# EDGAR Filing Document

**Accession Number:** 0002048271
**File Stem:** 0001493152-25-026388
**Filing Date:** 2025-12
**Character Count:** 118323
**Document Hash:** 7840980f410c55d0263924bedaebd5fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026388.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001493152-25-026388

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WeShop Holdings Ltd
- **CENTRAL INDEX KEY:** 0002048271
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291968
- **FILM NUMBER:** 251553414

**BUSINESS ADDRESS:**
- **STREET 1:** HAWK HOUSE
- **STREET 2:** 22 THE ESPLANADE
- **CITY:** JERSEY
- **STATE:** Y9
- **ZIP:** JE1 1HH
- **BUSINESS PHONE:** 212-446-4800

**MAIL ADDRESS:**
- **STREET 1:** HAWK HOUSE
- **STREET 2:** 22 THE ESPLANADE
- **CITY:** JERSEY
- **STATE:** Y9
- **ZIP:** JE1 1HH

**As filed with the U.S. Securities and Exchange Commission on December 5, 2025**

**Registration No. 333 -**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> Washington, D.C. 20549**

<br> **FORM S-8** ******

<br> ****

 ****

**REGISTRATION STATEMENT UNDER THE**

**SECURITIES ACT OF 1933**

**WESHOP HOLDINGS LIMITED**

**(Exact name of registrant as specified in its charter)**

<br> ---

| | |
|:---|:---|
| **British Virgin Islands** | **NOT APPLICABLE** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**Hawk House**

**22 The Esplanade**

**Jersey, JE1 1HH**

**Channel Islands**

(Address of Principal Executive Offices, Including Zip Code)

**WeShop Holdings Limited Employee Share Option Plan 2022**

**WeShop Holdings Limited Option Agreements with Certain Directors and Management**<br> (Full title of the plan)

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**<br> (Name, address and telephone number, including area code, of agent for service)

***Copies to*:**

**Christian O. Nagler, P.C.**

**Kirkland & Ellis LLP**

**601 Lexington Avenue**

**New York, New York 10022**

**(212) 446-4800**

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 ☒ 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**

**Item 1. Plan Information.**

The documents containing the information specified in Part I will be delivered in accordance with Rule 428(b) under the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not required to be, and are not being, filed with the U.S. Securities and Exchange Commission (the "Commission"), either as part of this registration statement on Form S-8 (this "Registration Statement") or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of the Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 2. Registrant Information and Employee Plan Annual Information**

The written statement required by Item 2 of Part I is included in documents that will be delivered to participants in the plans covered by this Registration Statement pursuant to Rule 428(b) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

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

The following documents, which have been filed by WeShop Holdings Limited (the "Registrant") with the Commission, are incorporated in this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's latest prospectus (File No. 333-290275) filed pursuant to Rule
 424(b) of the Securities Act, filed with the Commission on [November 19, 2025](https://www.sec.gov/Archives/edgar/data/2048271/000149315225024299/form424b4.htm) , relating to the registration of the resale of up to 3,980,128 Class A ordinary
 shares;

(b) All
 other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act by the Registrant,
 including the Registrant's Report of Foreign Private Issuer on [Form 6-K](https://www.sec.gov/Archives/edgar/data/2048271/000149315225022170/form6-k.htm) , filed with the Commission on November 13, 2025; and

(c) The
 description of the Registrant's ordinary shares incorporated by reference in
 the Registrant's registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/2048271/000149315225021628/form8a12b.htm) (File No. 001-42951), filed with the Commission on November 12, 2025,
 as amended by the Registrant's registration statement on [Form 8-A/A](https://www.sec.gov/Archives/edgar/data/2048271/000149315225022168/form8-a12ba.htm) (File No. 001-42951),
 filed with the Commission on November 13, 2025, including any amendment and report subsequently
 filed for the purpose of updating that description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement, but prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. 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 incorporated or 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.**

**** 

The Registrant's amended and restated memorandum and articles of association, the BVI Business Companies Act (Revised Edition 2020), and the common law of the British Virgin Islands (the "BVI") allow the Registrant to indemnify the Registrant's officers and directors from certain liabilities. The Registrant's amended and restated memorandum and articles of association provide that the Registrant may indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who (i) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was the Registrant's director; or (ii) is or was, at the Registrant's request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the company and as to whether the person had no reasonable cause to believe that his conduct was unlawful and is, in the absence of fraud, sufficient for the purposes of the amended and restated memorandum and articles of association, unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the company or that the person had reasonable cause to believe that his conduct was unlawful.

The Registrant may purchase and maintain insurance in relation to any person who is or was a director, officer or liquidator of the Registrant, or who at the request of the Registrant is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Registrant has or would have had the power to indemnify the person against the liability as provided in the amended and restated memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us 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 theretofore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

See the Index to Exhibits attached hereto.

**Item 9. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

(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 the 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; and

(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 subparagraphs (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 Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement;

(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.

(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.

(b) The undersigned Registrant hereby undertakes that, for the 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 Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) 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.

(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.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of the Registrant's Report of Foreign Private Issuer on Form 6-K filed on November 13, 2025)](https://www.sec.gov/Archives/edgar/data/2048271/000149315225022170/ex3-1.htm) |
| 4.1 | [2022 Employee Share Option Plan (incorporated by reference to Exhibit 10.1 of the Registrant's Registration Statement on Form F-1 (File No. 333-290275) filed on October 17, 2025)](https://www.sec.gov/Archives/edgar/data/2048271/000149315225014342/ex10-1.htm) |
| 4.2\* | [Option Agreement, dated as of October 14, 2025, by and between the Registrant and John Foley](ex4-2.htm) |
| 4.3\* | [Option Agreement, dated as of October 14, 2025, by and between the Registrant and Paul Teasdale](ex4-3.htm) |
| 4.4\* | [Option Agreement, dated as of October 14, 2025, by and between the Registrant and John Garner](ex4-4.htm) |
| 5.1\* | [Opinion of Harney Westwood & Riegels (BVI) LP](ex5-1.htm) |
| 23.1\* | [Consent of WithumSmith+Brown, PC](ex23-1.htm) |
| 23.2\* | [Consent of Harney Westwood & Riegels (BVI) LP (contained in Exhibit 5.1)](ex5-1.htm) |
| 24.1\* | [Power of Attorney (included in the signature page to this Registration Statement)](#poa_001) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, 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 Channel Island of Jersey on December 5, 2025.

---

| | |
|:---|:---|
| **WeShop Holdings Limited** | **WeShop Holdings Limited** |
| By: | */s/ Paul Ellerbeck* |
| Name: | Paul Ellerbeck |
| Title: | Chief Executive Officer and Director |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Paul Ellerbeck and Johnny Hickling his or her true and lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities to sign any and all amendments including pre- and post-effective amendments to this Registration Statement, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully, to all intents and purposes, as they or he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  | Chief Executive Officer and Director | December 5, 2025 |
| */s/ Paul Ellerbeck* | (Principal Executive Officer) |  |
| Paul Ellerbeck |  |  |
|  | Chief Financial Officer and Director | December 5, 2025 |
| */s/ Johnny Hickling* | (Principal Financial Officer) |  |
| Johnny Hickling |  |  |
|  | Head of Finance | December 5, 2025 |
| */s/ Matthew Behan* | (Principal Accounting Officer) |  |
| Matthew Behan |  |  |
| */s/ John Foley* | Chairman of the Board | December 5, 2025 |
| John Foley |  |  |
| */s/ Oliver Egerton-Vernon* | Director | December 5, 2025 |
| Oliver Egerton-Vernon |  |  |
| */s/ Andrew Fearon* | Director | December 5, 2025 |
| Andrew Fearon |  |  |
| */s/ Oana Crisan* | Director | December 5, 2025 |
| Oana Crisan |  |  |

---

**Signature of Authorized U.S. Representative** 

Pursuant to the requirements of the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of WeShop Holdings Limited has signed this registration statement on December 5, 2025.

---

| | |
|:---|:---|
| **Authorized Representative in the United States** | **Authorized Representative in the United States** |
| Puglisi & Associates | Puglisi & Associates |
| By: | */s/ Donald J. Puglisi* |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 4.2

**Exhibit 4.2**

**DATED: 14TH October 2025**

**1) WeShop Holdings Limited**

**2) Mr John Foley**

**OPTION AGREEMENT**

This deed is dated 14th October 2025

**PARTIES**

**(1)** **WeShop Holdings Limited** a BVI business company incorporated and registered in the British Virgin
 Islands with company number 2046056 whose registered office is at c/o CCS Trustees Limited,
 Mandar House, 3<sup>rd</sup> Floor, Johnson's Ghut, Tortola, VG1110, British Virgin
 Islands **(Company); and** 

**(2)** **Mr John Foley** of [\*\*\*] **(Option Holder).** 

**BACKGROUND**

(A) The
 Company wishes to grant the Option Holder an option to acquire shares in the Company, on
 the terms of this agreement.

(B) The
 Option Holder wishes to accept the Options (as defined below).

**AGREED TERMS**

**1.** **Interpretation** 

1.1 The
 following definitions and rules of interpretation apply in this agreement.

**Base Valuation:** has the meaning given in clause 3.1.

**Board**: the board of directors of the Company or a committee appointed by it to carry out any of its functions under this agreement.

**Business Day**: a day other than a Saturday, Sunday or public holiday in the British Virgin Islands when banks in the British Virgin Islands are open for business.

**Exercise Notice:** has the meaning set out in clause 3.12.

**Exercise Period:** shall have the meaning defined in clause 6.1.

**Exercise Price**: the price payable by the Option Holder to acquire Shares under the Option, being USD9.64 (nine dollars and sixty four cents) which is equal to the valuation report as at 31st December 2024.

