# EDGAR Filing Document

**Accession Number:** 0002019435
**File Stem:** 0001213900-25-057894
**Filing Date:** 2025-6
**Character Count:** 357783
**Document Hash:** a565859554ad5f04a130621d6aba1e47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-057894.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001213900-25-057894

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250625

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Gold Ltd
- **CENTRAL INDEX KEY:** 0002019435
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42717
- **FILM NUMBER:** 251074495

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES (CAYMAN)
- **STREET 2:** 94 SOLARIS AVENUE, CAMANA BAY
- **CITY:** PO BOX 1348, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
- **BUSINESS PHONE:** (952) 456-5300

**MAIL ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES (CAYMAN)
- **STREET 2:** 94 SOLARIS AVENUE, CAMANA BAY
- **CITY:** PO BOX 1348, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16**

**under the Securities Exchange Act of 1934**

**For the Month of June 2025**

**Commission File Number: 001-42717**

**BLUE GOLD LIMITED**

**(Translation of registrant's name into English)**

**94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman, KY1-1108, Cayman Islands**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**Entry into a Material Definitive Agreement**

***Business Combination Agreement***

 

As previously disclosed, on June 12, 2024, Perception Capital Corp. IV, a Cayman Islands exempted company ("Perception"), entered into the Second Amended and Restated Business Combination Agreement (the "Business Combination Agreement") by and among Perception, Blue Gold Limited, a Cayman Islands exempted company ("Blue Gold" or the "Company"), Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales ("BGHL"), as joined by Blue Cayman, a Cayman Islands exempted company limited by shares ("Blue Cayman") as joined by Blue Merger Sub, a Cayman Islands exempted company limited by shares and wholly owned subsidiary of Perception ("Merger Sub"), formed for the purpose of merging with and into Blue Cayman.

The Business Combination Agreement was subsequently amended (i) by that Amendment Number 1 to Second Amended and Restated Business Combination Agreement dated November 7, 2024, (ii) by that Amendment Number 2 to Second Amended and Restated Business Combination Agreement dated January 8, 2025, (iii) by that Amendment Number 3 to Second Amended and Restated Business Combination Agreement dated March 28, 2025, (iv) by that Amendment Number 4 to Second Amended and Restated Business Combination Agreement dated April 30, 2025, (v) by that Amendment Number 5 to Second Amended and Restated Business Combination Agreement dated May 8, 2025, and (vi) by that Amendment Number 6 to Second Amended and Restated Business Combination Agreement dated June 10, 2025 (collectively, the "Amendments"). Copies of each of the Amendments are filed as Exhibits 2.2 through 2.7, respectively, to this Current Report on Form 6-K (this "Report") and incorporated by reference.

Before the effective time of the Merger (the "Effective Time"), pursuant to the Business Combination Agreement, Perception changed its jurisdiction of incorporation by merging with Blue Gold, deregistering as a Cayman Islands exempted company, and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware (the "Domestication"). In connection with the Domestication, Blue Gold remained as the surviving entity. Also, in connection with the Domestication, the governing documents of Blue Gold were amended and restated, as set forth in Blue Gold's definitive proxy statement, as filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2025 (as further supplemented from time to time, the "Definitive Proxy Statement").

On June 25, 2025 (the "Closing Date"), pursuant to the Business Combination Agreement, Merger Sub merged with and into Blue Cayman, with Blue Cayman being the surviving company and a wholly owned subsidiary of Blue Gold (the "Merger," and together with the other transactions contemplated by the Business Combination Agreement, the "Business Combination"). The name of Blue Cayman was changed to Blue Gold (Cayman) Limited.

At the Effective Time, in accordance with the terms and subject to the conditions of the Business Combination Agreement, each share of Blue Cayman issued and outstanding immediately before the Effective Time was converted into the right to receive the pro rata number of shares of duly authorized, validly issued, fully paid, and nonassessable shares of the ordinary shares of Blue Gold, par value $0.0001, equal to One Hundred Fourteen Million Five Hundred Thousand Dollars (the "Ordinary Shares").

See the section titled "*Business Combination Proposal*" in the Definitive Proxy Statement for additional information and a summary of certain terms of the Business Combination Agreement. The foregoing description of the Business Combination Agreement is a summary only and is qualified in its entirety by reference to the full text of the Business Combination Agreement, which is incorporated by reference as Exhibit 2.1 to this Report and incorporated by reference.

***Registration Rights Agreement***

Perception and the Company executed that certain Registration Rights Agreement, attached hereto as Exhibit 99.2 and dated as of the Closing Date.

 ****

 ****

***Waiver of Lock-Up Agreement***

Perception and the Company executed that certain Waiver of Lock Up, attached hereto as Exhibit 99.3 and dated as of the Closing Date.

***Assignment and Assumption Agreement***

Perception and the Company executed that certain Assignment and Assumption Agreement, attached hereto as Exhibit 99.4 and dated as of the Closing Date.

***Election of Directors and Appointment of Officers***

The following persons are serving as executive officers and directors of the Company following the Closing Date. For more information concerning the executive officers and directors, see the disclosure in the Proxy Supplement to Proxy Statement/Prospectus in the sections titled "*Board of Directors and Management,*" which is incorporated by reference.

**Board of Directors**

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Andrew Cavaghan | 48 | Chief Executive Officer and Director |
| Daniel Owiredu | 67 | Chairman |
| Candice Beaumont | 51 | Independent Director |
| David Edward | 60 | Independent Director |
| Philip Newall | 63 | Independent Director |
| Tao Tan | 39 | Independent Director |

---

**Executive Officers**

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Andrew Cavaghan | 48 | Chief Executive Officer |
| Lorenz Werndle | 50 | Chief Financial Officer |

---

Each director will hold office until his or her term expires at the annual meeting of shareholders for such director's class or until his or her death, resignation, removal or the earlier termination of his or her term of office.

***Executive Employment Agreements***

In connection with the Business Combination, the Company has entered into employment agreements with Andrew Cavaghan (the "CEO Employment Agreement") and Lorenz Werndle (the "CFO Employment Agreement"), each dated as of June 25, 2025.

The CEO Employment Agreement provides for at-will employment that may be terminated by the Company with or without cause, by the executive with or without good reason, or mutually terminated by the parties. The form of CEO Employment Agreement is attached hereto as Exhibit 99.5.

The CFO Employment Agreement provides for at-will employment that may be terminated by the Company with cause and with prior notice or by the executive with prior notice. The form of CEO Employment Agreement is attached hereto as Exhibit 99.6.

**Material Modification to Rights of Security Holders.**

The Company's Class A ordinary shares will be listed under the symbol "BGL" and its warrants will be listed under the symbol "BGLWW" on the Nasdaq Global Market.

**Amendments to Articles of Incorporation or Bylaws.** 

On the Closing Date, the Company adopted the Amended and Restated Memorandum and Articles of Association (the "Articles"), attached hereto as Exhibit 99.6.

**Update Regarding Status of Mining Leases**

On September 20, 2024, FGR-BPL, the previous leaseholders, received a notice of termination of mining leases (the "Commission Notice") from the Minerals Commission of Ghana (the "Mineral Commission") alleging violations of the related leases. After the Commission Notice, the Mineral Commission formed an Interim Management Committee ("IMC"), and the IMC assumed managerial control of the mine site. BGHL and the Previous Leaseholder, pursuant to the Minerals and Mining Act 2006 (Act 703) (the "Mining Act"), actively dispute the contents and legality of the Commission Notice and the appointment of an IMC. On October 14, 2024, BGHL delivered notice to the Republic of Ghana requesting settlement of BGHL's dispute pursuant to the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Ghana for the Promotion and Protection of Investments, signed in Accra on March 22, 1989 and entered into force on October 25, 1991 ("UK-Ghana BIT"). Pending the resolution of BGHL's dispute, BGHL has been advised by Kimathi Partners, its legal counsel in Ghana, that pursuant to Section 27(5) of the Mining Act, the leases remain valid and in full effect.

On April 2, 2025, BGHL served a notice of arbitration on the Republic of Ghana to commence international arbitration proceedings against the Republic of Ghana pursuant to Article 10 of the UK-Ghana BIT. On June 6, 2025, the Republic of Ghana submitted its response to the notice of arbitration in which it contests jurisdiction and disputes the validity and merits of BGHL's claims and has agreed to have a three-person tribunal hear the dispute and for it to be administered by an arbitral institution (the Permanent Court of Arbitration in The Hague). Pending the resolution of the dispute, BGHL has been advised by Kimathi Partners, its legal counsel in Ghana, that pursuant to Section 27(5) of the Mining Act, the leases remain valid and in full effect.

**Change in Shell Company Status**

As a result of the Business Combination, the Company is not a shell company. Reference is made to the disclosure in the Proxy Statement/Prospectus in the section entitled "*The Business Combination Proposal*" beginning on page 75, which is incorporated by this reference.

**Regulation FD Disclosure**

On the Closing Date, the Company issued a press release announcing the consummation of the Business Combination. A copy of the press release is filed as Exhibit 99.1 and is incorporated by reference.

The information contained in this Report of Foreign Private Issuer on Form 6-K is incorporated by reference into the Company's registration statements, including its registration statements on Form F-4 (File Nos. 333-280195) and shall be a part, to the extent not superseded by documents or reports subsequently filed or furnished.

**Other Events** 

The Company's Ordinary Shares are listed for trading on the Nasdaq Global Market under the symbol "BGL."

**Forward-Looking Statements**

This Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding The Company's industry and market sizes, future opportunities for the Company and the Company's estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

In addition to factors previously disclosed in prior reports filed with the SEC, including the Definitive Proxy Statement, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: a delay or failure to realize the expected benefits from the Business Combination and to maintain the listing of the Blue Gold Limited Class A Ordinary Shares on the Nasdaq Global Market; risks relating to the uncertainty of the projected financial information with respect to the Company; risks related to the Company's limited operating history; the successful recruiting, management and retention of key personnel; degree of unexpected expenses; general economic conditions;; the risk that the Company may not be able to develop and maintain effective internal controls; the impact of any current or new government regulations in the United States, Ghana and the Cayman Islands on the Company's operations; the Company's ability to restart the Bogoso Prestea gold mine and to cost-effectively deliver gold to the global gold markets; the global market and future demand for gold; the Company's ability to obtain regulatory approval for its operations and any related restrictions or limitations of any approved operation; the Company's ability to raise additional capital; and competition and competitive pressures from other companies worldwide in the industries in which the Company operates.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information speaks only as of the date of this Report in the case of information about the Company or the date of such information in the case of information from persons other than the Company, and the Company disclaims any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this Report.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 2.1 | [Second Amended and Restated Business Combination Agreement, dated June 12, 2024, by and among Perception, and BGHL (incorporated by reference to Annex A to the proxy statement/prospectus filed as part of this registration statement)](https://www.sec.gov/Archives/edgar/data/2019435/000121390025009081/ea0207011-14.htm#T5021) |
| 2.2 | [Amendment No. 1 to Second Amended and Restated Business Combination Agreement dated November 7, 2024, (incorporated by reference to Annex A to the proxy statement/prospectus filed as part of this registration statement)](https://www.sec.gov/Archives/edgar/data/2019435/000121390025009081/ea0207011-14.htm#T6021) |
| 2.3 | [Amendment No. 2 to Second Amended and Restated Business Combination Agreement dated January 8, 2025, (incorporated by reference to Annex B to the proxy statement/prospectus filed as part of this registration statement)](https://www.sec.gov/Archives/edgar/data/2019435/000121390025009081/ea0207011-14.htm#T7025) |
| 2.4 | [Amendment No. 3 to Second Amended and Restated Business Combination Agreement dated March 28, 2025](ea024630101ex2-4_bluegold.htm) |
| 2.5 | [Amendment No. 4 to Second Amended and Restated Business Combination Agreement dated April 30, 2025](ea024630101ex2-5_bluegold.htm) |
| 2.6 | [Amendment No. 5 to Second Amended and Restated Business Combination Agreement dated May 8, 2025](ea024630101ex2-6_bluegold.htm) |
| 2.7 | [Amendment No. 6 to Second Amended and Restated Business Combination Agreement dated June 10, 2025](ea024630101ex2-7_bluegold.htm) |
| 2.8 | [Joinder Agreement of Blue Merger Sub to Second Amended and Restated Business Combination Agreement dated June 10, 2025](ea024630101ex2-8_bluegold.htm) |
| 2.9 | [Joinder Agreement of Blue Cayman to Second Amended and Restated Business Combination Agreement dated June 10, 2025](ea024630101ex2-9_bluegold.htm) |
| 99.1 | [Press Release dated June 26, 2025](ea024630101ex99-1_bluegold.htm) |
| 99.2 | [Registration Rights Agreement dated June 25, 2025](ea024630101ex99-2_bluegold.htm) |
| 99.3 | [Waiver of Lock Up dated June 10, 2025](ea024630101ex99-3_bluegold.htm) |
| 99.4 | [Assignment and Assumption Agreement dated June 25, 2025](ea024630101ex99-4_bluegold.htm) |
| 99.5 | [Chief Executive Officer Employment Agreement dated June 25, 2025](ea024630101ex99-5_bluegold.htm) |
| 99.6 | [Chief Financial Officer Employment Agreement dated June 25, 2025](ea024630101ex99-6_bluegold.htm) |
| 99.7 | [Amended and Restated Memorandum and Articles of Association](ea024630101ex99-7_bluegold.htm) |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **BLUE GOLD LIMITED** | **BLUE GOLD LIMITED** |
| Date: June 25, 2025 | By: | /s/ Andrew Cavaghan |
|  | Name: | Andrew Cavaghan |
|  | Title: | Chief Executive Officer |

---

## Exhibit 2.4

**Exhibit 2.4**

**<u>AMENDMENT NUMBER 3 TO SECOND AMENDED AND RESTATED</u>**

**<u>BUSINESS COMBINATION AGREEMENT</u>**

This Amendment Number 3 to Second Amended and Restated Business Combination Agreement (this "***Amendment***") between ***Perception Capital Corp. IV (formerly known as RCF Acquisition Corp.)***, a Cayman Islands exempted company limited by shares ("***Perception***") and ***Blue Gold Holdings Limited***, a private company limited by shares formed under the laws of England and Wales ("***BGHL***") is dated March 28, 2025 (the "***Signing Date***"). Capitalized terms used but not defined have the meaning ascribed to such term in the Original Agreement.

BACKGROUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Perception, Blue Gold Limited, a Cayman Islands exempted company limited by shares, and BGHL previously entered into that certain Second Amended and Restated Business Combination Agreement dated June 12, 2024, as amended by that Amendment Number 1 to Second Amended and Restated Business Combination Agreement dated November 7, 2024, as further amended by that certain Second Amended and Restated Business Combination Agreement dated January 8, 2025 (the "***Original Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with Section 11.8 of the Original Agreement, the Original Agreement may be amended by a written instrument signed by Perception and BGHL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Perception and BGHL desire to enter into this amendment (the "***Amendment***") to, among other things, change the surviving entity under the Blue Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. By executing this Amendment, the parties agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Section 9.1(b)</u> of the Original Agreement is amended by deleting <u>Section 9.1(b)</u> and replacing it with the following new <u>Section 9.1(b)</u>:

"(b) by written notice by either Perception or BGHL to the other Parties, if any of the conditions to the Closing set forth in <u>Article IX</u> have not been satisfied or waived by April 30, 2025 (the "***Outside Date***"); *provided, however*, the right to terminate this Agreement under this <u>Section 9.1(b)</u> shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Full Force and Effect; References to Original Agreement</u>. Except as expressly modified by this Amendment, the Original Agreement remains unmodified and is in full force and effect and binding upon the Parties. All of the representations, warranties, covenants, terms and conditions of the Original Agreement are unaffected by this Amendment and shall continue to be, and remain, in full force and effect in accordance with their respective terms as if fully restated in this Amendment. This Amendment shall inure to the benefit of and be binding upon the undersigned Parties and their respective legal representatives, successors and assigns. All references to "this Agreement" in the Original Agreement shall be deemed to refer to the Original Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Counterparts</u>. This Amendment may be executed in counterparts, each of which shall be an original for all purposes and all of which counterparts taken together shall constitute one agreement. Signatures to this Amendment executed and/or transmitted by electronic means shall be valid and effective to bind the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Governing Law</u>. This Amendment and the rights and obligations of the parties shall be interpreted and enforced in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Definitions</u>. All capitalized terms not otherwise defined are used with the respective definitions given them in the Original Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Entire Agreement</u>. The Original Agreement, as amended by this Amendment, contain the entire agreement of the parties with respect of the subject and supersedes all prior conversations, discussions and agreements relating to the subject matter of this Amendment.

*[Signatures follow.]*

 

 

Each party has executed this Amendment as of the Signing Date.

---

| | |
|:---|:---|
| *<u>BGHL</u>:* | *<u>BGHL</u>:* |
| **BLUE GOLD HOLDINGS LIMITED** | **BLUE GOLD HOLDINGS LIMITED** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |
| *<u>Perception</u>:* | *<u>Perception</u>:* |
| **PERCEPTION CAPITAL CORP. IV** | **PERCEPTION CAPITAL CORP. IV** |
| By: | /s/ Rick Gaenzle |
| Name: | Rick Gaenzle |
| Title: | Chief Executive Officer |

---

## Exhibit 2.5

**Exhibit 2.5**

**<u>AMENDMENT NUMBER 4 TO SECOND AMENDED AND RESTATED</u>**

**<u>BUSINESS COMBINATION AGREEMENT</u>**

This Amendment Number 4 to Second Amended and Restated Business Combination Agreement (this "***Amendment***") between ***Perception Capital Corp. IV (formerly known as RCF Acquisition Corp.)***, a Cayman Islands exempted company limited by shares ("***Perception***") and ***Blue Gold Holdings Limited***, a private company limited by shares formed under the laws of England and Wales ("***BGHL***") is effective as of April 30, 2025 (the "***Effective Date***"). Capitalized terms used but not defined have the meaning ascribed to such term in the Original Agreement.

BACKGROUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Perception, Blue Gold Limited, a Cayman Islands exempted company limited by shares, and BGHL previously entered into that certain Second Amended and Restated Business Combination Agreement dated June 12, 2024, as amended by that Amendment Number 1 to Second Amended and Restated Business Combination Agreement dated November 7, 2024, as further amended by that certain Amendment Number 2 to Second Amended and Restated Business Combination Agreement dated January 8, 2025, and as further amended by that certain Amendment Number 3 to Second Amended and Restated Business Combination Agreement dated March 28, 2025 (the "***Original Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with Section 11.8 of the Original Agreement, the Original Agreement may be amended by a written instrument signed by Perception and BGHL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Perception and BGHL desire to enter into this amendment (the "***Amendment***") to, among other things, change the surviving entity under the Blue Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. By executing this Amendment, the parties agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Section 9.1(b)</u> of the Original Agreement is amended by deleting <u>Section 9.1(b)</u> and replacing it with the following new <u>Section 9.1(b)</u>:

"(b) by written notice by either Perception or BGHL to the other Parties, if any of the conditions to the Closing set forth in <u>Article IX</u> have not been satisfied or waived by May 9, 2025 (the "***Outside Date***"); *provided, however*, the right to terminate this Agreement under this <u>Section 9.1(b)</u> shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Full Force and Effect; References to Original Agreement</u>. Except as expressly modified by this Amendment, the Original Agreement remains unmodified and is in full force and effect and binding upon the Parties. All of the representations, warranties, covenants, terms and conditions of the Original Agreement are unaffected by this Amendment and shall continue to be, and remain, in full force and effect in accordance with their respective terms as if fully restated in this Amendment. This Amendment shall inure to the benefit of and be binding upon the undersigned Parties and their respective legal representatives, successors and assigns. All references to "this Agreement" in the Original Agreement shall be deemed to refer to the Original Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Counterparts</u>. This Amendment may be executed in counterparts, each of which shall be an original for all purposes and all of which counterparts taken together shall constitute one agreement. Signatures to this Amendment executed and/or transmitted by electronic means shall be valid and effective to bind the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Governing Law</u>. This Amendment and the rights and obligations of the parties shall be interpreted and enforced in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Definitions</u>. All capitalized terms not otherwise defined are used with the respective definitions given them in the Original Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Entire Agreement</u>. The Original Agreement, as amended by this Amendment, contain the entire agreement of the parties with respect of the subject and supersedes all prior conversations, discussions and agreements relating to the subject matter of this Amendment.

*[Signatures follow.]*

 

 

Each party has executed this Amendment to be effective as of the Effective Date.

---

| | |
|:---|:---|
| *<u>BGHL</u>:* | *<u>BGHL</u>:* |
| **BLUE GOLD HOLDINGS LIMITED** | **BLUE GOLD HOLDINGS LIMITED** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |
| *<u>Perception</u>:* | *<u>Perception</u>:* |
| **PERCEPTION CAPITAL CORP. IV** | **PERCEPTION CAPITAL CORP. IV** |
| By: | /s/ Rick Gaenzle |
| Name: | Rick Gaenzle |
| Title: | Chief Executive Officer |

---

## Exhibit 2.6

**Exhibit 2.6**

**<u>AMENDMENT NUMBER 5 TO SECOND AMENDED AND RESTATED<br> BUSINESS COMBINATION AGREEMENT</u>**

This Amendment Number 5 to Second Amended and Restated Business Combination Agreement (this "***Amendment***") between ***Perception Capital Corp. IV (formerly known as RCF Acquisition Corp.)***, a Cayman Islands exempted company limited by shares ("***Perception***") and ***Blue Gold Holdings Limited***, a private company limited by shares formed under the laws of England and Wales ("***BGHL***") is effective as of May 8, 2025 (the "***Effective Date***"). Capitalized terms used but not defined have the meaning ascribed to such term in the Original Agreement.

BACKGROUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Perception, Blue Gold Limited, a Cayman Islands exempted company limited by shares, and BGHL previously entered into that certain Second Amended and Restated Business Combination Agreement dated June 12, 2024, as amended by that Amendment Number 1 to Second Amended and Restated Business Combination Agreement dated November 7, 2024, as further amended by that certain Amendment Number 2 to Second Amended and Restated Business Combination Agreement dated January 8, 2025, and as further amended by that certain Amendment Number 3 to Second Amended and Restated Business Combination Agreement dated March 28, 2025, and as further amended by that certain Amendment Number 4 to Second Amended and Restated Business Combination Agreement dated April 30, 2025 (the "***Original Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with Section 11.8 of the Original Agreement, the Original Agreement may be amended by a written instrument signed by Perception and BGHL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Perception and BGHL desire to enter into this amendment (the "***Amendment***") to, among other things, change the surviving entity under the Blue Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. By executing this Amendment, the parties agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Section 9.1(b)</u> of the Original Agreement is amended by deleting <u>Section 9.1(b)</u> and replacing it with the following new <u>Section 9.1(b)</u>:

"(b) by written notice by either Perception or BGHL to the other Parties, if any of the conditions to the Closing set forth in <u>Article IX</u> have not been satisfied or waived by June 15, 2025 (the "***Outside Date***"); *provided, however*, the right to terminate this Agreement under this <u>Section 9.1(b)</u> shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Full Force and Effect; References to Original Agreement</u>. Except as expressly modified by this Amendment, the Original Agreement remains unmodified and is in full force and effect and binding upon the Parties. All of the representations, warranties, covenants, terms and conditions of the Original Agreement are unaffected by this Amendment and shall continue to be, and remain, in full force and effect in accordance with their respective terms as if fully restated in this Amendment. This Amendment shall inure to the benefit of and be binding upon the undersigned Parties and their respective legal representatives, successors and assigns. All references to "this Agreement" in the Original Agreement shall be deemed to refer to the Original Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Counterparts</u>. This Amendment may be executed in counterparts, each of which shall be an original for all purposes and all of which counterparts taken together shall constitute one agreement. Signatures to this Amendment executed and/or transmitted by electronic means shall be valid and effective to bind the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Governing Law</u>. This Amendment and the rights and obligations of the parties shall be interpreted and enforced in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Definitions</u>. All capitalized terms not otherwise defined are used with the respective definitions given them in the Original Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Entire Agreement</u>. The Original Agreement, as amended by this Amendment, contain the entire agreement of the parties with respect of the subject and supersedes all prior conversations, discussions and agreements relating to the subject matter of this Amendment.

*[Signatures follow.]*

 

Each party has executed this Amendment to be effective as of the Effective Date.

---

| | |
|:---|:---|
| *<u>BGHL</u>:* | *<u>BGHL</u>:* |
| **BLUE GOLD HOLDINGS LIMITED** | **BLUE GOLD HOLDINGS LIMITED** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |
| *<u>Perception</u>:* | *<u>Perception</u>:* |
| **PERCEPTION CAPITAL CORP. IV** | **PERCEPTION CAPITAL CORP. IV** |
| By: | /s/ Rick Gaenzle |
| Name: | Rick Gaenzle |
| Title: | Chief Executive Officer |

---

## Exhibit 2.7

**Exhibit 2.7**

**<u>AMENDMENT NUMBER 6 TO SECOND AMENDED AND RESTATED</u>**

**<u>BUSINESS COMBINATION AGREEMENT</u>**

This Amendment Number 6 to Second Amended and Restated Business Combination Agreement (this "***Amendment***") between ***Perception Capital Corp. IV (formerly known as RCF Acquisition Corp.)***, a Cayman Islands exempted company limited by shares ("***Perception***") and ***Blue Gold Holdings Limited***, a private company limited by shares formed under the laws of England and Wales ("***BGHL***") is effective as of June 10, 2025 (the "***Effective Date***"). Capitalized terms used but not defined have the meaning ascribed to such term in the Original Agreement.

BACKGROUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Perception, Blue Gold Limited, a Cayman Islands exempted company limited by shares, and BGHL previously entered into that certain Second Amended and Restated Business Combination Agreement dated June 12, 2024, as amended by that Amendment Number 1 to Second Amended and Restated Business Combination Agreement dated November 7, 2024, as further amended by that certain Amendment Number 2 to Second Amended and Restated Business Combination Agreement dated January 8, 2025, and as further amended by that certain Amendment Number 3 to Second Amended and Restated Business Combination Agreement dated March 28, 2025, and as further amended by that certain Amendment Number 4 to Second Amended and Restated Business Combination Agreement dated April 30, 2025, and as further amended by that certain Amendment Number 5 to Second Amended and Restated Business Combination Agreement dated May 8, 2025 (the "***Original Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with Section 11.8 of the Original Agreement, the Original Agreement may be amended by a written instrument signed by Perception and BGHL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Perception and BGHL desire to enter into this amendment (the "***Amendment***") to, among other things, change the surviving entity under the Blue Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. By executing this Amendment, the parties agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Section 9.1(b)</u> of the Original Agreement is amended by deleting <u>Section 9.1(b)</u> and replacing it with the following new <u>Section 9.1(b)</u>:

"(b) by written notice by either Perception or BGHL to the other Parties, if any of the conditions to the Closing set forth in <u>Article IX</u> have not been satisfied or waived by June 30, 2025 (the "***Outside Date***"); *provided, however*, the right to terminate this Agreement under this <u>Section 9.1(b)</u> shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Full Force and Effect; References to Original Agreement</u>. Except as expressly modified by this Amendment, the Original Agreement remains unmodified and is in full force and effect and binding upon the Parties. All of the representations, warranties, covenants, terms and conditions of the Original Agreement are unaffected by this Amendment and shall continue to be, and remain, in full force and effect in accordance with their respective terms as if fully restated in this Amendment. This Amendment shall inure to the benefit of and be binding upon the undersigned Parties and their respective legal representatives, successors and assigns. All references to "this Agreement" in the Original Agreement shall be deemed to refer to the Original Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Counterparts</u>. This Amendment may be executed in counterparts, each of which shall be an original for all purposes and all of which counterparts taken together shall constitute one agreement. Signatures to this Amendment executed and/or transmitted by electronic means shall be valid and effective to bind the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Governing Law</u>. This Amendment and the rights and obligations of the parties shall be interpreted and enforced in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Definitions</u>. All capitalized terms not otherwise defined are used with the respective definitions given them in the Original Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Entire Agreement</u>. The Original Agreement, as amended by this Amendment, contain the entire agreement of the parties with respect of the subject and supersedes all prior conversations, discussions and agreements relating to the subject matter of this Amendment.

*[Signatures follow.]*

 

 

Each party has executed this Amendment to be effective as of the Effective Date.

---

| | |
|:---|:---|
| *<u>BGHL</u>:* | *<u>BGHL</u>:* |
| **BLUE GOLD HOLDINGS LIMITED** | **BLUE GOLD HOLDINGS LIMITED** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |
| *<u>Perception</u>:* | *<u>Perception</u>:* |
| **PERCEPTION CAPITAL CORP. IV** | **PERCEPTION CAPITAL CORP. IV** |
| By: | /s/ Rick Gaenzle |
| Name: | Rick Gaenzle |
| Title: | Chief Executive Officer |

---

## Exhibit 2.8

**Exhibit 2.8**

***Execution Version***

**JOINDER AGREEMENT**

This Joinder Agreement (this "***Joinder Agreement***") is entered into as of June 10, 2025 (the "<u>Effective Date</u>") by **Blue Merger Sub**, a Cayman Islands exempted company limited by shares (the "***Joining Party***"). Reference is made to the Business Combination Agreement dated June 12, 2024, as further amended on November 7, 2024, January 8, 2025, March 28, 2025, and April 30, 2025, as the same may be further amended from time to time (the "***Business Combination Agreement***"), among **Blue Gold Holdings Limited**, a private company limited by shares incorporated under the laws of England and Wales ("***BGHL***"), (ii) **Blue Gold Limited**, a Cayman Islands exempted company limited by shares ("***PubCo***"), and (iii) **Perception Capital Corp. IV**, a Cayman Islands exempted company limited by shares ("***Perception***"). Capitalized terms used without definition shall have the meanings ascribed in the Business Combination Agreement.

**WHEREAS**, pursuant to the Business Combination Agreement, the Joining Party was created in the Cayman Islands for the purpose of effecting the Contemplated Transactions.

**NOW, THEREFORE,** in consideration of the above premises and mutual representations, warranties, covenants and agreements in this Joinder Agreement, and for other good and valuable consideration, the receipt and adequacy of which are acknowledged by the Joining Party, the Joining Party agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Joining Party (a) acknowledges that the Joining Party has received and reviewed a complete copy of the Business Combination Agreement and (b) agrees that, upon execution of this Joinder Agreement, the Joining Party shall become a party to the Business Combination Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Business Combination Agreement as though an original party. Upon acceptance of this Joinder Agreement by BGHL, Perception and PubCo, the Joining Party shall be deemed a party to the Business Combination Agreement for all purposes and subject to all obligations and entitled to all rights incidental.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Joinder Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute but one instrument. Delivery of an executed counterpart of this Joinder Agreement by electronic transmission (including documents in PDF format) shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

[*Signatures follow.*]

The Joining Party has executed this Joinder Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **<u>JOINING PARTY:</u>** | **<u>JOINING PARTY:</u>** |
| **Blue Merger Sub** | **Blue Merger Sub** |
| By: | /s/ Richard W. Gaenzle, Jr. |
| Name: | Richard W. Gaenzle, Jr. |
| Title: | Director |

---

---

| | |
|:---|:---|
| ACCEPTED: | ACCEPTED: |
| **Blue Gold Holdings Limited** | **Blue Gold Holdings Limited** |
| By | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |
| **Blue Gold Limited** | **Blue Gold Limited** |
| By: | /s/ Richard W. Gaenzle, Jr. |
| Name: | Richard W. Gaenzle, Jr. |
| Title: | Authorized Signatory |
| **Perception Capital Corp. IV** | **Perception Capital Corp. IV** |
| By: | /s/ Richard W. Gaenzle, Jr. |
| Name: | Richard W. Gaenzle, Jr. |
| Title: | Chief Executive Officer |

---

## Exhibit 2.9

**Exhibit 2.9**

***Execution Version***

**JOINDER AGREEMENT**

This Joinder Agreement (this "***Joinder Agreement***") is entered into as of June 10, 2025 (the "<u>Effective Date</u>") by **Blue Cayman 2**, a Cayman Islands exempted company limited by shares (the "***Joining Party***"). Reference is made to the Business Combination Agreement dated June 12, 2024, as further amended on November 7, 2024, January 8, 2025, March 28, 2025, and April 30, 2025, as the same may be further amended from time to time (the "***Business Combination Agreement***"), among **Blue Gold Holdings Limited**, a private company limited by shares incorporated under the laws of England and Wales ("***BGHL***"), (ii) **Blue Gold Limited**, a Cayman Islands exempted company limited by shares ("***PubCo***"), and (iii) **Perception Capital Corp. IV**, a Cayman Islands exempted company limited by shares ("***Perception***"). Capitalized terms used without definition shall have the meanings ascribed in the Business Combination Agreement.

**WHEREAS**, pursuant to the Business Combination Agreement, the Joining Party was created in the Cayman Islands for the purpose of effecting the Contemplated Transactions.

**NOW, THEREFORE,** in consideration of the above premises and mutual representations, warranties, covenants and agreements in this Joinder Agreement, and for other good and valuable consideration, the receipt and adequacy of which are acknowledged by the Joining Party, the Joining Party agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Joining Party (a) acknowledges that the Joining Party has received and reviewed a complete copy of the Business Combination Agreement and (b) agrees that, upon execution of this Joinder Agreement, the Joining Party shall become a party to the Business Combination Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Business Combination Agreement as though an original party. Upon acceptance of this Joinder Agreement by BGHL, Perception and PubCo, the Joining Party shall be deemed a party to the Business Combination Agreement for all purposes and subject to all obligations and entitled to all rights incidental.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Joinder Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute but one instrument. Delivery of an executed counterpart of this Joinder Agreement by electronic transmission (including documents in PDF format) shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

[*Signatures follow.*]

***Execution Version***

The Joining Party has executed this Joinder Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **<u>JOINING PARTY:</u>** | **<u>JOINING PARTY:</u>** |
| **Blue Cayman 2** | **Blue Cayman 2** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Director |

---

---

| | |
|:---|:---|
| ACCEPTED: | ACCEPTED: |
| **Blue Gold Holdings Limited** | **Blue Gold Holdings Limited** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |
| **Blue Gold Limited** | **Blue Gold Limited** |
| By: | /s/ Richard W. Gaenzle, Jr. |
| Name: | Richard W. Gaenzle, Jr. |
| Title: | Authorized Signatory |
| **Perception Capital Corp. IV** | **Perception Capital Corp. IV** |
| By: | /s/ Richard W. Gaenzle, Jr. |
| Name: | Richard W. Gaenzle, Jr. |
| Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Blue Gold Announces Closing of Business Combination with Perception Capital Corp IV**

**FOR IMMEDIATE RELEASE New York City, USA; London, UNITED KINGDOM; and Accra, GHANA – June 26, 2025** – Blue Gold Limited ("***Blue Gold***"), a gold mining company developing a portfolio of assets anchored by the historic Bogoso Prestea Mine in the Ashanti region of Ghana, announced the completion of a business combination (the "***Transaction***") with a Special Purpose Acquisition Company, Perception Capital Corp. IV ("***Perception***"), and that its ordinary shares and warrants will commence trading on the Nasdaq Global Market on June 26, 2025, under the ticker symbols "***BGL***" and "***BGLWW***".

This milestone marks Blue Gold's inaugural presence on a U.S. stock exchange, expanding its reach to a broader base of global investors.

**Andrew Cavaghan, Chief Executive Officer of Blue Gold Limited, commented**: "We are excited to commence trading on Nasdaq, a significant milestone that reflects our commitment to growth and creating liquidity for our shareholders. We believe that this listing will support our continued expansion and provide greater visibility within the investment community."

"With the completion of this transaction and a clear forward strategy, we believe that Blue Gold is well-positioned to bring the Bogoso Prestea Mine back into production in a capital-efficient, environmentally responsible, and community-aligned manner. We view this as a transformational opportunity to create long-term value for all stakeholders by unlocking one of West Africa's most storied gold assets."

**Rick Gaenzle, Chief Executive Officer of Perception Capital Corp IV, added:** "We are very excited to close this transaction. We are especially pleased by the favorable macro tailwinds that have seen the price of gold increase from approximately $2,000 per ounce at the time we entered this transaction, to over $3,000 per ounce at its close. We believe this represents an attractive value proposition for investors."

For Further Information Contact:

Tavistock Communications

BlueGold@tavistock.co.uk

+44 20 7920 3150

**About Blue Gold Limited**

Blue Gold acquired the historic 5.1 Moz Gold Resource Bogoso Prestea Mine in the renowned Ghana Ashanti Gold Belt in 2024 as part of our long-term strategy to expand and sustainably manage long-life high-quality assets. The mine is currently scheduled to restart operations in 2025.

Blue Gold prioritises growth, sustainable development, and transparency in all our business practices. We believe that our commitment to responsible mining will ensure that we create value for our shareholders while minimising our environmental footprint.

**Advisors**

Cohen & Company Capital Markets is acting as exclusive capital markets advisor. Loeb & Loeb LLP acted as US legal advisor to Perception. Simmons & Simmons acted as UK legal advisor to Perception. Integri Solicitors & Advocates acted as Ghanaian legal advisor to Perception. Duane Morris LLP acted as US legal advisor to Blue Gold. Mayer Brown LLP acted as US and UK legal advisor to Blue Gold. Kimathi and Partners acted as Ghanaian legal advisor to Blue Gold. Mourant Ozannes (Cayman) LLP acted as Cayman Islands legal counsel to both parties. Cibreo Partners LLC acted as strategic advisor to both parties.

**Forward-Looking Statements**

This press release includes "forward-looking statements" within the meaning of the safe harbor for forward- looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 including, without limitation: statements related to the parties likelihood to enter into a binding or definitive agreement(s); statements related to the anticipated benefits of the proposed Transaction, including the potential amount of cash that may be available to the combined company upon consummation of the Transaction; the anticipated enterprise value of the combined company following the Transaction; sources and uses of cash from the Transaction; the anticipated timing to close the Transaction; the financial and business performance of Blue Gold Limited; and Blue Gold Limited's anticipated future operating results.

You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements include, but are not limited to: estimates of the combined company's financial performance being materially incorrect predictions; general economic or political conditions; negative economic conditions that could impact Blue Gold Limited and the gold industry in general; reduction in demand for Blue Gold Limited's products; changes in the markets that Blue Gold Limited targets; any change in laws applicable to Blue Gold Limited or any regulatory or judicial interpretation; and other factors, risks and uncertainties, including those to be included under the heading "Risk Factors" in the proxy statement/prospectus filed with the SEC and any subsequent filings.

All forward-looking statements are expressly qualified in their entirety by such factors. Blue Gold Limited does not undertake any duty to update any forward-looking statement except as required by law.

**Additional Information and Where to Find It**

In connection with the proposed Transaction, Blue Gold Limited has filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 (the "Registration Statement"), which includes a preliminary proxy statement/prospectus and certain other related documents, which will be both the proxy statement to be distributed to the shareholders of Perception in connection with Perception's solicitation of proxies for the vote by its shareholders with respect to the proposed Transaction and other matters as may be described in the definitive proxy statement/prospectus, as well as a prospectus relating to the offer and sale of the securities to be issued by Blue Gold in the proposed Transaction. Shareholders are encouraged to read the Registration Statement as it contains important information. This press release does not contain all of the information that should be considered by Blue Gold Limited's shareholders and is not intended to constitute the basis of any voting or investment decision in respect of the Transaction or the securities of the combined company.

**No Offer or Solicitation**

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended or an exemption.

## Exhibit 99.2

**Exhibit 99.2**

**REGISTRATION RIGHTS AGREEMENT**

This Registration Rights Agreement (this "<u>Agreement</u>") is made and entered into as of June 25, 2025, between Blue Gold Limited, a Cayman Islands exempted company (the "<u>Company</u>"), and the Holder signatory hereto (the "<u>Holder</u>").

This Agreement is made pursuant to the Convertible Promissory Note, dated as of the date hereof, between the Company and the Holder (the "<u>Note</u>").

The Company and Holder hereby agrees as follows:

1. <u>Definitions</u>.

**Capitalized terms used and not otherwise defined herein that are defined in the Note shall have the meanings given such terms in the Note.** As used in this Agreement, the following terms shall have the following meanings:

"<u>Advice</u>" shall have the meaning set forth in Section 6(c).

"<u>Effectiveness Date</u>" means, with respect to the Initial Registration Statement required to be filed hereunder, the 90<sup>th</sup> calendar day following the date hereof (or, in the event of a "full review" by the Commission, the 120<sup>th</sup> calendar day following the date hereof) and with respect to any additional Registration Statements which may be required pursuant to Section 3(c), the 30<sup>th</sup> calendar day following the date on which an additional Registration Statement is required to be filed hereunder (or, in the event of a "full review" by the Commission, the 60<sup>th</sup> calendar day following the date such additional Registration Statement is required to be filed hereunder); <u>provided</u>, <u>however</u>, that (i) in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day and (ii) not withstanding such deadline in subsection (i), such deadline shall be extended until five (5) calendar days after the applicable Commission filing deadline for such updated financial information if the Company is required to update the financial information in the Registration Statement prior to it being able to be declared effective.

"<u>Effectiveness Period</u>" shall have the meaning set forth in Section 2(a).

"<u>Event</u>" shall have the meaning set forth in Section 2(c).

"<u>Event Date</u>" shall have the meaning set forth in Section 2(c).

"<u>Filing Date</u>" means, with respect to the Initial Registration Statement no later than the 30<sup>th</sup> day after the date hereof, and, with respect to any additional Registration Statements which may be required pursuant to Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.

"<u>Indemnified Party</u>" shall have the meaning set forth in Section 5(c).

"<u>Indemnifying Party</u>" shall have the meaning set forth in Section 5(c).

"<u>Initial Registration Statement</u>" means the initial Registration Statement filed pursuant to this Agreement.

"<u>Losses</u>" shall have the meaning set forth in Section 5(a).

"<u>Plan of Distribution</u>" shall have the meaning set forth in Section 2(a).

"<u>Prospectus</u>" means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

"<u>Registrable Securities</u>" means, 2,000,000 Ordinary Shares and any additional Ordinary Shares issued and issuable in connection with any anti-dilution provisions in the Note and (any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; <u>provided, however</u>, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holder (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

"<u>Registration Statement</u>" means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

"<u>Rule 415</u>" means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Rule 424</u>" means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

"<u>Selling Shareholder Questionnaire</u>" shall have the meaning set forth in Section 3(a).

"<u>SEC Guidance</u>" means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act.

2. <u>Shelf Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall use commercially reasonable efforts to prepare and file with the Commission a Registration Statement covering the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 on or prior to each Filing Date, but in any event within thirty (30) days after the date hereof. The Holder acknowledges that the Company is not, as of the date hereof, nor will be as of the Filing Date, eligible to use Form F-3. Each post-effective amendment to the Initial Registration Statement or subsequent Registration Statement filed hereunder shall be on Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3, in which case such registration shall be on another appropriate form in accordance herewith, subject to the provisions of Section 2(d)); <u>provided</u>, <u>however</u>, that no Holder shall be required to be named as an "underwriter" without such Holder's express prior written consent. Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the Holder (the "<u>Effectiveness Period</u>"). The Company shall request effectiveness of a Registration Statement as of 5:00 p.m. (New York City time) on a Trading Day. The Company shall immediately notify the Holder via e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness with the Commission. The Company shall, by 9:30 a.m. (New York City time) on the Trading Day after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform the Holder thereof and use its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form F-3 or such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(d); with respect to filing on Form F-3 or other appropriate form, and subject to the provisions of Section 2(c) with respect to the payment of liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration Statement without affording the Holder the opportunity to review and comment on the same as required by Section 3(a) herein or the Company subsequently withdraws the filing of the Registration Statement, the Company shall be deemed to have not satisfied this clause (i) as of the Filing Date), or (ii) the Company fails to file with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be "reviewed" or will not be subject to further review unless, in all cases, the financial data included in the Registration Statement will be required to be updated in order for the Registration Statement to be declared effective, in which case the five Trading Day period shall run from the required filing date of the periodic report with the updated financial data, or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within fifteen (15) calendar days after the receipt of comments by or notice from the Commission that such amendment is required in order for such Registration Statement to be declared effective unless, in all cases, the financial data included in the Registration Statement will be required to be updated in order for the Registration Statement to be declared effective, in which case the fifteen calendar day period shall run from the required Filing Date of the periodic report with the updated financial data, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Date (provided that, if the Registration Statement does not allow for the resale of Registrable Securities at prevailing market prices (i.e., only allows for fixed price sales), the Company shall have been deemed to have not satisfied this clause) (any such failure or breach being referred to as an "<u>Event</u>", and for purposes of clauses (i) and (iv), the date on which such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such fifteen (15) calendar day period is exceeded as applicable, is exceeded being referred to as the "<u>Event Date</u>"), then, in addition to any other rights the Holder may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the principal balance of the Note then outstanding. The parties agree that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 6.0% of the aggregate principal balance of the Note then outstanding. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Form F-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form F-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form F-3 covering the Registrable Securities has been declared effective by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Registration Procedures</u>.

In connection with the Company's registration obligations hereunder, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holder, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holder shall reasonably object in good faith, provided that, the Company is notified of such objection in writing no later than five (5) Trading Days after the Holder has been so furnished copies of a Registration Statement or one (1) Trading Day after the Holder has been so furnished copies of any related Prospectus or amendments or supplements thereto. Holder agrees to furnish to the Company a completed questionnaire (a "<u>Selling Shareholder Questionnaire</u>") on a date that is not less than three (3) Trading Days prior to the Filing Date or by the end of the fourth (4<sup>th</sup>) Trading Day following the date on which the Holder receives draft materials in accordance with this Section. The Holder hereby acknowledges that any delay in their providing the required information will delay the Company's ability to file. If, as a result of any such delay, the Company is not able to file on or prior to the Filing Date, then no liquidated damages under Section 2(c) shall be due unless the Registration Statement is not filed as soon as reasonably practicable after all of such information has been provided in writing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to the Holder true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance with the intended methods of disposition, and subject to the terms of this Agreement, by the Holder thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of Ordinary Shares then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to the applicable Filing Date, an additional Registration Statement covering the resale by the Holder of not less than the number of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notify the Holder of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to Holder to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a "review" of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus; <u>provided</u>, <u>however</u>, that in no event shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries, and the Company agrees that the Holder shall not have any duty of confidentiality to the Company or any of its Subsidiaries and shall not have any duty to the Company or any of its Subsidiaries not to trade on the basis of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Furnish to Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission, provided that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by the Holder in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with the Holder in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.

&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) If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Note, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into account the Company's good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holder in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holder shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(j) to suspend the availability of a Registration Statement and Prospectus subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(c) for a period not to exceed sixty (60) calendar days (which need not be consecutive days) in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the Holder in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holder is required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall use its commercially reasonable efforts to obtain and then maintain eligibility for use of Form F-3 (or any successor form thereto) for the registration of the resale of Registrable Securities at the earliest practicable time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company may require Holder to furnish to the Company a certified statement as to the number of Ordinary Shares beneficially owned by the Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares, pursuant to Rule 13d-3 of the Exchange Act. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the Company's request, any liquidated damages that are accruing at such time shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended, until such information is delivered to the Company.

4. <u>Registration Expenses</u>. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company's counsel and independent registered public accountants) (A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Ordinary Shares are then listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holder.

5. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification by the Company</u>. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless Holder, the partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Ordinary Shares), investment advisors and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of the Holder and each Person who controls the Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses (collectively, "<u>Losses</u>"), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon information regarding the Holder furnished in writing to the Company by the Holder expressly for use therein, or to the extent that such information relates to the Holder or the Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by the Holder for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by the Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified the Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by the Holder of the Advice contemplated in Section 6(c). The Company shall notify the Holder promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by the Holder in accordance with Section 6(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by Holder</u>. Holder shall, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to such Holder's information provided in the Selling Shareholder Questionnaire or the proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto. In no event shall the liability of a selling Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conduct of Indemnification Proceedings</u>. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an "<u>Indemnified Party</u>"), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the "<u>Indemnifying Party</u>") in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof, provided that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party, provided that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contribution</u>. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys' or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Remedies</u>. In the event of a breach by the Company or by the Holder of any of their respective obligations under this Agreement, Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Piggyback on Registrations; Prohibition on Filing Other Registration Statements</u>. Except as set forth on <u>Schedule 6(b)</u> attached hereto, neither the Company nor any of its security holders (other than the Holder in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Discontinued Disposition</u>. By its acquisition of Registrable Securities, Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the "<u>Advice</u>") by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject to the provisions of Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendments and Waivers</u>. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Successors and Assigns</u>. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by either Party, whether by operation of law or otherwise, without the other Party's prior written consent (other than by merger), unless such transfer complies with applicable securities laws. If such written consent is obtained, this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Inconsistent Agreements</u>. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holder in this Agreement or otherwise conflicts with the provisions hereof. Except as set forth on <u>Schedule 6(i)</u>, neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Execution and Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by e-mail delivery of a ".pdf" format data file or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com), such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such ".pdf" signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Cumulative Remedies</u>. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Headings</u>. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Consent to Jurisdiction</u>. All claims, demands, actions, suits, litigation, hearings or proceedings (collectively, "Actions") arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York County, State of New York (or in any appellate court) (the "Specified Courts"). Each party hereto (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by any such party and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the Note may not be enforced in or by any Specified Court. Each party hereto agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each party hereto irrevocably consents to the service of the summons and complaint and any other process in any other Action relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable address set forth on the signature pages hereof . Nothing in this Section 6(m) shall affect the right of any party hereto serve legal process in any other manner permitted by law.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Pages Follow)*

 

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

---

| | |
|:---|:---|
| **BLUE GOLD LIMITED** | **BLUE GOLD LIMITED** |
| By: |  |
|  | Name: |
|  | Title: |

---

Address for Notices:

Rick Gaenzle

3109 W. 50<sup>th</sup> Street, #207<br> Minneapolis, MN 55410

[SIGNATURE PAGE OF HOLDER FOLLOWS]

---

| | |
|:---|:---|
| **LOEB & LOEB LLP** | **LOEB & LOEB LLP** |
| By: |  |
|  | Name: |
|  | Title: |

---

Address for Notices:

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attention: Mitchell S. Nussbaum

## Exhibit 99.3

**Exhibit 99.3**

Execution Version

**<u>WAIVER AGREEMENT</u>**

THIS WAIVER AGREEMENT (this "***Waiver***"), between Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales ("***BGHL***") and Perception Capital Corp. IV, a Cayman Islands exempted company limited by shares ("***Perception***") is dated June 10, 2025 (the "***Effective Date***"). BGHL and Perception are individually referred to as a "***Party***" collectively referred to as the "***Parties***." Capitalized terms used but not defined shall have the meaning set forth in the Business Combination Agreement.

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Parties and the other signatories thereto entered into the Second Amended and Restated Business Combination Agreement dated June 12, 2024 (as further amended from time to time, the "***Business Combination Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Under Sections 8.2(e)(v), 8.3(a), and 8.3(v) of the Business Combination Agreement, the Parties had a duty to deliver a Lock-Up Agreement in connection with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Under Section 11.9 of the Business Combination Agreement, no waiver by any party shall be effective unless explicitly set forth in writing and signed by the party waiving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Parties have agreed to waive Perception and BGHL's obligations concerning the delivery of the Lock-Up Agreements set forth in the Business Combination Agreement (the "***Waived Obligation***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In consideration of the foregoing and the mutual covenants and agreements contained in this Waiver, the receipt and sufficiency of which is acknowledged, the Parties agree as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms used and not defined in this Waiver shall have the meanings ascribed to them in the Business Combination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Parties mutually and irrevocably waive the following conditions to Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 8.3(e)(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Section 8.3(a) solely with respect to the Lock-Up Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Section 8.2(e)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the terms and provisions of this Waiver is deemed incorporated by this reference into the Business Combination Agreement. When a conflict exists between this Waiver and the Business Combination Agreement this Waiver will control. Unless expressly waived, amended, or modified by this Waiver, all other provisions in the Business Combination Agreement remain in full force and effect without waiver, amendment, or modification. This Waiver shall be effective only in this specific instance and for the specific purpose for which it is given, and the waivers and consent in this Waiver shall not entitle BGHL or Perception, as applicable, to any other or further waiver or consent in any similar or other circumstances. The waiver and consent set forth above shall be limited precisely as written and shall not be deemed to (i) be a waiver or modification of any other term or condition of the Business Combination Agreement, or (ii) prejudice any right or remedy that Perception or BGHL, as applicable, may now have or may have in the future (except to the extent such right or remedy is based upon the Waiver) under or in connection with the Business Combination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Waiver shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Waiver may be executed in several counterparts, and all so executed shall constitute one and the same agreement, binding on all of the Parties. The Parties agree that this Waiver may be transmitted between them via PDF, e-mail or DocuSign (or similar electronic means) and that signatures transmitted as such shall be original signatures and the agreement containing such signatures (original or otherwise) of all the Parties is binding upon the Parties.

[Signature page follows]

The parties have executed this Amendment as of the Effective Date.

---

| | |
|:---|:---|
| **Perception Capital Corp. IV** | **Perception Capital Corp. IV** |
| By: | /s/ Rick Gaenzle |
| Name: | Rick Gaenzle |
| Title: | Chief Executive Officer |
| **Blue Gold Holdings Limited** | **Blue Gold Holdings Limited** |
| By: | /s/ Andrew Cavaghan |
| Name: | Andrew Cavaghan |
| Title: | Executive Chairman |

---

## Exhibit 99.4

**Exhibit 99.4**

**ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT**

THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (this "Agreement")*,* dated June 25, 2025, is made by and among Perception Capital Corp. IV, a Cayman Islands exempted company limited by shares formerly known as RCF Acquisition Corp. ("Perception" or the "Company"), Blue Gold Limited, a Cayman Islands exempted company ("Blue Gold Limited" or "PubCo"), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the "Warrant Agent") and amends the Warrant Agreement (the "Existing Warrant Agreement"), dated November 9, 2021, by and between the Company and the Warrant Agent*.* Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Existing Warrant Agreement.

WHEREAS, pursuant to the Existing Warrant Agreement, the Company has issued the following (collectively, the "Warrants") (i) 11,500,000 Public Warrants; (ii) 11,700,000 Private Placement Warrants and (iii) 1,500,000 Working Capital Warrants;

WHEREAS, all of the Warrants are governed by the Existing Warrant Agreement;

WHEREAS, on December 5, 2023, Perception, Blue Gold Limited, a wholly owned subsidiary of Perception, and Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales ("BGHL"), entered into a Business Combination Agreement (the "Original Business Combination Agreement").

WHEREAS, on June 12, 2024, Perception and BGHL, entered into that certain Second Amended and Restated Business Combination Agreement, which was amended on November 7, 2024, January 8, 2025, March 28, 2025, and April 30, 2025 (as the same may be further amended from time to time, the "Business Combination Agreement") pursuant to which: (i) Blue Gold Limited formed a wholly owned subsidiary (the "Blue Merger Sub") for the purposes of effecting the Blue Merger, (ii) Perception shall merge with and into Blue Gold Limited, a wholly owned subsidiary of Perception with Blue Gold Limited being the surviving entity (the "Perception Reorganization"), (ii) BGHL formed a new Cayman Islands entity ("NewCo") and will contribute all of the issued and outstanding shares of BGHL to NewCo, (iii) Blue Merger Sub will merge with and into NewCo, following which the separate corporate existence of Blue Merger Sub will cease and (iv) at the Merger Effective Time (a defined in the Business Combination Agreement), NewCo shall continue as the surviving entity and wholly owned subsidiary of Blue Gold Limited ("New Blue");

WHEREAS, as of the Merger Effective Time, Blue Perception Capital LLP, as trustee of NewCo and Blue Shareholders shall cease to have any other rights in and to BGHL or NewCo, and Blue Perception Capital LLP, as trustee of NewCo and the Blue Shareholders shall be shareholders of Blue Gold Limited and New Blue shall continue as a wholly owned subsidiary of Blue Gold Limited;

WHEREAS, effective with the Perception Reorganization, each issued and outstanding Class A Ordinary Share shall be converted on a one-for-one basis into Blue Gold Limited Class A Ordinary Shares and each whole Warrant shall be converted into a warrant to purchase one Blue Gold Limited Class A Ordinary Share;

WHEREAS, upon consummation of the transactions contemplated by the Business Combination Agreement (the "Business Combination"), as provided in <u>Section 4.4</u> of the Existing Warrant Agreement, the Warrants will no longer be exercisable for shares of Ordinary Shares of the Company but instead will be exercisable (subject to the terms of the Existing Warrant Agreement as amended hereby) for PubCo Ordinary Shares;

WHEREAS, in connection with the Business Combination, the Company desires to assign all of its right, title and interest in the Existing Warrant Agreement to PubCo and PubCo wishes to accept such assignment; and

WHEREAS, <u>Section 9.8</u> of the Existing Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant Agreement without the consent of any Registered Holders (i) to provide for replacement of securities upon reorganization pursuant to <u>Section 4.5</u> of the Existing Warrant Agreement in connection with the Business Combination and the transactions contemplated by the Business Combination Agreement or (ii) as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under the Existing Warrant Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

1. Assignment and Assumption; Consent.

1.1 <u>Assignment and Assumption</u>. As of and with effect on and from the Merger Effective Time (as defined in the Business Combination
Agreement), the Company hereby assigns to PubCo all of the Company's right, title and interest in and to the Existing Warrant Agreement
(as amended hereby) and PubCo hereby assumes, and agrees to pay, perform, satisfy and discharge in full, as the same become due, all of
the Company's liabilities and obligations under the Existing Warrant Agreement (as amended hereby) arising on, from and after the
Merger Effective Time.

1.2 <u>Consent</u>. The Warrant Agent hereby consents to (i) the assignment of the Existing Warrant Agreement by the Company to PubCo
and the assumption of the Existing Warrant Agreement by PubCo from the Company pursuant to <u>Section 1.1</u>, in each case
effective as of the Merger Effective Time, and (ii) the continuation of the Existing Warrant Agreement (as amended hereby) in full
force and effect from and after the Merger Effective Time.

2. Amendment of Existing Warrant Agreement.

Effective as of the Merger Effective Time, the Company and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this <u>Section 2</u>, and acknowledge and agree that the amendments to the Existing Warrant Agreement set forth in this <u>Section 2</u> are to provide for the replacement of securities upon reorganization pursuant to <u>Section 4.5</u> of the Existing Warrant Agreement (in connection with the Business Combination and the transactions contemplated by the Business Combination Agreement).

2.1 <u>References to the Company</u>. All references to the "Company" in the Existing Warrant Agreement (including all Exhibits
thereto) shall be references to PubCo.

2.2 <u>References to Ordinary Shares</u>. All references to "Ordinary Shares" in the Existing Warrant Agreement (including
all Exhibits thereto) shall be references to PubCo Ordinary Shares.

2.3 <u>References to Business Combination</u>. All references to "Business Combination" in the Existing Warrant Agreement
(including all Exhibits thereto) shall be references to the transactions contemplated by the Business Combination Agreement, and references
to "the completion of the Business Combination" and all variations thereof in the Existing Warrant Agreement (including all
Exhibits thereto) shall be references to the Merger Effective Time.

2.4 <u>References to stockholder</u>. All references to a "stockholder' of the Company in the Existing Warrant Agreement (including
all Exhibits thereto) shall be construed as a reference to a "shareholder" of PubCo.

2.5 <u>Detachability of Warrants</u>. Section 2.5 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

"[INTENTIONALLY OMITTED]"

Except that the defined term "Business Day" set forth therein shall be retained for all purposes of the Existing Warrant Agreement.

2.6 Post IPO Warrants.

2.6.1 Section 2.7 of the Existing Warrant Agreement is hereby deleted in its entirety.

2.6.2 All references to "Post-IPO Warrant" in the Existing Warrant Agreement shall be deleted.

2.7 <u>Duration of Warrants</u>. The first sentence of Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced
with the following:

"A Warrant may be exercised only during the period (the "<u>Exercise Period</u>") commencing on the date that is thirty (30) days after the consummation of the transactions contemplated by the Business Combination Agreement (a "<u>Business Combination</u>"), and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Business Combination is completed, (y) the liquidation of the Company, or (z) the Redemption Date (as defined below) as provided in Section 6.2 hereof (the <u>Expiration Date</u>"); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 7.4 below with respect to an effective registration statement. "Business Combination Agreement" is defined herein as that certain Business Combination Agreement dated on December 5, 2023 (as amended, modified or supplemented from time to time), by and among Perception Capital Corp. IV, a Cayman Islands exempted company limited by shares formerly known as RCF Acquisition Corp. ("Perception"), Blue Gold Limited, a Cayman Islands company limited by shares, and Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales, as amended on June 12, 2024, by that certain Second Amended and Restated Business Combination Agreement."

2.8 <u>Notice Clause</u>. <u>Section 9.2</u> of the Existing Warrant Agreement is hereby deleted and replaced with the
following:

"<u>Notices</u>. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on PubCo shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by PubCo with the Warrant Agent), as follows:

Blue Gold Limited<br> 3109 W. 50<sup>th</sup> Street, #207<br> Minneapolis, MN 55410<br> Attention: Rick Gaenzle<br> Email:

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

Loeb & Loeb LLP<br> 901 New York Ave.<br> Washington, D.C. 20001<br> Attention: Joan Guilfoyle and Giovanni Caruso<br> Email: jguilfoyle@loeb.com

and

Perception Capital Corp. IV<br> 3109 W. 50<sup>th</sup> Street, #207<br> Minneapolis, MN 55410<br> Attention: Scott Honour

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

Continental Stock Transfer & Trust Company<br> One State Street, 30th Floor<br> New York, NY 10004<br> Attention: Compliance Department

3. Miscellaneous Provisions.

3.1 <u>Effectiveness of the Amendment</u>. Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement
shall be expressly subject to the occurrence of the Business Combination and substantially contemporaneous occurrence of the Merger Effective
Time and shall automatically be terminated and shall be null and void if the Business Combination Agreement shall be terminated for any
reason.

3.2 <u>Successors</u>. All the covenants and provisions of this Agreement by or for the benefit of PubCo, the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

3.3 <u>Applicable Law and Exclusive Forum</u>. The validity, interpretation, and performance of this Agreement shall be governed in all
respects by the laws of the State of New York. Subject to applicable law, each of PubCo and the Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of
the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive forum for any such action, proceeding or claim. Each of PubCo and the Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions

which the federal district courts of the United States of America are the sole and exclusive forum.

Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this <u>Section 3.3</u>. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District of New York (a "<u>foreign action</u>") in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an "enforcement action"), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder's counsel in the foreign action as agent for such warrant holder.

3.4 <u>Counterparts</u>. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to
have the same legal effect as delivery of an original signed copy of this Agreement.

3.5 <u>Effect of Headings</u>. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

3.6 <u>Severability</u>. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment, Assumption and Amendment Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| Perception Capital Corp. IV (formerly known as RF ACQUISITION CORP.) | Perception Capital Corp. IV (formerly known as RF ACQUISITION CORP.) |
| By: |  |
|  | Name: |
|  | Title: |
| BLUE GOLD LIMITED | BLUE GOLD LIMITED |
| By: |  |
|  | Name: |
|  | Title: |
| CONTINENTAL STOCK TRANSFER &<br> TRUST COMPANY, as Warrant Agent | CONTINENTAL STOCK TRANSFER &<br> TRUST COMPANY, as Warrant Agent |
| By: |  |
|  | Name:<br>|
|  | Title: |

---

[Signature Page to Assignment, Assumption and Amendment Agreement]

## Exhibit 99.5

**Exhibit 99.5**

***Execution Version***

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (this "***Agreement***") is entered into as of , 2025 (the "***Effective Date***") by and between Blue Gold Limited, an exempted company incorporated under the laws of the Cayman Islands (the "***Company***"), and Andrew Cavaghan, an individual (the "***Executive***").

**<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>**

**WHEREAS,** the Company desires to employ the Executive as its Chief Executive Officer ("***CEO***") of the Company; and

**WHEREAS,** the Company and the Executive desire to enter into this Agreement to set forth the terms of the Executive's employment with the Company.

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

**1. <u>Employment and Duties</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Employment</u>**. The Company hereby employs the Executive on an at-will basis, subject to the terms and conditions expressly set forth in this Agreement, including, but not limited to, <u>Section 5</u> of this Agreement. The Executive's first day of employment pursuant to the terms of this Agreement with the Company will be on or about Effective Date. The Executive hereby agrees to such employment on the terms and conditions expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Position and Duties</u>**. The Executive shall serve the Company as its CEO and shall perform and have the responsibilities, duties, status and authority customary for a position in an organization of the size and nature of the Company, subject to the directives of the Company's Board of Directors (the "***Board***"), and the policies of the Company as in effect from time to time (including, without limitation, the Company's business conduct and ethics policies, as they may be amended from time to time). As part of the Executive's duties, the Executive shall perform services on behalf of the Company and/or subsidiaries in various jurisdictions where the Company and/or its subsidiaries conduct business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 <u>No Other Employment; Time Commitment</u>**. Unless otherwise disclosed in **Exhibit A**, or approved by the Board in writing, for so long as the Executive is employed with the Company, the Executive shall both (i) devote the Executive's full business time, energy and skill to the performance of the Executive's duties for the Company and (ii) hold no other employment. Further, the Executive's service on the boards of directors (or similar body) of other businesses or charitable entities is subject to the prior approval of the Board. The Company shall have the right to require the Executive to resign from any board or similar body on which the Executive may then serve if the Board determines that such activity (i) interferes with the effective discharge of the Executive's duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its affiliates, successors or assigns or (ii) could adversely affect the reputation of the Company or any of its affiliates, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 <u>No Breach of Contract</u>**. The Executive hereby represents to the Company: (a) that the execution and delivery of this Agreement by the Executive and the Company and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound; (b) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his or her duties hereunder; and (c) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any other person or entity which would prevent, or be violated by, the Executive (i) entering into this Agreement or (ii) carrying out his or her duties hereunder.

**2. <u>Term</u>**. The Executive's employment under this Agreement shall commence on May 1, 2025, which, for purposes of this Agreement, will be hereinafter referred to as the "***Effective Date***." Unless earlier terminated under the terms of this Agreement, this Agreement and the status and obligations of the Executive thereunder as an employee of the Company shall be effective for a period ending three (3) years after the Effective Date (the "***Initial Term***") and, after the expiration of the Initial Term, this Agreement shall automatically renew for successive twelve (12) month terms (each a "***Renewal Term***" and, collectively with all Renewal Terms and the Initial Term, the "***Term***")) unless, either party gives sixty (60) days' advance written notice of its intention not to renew this Agreement at the conclusion of the Initial Term or the then-current Renewal Term, as applicable (a "***Non-Renewal Notice***").

**3. <u>Compensation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Base Salary</u>**. Commencing on the Effective Date, the Company agrees to pay the Executive a base salary at an annual rate of four hundred and fifty thousand United States dollars ($450,000), (the "***Base Salary***"). The Base Salary shall be subject to all applicable tax and other withholding requirements and shall be payable in substantially equal installments according to the regular payroll practices of the Company. The Executive's Base Salary thereafter may be subject to annual review by the Company's Board (or a committee thereof delegated such authority by the Board, including, but not limited to, the Compensation Committee of the Board) and may be increased from time to time as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Incentive Compensation</u>.** The Executive shall be eligible to participate in all compensation plans or programs for which any salaried executives of the Company with similar titles or levels of responsibilities are eligible under any existing or future plan or program established by the Company for salaried executives. Without limiting the generality of the foregoing, during the Term, the Executive shall be eligible to participate in the Short-Term Incentive Plan ("***STIP***") and Long-Term Incentive Plan the ("***LTIP***") offered by the Company to its senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Short-Term Incentive Plan*. The Executive may be eligible to receive cash incentive compensation annually pursuant to the STIP as determined in the sole discretion of the Board as determined in accordance with the applicable plan. The amount of the cash incentive compensation the Executive shall be eligible to receive pursuant to the STIP or a successor plan at target level of performance shall be established annually by the Board and such target amount shall not be less than two hundred percent (200%) of the Executive's Base Salary paid to the Executive during the applicable performance period (for the avoidance of doubt, the actual amount of the payout of such STIP will depend on whether applicable performance goals are satisfied). The actual payment under this <u>Section 3.2(a)</u> earned for the year (if any) shall be paid in a single cash lump sum payment less applicable federal, state, and local tax and other withholding requirements no later than March 15<sup>th</sup> of the year following the year in which the bonus is earned, subject to the Executive's continued employment by the Company through the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Long-Term Incentive Plan*. The amount of the annual equity grants the Executive shall be eligible to receive pursuant to the LTIP or a successor plan at target level of performance shall be established annually by the Board and and such target amount shall not be less than two hundred percent (200%) of the Executive's Base Salary paid to the Executive during the applicable performance period (for the avoidance of doubt, the actual amount of the grant of such LTIP award will depend on whether applicable performance goals are satisfied and will depend on whether there are sufficient shares approved in the LTIP to make the applicable grants). Any award under the LTIP shall be subject to prior approval of the Board (or a committee thereof), shall be subject to the terms and conditions of the LTIP plan document and the Executive's individual award agreements, and shall contain such vesting, forfeiture, and other provisions as the Board (or committee) deems appropriate. For the avoidance of doubt, if there are insufficient shares available to grant pursuant to the applicable LTIP as approved by the shareholders of the Company, the Company shall not be in breach of this provision for a failure to make such grants as a result of such insufficient shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>LTIP 2</u>. Subject to approval by the Board and subject to the approval of the LTIP by the shareholders of the Company, as soon as reasonably practicable after the approval of the LTIP by the shareholders, the Company shall grant to the Executive a restricted stock unit ("RSU") award for 270,000 of the Company's Class A ordinary shares (the "***LTIP 2 Award***") that shall vest in thirty six (36) substantially equal monthly installments subject to the Executive's continued employment by the Company and/or its affiliates through each applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>LTIP 3 and LTIP 4 Awards</u>. