person entitled or, if two or more persons are the holders of the share or are jointly entitled to it by
reason of the death or bankruptcy of the holder, to the registered address of that one of those persons who is first named in the Register
of Members or to such person and to such address as the person or persons entitled may in writing direct. Subject to any applicable law
or regulations, every cheque shall be made payable to the order of the person or persons entitled or to such other person as the person
or persons entitled may in writing direct and payment of the cheque shall be a good discharge to the Company. Any joint holder or other
person jointly entitled to a share as aforesaid may give receipts for any dividend or other moneys payable in respect of the share.

32.8 No dividend or other moneys payable in respect of a share shall bear interest against the Company unless
otherwise provided by the rights attached to the share.

32.9 Any dividend which has remained unclaimed for six years from the date when it became due for payment shall,
if the Directors so resolve, be forfeited and cease to remain owing by the Company.

33 Financial Year, Accounting Records and Audit

33.1 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and, following the year of incorporation, shall begin on 1 January each year.

33.2 The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors. The books of account shall be kept at the registered office or at such other place or places as the
Directors think fit, and shall always be open to the inspection of the Directors.

33.3 No Member shall be entitled to require discovery of or any information with respect to any detail of the
Company's trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct
of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the Members of the
Company to communicate to the public.

33.4 The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books and corporate records of the Company or any of them shall be open to the
inspection of Members not being Directors, and no Member (not being a Director) shall have any right of inspecting any account or book
or document of the Company except as conferred by applicable law, the listing rules of any Designated Stock Exchange or authorised by
the Directors.

33.5 Subject to applicable law and to the rules of any Designated Stock Exchange, the accounts relating to
the Company's affairs shall be audited in such manner as may be determined from time to time by the Directors.

33.6 The Directors, having considered the recommendations of the Audit Committee, shall appoint an auditor
of the Company who shall hold office until removed from office by a resolution of the Board, and shall fix his or their remuneration.

33.7 Every auditor of the Company shall have a right of access at all times to the books and accounts of the
Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary
for the performance of the duties of the auditors.

34 Capitalisation of Profits

34.1 The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject as provided in this Article, resolve to capitalize any undivided profits of the Company not required
for paying any preferential dividend (whether or not they are available for distribution) or any sum standing to the credit of the Company's
share premium account or capital redemption reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Members who would have been entitled to it if it
were distributed by way of dividend and in the same proportions and apply such sum on their behalf either in or towards paying up the
amounts, if any, for the time being unpaid on any shares held by them respectively, or in paying up in full unissued shares or debentures
of the Company of a nominal amount equal to such sum, and allot the shares or debentures credited as fully paid to those Members, or as
they may direct, in those proportions, or partly in one way and partly in the other, provided that on any such capitalization holders
of Class A Common Shares shall receive Class A Common Shares (or rights to acquire Class A Common Shares, as the case may be) and holders
of Class B Common Shares shall receive Class B Common Shares (or rights to acquire Class B Common Shares, as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve that any shares so allotted to any Member in respect of a holding by him of any partly-paid shares
rank for dividend, so long as such shares remain partly paid, only to the extent that such partly paid shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make such provision by the issue of fractional certificates or by payment in cash or otherwise as they
determine in the case of shares or debentures becoming distributable under this Article in fractions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorise any person to enter on behalf of all the Members concerned into an agreement with the Company
providing for the allotment to them respectively, credited as fully paid, of any shares or debentures to which they may be entitled upon
such capitalization, any agreement made under such authority being binding on all such Members.

35 Share Premium Account

35.1 The Directors shall in accordance with Section 34 of the Act establish a share premium account and shall
carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share
or capital contributed as described in Article 4.12.

35.2 There shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a share the difference between the nominal value of such share and the
redemption or purchase price provided always that at the discretion of the Directors such sum may be paid out of the profits of the Company
or, if permitted by Section 37 of the Act, out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amounts paid out of any share premium account as permitted by Section 34 of the Act.

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|:---|:---|
| 36 | Notices |

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36.1 Except as otherwise provided in these Articles and subject to the rules of any Designated Stock Exchange,
any notice or document may be served by the Company or by the Person entitled to give notice to any Member either personally or by posting
it airmail or by air courier service in a prepaid letter addressed to such Member at his address as appearing in the Register of Members,
or by electronic mail to any electronic mail address such Member may have specified in writing for the purpose of such service of notices,
or by advertisement in appropriate newspapers in accordance with the requirements of any Designated Stock Exchange, or by facsimile or
by placing it on the Company's Website. In the case of joint holders of a Share, all notices shall be given to that one of the joint
holders whose name stands first in the Register of Members in respect of the joint holding, and notice so given shall be sufficient notice
to all the joint holders.

36.2 Notices posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.

36.3 Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five days after the time when the letter containing the same
is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of
a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognized courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic mail, shall be deemed to have been served immediately upon the time of the transmission by
electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing it on the Company's Website, shall be deemed to have been served one (1) hour after the
notice or document is placed on the Company's Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

36.4 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of shares in the Company shall be deemed to have received notice of the meeting, and, where requisite, of the purpose for which
it was called.

36.5 Any notice or document delivered or sent by post to or left at the registered address of any Member in
accordance with the terms of these Articles shall notwithstanding that such Member be then dead or bankrupt, and whether or not the Company
has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of such Member
as sole or joint holder, unless his name shall at the time of the service of the notice or document, have been removed from the Register
of Members as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or document
on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

36.6 Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members holding Shares with the right to receive notice and who have supplied to the Company an address,
facsimile number or email address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but for his
death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings

37 Winding Up

37.1 The Board shall have the power in the name and on behalf of the Company to present a petition to the court
for the Company to be wound up.

37.2 If the Company is wound up, the liquidator may, with the sanction of a Special Resolution and any other
sanction required by the Act, divide among the Members in specie the whole or any part of the assets of the Company and may, for that
purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members.
The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees upon such trusts for the benefit of the
Members as he with the like sanction determines, but no Member shall be compelled to accept any assets upon which there is a liability.

37.3 If the Company shall be wound up and the assets available for distribution amongst the Members as such
shall be insufficient to repay the whole of the paid up capital, such assets shall be distributed so that, as nearly as may be, the losses
shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding
up, on the shares held by them respectively. If in a winding up the assets available for distribution amongst the Members shall be more
than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed pari
passu amongst the Members in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively.
This Article is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions.

38 Indemnity

38.1 Every Indemnified Person for the time being and from time to time of the Company and the personal representatives
of the same shall be indemnified and secured harmless out of the assets and funds of the Company against all actions, proceedings, costs,
charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts (including reasonable attorneys'
fees and expenses and amounts paid in settlement and costs of investigation (collectively "Losses") incurred or sustained
by him otherwise than by reason of his own dishonesty, willful default or fraud in or about the conduct of the Company's business
or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions,
including without prejudice to the generality of the foregoing, any Losses incurred by him in defending or investigating (whether successfully
or otherwise) any civil, criminal, investigative and administrative proceedings concerning or in any way related to the Company or its
affairs in any court whether in the Islands or elsewhere. Such Losses incurred in defending or investigating any such proceeding shall
be paid by the Company as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Person to
repay such amounts if it is ultimately determined by a non-appealable order of a court of competent jurisdiction that such Indemnified
Person is not entitled to indemnification hereunder with respect thereto.

38.2 No such Indemnified Person of the Company and the personal representatives of the same shall be liable
(i) for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the Company
or (ii) by reason of his having joined in any receipt for money not received by him personally or in any other act to which he was not
a direct party for conformity or (iii) for any loss on account of defect of title to any property of the Company or (iv) on account of
the insufficiency of any security in or upon which any money of the Company shall be invested or (v) for any loss incurred through any
bank, broker or other agent or any other party with whom any of the Company's property may be deposited or (vi) for any
loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge of the duties, powers, authorities
or discretions of his office or in relation thereto or (vii) for any loss occasioned by any negligence, default, breach of
duty, breach of trust, error of judgement or oversight on such Person's part, unless he has acted dishonestly, with willful
default or through fraud.

38.3 The Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification,
advancement of expenses and/or insurance from or against (other than directors' and officers' or similar insurance obtained
or maintained by or on behalf of the Company or any of its subsidiaries, including any such insurance obtained or maintained pursuant
to Article 38.4 hereof) Other Indemnitors. The Company hereby agrees that: (i) it is the indemnitor of first resort (i.e., its obligations
to an Indemnified Person are primary and any obligation of any Other Indemnitors to advance expenses or to provide indemnification for
the same expenses or liabilities incurred by such Indemnified Person are secondary); (ii) it shall be required to advance the full amount
of expenses incurred by an Indemnified Person and shall be liable for the full amount of all Losses to the extent legally permitted and
as required by the terms of these Articles (or any other agreement between the Company and an Indemnified Person) without regard to any
rights an Indemnified Person may have against any Other Indemnitors; and (iii) it irrevocably waives, relinquishes and releases any Other
Indemnitors from any and all claims against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect
thereof. The Company further agrees that no advancement or payment by any Other Indemnitors on behalf of an Indemnified Person with respect
to any claim for which such Indemnified Person has sought indemnification from the Company shall affect the foregoing, and without prejudice
to Article 39 below, Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment
to all of the rights of recovery of such Indemnified Person against the Company. For the avoidance of doubt, no Person or entity providing
Directors' or officers' or similar insurance obtained or maintained by or on behalf of the Company or any of its subsidiaries,
including any Person providing such insurance obtained or maintained pursuant to Article 38.4 hereof, shall be an Other Indemnitor.

38.4 The Directors may exercise all the powers of the Company to purchase and maintain insurance for the benefit
of a Person who is or was (whether or not the Company would have the power to indemnify such Person against such liability under the provisions
of this Article 38 or under applicable law): (a) a Director, alternate Director, Secretary or auditor of the Company or of a company which
is or was a subsidiary of the Company or in which the Company has or had an interest (whether direct or indirect); or (b) the trustee
of a retirement benefits scheme or other trust in which a person referred to in Article 38.1 is or has been interested, indemnifying him
against any liability which may lawfully be insured against by the Company.

39 Claims Against the Company

Notwithstanding Article 38.3, unless otherwise determined by a majority of the Board, in the event that (i) any Member (the "Claiming Party") initiates or asserts any claim or counterclaim ("Claim") or joins, offers substantial assistance to or has a direct financial interest in any Claim against the Company and (ii) the Claiming Party (or the third party that received substantial assistance from the Claiming Party or in whose Claim the Claiming Party had a direct financial interest) does not obtain a judgment on the merits in which the Claiming Party prevails, then each Claiming Party shall, to the fullest extent permissible by law, be obligated jointly and severally to reimburse the Company for all fees, costs and expenses (including, but not limited to, all reasonable attorneys' fees and other litigation expenses) that the Company may incur in connection with such Claim.

40 Untraceable Members

40.1 Without prejudice to the rights of the Company under Article 40.2, the Company may cease sending cheques
for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two (2) consecutive occasions. However,
the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on
which such a cheque or warrant is returned undelivered.

40.2 The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member
who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three (3)
in total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by these Articles of the Company have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purposes of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in this Article 40.2 and ending at the expiry of the period referred to in that paragraph.

40.3 To give effect to any such sale the Board may authorise some person to transfer the said shares and an
instrument of transfer signed or otherwise executed by or on behalf of such persons shall be as effective as if it had been executed by
the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application
of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the
sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall
become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such
debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the
net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be
valid and effective notwithstanding that the Member holding the shares sold is dead, bankruptcy or otherwise under any legal disability
or incapacity.

41 Amendment of Memorandum of Articles

41.1 Subject to the Act, the Company may by Special Resolution change its name or change the provisions of
the Memorandum with respect to its objects, powers or any other matter specified therein.

41.2 Subject to the Act and as provided in these Articles, the Company may at any time and from time to time
by Special Resolution, alter or amend these Articles in whole or in part.

42 Transfer by Way of Continuation

The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

## Exhibit 5.1

**Exhibit 5.1**

![](image_001.jpg)

Our ref ZAX/793329-000001/87217404v3

AGI Inc

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

28 April 2026

**AGI Inc**

We have acted as counsel as to Cayman Islands law to AGI Inc (the "**Company**") in connection with the Company's registration statement on Form S-8, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Act**") (including its exhibits, the "**Registration Statement**") relating to the registration of 9,775,805 Class A Common Shares of a par value of US$0.00005 each in the capital of the Company ("**Shares**") authorised for issuance pursuant to the AGI Inc 2026 Omnibus Incentive Plan (the "**Plan**").

1 Documents Reviewed

We have reviewed originals, copies, drafts or conformed copies of the following documents:

1.1 The certificate
 of incorporation dated 2 September 2021 and the amended and restated memorandum and articles
 of association of the Company as registered or adopted on 10 February 2026 (the "**Memorandum and Articles** ").

1.2 The written
 resolutions of the board of directors of the Company dated 27 April 2026 (the "**Resolutions** ").

1.3 The following
 corporate records of the Company maintained at its registered office in the Cayman Islands,
 each as at the date of this opinion letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Register
 of Directors and Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Register
 of Mortgages and Charges.

1.4 A certificate
 of good standing with respect to the Company issued by the Registrar of Companies dated 2
 April 2026 (the "**Certificate of Good Standing** ").

1.5 A certificate
 from a director of the Company a copy of which is attached to this opinion letter (the "**Director's Certificate** ").

1.6 The Registration
 Statement.

1.7 The Plan.

2 Assumptions

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

2.1 The Plan has
 been or will be authorised and duly executed and unconditionally delivered by or on behalf
 of all relevant parties in accordance with all relevant laws (other than, with respect to
 the Company, the laws of the Cayman Islands).

2.2 The Plan is,
 or will be, legal, valid, binding and enforceable against all relevant parties in accordance
 with its terms under the laws of Brazil (the "**Relevant Law**") and all other
 relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).

2.3 The choice of
 the Relevant Law as the governing law of the Plan has been made in good faith and would be
 regarded as a valid and binding selection which will be upheld by the courts of Brazil and
 any other relevant jurisdiction (other than the Cayman Islands) as a matter of the Relevant
 Law and all other relevant laws (other than the laws of the Cayman Islands).

2.4 Copies of documents,
 conformed copies or drafts of documents provided to us are true and complete copies of, or
 in the final forms of, the originals.

2.5 All signatures,
 initials and seals are genuine.

2.6 The capacity,
 power, authority and legal right of all parties under all relevant laws and regulations (other
 than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter
 into, execute, unconditionally deliver and perform their respective obligations under the
 Plan.

2.7 No monies paid
 to or for the account of any party under the Plan or the Registration Statement or any property
 received or disposed of by any party to the Plan or the Registration Statement in each case
 in connection with the Plan or the Registration Statement or the consummation of the transactions
 contemplated thereby represent or will represent proceeds of criminal conduct or criminal
 property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and
 the Terrorism Act (As Revised), respectively).

2.8 No invitation
 has been or will be made by or on behalf of the Company to the public in the Cayman Islands
 to subscribe for any of the Shares.

2.9 There is no
 contractual or other prohibition or restriction (other than as arising under Cayman Islands
 law) binding on the Company prohibiting or restricting it from entering into and performing
 its obligations under the Plan.

2.10 There is nothing
 contained in the minute book or corporate records of the Company (which, other than the records
 set out in paragraphs 1.1, 1.2 and 1.3 of this opinion letter, we have not inspected) which
 would or might affect the opinions set out below.

2.11 There is nothing
 under any law (other than the laws of the Cayman Islands) which would or might affect the
 opinions set out below. Specifically, we have made no independent investigation of the Relevant
 Law.

2.12 The Company
 will receive money or money's worth in consideration for the issue of the Shares and none
 of the Shares were or will be issued for less than par value.

Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.

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| 3 | Opinions |

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Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

3.1 The Company
 has been duly incorporated as an exempted company with limited liability and is validly existing
 and in good standing with the Registrar of Companies under the laws of the Cayman Islands.

3.2 The Shares to
 be offered and issued by the Company pursuant to the provisions of the Plan, have been duly
 authorised for issue, and when issued by the Company pursuant to the provisions of the Plan
 for the consideration fixed thereto and duly registered in the Company's register of members
 (shareholders), will be validly issued and (assuming that all of the consideration is received
 by the Company) will be fully paid and non-assessable. As a matter of Cayman Islands law,
 a share is only issued when it has been entered in the register of members (shareholders).

4 Qualifications

The opinions expressed above are subject to the following qualifications:

4.1 The obligations
 assumed by the Company under the Plan will not necessarily be enforceable in all circumstances
 in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement
 may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
 or moratorium or other laws of general application relating to protecting or affecting the
 rights of creditors and/or contributories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement
 may be limited by general principles of equity. For example, equitable remedies such as specific
 performance may not be available, *inter alia*, where damages are considered to be an
 adequate remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where obligations
 are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable
 in the Cayman Islands to the extent that performance would be illegal under the laws of that
 jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) some claims
 may become barred under relevant statutes of limitation or may be or become subject to defences
 of set off, counterclaim, estoppel and similar defences.

4.2 To maintain
 the Company in good standing with the Registrar of Companies under the laws of the Cayman
 Islands, annual filing fees must be paid and returns made to the Registrar of Companies within
 the time frame prescribed by law.

4.3 Under Cayman
 Islands law, the register of members (shareholders) is *prima facie* evidence of title
 to shares and this register would not record a third party interest in such shares. However,
 there are certain limited circumstances where an application may be made to a Cayman Islands
 court for a determination on whether the register of members reflects the correct legal position.
 Further, the Cayman Islands court has the power to order that the register of members maintained
 by a company should be rectified where it considers that the register of members does not
 reflect the correct legal position. As far as we are aware, such applications are rarely
 made in the Cayman Islands and for the purposes of the opinion given in paragraph 3.2, there
 are no circumstances or matters of fact known to us on the date of this opinion letter which
 would properly form the basis for an application for an order for rectification of the register
 of members of the Company, but if such an application were made in respect of the Shares,
 then the validity of such shares may be subject to re-examination by a Cayman Islands court.

4.4 In this opinion
 letter the phrase "non-assessable" means, with respect to the issuance of shares,
 that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual
 arrangement, or an obligation pursuant to the memorandum and articles of association, to
 the contrary, have any obligation to make further contributions to the Company's assets (except
 in exceptional circumstances, such as involving fraud, the establishment of an agency relationship
 or an illegal or improper purpose or other circumstances in which a court may be prepared
 to pierce or lift the corporate veil).

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the Act or the Rules and Regulations of the Commission thereunder.

We express no view as to the commercial terms of the Plan or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.

The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Plan and express no opinion or observation upon the terms of any such document.

This opinion letter is addressed to you and may be relied upon by you and your counsel. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

/s/ Maples and Calder (Cayman) LLP

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm** 

<br> We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the AGI Inc 2026 Omnibus Incentive Plan of our report dated September 5, 2025, with respect to the consolidated financial statements of Agi Financial Holding S.A. included in the Registration Statement (Form F-1 No. 333-292720) and related Prospectus of AGI Inc, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Auditores Independentes S/S Ltda.

Brasília,

Brazil

April 28, 2026

## Exhibit 23.3

**Exhibit 23.3<br>** 

<br> **Consent of Euromonitor International Limited**

We hereby consent to (1) the use of and all references to the name of Euromonitor International Limited (including the brands "Euromonitor" or "Euromonitor International") in the prospectus included in the registration statement on Form F-1 of AGI Inc (the "Company") and any amendments thereto (the "F-1") and in this registration statement on Form S-8 (the "Registration Statement"); including, but not limited to, the use of the information supplied by us and set forth under the "Prospectus Summary," "Presentation of Financial and Other Information" and "Business" sections of the F-1 incorporated by reference into this Registration Statement and any other sections thereof; and (2) the filing of this consent as an exhibit to the Registration Statement by the Company for the use of our name, brands and information cited in the above-mentioned sections of the F-1 incorporated by reference into this Registration Statement.

---

| | | |
|:---|:---|:---|
|  | Sincerely, | Sincerely, |
| By: | /s/ Chris Whetherall | /s/ Chris Whetherall |
|  | Name: | Chris Wetherall |
|  | Title: | Director Corporate New Business |
|  | April 28, 2026 | April 28, 2026 |

---

## Exhibit 99.1

**Exhibit 99.1**

**<br> AGI INC**

**2026 OMNIBUS INCENTIVE PLAN**

Section 1. *Purpose*. The purpose of the AGI Inc 2026 Omnibus Incentive Plan (as amended from time to time, the "**Plan**") is to motivate and reward employees and other individuals to perform at the highest level and contribute significantly to the success of AGI Inc (the "**Company**"), thereby furthering the best interests of the Company.

Section 2. *Definitions*. As used in the Plan, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means any entity that, directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Award**" means any Option, SAR, Restricted Share, RSU, Performance Award, Other Cash-Based Award or Other Share-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award Agreement**" means any agreement, contract or other instrument or document (including in electronic form) evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Beneficial Owner**" has the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Beneficiary**" means a Person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of a Participant's death. If no such Person can be named or is named by a Participant, or if no Beneficiary designated by a Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at a Participant's death, such Participant's Beneficiary shall be such Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Cause**" is as defined in the Participant's Service Agreement (or in any sub plan under the Plan (i.e., the Partnership Agreement)), if any, or in the applicable Award Agreement, or if not so defined, means the Participant's: (i) intentional wrongdoing, gross negligence or willful misconduct in the performance of the Participant's duties or otherwise in respect of the Company or its Affiliates, (ii) willful, deliberate or negligent conduct that is materially injurious to the Company or its Affiliates; (iii) commission of, conviction of, plea of guilty to, or plea of *nolo contendere* to, (x) a felony or (y) any other criminal offense involving moral turpitude, fraud or dishonesty, (iv) commission of an act of fraud, embezzlement or misappropriation, in each case, against the Company or any Affiliate, (v) material breach of any policies of the Company or its Affiliates or (vi) material breach of any applicable Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change in Control**" means the occurrence of any one or more of the following events:

&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) any Person, other than (A) any employee plan established by the Company or any Subsidiary, (B) the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Company, is (or becomes, during any 12-month period) the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 50% or more of the total voting power of the share of the Company; *provided* that the provisions of this subsection **‎**(i) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection **‎**(iii) below;

&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) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the "**Existing Board**") cease for any reason to constitute at least 50% of the Board; *provided*, *however*, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the Directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; *provided further*, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or Person other than the Board, shall in any event be considered to be a member of the Existing Board;

&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 consummation of a merger, amalgamation or consolidation of the Company with any other company or corporation or other entity, or the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements; *provided* that immediately following such transaction the voting shares of the Company issued and outstanding immediately prior thereto do not continue to represent (either by remaining issued and outstanding or by being converted into voting securities of the surviving entity of such transaction or parent entity thereof) 50% or more of the total voting power of the Company's share (or, if the Company is not the surviving entity of such merger or consolidation, 50% or more of the total voting power and total fair market value of the share of such surviving entity or parent entity thereof); and *provided*, *further*, that such a transaction effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of shares in the Company (not including in the shares beneficially owned by such Person any securities acquired directly from the Company or its Affiliates other than in connection with the acquisition by the Company or its Affiliates of a business) representing 50% or more of either the then-outstanding Shares or the combined voting power of the Company's then-outstanding voting shares shall not be considered a Change in Control; 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;(ii) the sale or disposition by the Company of all or substantially all of the Company's assets in which any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.

Notwithstanding the foregoing, (A) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (B) no Change in Control shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company. In no event will a Change in Control be deemed to have occurred if any Participant is part of a "group" within the meaning of Section 13(d)(3) of the Exchange Act that effects a Change in Control. Notwithstanding the foregoing or any provision of any Award Agreement to the contrary, for any Award that provides for accelerated distribution on a Change in Control of amounts that constitute "deferred compensation" (as defined in Section 409A of the Code), if the event that constitutes such Change in Control does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets (in either case, as defined in Section 409A of the Code), such amount shall not be distributed on such Change in Control but instead shall vest as of such Change in Control and shall be distributed on the scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in the Participant who holds such Award incurring interest or additional tax under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Committee**" means the compensation committee of the Board unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the "Committee" shall refer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Consultant**" means any individual, including an advisor, who is providing services to the Company or any Subsidiary or who has accepted an offer of service or consultancy from the Company or any Subsidiary, including any entity that is wholly owned or otherwise solely controlled by such individual through which such individual provides such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Director**" means any member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Effective Date**" means the date on which the Plan is adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Employee**" means any individual, including any officer, employed by the Company or any Subsidiary or any prospective employee or officer who has accepted an offer of employment from the Company or any Subsidiary, with the status of employment determined based upon such factors as are deemed appropriate by the Committee in its discretion, subject to any requirements of the Code or applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Fair Market Value**" is as defined in the Participant's Service Agreement, if any, or in the applicable Award Agreement (or in any sub plan under the Plan (i.e., the Partnership Agreement)), or if not so defined, means (i) with respect to Shares, the closing price of a Share on the applicable date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred), on the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee, and (ii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Intrinsic Value**" with respect to an Option or SAR Award means (i) the excess, if any, of the price or implied price per Share in a Change in Control or other event *over* (ii) the exercise or hurdle price of such Award *multiplied by* (iii) the number of Shares covered by such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Option**" means an option representing the right to purchase Shares from the Company, granted pursuant to **‎**Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Other Cash-Based Award**" means an Award granted pursuant to **‎**Section 11, including cash awarded as a bonus or upon the attainment of specified performance criteria or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Other Share-Based Award**" means an Award granted pursuant to **‎**Section 11 that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, dividend rights or dividend equivalent rights or Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Participant**" means the recipient of an Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Performance Award**" means an Award granted pursuant to **‎**Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Performance Period**" means the period established by the Committee with respect to any Performance Award during which the performance goals specified by the Committee with respect to such Award are to be measured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Person**" has the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group" as defined in Section 13(d) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Restricted Shares**" means any Shares subject to certain conditions or restrictions issued pursuant to an Award in accordance with **‎**Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**RSU**" means a contractual right granted pursuant to **‎**Section 9 that is denominated in Shares (also known as a restricted share unit). Each RSU represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**SAR**" means a right granted pursuant to **‎**Section 7 to receive upon exercise by the Participant or settlement, in cash, Shares or a combination thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise or hurdle price of the right on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Service Agreement**" means any employment, severance, consulting or similar agreement between the Company or any of its Affiliates and a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Share**" means Class A common share in the capital of the Company, par value $0.00005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Subsidiary**" means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests of such entity or a majority of the voting power with respect to the voting securities of such entity. Whether employment by or service with a Subsidiary is included within the scope of the Plan shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Substitute Award**" means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company or other business acquired by the Company or with which the Company combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Termination of Service**" is as defined in the Participant's Service Agreement, if any, or in the applicable Award Agreement (or in any sub plan under the Plan (i.e., the Partnership Agreement)), or if not so defined, means, in the case of a Participant who is an Employee, cessation of the employment relationship such that the Participant is no longer an employee of the Company or any Subsidiary, or, in the case of a Participant who is a Consultant or other service provider, the date the performance of services for the Company or any Subsidiary has ended; *provided*, *however*, that in the case of a Participant who is an Employee, the transfer of employment from the Company to a Subsidiary, from a Subsidiary to the Company, from one Subsidiary to another Subsidiary or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or a Subsidiary as a Director or Consultant shall not be deemed a cessation of service that would constitute a Termination of Service; *provided*, *further*, that a Termination of Service shall be deemed to occur for a Participant employed by, or performing services for, a Subsidiary when such Subsidiary ceases to be a Subsidiary unless such Participant's employment or service continues with the Company or another Subsidiary. Notwithstanding the foregoing, with respect to any Award subject to Section 409A of the Code (and not exempt therefrom), a Termination of Service occurs when a Participant experiences a "separation of service" (as such term is defined under Section 409A of the Code).

Section 3. *Eligibility*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Employee, non-employee Director or Consultant shall be eligible to be selected to receive an Award under the Plan, to the extent that an offer or receipt of an Award is permitted by applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holders of equity compensation awards granted by a company that is acquired by the Company (or whose business is acquired by the Company) or with which the Company mergers or combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable regulations of any stock exchange on which the Company is listed.

Section 4. *Administration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Administration of the Plan*. The Plan shall be administered by the Committee. All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its shareholders, Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delegation of Authority*. To the extent permitted by applicable law, the Committee may delegate to one or more directors or officers of the Company some or all of its authority under the Plan, including the authority to grant Options and SARs or other Awards in the form of Share rights (except that such delegation shall not apply to any Award for a Person then covered by Section 16 of the Exchange Act), and the Committee may delegate to one or more committees of the Board (which may consist of solely one Director) some or all of its authority under the Plan, including the authority to grant all types of Awards, in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Authority of Committee*. Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award and prescribe the form of each Award Agreement, which need not be identical for each Participant; (v) determine whether, to what extent, under what circumstances and by which methods Awards may be settled or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise), or any combination thereof, or canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) amend terms or conditions of any outstanding Awards; (viii) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award, in the manner and to the extent it shall deem desirable to carry the Plan into effect; (ix) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and determine such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; and (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

Section 5. *Shares Available for Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided in **‎**Section 5(c), the maximum number of Shares available for issuance under the Plan shall not exceed 6% (six per cent) of the then aggregate issued and outstanding Shares; provided that the Board may adjust the number of Shares available for issuance under the Plan from time to time at its discretion. Shares underlying Substitute Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company mergers or combines, appropriately adjusted to reflect the acquisition or combination transaction, or Shares settled in cash, shall not reduce the number of Shares remaining available for grant hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Award is forfeited, cancelled, expires, terminates or otherwise lapses or is settled in cash, in whole or in part, without the issue of Shares, then the Shares covered by such forfeited, expired, terminated or lapsed Award shall again be available for grant under the Plan. The following shall become available for issuance under the Plan: (i) any Shares withheld in respect of taxes relating to any Award and (ii) any Shares tendered or withheld to pay the exercise price of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Committee determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), capitalisation, share subdivision, share consolidation, reorganization, merger, amalgamation, consolidation, separation, rights offering, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, subject to **‎**Section 19 and applicable law, adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash), any or all of:

&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 number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate limits specified in **‎**Section 5(a);

&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 number and type of Shares (or other securities) subject to outstanding Awards;

&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 grant, acquisition, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 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;(iv) the terms and conditions of any outstanding Awards, including the performance criteria of any Performance Awards;

*provided*, *however*, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Shares issued pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or treasury Shares.

Section 6. *Options*. The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The exercise price per Share under an Option shall be determined by the Committee at the time of grant; *provided*, *however*, that, with respect to any Participant who is a citizen or resident of the United States for U.S. federal income tax purposes, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such Option. The Committee shall determine the time or times at which an Option becomes vested and exercisable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee shall determine the methods by which, and the forms in which payment of the exercise price with respect thereto may be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares issued upon exercise of an Option shall be recorded in the Company's register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No grant of Options may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions to be paid on such Options (except as provided under **‎**Section 5(c)).

Section 7. *Share Appreciation Rights*. The Committee is authorized to grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SARs may be granted under the Plan to Participants either alone ("freestanding") or in addition to other Awards granted under the Plan ("tandem") and may, but need not, relate to a specific Option granted under **‎**Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exercise or hurdle price per Share under a SAR shall be determined by the Committee; *provided*, *however*, that, with respect to any Participant who is a citizen or resident of the United States for U.S. federal income tax purposes, except in the case of Substitute Awards, such exercise or hurdle price shall not be less than the Fair Market Value of a Share on the date of grant of such SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term of each SAR shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such SAR. The Committee shall determine the time or times at which a SAR may be exercised or settled in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of Shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise or hurdle price of such SAR. The Company shall pay such excess in cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No grant of SARs may be accompanied by a tandem award of dividend equivalents or provide for dividends, dividend equivalents or other distributions to be paid on such SARs (except as provided under **‎**Section 5(c)).

Section 8. *Restricted Share.* The Committee is authorized to grant Awards of Restricted Shares to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award Agreement shall specify the vesting schedule. The Award Agreement shall specify that any issued Restricted Shares that remain unvested shall be surrendered by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards of Restricted Shares shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the restrictions set forth in the applicable Award Agreement, a Participant generally shall have the rights and privileges of a shareholder with respect to the Shares issued to such Participant under an Award of Restricted Shares, including the right to vote such Restricted Shares and the right to receive dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividend equivalents or other distributions paid on Awards of Restricted Shares prior to vesting be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividend equivalents or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as the underlying Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Award of Restricted Shares may be evidenced in such manner as the Committee may deem appropriate, including book-entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shares issued under the Awards of Restricted Shares shall be recorded in the Company's register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Committee may provide in an Award Agreement that an Award of Restricted Share is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Restricted Share, such Participant shall be required to file promptly a copy of such election with the Company and the applicable Internal Revenue Service office.

Section 9. *RSUs.* The Committee is authorized to grant Awards of RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award Agreement shall specify the vesting schedule and the issue schedule (which may include deferred issue later than the vesting date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards of RSUs shall be subject to such restrictions as the Committee may impose, which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An RSU shall not convey to a Participant the rights and privileges of a shareholder with respect to the Share subject to such RSU, such as the right to vote or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle such RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee may, in its discretion, specify in the applicable Award Agreement that any or all dividend equivalents or other distributions paid on Awards of RSUs prior to vesting or settlement, as applicable, be paid either in cash or in additional Shares and either on a current or deferred basis and that such dividend equivalents or other distributions may be reinvested in additional Shares, which may be subject to the same restrictions as such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares issued upon the vesting and settlement of an RSU Award shall be recorded in the Company's register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Committee may determine the form or forms (including cash, Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made.

Section 10. *Performance Awards.* The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Performance Awards may be denominated as a cash amount, number of Shares or units or a combination thereof and are Awards that may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the grant to a Participant or the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Performance criteria may be measured on an absolute (*e.g.*, plan or budget) or relative basis, and may be established on a corporate-wide basis, with respect to one or more business units, divisions, Subsidiaries or business segments, or on an individual basis. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable such that it does not provide any undue enrichment or harm. Performance measures may vary from Performance Award to Performance Award and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this **‎**Section 10(b) as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements of any applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Settlement of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Performance Award shall not convey to a Participant the rights and privileges of a shareholder with respect to the Share subject to such Performance Award, such as the right to vote (except as relates to Restricted Share) or the right to receive dividends, unless and until and to the extent a Share is issued to such Participant to settle such Performance Award. The Committee, in its sole discretion, may provide that a Performance Award shall convey the right to receive dividend equivalents on the Shares subject to such Performance Award with respect to any dividends declared during the period that such Performance Award is outstanding, in which case, such dividend equivalent rights shall accumulate and shall be paid in cash or Shares on the settlement date of the Performance Award, subject to the Participant's earning of the Shares with respect to which such dividend equivalents are paid upon achievement or satisfaction of performance conditions specified by the Committee. Shares issued upon the vesting and settlement of a Performance Award shall be recorded in the Company's register of members. For the avoidance of doubt, unless otherwise determined by the Committee, no dividend equivalent rights shall be provided with respect to any Shares subject to Performance Awards that are not earned or otherwise do not vest or settle pursuant to their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award.

Section 11. *Other Cash-Based Awards and Other Share-Based Awards.* The Committee is authorized, subject to limitations under applicable law, to grant Other Cash-Based Awards (either independently or as an element of or supplement to any other Award under the Plan) and Other Share-Based Awards (including Shares to be issued in connection with services provided). The Committee shall determine the terms and conditions of such Awards. Shares issued pursuant to an Award in the nature of a purchase right granted under this **‎**Section 11 shall be purchased for such consideration, and paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property, net settlement, broker-assisted cashless exercise or any combination thereof, as the Committee shall determine.

Section 12. *Effect of Termination of Service or a Change in Control on Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may provide, by rule or regulation or in any applicable Award Agreement, or may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant's Termination of Service prior to the end of a Performance Period or vesting, exercise or settlement of such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the last sentence of **‎**Section 2(hh), the Committee may determine, in its discretion, whether, and the extent to which, (i) an Award will vest during a leave of absence, (ii) a reduction in service level (for example, from full-time to part-time employment) will cause a reduction, or other change, to an Award and (iii) a leave of absence or reduction in service will be deemed a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a Change in Control, the Committee may, in its sole discretion, and on such terms and conditions as it deems appropriate, take any one or more of the following actions with respect to any outstanding Award, which need not be uniform with respect to all Participants and/or Awards:

&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) continuation or assumption of such Award by the Company (if it is the surviving corporation) or by the successor or surviving entity or its parent;

&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) substitution or replacement of such Award by the successor or surviving entity or its parent with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving entity (or a parent or subsidiary thereof), with substantially the same terms and value as such Award (including any applicable performance targets or criteria with respect 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;(iii) acceleration of the vesting of such Award and the lapse of any restrictions thereon and, in the case of an Option or SAR Award, acceleration of the right to exercise such Award during a specified period (and the termination of such Option or SAR Award without payment of any consideration therefor to the extent such Award is not timely exercised), in each case, either (A) immediately prior to or as of the date of the Change in Control, (B) upon a Participant's involuntary Termination of Service (including upon a termination of the Participant's employment by the Company (or a successor corporation or its parent) without Cause, by a Participant for "good reason" and/or due to a Participant's death or "disability", as such terms may be defined in the applicable Award Agreement and/or a Participant's Service Agreement, as the case may be) on or within a specified period following the Change in Control or (C) upon the failure of the successor or surviving entity (or its parent) to continue or assume such Award;

&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) in the case of a Performance Award, determination of the level of attainment of the applicable performance condition(s); 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;(v) cancellation of such Award in consideration of a payment, with the form, amount and timing of such payment determined by the Committee in its sole discretion, subject to the following: (A) such payment shall be made in cash, securities, rights and/or other property; (B) the amount of such payment shall equal the value of such Award, as determined by the Committee in its sole discretion; *provided* that, in the case of an Option or SAR Award, if such value equals the Intrinsic Value of such Award, such value shall be deemed to be valid; *provided further* that, if the Intrinsic Value of an Option or SAR Award is equal to or less than zero, the Committee may, in its sole discretion, provide for the cancellation of such Award without payment of any consideration therefor (for the avoidance of doubt, in the event of a Change in Control, the Committee may, in its sole discretion, terminate any Option or SAR Awards for which the exercise or hurdle price is equal to or exceeds the per Share value of the consideration to be paid in the Change in Control transaction without payment of consideration therefor); and (C) such payment shall be made promptly following such Change in Control or on a specified date or dates following such Change in Control; *provided* that the timing of such payment shall comply with Section 409A of the Code.

Section 13. *General Provisions Applicable to Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards shall be granted for such cash or other consideration, if any, as the Committee determines; *provided* that in no event shall Awards be issued for less than such minimal consideration as may be required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant other than by will or pursuant to **‎**Section 13(e) and (ii) during a Participant's lifetime, each Award, and each right under any Award, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant's guardian or legal representative. The provisions of this **‎**Section 13(d) shall not apply to any Award that has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Participant may designate a Beneficiary or change a previous Beneficiary designation only at such times as prescribed by the Committee, in its sole discretion, and only by using forms and following procedures approved or accepted by the Committee for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All certificates, if any, for Shares and/or other securities issued or delivered under the Plan pursuant to any Award or the exercise or settlement thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company will not be obligated to issue any Shares under the Plan or remove restrictions from Shares previously issued under the Plan until (i) all Award conditions have been met or removed to the Committee's satisfaction, (ii) as determined by the Committee, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws, stock market or exchange rules and regulations or accounting or tax rules and regulations and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Committee deems necessary or appropriate to satisfy any applicable laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Committee determines is necessary to the lawful issuance and sale of any Shares, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee may impose restrictions on any Award with respect to non-competition, non-solicitation, confidentiality and other restrictive covenants, or requirements to comply with minimum share ownership requirements, as it deems necessary or appropriate in its sole discretion, which such restrictions may be set forth in any applicable Award Agreement or otherwise.

Section 14. *Amendments and Terminations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment or Termination of the Plan*. Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; *provided*, *however*, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) subject to **‎**Section 5(c) and **‎**Section 12, the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with **‎**Section 18. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or create sub-plans, in such manner as may be necessary or desirable to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dissolution or Liquidation*. In the event of the dissolution or liquidation of the Company, each Award shall terminate immediately prior to the consummation of such action, unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Terms of Awards*. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted (including by substituting another Award of the same or a different type), prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; *provided*, *however*, that, subject to **‎**Section 5(c) and **‎**Section 12, no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except (x) to the extent any such action is made to cause the Plan or Award to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or (y) to impose any "clawback" or recoupment provisions on any Awards (including any amounts or benefits arising from such Awards) in accordance with **‎**Section 18. The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in **‎**Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Repricing*. Except as provided in **‎**Section 5(c), the Committee may, without shareholder approval, seek to effect any re-pricing of any previously granted "underwater" Option, SAR or similar Award by: (i) amending or modifying the terms of the Option, SAR or similar Award to lower the exercise price; (ii) cancelling the underwater Option, SAR or similar Award and granting either (A) replacement Options, SARs or similar Awards having a lower exercise price or (B) Restricted Shares, RSUs, Performance Awards or Other Share-Based Awards in exchange; or (iii) cancelling or repurchasing the underwater Options, SARs or similar Awards for cash or other securities. An Option, SAR or similar Award will be deemed to be "underwater" at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award.

Section 15. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Employee, Consultant, non-employee Director, Participant, or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate. Further, the Company or any applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding on the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No payment pursuant to the Plan shall be taken into account in determining any benefits under any severance, pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate, except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, including the grant of options and other share-based awards, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary to satisfy all obligations for the payment of such taxes and, unless otherwise determined by the Committee in its discretion, to the extent such withholding would not result in liability classification of such Award (or any portion thereof) pursuant to FASB ASC Subtopic 718-10 or, if applicable, would not require such Award (or any portion thereof) to be accounted for as a cash-settled share-based payment (rather than an equity-settled share-based payment) under IFRS 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Awards may be granted to Participants who are non-United States nationals or employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in the United States as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for Participants on assignments outside their home country.

Section 16. *Effective Date of the Plan.* The Plan shall be effective as of the Effective Date.

Section 17. *Term of the Plan.* No Award shall be granted under the Plan after the earliest to occur of (i) the 10-year anniversary of the Effective Date; (ii) the maximum number of Shares available for issuance under the Plan have been issued; or (iii) the Board terminates the Plan in accordance with **‎**Section 14(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

Section 18. *Cancellation or "Clawback" of Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may specify in an Award Agreement that a Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may provide for such Award to be held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Agreement) or remain in effect, depending on the outcome), violation of material policies, breach of non-competition, non-solicitation, confidentiality or other restrictive covenants, or requirements to comply with minimum share ownership requirements, that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange Act and any rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything to the contrary contained herein, any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to any clawback or recoupment arrangements or policies the Company has in place from time to time, and the Committee may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any Awards granted to the Participant or any Shares issued or cash received upon vesting, exercise or settlement of any such Awards or sale of Shares underlying such Awards.

Section 19. *Section 409A and Section 457A of the Code.* With respect to Awards subject to Section 409A or Section 457A of the Code, the Plan is intended to comply with the requirements of Section 409A or Section 457A of the Code, as applicable, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A and Section 457A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything in the Plan to the contrary, if the Board considers a Participant to be a "specified employee" under Section 409A of the Code at the time of such Participant's "separation from service" (as defined in Section 409A of the Code), and any amount hereunder is "deferred compensation" subject to Section 409A of the Code, any distribution of such amount that otherwise would be made to such Participant with respect to an Award as a result of such "separation from service" shall not be made until the date that is six months after such "separation from service," except to the extent that earlier distribution would not result in such Participant's incurring interest or additional tax under Section 409A of the Code. If an Award includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), a Participant's right to such series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if an Award includes "dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), a Participant's right to such dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A or Section 457A of the Code.

Section 20. *Successors and Assigns*. The terms of the Plan shall be binding upon and inure to the benefit of the Company and any successor entity, including any successor entity contemplated by **‎**Section 12(c).

Section 21. *Data Protection*. In connection with the Plan, the Company may need to process personal data provided by the Participant to the Company or its Affiliates, third party service providers or others acting on the Company's behalf. Examples of such personal data may include, without limitation, the Participant's name, account information, social security number, tax number and contact information. The Company may process such personal data in its legitimate business interests for all purposes relating to the operation and performance of the Plan, including but not limited to**:**

&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) administering and maintaining Participant records;

&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) providing the services described in the Plan;

&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) providing information to future purchasers or merger partners of the Company or any Affiliate, or the business in which such Participant works; 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;(d) responding to public authorities, court orders and legal investigations, as applicable.

The Company may share the Participant's personal data with (i) Affiliates, (ii) trustees of any employee benefit trust, (iii) registrars, (iv) brokers, (v) third party administrators of the Plan, (vi) third party service providers acting on the Company's behalf to provide the services described above or (vii) regulators and others, as required by law.

If necessary, the Company may transfer the Participant's personal data to any of the parties mentioned above in a country or territory that may not provide the same protection for the information as the Participant's home country. Any transfer of the Participant's personal data to recipients in a third country will be made subject to appropriate safeguards or applicable derogations provided for under applicable law. Further information on those safeguards or derogations can be obtained through the contact set forth in the Employee Privacy Notice (the "Employee Privacy Notice") that previously has been provided by the Company or its applicable Affiliate to the Participant. The terms set forth in this ***‎***Section 21 are supplementary to the terms set forth in the Employee Privacy Notice (which, among other things, further describes the rights of the Participant with respect to the Participant's personal data); provided that, in the event of any conflict between the terms of this ***‎***Section 21 and the terms of the Employee Privacy Notice, the terms of this ***‎***Section 21 shall govern and control in relation to the Plan and any personal data of the Participant to the extent collected in connection therewith.

The Company will keep personal data collected in connection with the Plan for as long as necessary to operate the Plan or as necessary to comply with any legal or regulatory requirements.

A Participant has a right to (i) request access to and rectification or erasure of the personal data provided, (ii) request the restriction of the processing of his or her personal data, (iii) object to the processing of his or her personal data, (iv) receive the personal data provided to the Company and transmit such data to another party, and (v) to lodge a complaint with a supervisory authority.

Section 22. *Governing Law*. The Plan and each Award Agreement shall be governed by the laws of Brazil, without application of the conflicts of law principles thereof.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**AGI Inc**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A common share reserved for issuance under the AGI Inc 2026 Omnibus Incentive Plan | (1) | Other | 9775805 | $7.39 | $72243198.95 | 0.0001381 | $9976.79 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $72243198.95 |  | 9976.79 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $9976.79 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) (1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement (the "Registration Statement") shall also cover any additional shares of Class A common share that become issuable under the AGI Inc 2026 Omnibus Incentive Plan as a result of any stock dividend, stock split, recapitalization, or other similar transaction. (2) Estimated solely for the purpose of determining the registration fee pursuant to Rules 457(c) and (h) under the Securities Act, based on the average of the high and low prices of Class A common shares as reported on the New York Stock Exchange on April 23, 2026. (3) Rounded up to the nearest cent.