**GBP:** means British pound sterling.

**GMT:** means Greenwich Mean Time.

**Grant Date**: the date of this agreement.

**Issued Shares**: all issued shares of the Company at the date on which a Listing occurs. For confirmation this is on a consolidated basis which was approved by written shareholder resolution on the 7th October 2025 and therefore issued shares is anticipated to be approximately 10,785,257 Class A Ordinary Shares.

**Listing:** the successful application and admission of all or any of the Shares in the capital of the Company, or securities representing such shares (including American depositary receipts, American depositary shares and/or other instruments) to the Nasdaq Capital Market of the Nasdaq Stock Market Inc, or to any recognised investment exchange.

**Listing Price:** the price per share at which the Company's shares are first issued and traded upon Listing.

**Option**: the right to acquire up to 1,000,000 (one million) Class A Ordinary Shares in the Company.

**Option Shares**: means the 1,000,000 (one million) Shares over which the Option is granted as detailed in clause 2.1.

**Shares:** Class A Ordinary Shares in the Company from time to time.

**Target Valuation:** has the meaning given in clause 3.1.

**Taxable Event**: any event or circumstance that gives rise to a Tax Liability for the Option Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Option, including its exercise, its assignment or surrender for consideration, or the receipt of any benefit in connection with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any shares (or other securities or assets):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) earmarked or held to satisfy the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquired on exercise of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acquired as a result of holding the Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acquired in consideration of the Option's assignment or surrender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of any securities (or other assets) acquired or earmarked as a result of holding shares (or other securities or assets) mentioned in (b).

**Tax Liability**: the total of any tax that the Option Holder is liable to account for (or reasonably believes it is liable to account for) as a result of any Taxable Event;

**USD:** United States Dollar;

1.2 Clause,
 Schedule and paragraph headings shall not affect the interpretation of this agreement.

1.3 The
 background and Schedules form part of this agreement and shall have effect as if set out
 in full in the body of this agreement and any reference to this agreement includes the background
 and Schedules.

1.4 Unless
 the context otherwise requires, words in the singular shall include the plural and in the
 plural shall include the singular.

1.5 Unless
 the context otherwise requires, a reference to one gender shall include a reference to the
 other genders.

1.6 A
 reference to a statute or statutory provision shall include all subordinate legislation made
 from time to time under that statute or statutory provision.

1.7 Any
 obligation in this agreement not to do something includes an obligation not to allow that
 thing to be done.

1.8 A
 reference to **this agreement** or to any other agreement or document referred to in this
 agreement is a reference to this agreement or such other agreement or document as varied
 or novated (in each case, other than in breach of the provisions of this agreement) from
 time to time.

1.9 References
 to clauses and Schedules are to the clauses and Schedules of this agreement and references
 to paragraphs are to paragraphs of the relevant Schedule.

1.10 Any
 words following the terms **including**, **include**, **in particular** or any similar
 expression shall be construed as illustrative and shall not limit the sense of the description,
 definition, phrase or term that comes before the relevant term.

**2.** **Grant of Option** 

2.1 The
 Company hereby grants the Option to the Option Holder to purchase up to the total number
 of Option Shares at the Exercise Price set out in clause 3.1, subject to the terms and conditions
 of this Agreement and the Exercise Notice.

**3.** **Exercise of Option** 

3.1 350,000
 (three hundred and fifty thousand) of the Option Shares granted to the Option Holder shall
 become exercisable at the Exercise Price only if the value of the Company (the  ***Target Valuation***) has achieved a market capitalisation of USD500,000,000. For the purposes
 of determining whether the Target Valuation has been achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 valuation shall be calculated on a fully diluted basis, taking into account all issued and
 outstanding securities and all rights, options, warrants, convertible instruments or other
 securities or agreements giving rights to acquire shares in the Company (whether now existing
 or hereafter issued), but excluding the Option Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Target Valuation shall be deemed achieved if it is reached or exceeded at any single valuation
 event or measurement point, and it is not necessary that such valuation be maintained for
 any particular period of time.

3.2 350,000
 (three hundred and fifty thousand) of the Option Shares granted to the Option Holder shall
 become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$1 billion, whether or not such market capitalisation is subsequently maintained.

3.3 125,000
 (one hundred and twenty five thousand) of the Option Shares granted to the Option Holder
 shall become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$2 billion, whether or not such market capitalisation is subsequently maintained.

3.4 125,000
 (one hundred and twenty five thousand) of the Option Shares granted to the Option Holder
 shall become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$5 billion, whether or not such market capitalisation is subsequently maintained.

3.5 50,000
 (fifty thousand) of the Option Shares granted to the Option Holder shall become exercisable
 at the Exercise Price when the Company achieves a market capitalisation of USD$10 billion,
 whether or not such market capitalisation is subsequently maintained.

3.6 No
 shares shall be allotted or issued to the Option Holder unless and until the Option has become
 exercisable in accordance with this clause and the Option Holder has validly exercised the
 Option.

3.7 For
 the purposes of this clause, "market capitalisation" means (a) if the Company
 is listed on a recognised stock exchange, the product of the number of issued and outstanding
 shares in the Company and the closing trading price per share on such exchange, or (b) if
 the Company is not listed, the valuation attributed to the Company in a bona fide arm's
 length transaction or financing round with an independent third party investor, in each case
 calculated on a fully diluted basis.

3.8 The
 Option Holder shall be entitled to exercise all or any part of the Option within the Exercise
 Period as long as the aggregate number of Shares issued pursuant to the exercise of the Option
 by the Option Holder does not exceed 10% (ten per cent) of the Issued Shares.

3.9 The
 Option does not entitle the Option Holder to acquire any percentage of the shares of the
 Company, other than the number of Shares actually acquired under the Option at any time.
 The grant and existence of the Option shall not restrict the Company's freedom to issue
 any Shares, rights to subscribe for Shares, or any other securities, at any time after the
 Grant Date and on such terms as the Company may decide.

3.10 The
 Option Holder may not exercise its Option at a time when its exercise is prohibited by, or
 would be a breach of, any law or regulation with the force of law or other rule, code or
 set of guidelines (such as a personal dealing code adopted by the Company).

3.11 During
 the Exercise Period, the Option Holder shall exercise its Option in whole or in part by giving
 a written exercise notice (**Exercise Notice**) to the Company, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 out the number of Shares over which the Option Holder wishes to exercise the Option. If that
 number exceeds the number over which the Option may be validly exercised at the time, the
 Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) treat
 the Option Holder as having exercised the Option only in respect of that lesser number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refund
 any excess amount the Option Holder has paid to exercise the Option or meet any Tax Liability;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the form set out in Schedule 1.

3.12 When
 the Option Holder gives its Exercise Notice it must also provide all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payment
 of an amount equal to the Exercise Price multiplied by the number of Shares specified in
 the notice (or evidence that the Option Holder has arrangements acceptable to the Board to
 pay that amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 payment required under clause 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 documents relating to arrangements or agreements required under clause 4.

3.13 Any
 Exercise Notice shall be invalid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the extent that it is inconsistent with the Option Holder's rights under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 any of the requirements of clause 3.12or clause 3.13are not met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any payment referred to in clause 3.12is made by a cheque that is not honoured on first presentation
 or that fails in any other manner to transfer the expected value to the Company.

The Company may permit the Option Holder to correct any defect referred to in clause 3.14(b) or clause 3.14(c) (but shall not be obliged to do so). The date of any corrected Exercise Notice shall be the date of the correction rather than the original notice date for all purposes of this agreement.

3.14 Any
 part of the Option not exercised by the Option Holder shall remain available to the Option
 Holder during the Exercise Period.

3.15 The
 Company shall, subject to the provisions of this Agreement, allot and issue the Option Shares
 to the Option Holder within five 5 calendar days after the valid exercise of the relevant
 Option. No shares shall be allotted or issued pursuant to this Agreement unless and until
 the relevant Option has been exercised in accordance with its terms.

3.16 Any
 Option Shares allotted and issued pursuant to this Agreement shall be issued as fully paid,
 shall be settled electronically where possible, shall be free from all liens, charges or
 other security interests, and shall rank pari passu in all respects with the otsher shares
 of the same class then in issue, save as regards any rights attaching by reference to a record
 date prior to the date of allotment. Upon the valid exercise of the Option, the Company shall
 allot and issue to the Option Holder (or its nominee, if applicable) the relevant Option
 Shares free of any lien, charge or other security interest, and together with all rights
 attaching to them (other than any rights attaching by reference to a record date prior to
 the date of allotment). The Shares will be listed or traded on a stock exchange. In the event
 that the Shares are not listed or traded on a stock exchange from time to time, the Company
 shall apply to the appropriate body for any newly issued Shares allotted on exercise of an
 Option to be listed or admitted to trading on that exchange and the Option Holder agrees
 to be subject to and comply with any requirements and reporting obligations imposed on shareholders
 of a company listed in such exchange.

**4.** **Registration Rights upon Exercise** 

4.1 Upon
 the valid exercise of the Option and the consequent allotment and issue of the Option Shares
 to the Option Holder, the Option Holder shall have the right, by written notice to the Company,
 to require that the Company take all commercially reasonable actions (including, without
 limitation, the preparation and filing of a registration statement with the applicable securities
 regulator(s)) to register the Option Shares so that they are freely tradeable, subject always
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 applicable legal, regulatory or stock exchange restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 closed periods, blackout periods or similar restrictions applicable to the Option Holder
 in his or her capacity as a director, officer or employee of the Company at the time of such
 trade.

**5.** **Tax liabilities** 

5.1 The
 Option Holder indemnifies the Company in respect of any Tax Liability.

5.2 The
 Option Holder irrevocably agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay
 to the Company the amount of any Tax Liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 into arrangements to the satisfaction of the Company for payment of any Tax Liability.

5.3 If
 the Option Holder does not fulfil its obligations under clause 5.2 in respect of any Tax
 Liability within seven days after any Taxable Event and if the relevant Taxable Event is
 the exercise of the Option, and the Shares are readily saleable at the time, the Company
 may retain and sell sufficient Shares on the Option Holder's behalf to meet the Tax
 Liability, and any costs of sale.

5.4 From
 the net proceeds of sale of those withheld Shares, the Company shall retain an amount equal
 to the Tax Liability and shall pay any balance to the Option Holder (if the Company is to
 account for or pay the relevant Tax Liability).

5.5 The
 Option Holder's obligations under clause 5.2 shall not be affected by any failure of
 the Company to withhold Shares or deduct from payments of remuneration under clause 5.3.

**6.** **Exercise Period and lapse of Option** 

6.1 The
 Option Holder shall be entitled to exercise the Option from the date of Listing until the
 day after the 10th anniversary of Listing (**Exercise Period**).

6.2 In
 any event, the Option shall automatically lapse on the date falling 5 (five) years from Listing.

6.3 After
 the Option lapses it cannot be exercised, become exercisable, be released for consideration
 or be of use or benefit to the Option Holder in any other way.

**7.** **Assignment of Option** 

The Option Holder may transfer or assign its Option.

**8.** **Notices** 

8.1 Except
 as set out in clause 8.3, any notice or other communication given under or in connection
 with the Option shall be in writing and shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivered
 by hand or by pre-paid first-class post or other next working day delivery service at the
 following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Company, its registered office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of the Option Holder, as per the registered address above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sent
 by email to the **following email addresses:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Company, [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of the Option Holder: [\*\*\*].

8.2 Any
 notice or other communication given under this clause 8 shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 delivered by hand, on signature of a delivery receipt, or at the time the notice is left
 at the appropriate address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by prepaid first-class post or other next working day delivery service, at 9.00 am on
 the second Business Day after posting, or at the time recorded by the delivery service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 sent by email, at 9.00 am (GMT) on the next Business Day after sending.

8.3 This
 does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 service of any Exercise Notice under clause 3.12; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 service of any proceedings or other documents in any legal action or, where applicable, any
 arbitration or other method of dispute resolution.

**9.** **VARIATION OF CAPITAL** 

9.1 Upon
 any sub-division or consolidation of the Shares on or before the end of the Exercise Period,
 the number and nominal amount of Option Shares to be subscribed on any exercise as set out
 in clause 3, subsequent to the sub-division or consolidation will be increased or, as the
 case may be, reduced in due proportion and the Exercise Price will be respectively decreased
 or, as the case may be, increased in due proportion and the Subscription Price will be deemed
 adjusted accordingly with effect from the record date for such sub-division or consolidation
 in each case so as to ensure that insofar as possible that, after such adjustment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 total number of Option Shares which may be subscribed pursuant to the rights set out in clauses
 2 and 3, are such that Option Shares when allotted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will
 carry as nearly as possible (and in any event not less than) the same proportion of the votes
 as the Option Shares carried prior to such adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will
 carry the entitlement to participate in the same proportion in the profits and assets of
 the Company,

as would the total number of Option Shares which would have been subscribed for pursuant to clauses 2 and 3 immediately prior to the event giving rise to such adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 aggregate Exercise Price payable in order to subscribe for all the Option Shares which may
 be subscribed pursuant to clauses 2 and 3 will be as nearly as possible (and in any event
 no more than) the same as it was prior to such adjustment.

Each such adjustment shall take effect immediately after the relevant consolidation and/or subdivision.

9.2 On
 any such sub-division or consolidation, the auditors for the time being of the Company shall
 report (at the Company's cost) that in their opinion the appropriate adjustments have
 been made, and within 14 days thereof (save to the extent that the Options have lapsed or
 been exercised in the meantime), notice will be sent to each Option Holder thereof together
 with a new Certificate in consequence of such adjustment, fractional entitlements being ignored.

9.3 If
 and whenever, on a date (or by reference to a record date) falling on or before the last
 Business Day of the Exercise Period, the Company issues any fully paid Shares by capitalising
 profits or reserves, including its share premium account or capital redemption reserve fund,
 other than in lieu of a cash dividend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Exercise Price in force immediately before that capitalisation issue shall be adjusted by
 multiplying it by the aggregate nominal amount of the issued Shares immediately before that
 capitalisation issue and dividing the result by the aggregate nominal amount of the issued
 Shares immediately after that capitalisation issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Option Shares to be allotted on any subsequent exercise of an Option shall be adjusted
 by multiplying the number to be allotted on an exercise of an Option immediately before that
 issue by the former Exercise Price and dividing the result by the adjusted Exercise Price.

Each such adjustment shall take effect immediately after the relevant capitalisation issue. For these purposes, Shares which are treasury shares shall not be regarded as issued Shares.

9.4 It
 is agreed that an adjustment shall not take effect upon the issuance of any new shares in
 the Capital of the Company in the ordinary course of business.

9.5 Any
 question arising in relation to any variation of capital pursuant to this clause shall be
 referred for determination to the auditors for the time being of the Company but if they
 are unwilling or unable to make a determination, the matter shall be referred to an expert,
 being a firm of chartered accountants agreed between the Company and the Option Holder or
 in default of agreement being reached within 14 days of any asking such expert be appointed
 at the instance of the president or next available officer for the time being of the Institute
 of Chartered Accountants in England and Wales on request from either the Company and the
 Option Holder, to which the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 expert shall make his determination at the expense of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 expert shall be deemed to act as an expert and not an arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 determination of the expert shall, in the absence of manifest error be final and binding
 on all concerned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 expert shall be given by the Company and the Option Holder all such information and other
 assistance as he may reasonably require.

 

**10.** **Entire Agreement** 

10.1 This
 agreement constitutes the entire agreement between the parties and supersedes and extinguishes
 all previous agreements, promises, assurances, warranties, representations and understandings
 between them, whether written or oral, relating to its subject matter.

10.2 Each
 party agrees that it shall have no remedies in respect of any statement, representation,
 assurance or warranty (whether made innocently or negligently) that is not set out in this
 agreement. Each party agrees that it shall have no claim for innocent or negligent misrepresentation
 or negligent misstatement based on any statement in this agreement.

**11.** **Counterparts** 

11.1 This
 agreement may be executed in any number of counterparts, each of which when executed and
 delivered shall constitute a duplicate original, but all the counterparts shall together
 constitute the one agreement.

11.2 Transmission
 of an executed counterpart of this agreement by email shall take effect as delivery of an
 executed counterpart of this agreement.

**12.** **Governing law** 

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of the British Virgin Islands.

**13.** **Jurisdiction** 

Each party irrevocably agrees that the courts of the British Virgin Islands shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

**Schedule 1**

**Exercise Notice**

The Directors

**WeShop Holdings Limited**

c/o CCS Trustees Limited

Mandar House, 3<sup>rd</sup> Floor

Johnson's Ghut

Tortola

VG1110

British Virgin Islands

(**Company**)

SENT BY EMAIL: [ ]

[DATE]

Dear Sirs

This notice is given by [. ] of [. ].

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SPECIFICATION OF OPTION** 

[I/We] wish to exercise the option (**Option**) to acquire shares in the Company granted to [me/us] by the Company pursuant to an option agreement dated [Date] (**Option Agreement**).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **NUMBER OF SHARES TO BE ACQUIRED** 

[I/We] wish to acquire [. ] of the Shares available to be acquired by [me/us] on exercise of the Option (**Shares**).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PAYMENT FOR SHARES** 

I undertake to pay the Company the sum of [£[. ]/USD[. ]), being the amount payable in full for the exercise of the Option in respect of the number of Shares stated above payable to the Company:

Bank account number: [. ]

[Bank / Address]

IBAN: [. ]

BIC: [. ]

I request the Company transfer to [me/us] the number of Shares above in accordance with clause 3.8 of the Option Agreement.

Yours faithfully,

Signed: _____________________________

Name (capitals): [. ]

Date: [. ]

Address: [. ]

---

| | |
|:---|:---|
| Signed as a deed for and on behalf of **WeShop Holdings Limited** in the presence of:<br>| /s/ Oliver Egerton-Vernon<br>|
|  | Director |

---

---

| | |
|:---|:---|
| Signed as a deed by **MR JOHN FOLEY** in the presence of:<br>| /s/ John Foley<br>|
| /s/ June Foley<br>|  |
| SIGNATURE OF WITNESS<br>|  |
| NAME: June Foley<br>|  |
| ADDRESS: [\*\*\*]<br>|  |
| OCCUPATION: Retired<br>|  |

---

## Exhibit 4.3

**Exhibit 4.3**

**DATED: 14TH October 2025**

**1) WeShop Holdings Limited**

**2) Mr Paul Teasdale**

**OPTION AGREEMENT**

This deed is dated 14th October 2025

**PARTIES**

**(1)** **WeShop Holdings Limited** a BVI business company incorporated and registered in the British Virgin
 Islands with company number 2046056 whose registered office is at c/o CCS Trustees Limited,
 Mandar House, 3<sup>rd</sup> Floor, Johnson's Ghut, Tortola, VG1110, British Virgin
 Islands **(Company); and** 

**(2)** **Paul Teasdale** of [\*\*\*] **(Option Holder).** 

**BACKGROUND**

(A) The
 Company wishes to grant the Option Holder an option to acquire shares in the Company, on
 the terms of this agreement.

(B) The
 Option Holder wishes to accept the Options (as defined below).

**AGREED TERMS**

**1.** **Interpretation** 

1.1 The
 following definitions and rules of interpretation apply in this agreement.

**Base Valuation:** has the meaning given in clause 3.1.

**Board**: the board of directors of the Company or a committee appointed by it to carry out any of its functions under this agreement.

**Business Day**: a day other than a Saturday, Sunday or public holiday in the British Virgin Islands when banks in the British Virgin Islands are open for business.

**Exercise Notice:** has the meaning set out in clause 3.12.

**Exercise Period:** shall have the meaning defined in clause 6.1.

**Exercise Price**: the price payable by the Option Holder to acquire Shares under the Option, being USD9.64 (nine dollars and sixty four cents) which is equal to the valuation report as at 31st December 2024.

**GBP:** means British pound sterling.

**GMT:** means Greenwich Mean Time.

**Grant Date**: the date of this agreement.

**Issued Shares**: all issued shares of the Company at the date on which a Listing occurs. For confirmation this is on a consolidated basis which was approved by written shareholder resolution on the 7th October 2025 and therefore issued shares is anticipated to be approximately 10,785,257 Class A Ordinary Shares.

**Listing:** the successful application and admission of all or any of the Shares in the capital of the Company, or securities representing such shares (including American depositary receipts, American depositary shares and/or other instruments) to the Nasdaq Capital Market of the Nasdaq Stock Market Inc, or to any recognised investment exchange.

**Listing Price:** the price per share at which the Company's shares are first issued and traded upon Listing.

**Option**: the right to acquire up to 1,000,000 (one million) Class A Ordinary Shares in the Company.

**Option Shares**: means the 1,000,000 (one million) Shares over which the Option is granted as detailed in clause 2.1.

**Shares:** Class A Ordinary Shares in the Company from time to time.

**Target Valuation:** has the meaning given in clause 3.1.

**Taxable Event**: any event or circumstance that gives rise to a Tax Liability for the Option Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Option, including its exercise, its assignment or surrender for consideration, or the receipt of any benefit in connection with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any shares (or other securities or assets):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) earmarked or held to satisfy the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquired on exercise of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acquired as a result of holding the Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acquired in consideration of the Option's assignment or surrender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of any securities (or other assets) acquired or earmarked as a result of holding shares (or other securities or assets) mentioned in (b).

**Tax Liability**: the total of any tax that the Option Holder is liable to account for (or reasonably believes it is liable to account for) as a result of any Taxable Event;

**USD:** United States Dollar;

1.2 Clause,
 Schedule and paragraph headings shall not affect the interpretation of this agreement.

1.3 The
 background and Schedules form part of this agreement and shall have effect as if set out
 in full in the body of this agreement and any reference to this agreement includes the background
 and Schedules.

1.4 Unless
 the context otherwise requires, words in the singular shall include the plural and in the
 plural shall include the singular.

1.5 Unless
 the context otherwise requires, a reference to one gender shall include a reference to the
 other genders.

1.6 A
 reference to a statute or statutory provision shall include all subordinate legislation made
 from time to time under that statute or statutory provision.

1.7 Any
 obligation in this agreement not to do something includes an obligation not to allow that
 thing to be done.

1.8 A
 reference to **this agreement** or to any other agreement or document referred to in this
 agreement is a reference to this agreement or such other agreement or document as varied
 or novated (in each case, other than in breach of the provisions of this agreement) from
 time to time.

1.9 References
 to clauses and Schedules are to the clauses and Schedules of this agreement and references
 to paragraphs are to paragraphs of the relevant Schedule.

1.10 Any
 words following the terms **including**, **include**, **in particular** or any similar
 expression shall be construed as illustrative and shall not limit the sense of the description,
 definition, phrase or term that comes before the relevant term.

**2.** **Grant of Option** 

2.1 The
 Company hereby grants the Option to the Option Holder to purchase up to the total number
 of Option Shares at the Exercise Price set out in clause 3.1, subject to the terms and conditions
 of this Agreement and the Exercise Notice.

**3.** **Exercise of Option** 

3.1 350,000
 (three hundred and fifty thousand) of the Option Shares granted to the Option Holder shall
 become exercisable at the Exercise Price only if the value of the Company (the  ***Target Valuation***) has achieved a market capitalisation of USD500,000,000. For the purposes
 of determining whether the Target Valuation has been achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 valuation shall be calculated on a fully diluted basis, taking into account all issued and
 outstanding securities and all rights, options, warrants, convertible instruments or other
 securities or agreements giving rights to acquire shares in the Company (whether now existing
 or hereafter issued), without duplication but excluding the Option Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Target Valuation shall be deemed achieved if it is reached or exceeded at any single valuation
 event or measurement point, and it is not necessary that such valuation be maintained for
 any particular period of time.

3.2 350,000
 (three hundred and fifty thousand) of the Option Shares granted to the Option Holder shall
 become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$1 billion, whether or not such market capitalisation is subsequently maintained.

3.3 125,000
 (one hundred and twenty five thousand) of the Option Shares granted to the Option Holder
 shall become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$2 billion, whether or not such market capitalisation is subsequently maintained.

3.4 125,000
 (one hundred and twenty five thousand) of the Option Shares granted to the Option Holder
 shall become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$5 billion, whether or not such market capitalisation is subsequently maintained.

3.5 50,000
 (fifty thousand) of the Option Shares granted to the Option Holder shall become exercisable
 at the Exercise Price when the Company achieves a market capitalisation of USD$10 billion,
 whether or not such market capitalisation is subsequently maintained.

3.6 No
 shares shall be allotted or issued to the Option Holder unless and until the Option has become
 exercisable in accordance with this clause and the Option Holder has validly exercised the
 Option.

3.7 For
 the purposes of this clause, "market capitalisation" means (a) if the Company
 is listed on a recognised stock exchange, the product of the number of issued and outstanding
 shares in the Company and the closing trading price per share on such exchange, or (b) if
 the Company is not listed, the valuation attributed to the Company in a bona fide arm's
 length transaction or financing round with an independent third party investor, in each case
 calculated on a fully diluted basis.

3.8 The
 Option Holder shall be entitled to exercise all or any part of the Option within the Exercise
 Period as long as the aggregate number of Shares issued pursuant to the exercise of the Option
 by the Option Holder does not exceed 10% (ten per cent) of the Issued Shares.

3.9 The
 Option does not entitle the Option Holder to acquire any percentage of the shares of the
 Company, other than the number of Shares actually acquired under the Option at any time.
 The grant and existence of the Option shall not restrict the Company's freedom to issue
 any Shares, rights to subscribe for Shares, or any other securities, at any time after the
 Grant Date and on such terms as the Company may decide.

3.10 The
 Option Holder may not exercise its Option at a time when its exercise is prohibited by, or
 would be a breach of, any law or regulation with the force of law or other rule, code or
 set of guidelines (such as a personal dealing code adopted by the Company).

3.11 During
 the Exercise Period, the Option Holder shall exercise its Option in whole or in part by giving
 a written exercise notice (**Exercise Notice**) to the Company, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 out the number of Shares over which the Option Holder wishes to exercise the Option. If that
 number exceeds the number over which the Option may be validly exercised at the time, the
 Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) treat
 the Option Holder as having exercised the Option only in respect of that lesser number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refund
 any excess amount the Option Holder has paid to exercise the Option or meet any Tax Liability;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the form set out in Schedule 1.

3.12 When
 the Option Holder gives its Exercise Notice it must also provide all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payment
 of an amount equal to the Exercise Price multiplied by the number of Shares specified in
 the notice (or evidence that the Option Holder has arrangements acceptable to the Board to
 pay that amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 payment required under clause 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 documents relating to arrangements or agreements required under clause 4.

3.13 Any
 Exercise Notice shall be invalid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the extent that it is inconsistent with the Option Holder's rights under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 any of the requirements of clause 3.12or clause 3.13are not met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any payment referred to in clause 3.12is made by a cheque that is not honoured on first presentation
 or that fails in any other manner to transfer the expected value to the Company.

The Company may permit the Option Holder to correct any defect referred to in clause 3.14(b) or clause 3.14(c) (but shall not be obliged to do so). The date of any corrected Exercise Notice shall be the date of the correction rather than the original notice date for all purposes of this agreement.

3.14 Any
 part of the Option not exercised by the Option Holder shall remain available to the Option
 Holder during the Exercise Period.

3.15 The
 Company shall, subject to the provisions of this Agreement, allot and issue the Option Shares
 to the Option Holder within five 5 calendar days after the valid exercise of the relevant
 Option. No shares shall be allotted or issued pursuant to this Agreement unless and until
 the relevant Option has been exercised in accordance with its terms.

3.16 Any
 Option Shares allotted and issued pursuant to this Agreement shall be issued as fully paid,
 shall be settled electronically where possible, shall be free from all liens, charges or
 other security interests, and shall rank pari passu in all respects with the otsher shares
 of the same class then in issue, save as regards any rights attaching by reference to a record
 date prior to the date of allotment. Upon the valid exercise of the Option, the Company shall
 allot and issue to the Option Holder (or its nominee, if applicable) the relevant Option
 Shares free of any lien, charge or other security interest, and together with all rights
 attaching to them (other than any rights attaching by reference to a record date prior to
 the date of allotment). The Shares will be listed or traded on a stock exchange. In the event
 that the Shares are not listed or traded on a stock exchange from time to time, the Company
 shall apply to the appropriate body for any newly issued Shares allotted on exercise of an
 Option to be listed or admitted to trading on that exchange and the Option Holder agrees
 to be subject to and comply with any requirements and reporting obligations imposed on shareholders
 of a company listed in such exchange.

**4.** **Registration Rights upon Exercise** 

4.1 Upon
 the valid exercise of the Option and the consequent allotment and issue of the Option Shares
 to the Option Holder, the Option Holder shall have the right, by written notice to the Company,
 to require that the Company take all commercially reasonable actions (including, without
 limitation, the preparation and filing of a registration statement with the applicable securities
 regulator(s)) to register the Option Shares so that they are freely tradeable, subject always
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 applicable legal, regulatory or stock exchange restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 closed periods, blackout periods or similar restrictions applicable to the Option Holder
 in his or her capacity as a director, officer or employee of the Company at the time of such
 trade.

**5.** **Tax liabilities** 

5.1 The
 Option Holder indemnifies the Company in respect of any Tax Liability.

5.2 The
 Option Holder irrevocably agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay
 to the Company the amount of any Tax Liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 into arrangements to the satisfaction of the Company for payment of any Tax Liability.

5.3 If
 the Option Holder does not fulfil its obligations under clause 5.2 in respect of any Tax
 Liability within seven days after any Taxable Event and if the relevant Taxable Event is
 the exercise of the Option, and the Shares are readily saleable at the time, the Company
 may retain and sell sufficient Shares on the Option Holder's behalf to meet the Tax
 Liability, and any costs of sale.

5.4 From
 the net proceeds of sale of those withheld Shares, the Company shall retain an amount equal
 to the Tax Liability and shall pay any balance to the Option Holder (if the Company is to
 account for or pay the relevant Tax Liability).

5.5 The
 Option Holder's obligations under clause 5.2 shall not be affected by any failure of
 the Company to withhold Shares or deduct from payments of remuneration under clause 5.3.

**6.** **Exercise Period and lapse of Option** 

6.1 The
 Option Holder shall be entitled to exercise the Option from the date of Listing until the
 day after the 10th anniversary of Listing (**Exercise Period**).

6.2 In
 any event, the Option shall automatically lapse on the date falling 5 (five) years from Listing.

6.3 After
 the Option lapses it cannot be exercised, become exercisable, be released for consideration
 or be of use or benefit to the Option Holder in any other way.

**7.** **Assignment of Option** 

The Option Holder may transfer or assign its Option.

**8.** **Notices** 

8.1 Except
 as set out in clause 8.3, any notice or other communication given under or in connection
 with the Option shall be in writing and shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivered
 by hand or by pre-paid first-class post or other next working day delivery service at the
 following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Company, its registered office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
the case of the Option Holder, [. ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sent
 by email to the **following email addresses:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Company, [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of the Option Holder: [\*\*\*].

8.2 Any
 notice or other communication given under this clause 8 shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 delivered by hand, on signature of a delivery receipt, or at the time the notice is left
 at the appropriate address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by prepaid first-class post or other next working day delivery service, at 9.00 am on
 the second Business Day after posting, or at the time recorded by the delivery service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 sent by email, at 9.00 am (GMT) on the next Business Day after sending.

8.3 This
 does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 service of any Exercise Notice under clause 3.12; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 service of any proceedings or other documents in any legal action or, where applicable, any
 arbitration or other method of dispute resolution.

**9.** **VARIATION OF CAPITAL** 

9.1 Upon
 any sub-division or consolidation of the Shares on or before the end of the Exercise Period,
 the number and nominal amount of Option Shares to be subscribed on any exercise as set out
 in clause 3, subsequent to the sub-division or consolidation will be increased or, as the
 case may be, reduced in due proportion and the Exercise Price will be respectively decreased
 or, as the case may be, increased in due proportion and the Subscription Price will be deemed
 adjusted accordingly with effect from the record date for such sub-division or consolidation
 in each case so as to ensure that insofar as possible that, after such adjustment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 total number of Option Shares which may be subscribed pursuant to the rights set out in clauses
 2 and 3, are such that Option Shares when allotted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will
 carry as nearly as possible (and in any event not less than) the same proportion of the votes
 as the Option Shares carried prior to such adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will
 carry the entitlement to participate in the same proportion in the profits and assets of
 the Company,

as would the total number of Option Shares which would have been subscribed for pursuant to clauses 2 and 3 immediately prior to the event giving rise to such adjustment; *and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 aggregate Exercise Price payable in order to subscribe for all the Option Shares which may
 be subscribed pursuant to clauses 2 and 3 will be as nearly as possible (and in any event
 no more than) the same as it was prior to such adjustment.

Each such adjustment shall take effect immediately after the relevant consolidation and/or subdivision.

9.2 On
 any such sub-division or consolidation, the auditors for the time being of the Company shall
 report (at the Company's cost) that in their opinion the appropriate adjustments have
 been made, and within 14 days thereof (save to the extent that the Options have lapsed or
 been exercised in the meantime), notice will be sent to each Option Holder thereof together
 with a new Certificate in consequence of such adjustment, fractional entitlements being ignored.

9.3 If
 and whenever, on a date (or by reference to a record date) falling on or before the last
 Business Day of the Exercise Period, the Company issues any fully paid Shares by capitalising
 profits or reserves, including its share premium account or capital redemption reserve fund,
 other than in lieu of a cash dividend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Exercise Price in force immediately before that capitalisation issue shall be adjusted by
 multiplying it by the aggregate nominal amount of the issued Shares immediately before that
 capitalisation issue and dividing the result by the aggregate nominal amount of the issued
 Shares immediately after that capitalisation issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Option Shares to be allotted on any subsequent exercise of an Option shall be adjusted
 by multiplying the number to be allotted on an exercise of an Option immediately before that
 issue by the former Exercise Price and dividing the result by the adjusted Exercise Price.

Each such adjustment shall take effect immediately after the relevant capitalisation issue. For these purposes, Shares which are treasury shares shall not be regarded as issued Shares.

9.4 It
 is agreed that an adjustment shall not take effect upon the issuance of any new shares in
 the Capital of the Company in the ordinary course of business.

9.5 Any
 question arising in relation to any variation of capital pursuant to this clause shall be
 referred for determination to the auditors for the time being of the Company but if they
 are unwilling or unable to make a determination, the matter shall be referred to an expert,
 being a firm of chartered accountants agreed between the Company and the Option Holder or
 in default of agreement being reached within 14 days of any asking such expert be appointed
 at the instance of the president or next available officer for the time being of the Institute
 of Chartered Accountants in England and Wales on request from either the Company and the
 Option Holder, to which the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 expert shall make his determination at the expense of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 expert shall be deemed to act as an expert and not an arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 determination of the expert shall, in the absence of manifest error be final and binding
 on all concerned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 expert shall be given by the Company and the Option Holder all such information and other
 assistance as he may reasonably require.

 

**10.** **Entire Agreement** 

10.1 This
 agreement constitutes the entire agreement between the parties and supersedes and extinguishes
 all previous agreements, promises, assurances, warranties, representations and understandings
 between them, whether written or oral, relating to its subject matter.

10.2 Each
 party agrees that it shall have no remedies in respect of any statement, representation,
 assurance or warranty (whether made innocently or negligently) that is not set out in this
 agreement. Each party agrees that it shall have no claim for innocent or negligent misrepresentation
 or negligent misstatement based on any statement in this agreement.

**11.** **Counterparts** 

11.1 This
 agreement may be executed in any number of counterparts, each of which when executed and
 delivered shall constitute a duplicate original, but all the counterparts shall together
 constitute the one agreement.

11.2 Transmission
 of an executed counterpart of this agreement by email shall take effect as delivery of an
 executed counterpart of this agreement.

**12.** **Governing law** 

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of the British Virgin Islands.

**13.** **Jurisdiction** 

Each party irrevocably agrees that the courts of the British Virgin Islands shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

**Schedule 1**

**Exercise Notice**

The Directors

**WeShop Holdings Limited**

c/o CCS Trustees Limited

Mandar House, 3<sup>rd</sup> Floor

Johnson's Ghut

Tortola

VG1110

British Virgin Islands

(**Company**)

SENT BY EMAIL: [ ]

[DATE]

Dear Sirs

This notice is given by [. ] of [. ].

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SPECIFICATION OF OPTION** 

[I/We] wish to exercise the option (**Option**) to acquire shares in the Company granted to [me/us] by the Company pursuant to an option agreement dated [Date] (**Option Agreement**).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **NUMBER OF SHARES TO BE ACQUIRED** 

[I/We] wish to acquire [. ] of the Shares available to be acquired by [me/us] on exercise of the Option (**Shares**).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PAYMENT FOR SHARES** 

I undertake to pay the Company the sum of [£[. ]/USD[. ]), being the amount payable in full for the exercise of the Option in respect of the number of Shares stated above payable to the Company:

Bank account number: [. ]

[Bank / Address]

IBAN: [. ]

BIC: [. ]

I request the Company transfer to [me/us] the number of Shares above in accordance with clause 3.8 of the Option Agreement.

Yours faithfully,

Signed: _____________________________

Name (capitals): [. ]

Date: [. ]

Address: [. ]

---

| | |
|:---|:---|
| Signed as a deed for and on behalf of **WeShop Holdings Limited** in the presence of:<br>| /s/ Oliver Egerton-Vernon<br>|
|  | Director |

---

---

| | |
|:---|:---|
| Signed as a deed by **MR PAUL TEASDALE** in the presence of:<br>| /s/ Paul Teasdale<br>|
| /s/ Rachael Teasdale<br>|  |
| SIGNATURE OF WITNESS<br>|  |
| NAME: Rachael Teasdale<br>|  |
| ADDRESS: [\*\*\*]<br>|  |
| OCCUPATION: Director<br>|  |

---

## Exhibit 4.4

**Exhibit 4.4**

**DATED: 14TH October 2025**

**1) WeShop Holdings Limited**

**2) Mr John Garner**

**OPTION AGREEMENT**

This deed is dated 14th October 2025

**PARTIES**

**(1)** **WeShop Holdings Limited** a BVI business company incorporated and registered in the British Virgin
 Islands with company number 2046056 whose registered office is at c/o CCS Trustees Limited,
 Mandar House, 3<sup>rd</sup> Floor, Johnson's Ghut, Tortola, VG1110, British Virgin
 Islands **(Company); and** 

**(2)** **John Garner** of [\*\*\*] **(Option Holder).** 

**BACKGROUND**

(A) The
 Company wishes to grant the Option Holder an option to acquire shares in the Company , on
 the terms of this agreement.

(B) The
 Option Holder wishes to accept the Options (as defined below).

**AGREED TERMS**

**1.** **Interpretation** 

1.1 The
 following definitions and rules of interpretation apply in this agreement.

**Base Valuation:** has the meaning given in clause 3.1.

**Board**: the board of directors of the Company or a committee appointed by it to carry out any of its functions under this agreement.

**Business Day**: a day other than a Saturday, Sunday or public holiday in the British Virgin Islands when banks in the British Virgin Islands are open for business.

**Exercise Notice:** has the meaning set out in clause 3.12.

**Exercise Period:** shall have the meaning defined in clause 6.1.

**Exercise Price**: the price payable by the Option Holder to acquire Shares under the Option, being USD9.64 (nine dollars and sixty four cents) which is equal to the valuation report as at 31st December 2024.

**GBP:** means British pound sterling.

**GMT:** means Greenwich Mean Time.

**Grant Date**: the date of this agreement.

**Issued Shares**: all issued shares of the Company at the date on which a Listing occurs. For confirmation this is on a consolidated basis which was approved by written shareholder resolution on the 7th October 2025 and therefore issued shares is anticipated to be approximately 10,785,257 Class A Ordinary Shares.

**Listing:** the successful application and admission of all or any of the Shares in the capital of the Company, or securities representing such shares (including American depositary receipts, American depositary shares and/or other instruments) to the Nasdaq Capital Market of the Nasdaq Stock Market Inc, or to any recognised investment exchange.

**Listing Price:** the price per share at which the Company's shares are first issued and traded upon Listing.

**Option**: the right to acquire up to 3,250,001 (three million, two hundred and fifty thousand and one) Class A Ordinary Shares in the Company.

**Option Shares**: means the 3,250,001 (three million, two hundred and fifty thousand and one) Shares over which the Option is granted as detailed in clause 2.1.

**Shares:** Class A Ordinary Shares in the Company from time to time.

**Target Valuation:** has the meaning given in clause 3.1.

**Taxable Event**: any event or circumstance that gives rise to a Tax Liability for the Option Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Option, including its exercise, its assignment or surrender for consideration, or the receipt of any benefit in connection with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any shares (or other securities or assets):

&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) earmarked or held to satisfy the Option;

&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) acquired on exercise of the Option;

&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) acquired as a result of holding the Option; 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;(iv) acquired in consideration of the Option's assignment or surrender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of any securities (or other assets) acquired or earmarked as a result of holding shares (or other securities or assets) mentioned in (b).

**Tax Liability**: the total of any tax that the Option Holder is liable to account for (or reasonably believes it is liable to account for) as a result of any Taxable Event;

**USD:** United States Dollar;

1.2 Clause,
 Schedule and paragraph headings shall not affect the interpretation of this agreement.

1.3 The
 background and Schedules form part of this agreement and shall have effect as if set out
 in full in the body of this agreement and any reference to this agreement includes the background
 and Schedules.

1.4 Unless
 the context otherwise requires, words in the singular shall include the plural and in the
 plural shall include the singular.

1.5 Unless
 the context otherwise requires, a reference to one gender shall include a reference to the
 other genders.

1.6 A
 reference to a statute or statutory provision shall include all subordinate legislation made
 from time to time under that statute or statutory provision.

1.7 Any
 obligation in this agreement not to do something includes an obligation not to allow that
 thing to be done.

1.8 A
 reference to **this agreement** or to any other agreement or document referred to in this
 agreement is a reference to this agreement or such other agreement or document as varied
 or novated (in each case, other than in breach of the provisions of this agreement) from
 time to time.

1.9 References
 to clauses and Schedules are to the clauses and Schedules of this agreement and references
 to paragraphs are to paragraphs of the relevant Schedule.

1.10 Any
 words following the terms **including**, **include**, **in particular** or any similar
 expression shall be construed as illustrative and shall not limit the sense of the description,
 definition, phrase or term that comes before the relevant term.

**2.** **Grant of Option** 

2.1 The
 Company hereby grants the Option to the Option Holder to purchase up to the total number
 of Option Shares at the Exercise Price set out in clause 3.1, subject to the terms and conditions
 of this Agreement and the Exercise Notice.

**3.** **Exercise of Option** 

3.1 1,125,000
 (one million, one hundred and twenty five thousand) of the Option Shares granted to the Option
 Holder shall become exercisable at the Exercise Price only if the value of the Company (the  ***Target Valuation***) has achieved a market capitalisation of USD500,000,000. For
 the purposes of determining whether the Target Valuation has been achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 valuation shall be calculated on a fully diluted basis, taking into account all issued and
 outstanding securities and all rights, options, warrants, convertible instruments or other
 securities or agreements giving rights to acquire shares in the Company (whether now existing
 or hereafter issued), but excluding the Option Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Target Valuation shall be deemed achieved if it is reached or exceeded at any single valuation
 event or measurement point, and it is not necessary that such valuation be maintained for
 any particular period of time.

3.2 1,125,000
 (one million, one hundred and twenty five thousand) of the Option Shares granted to the Option
 Holder shall become exercisable at the Exercise Price when the Company achieves a market
 capitalisation of USD$1 billion, whether or not such market capitalisation is subsequently
 maintained.

3.3 375,000
 (three hundred and seventy five thousand) of the Option Shares granted to the Option Holder
 shall become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$2 billion, whether or not such market capitalisation is subsequently maintained.

3.4 375,000
 (three hundred and seventy five thousand) of the Option Shares granted to the Option Holder
 shall become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$5 billion, whether or not such market capitalisation is subsequently maintained.

3.5 250,000
 (two hundred and fifty thousand) of the Option Shares granted to the Option Holder shall
 become exercisable at the Exercise Price when the Company achieves a market capitalisation
 of USD$10 billion, whether or not such market capitalisation is subsequently maintained.

3.6 1
 (one) of the Option Shares granted to the Option Holder shall become exercisable at the Exercise
 Price when the Company achieves a market capitalisation of USD$1 trillion, whether or not
 such market capitalisation is subsequently maintained.

3.7 No
 shares shall be allotted or issued to the Option Holder unless and until the Option has become
 exercisable in accordance with this clause and the Option Holder has validly exercised the
 Option.

3.8 For
 the purposes of this clause, "market capitalisation" means (a) if the Company
 is listed on a recognised stock exchange, the product of the number of issued and outstanding
 shares in the Company and the closing trading price per share on such exchange, or (b) if
 the Company is not listed, the valuation attributed to the Company in a bona fide arm's
 length transaction or financing round with an independent third party investor, in each case
 calculated on a fully diluted basis.

3.9 The
 Option Holder shall be entitled to exercise all or any part of the Option within the Exercise
 Period as long as the aggregate number of Shares issued pursuant to the exercise of the Option
 by the Option Holder does not exceed 10% (ten per cent) of the Issued Shares.

3.10 The
 Option does not entitle the Option Holder to acquire any percentage of the shares of the
 Company, other than the number of Shares actually acquired under the Option at any time.
 The grant and existence of the Option shall not restrict the Company's freedom to issue
 any Shares, rights to subscribe for Shares, or any other securities, at any time after the
 Grant Date and on such terms as the Company may decide.

3.11 The
 Option Holder may not exercise its Option at a time when its exercise is prohibited by, or
 would be a breach of, any law or regulation with the force of law or other rule, code or
 set of guidelines (such as a personal dealing code adopted by the Company).

3.12 During
 the Exercise Period, the Option Holder shall exercise its Option in whole or in part by giving
 a written exercise notice (**Exercise Notice**) to the Company, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 out the number of Shares over which the Option Holder wishes to exercise the Option. If that
 number exceeds the number over which the Option may be validly exercised at the time, the
 Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) treat
 the Option Holder as having exercised the Option only in respect of that lesser number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refund
 any excess amount the Option Holder has paid to exercise the Option or meet any Tax Liability;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the form set out in Schedule 1.

3.13 When
 the Option Holder gives its Exercise Notice it must also provide all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payment
 of an amount equal to the Exercise Price multiplied by the number of Shares specified in
 the notice (or evidence that the Option Holder has arrangements acceptable to the Board to
 pay that amount);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 payment required under clause 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 documents relating to arrangements or agreements required under clause 4.

3.14 Any
 Exercise Notice shall be invalid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the extent that it is inconsistent with the Option Holder's rights under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 any of the requirements of clause 3.12or clause 3.13are not met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any payment referred to in clause 3.12is made by a cheque that is not honoured on first presentation
 or that fails in any other manner to transfer the expected value to the Company.

The Company may permit the Option Holder to correct any defect referred to in clause 3.14(b) or clause 3.14(c) (but shall not be obliged to do so). The date of any corrected Exercise Notice shall be the date of the correction rather than the original notice date for all purposes of this agreement.

3.15 Any
 part of the Option not exercised by the Option Holder shall remain available to the Option
 Holder during the Exercise Period.

3.16 The
 Company shall, subject to the provisions of this Agreement, allot and issue the Option Shares
 to the Option Holder within five 5 calendar days after the valid exercise of the relevant
 Option. No shares shall be allotted or issued pursuant to this Agreement unless and until
 the relevant Option has been exercised in accordance with its terms.

3.17 Any
 Option Shares allotted and issued pursuant to this Agreement shall be issued as fully paid,
 shall be settled electronically where possible, shall be free from all liens, charges or
 other security interests, and shall rank pari passu in all respects with the otsher shares
 of the same class then in issue, save as regards any rights attaching by reference to a record
 date prior to the date of allotment. Upon the valid exercise of the Option, the Company shall
 allot and issue to the Option Holder (or its nominee, if applicable) the relevant Option
 Shares free of any lien, charge or other security interest, and together with all rights
 attaching to them (other than any rights attaching by reference to a record date prior to
 the date of allotment). The Shares will be listed or traded on a stock exchange. In the event
 that the Shares are not listed or traded on a stock exchange from time to time, the Company
 shall apply to the appropriate body for any newly issued Shares allotted on exercise of an
 Option to be listed or admitted to trading on that exchange and the Option Holder agrees
 to be subject to and comply with any requirements and reporting obligations imposed on shareholders
 of a company listed in such exchange.

**4.** **Registration Rights upon Exercise** 

4.1 Upon
 the valid exercise of the Option and the consequent allotment and issue of the Option Shares
 to the Option Holder, the Option Holder shall have the right, by written notice to the Company,
 to require that the Company take all commercially reasonable actions (including, without
 limitation, the preparation and filing of a registration statement with the applicable securities
 regulator(s)) to register the Option Shares so that they are freely tradeable, subject always
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 applicable legal, regulatory or stock exchange restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 closed periods, blackout periods or similar restrictions applicable to the Option Holder
 in his or her capacity as a director, officer or employee of the Company at the time of such
 trade.

**5.** **Tax liabilities** 

5.1 The
 Option Holder indemnifies the Company in respect of any Tax Liability.

5.2 The
 Option Holder irrevocably agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay
 to the Company the amount of any Tax Liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 into arrangements to the satisfaction of the Company for payment of any Tax Liability.

5.3 If
 the Option Holder does not fulfil its obligations under clause 5.2 in respect of any Tax
 Liability within seven days after any Taxable Event and if the relevant Taxable Event is
 the exercise of the Option, and the Shares are readily saleable at the time, the Company
 may retain and sell sufficient Shares on the Option Holder's behalf to meet the Tax
 Liability, and any costs of sale.

5.4 From
 the net proceeds of sale of those withheld Shares, the Company shall retain an amount equal
 to the Tax Liability and shall pay any balance to the Option Holder (if the Company is to
 account for or pay the relevant Tax Liability).

5.5 The
 Option Holder's obligations under clause 5.2 shall not be affected by any failure of
 the Company to withhold Shares or deduct from payments of remuneration under clause 5.3.

**6.** **Exercise Period and lapse of Option** 

6.1 The
 Option Holder shall be entitled to exercise the Option from the date of Listing until the
 day after the 10th anniversary of Listing (**Exercise Period**).

6.2 In
 any event, the Option shall automatically lapse on the date falling 5 (five) years from Listing.

6.3 After
 the Option lapses it cannot be exercised, become exercisable, be released for consideration
 or be of use or benefit to the Option Holder in any other way.

**7.** **Assignment of Option** 

The Option Holder may transfer or assign its Option.

**8.** **Notices** 

8.1 Except
 as set out in clause 8.3, any notice or other communication given under or in connection
 with the Option shall be in writing and shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivered
 by hand or by pre-paid first-class post or other next working day delivery service at the
 following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Company, its registered office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of the Option Holder, [. ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sent
 by email to the following email addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of the Company, [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of the Option Holder: [\*\*\*].

8.2 Any
 notice or other communication given under this clause 8 shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 delivered by hand, on signature of a delivery receipt, or at the time the notice is left
 at the appropriate address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by prepaid first-class post or other next working day delivery service, at 9.00 am on
 the second Business Day after posting, or at the time recorded by the delivery service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 sent by email, at 9.00 am (GMT) on the next Business Day after sending.

8.3 This
 does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 service of any Exercise Notice under clause 3.12; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 service of any proceedings or other documents in any legal action or, where applicable, any
 arbitration or other method of dispute resolution.

**9.** **VARIATION OF CAPITAL** 

9.1 Upon
 any sub-division or consolidation of the Shares on or before the end of the Exercise Period,
 the number and nominal amount of Option Shares to be subscribed on any exercise as set out
 in clause 3, subsequent to the sub-division or consolidation will be increased or, as the
 case may be, reduced in due proportion and the Exercise Price will be respectively decreased
 or, as the case may be, increased in due proportion and the Subscription Price will be deemed
 adjusted accordingly with effect from the record date for such sub-division or consolidation
 in each case so as to ensure that insofar as possible that, after such adjustment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 total number of Option Shares which may be subscribed pursuant to the rights set out in clauses
 2 and 3, are such that Option Shares when allotted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will
 carry as nearly as possible (and in any event not less than) the same proportion of the votes
 as the Option Shares carried prior to such adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will
 carry the entitlement to participate in the same proportion in the profits and assets of
 the Company,

as would the total number of Option Shares which would have been subscribed for pursuant to clauses 2 and 3 immediately prior to the event giving rise to such adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 aggregate Exercise Price payable in order to subscribe for all the Option Shares which may
 be subscribed pursuant to clauses 2 and 3 will be as nearly as possible (and in any event
 no more than) the same as it was prior to such adjustment.

Each such adjustment shall take effect immediately after the relevant consolidation and/or subdivision.

9.2 On
 any such sub-division or consolidation, the auditors for the time being of the Company shall
 report (at the Company's cost) that in their opinion the appropriate adjustments have
 been made, and within 14 days thereof (save to the extent that the Options have lapsed or
 been exercised in the meantime), notice will be sent to each Option Holder thereof together
 with a new Certificate in consequence of such adjustment, fractional entitlements being ignored.

9.3 If
 and whenever, on a date (or by reference to a record date) falling on or before the last
 Business Day of the Exercise Period, the Company issues any fully paid Shares by capitalising
 profits or reserves, including its share premium account or capital redemption reserve fund,
 other than in lieu of a cash dividend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Exercise Price in force immediately before that capitalisation issue shall be adjusted by
 multiplying it by the aggregate nominal amount of the issued Shares immediately before that
 capitalisation issue and dividing the result by the aggregate nominal amount of the issued
 Shares immediately after that capitalisation issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Option Shares to be allotted on any subsequent exercise of an Option shall be adjusted
 by multiplying the number to be allotted on an exercise of an Option immediately before that
 issue by the former Exercise Price and dividing the result by the adjusted Exercise Price.

Each such adjustment shall take effect immediately after the relevant capitalisation issue. For these purposes, Shares which are treasury shares shall not be regarded as issued Shares.

9.4 It
 is agreed that an adjustment shall not take effect upon the issuance of any new shares in
 the Capital of the Company in the ordinary course of business.

9.5 Any
 question arising in relation to any variation of capital pursuant to this clause shall be
 referred for determination to the auditors for the time being of the Company but if they
 are unwilling or unable to make a determination, the matter shall be referred to an expert,
 being a firm of chartered accountants agreed between the Company and the Option Holder or
 in default of agreement being reached within 14 days of any asking such expert be appointed
 at the instance of the president or next available officer for the time being of the Institute
 of Chartered Accountants in England and Wales on request from either the Company and the
 Option Holder, to which the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 expert shall make his determination at the expense of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 expert shall be deemed to act as an expert and not an arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 determination of the expert shall, in the absence of manifest error be final and binding
 on all concerned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 expert shall be given by the Company and the Option Holder all such information and other
 assistance as he may reasonably require.

 

**10.** **Entire Agreement** 

10.1 This
 agreement constitutes the entire agreement between the parties and supersedes and extinguishes
 all previous agreements, promises, assurances, warranties, representations and understandings
 between them, whether written or oral, relating to its subject matter.

10.2 Each
 party agrees that it shall have no remedies in respect of any statement, representation,
 assurance or warranty (whether made innocently or negligently) that is not set out in this
 agreement. Each party agrees that it shall have no claim for innocent or negligent misrepresentation
 or negligent misstatement based on any statement in this agreement.

**11.** **Counterparts** 

11.1 This
 agreement may be executed in any number of counterparts, each of which when executed and
 delivered shall constitute a duplicate original, but all the counterparts shall together
 constitute the one agreement.

11.2 Transmission
 of an executed counterpart of this agreement by email shall take effect as delivery of an
 executed counterpart of this agreement.

**12.** **Governing law** 

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of the British Virgin Islands.

**13.** **Jurisdiction** 

Each party irrevocably agrees that the courts of the British Virgin Islands shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

**Schedule 1**

**Exercise Notice**

The Directors

**WeShop Holdings Limited**

c/o CCS Trustees Limited

Mandar House, 3<sup>rd</sup> Floor

Johnson's Ghut

Tortola

VG1110

British Virgin Islands

(**Company**)

SENT BY EMAIL: [ ]

[DATE]

Dear Sirs

This notice is given by [. ] of [. ].

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **SPECIFICATION OF OPTION** 

[I/We] wish to exercise the option (**Option**) to acquire shares in the Company granted to [me/us] by the Company pursuant to an option agreement dated [Date] (**Option Agreement**).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **NUMBER OF SHARES TO BE ACQUIRED** 

[I/We] wish to acquire [. ] of the Shares available to be acquired by [me/us] on exercise of the Option (**Shares**).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PAYMENT FOR SHARES** 

I undertake to pay the Company the sum of [£[. ]/USD[. ]), being the amount payable in full for the exercise of the Option in respect of the number of Shares stated above payable to the Company:

Bank account number: [. ]

[Bank / Address]

IBAN: [. ]

BIC: [. ]

I request the Company transfer to [me/us] the number of Shares above in accordance with clause 3.8 of the Option Agreement.

Yours faithfully,

Signed: _____________________________

Name (capitals): [. ]

Date: [. ]

Address: [. ]

---

| | |
|:---|:---|
| Signed as a deed for and on behalf of **WeShop**<br> **Holdings Limited** in the presence of: | /s/ Oliver Egerton-Vernon<br>|
|  | Director |

---

---

| | |
|:---|:---|
| Signed as a deed by **JOHN GARNER** in the presence of: | /s/ John Garner |
| /s/ Francis McNeill |  |
| SIGNATURE OF WITNESS |  |
| NAME: Francis McNeill |  |
| ADDRESS: [\*\*\*] |  |
| OCCUPATION: Head of Operations |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg)  | Harney Westwood & Riegels (BVI) LP<br> Craigmuir Chambers, PO Box 71<br> Road Town, Tortola VG1110<br> British Virgin Islands<br> Tel: +1 284 494 2233<br> Fax: +1 284 494 3547 |

---

5 December 2025

george.weston@harneys.com

+1 284 852 4333

061318.0003/GYW/PKM

WESHOP HOLDINGS LIMITED

c/o CCS Trustees Limited

Mandar House, 3rd Floor

P.O. Box 2196

Johnson's Ghut

Tortola, VG1110

British Virgin Islands

Dear WeShop Holdings Limited

**WeShop Holdings Limited, Company No 2046056 (the *Company*)**

We are lawyers qualified to practise in the British Virgin Islands and have been asked to provide this legal opinion to you with regard to the laws of the British Virgin Islands in relation to the Company's registration statement on Form S-8 (***Registration Statement***) under the United States Securities Act of 1933 , as amended, to register an aggregate of up to 6,350,400 ordinary shares with no par value (the ***Ordinary Shares***) of the Company issuable upon the exercise of options to purchase such Ordinary Shares issued under the WeShop Holdings Limited Employee Share Option Plan 2022 and WeShop Holdings Limited Option Agreements with Certain Directors and Management (the ***Plan***) and the Performance Incentive Grants.

We are furnishing this opinion as Exhibit 5.1 and 23.3 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1). We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the British Virgin Islands:

---

| | |
|:---|:---|
| 1 | **Existence and Good Standing.** The Company is a company duly incorporated with limited liability and is validly existing and in good standing under the laws of the British Virgin Islands. The Company is a separate legal entity and is subject to suit in its own name. |

---

---

| | |
|:---|:---|
| Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> A list of partners is available for inspection at our offices. | <br> Anguilla \| Bermuda \| British Virgin Islands \| Cayman Islands<br> Cyprus \| Hong Kong \| Jersey \| London \| Luxembourg<br> Montevideo \| São Paulo \| Shanghai \| Singapore<br> harneys.com |

---

---

| | |
|:---|:---|
| 2 | **Due Issuance.** The Ordinary Shares to be issued by the Company pursuant to the Plan have been duly authorised and when issued in the manner described in the Plan and in accordance with the resolutions adopted by the board of directors of the Company (or any director or committee to whom the board of directors have delegated their powers with respect to administration of the Plan) and when appropriate entries have been made in the Register of Members of the Company, will be duly and validly issued, fully paid and non-assessable. |

---

This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the British Virgin Islands as they are in force and applied by the British Virgin Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the Rules and Regulations of the Commission thereunder.

---

| |
|:---|
| Yours faithfully |
| **Harney Westwood & Riegels (BVI) LP** |

---

**Schedule 1**

List of Documents and Records Examined

---

| | |
|:---|:---|
| 1 | A copy of the Company's certificate of incorporation and the memorandum and articles of association of the Company dated 16 October 2020, as amended on 6 November 2025 (***Memorandum and Articles***) which our searches dated 3 December 2025 show have not been subsequently amended. |
| 2 | The records and information certified by CCS Trustees Limited, the registered agent of the Company, on 3 December 2025 of the statutory documents and records maintained by the Company at its registered office (the ***Registered Agent's Certificate***). |
| 3 | The public records of the Company on file and available for inspection at the Registry of Corporate Affairs, Road Town, Tortola, British Virgin Islands on 3 December 2025. |
| 4 | A certificate of good standing issued by the Registrar of Corporate Affairs with respect to the Company dated 13 November 2025. |
| 5 | The records of proceedings on file with, and available for inspection on 3 December 2025 at the High Court of Justice, British Virgin Islands. |
| 6 | Copies of the resolutions of the board of directors of the Company dated 3 December 2025 approving, amongst other things, the Company's entry into, and authorising the execution and delivery by the Company of, the Statement (the ***Resolutions***). |

---

(1 to 6 above are the ***Corporate Documents***).

7 a draft of the Plan; and <br>8 the Registration Statement to be filed with the Securities and Exchange Commission on 4 December 2025.

The Corporate Documents and the documents referred to at 7-8 above are collectively referred to in this opinion as the ***Documents***.

**Schedule 2**

Assumptions

---

| | |
|:---|:---|
| 1 | **Directors.** The board of directors of the Company considers the filing of the Registration Statement and the transactions contemplated thereby to be in the best interests of the Company and no director has a financial interest in or other relationship to a party or the transactions contemplated by the Statement which has not been properly disclosed in the Resolutions. |

---

---

| | |
|:---|:---|
| 2 | **Solvency.** The Company was on the date of this opinion able to pay its debts as they became due, and issuing the securities as contemplated by the Registration Statement will not cause the Company to become unable to pay its debts as they fall due. |

---

---

| | |
|:---|:---|
| 3 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, all copies of Documents are true and correct copies and the Registration Statement conforms in every material respect to the latest draft of the same produced to us and, where the Registration Statement has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated. |

---

---

| | |
|:---|:---|
| 4 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. The information recorded in the Registered Agent's Certificate was accurate as at the date of the passing of the Resolutions. |

---

---

| | |
|:---|:---|
| 5 | **Resolutions.** The written Resolutions have been duly executed (and where executed by a corporate entity, such execution has been duly authorised if so required) by or on behalf of each director or shareholder (as the case may be), and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

---

---

| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Documents. |

---

**Schedule 3**

Qualifications

---

| | |
|:---|:---|
| 1 | **Public Records.** Records reviewed by us may not be complete for various reasons. In particular you should note that although amendments to the Memorandum and Articles of Association of a company are normally effective from the date of registration with the Registry of Corporate Affairs, it is possible for a British Virgin Islands court to order that they be treated as being effective from an earlier date, and searches would not reveal the amendments until the court order was subsequently filed and accordingly our searches would not indicate such issues. |

---

---

| | |
|:---|:---|
| 2 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

---

---

| | |
|:---|:---|
| 3 | **Good Standing.** To maintain the Company in good standing under the laws of the British Virgin Islands, annual licence fees must be paid to the Registrar of Corporate Affairs. |

---

---

| | |
|:---|:---|
| 4 | **Non-assessable.** In this opinion the phrase non-assessable means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares, 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). |

---

---

| | |
|:---|:---|
| 5 | **Sanctions**. The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom sanctions as implemented under the laws of the British Virgin Islands. |

---

---

| | |
|:---|:---|
| 6 | **Economic Substance**. We have undertaken no enquiry and express no view as to the compliance of the Company with the Economic Substance (Companies and Limited Partnerships) Act 2018. |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement of our report dual dated June 27, 2025 and November 19, 2025, relating to the consolidated financial statements of WeShop Holdings Limited as of and for the years ended December 31, 2024 and 2023. We also consent to the reference to us under the caption "Experts" in the Prospectus.

/s/ WithumSmith+Brown, PC

New York, New York

December 5, 2025

page 1 of 1

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

Form S-8

**(Form Type)**

WeShop Holdings Limited

**(Exact Name of Registrant as Specified in its Charter)**

Fees Previously Paid

Table 1: Newly Registered Securities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security <br>Type | Security Class Title | Amount<br> Registered<sup>(1)</sup> | Proposed Maximum Offering Price Per Share | Proposed Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Equity | Class A ordinary shares, no par value Other<sup>(2)</sup> | 6350400<sup>(3)</sup> | $8.96 | $56899584.00 | $0.00013810 | $7857.83 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $56899584.00 |  | $7857.83 |
| Total Fees Offsets | Total Fees Offsets | Total Fees Offsets |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $7857.83 |

---

(1) Pursuant
 to Rule 416(a) under the Securities Act of 1933, as amended (the "  ***Securities Act*** "), this Registration Statement shall also cover any additional Class A
 ordinary shares, no par value ("  ***Ordinary Shares*** "), of WeShop Holdings
 Limited (the "  ***Registrant***") that become issuable under the (i) WeShop
 Holdings Limited Employee Share Option Plan 2022 (the "  ***2022 Plan*** ")
 and (ii) WeShop Holdings Limited Option Agreements with Certain Directors and Management
 (the "  ***Option Plan***" and, together with the 2022 Plan, the "  ***Plans*** "),
 as well as any outstanding stock options granted outside of any plan, by reason of any stock
 dividend, stock split, recapitalization or other similar transaction.

(2) Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee. The price of $8.96 per share represents the weighted average of the exercise prices for outstanding options under the 2022 Plan and the Option Plan.

(3) Represents (i) 1,100,399 Class A ordinary shares reserved for issuance under the 2022 Plan and (ii) 5,250,001 Class A ordinary shares reserved for issuance under the Option Plan.

N/A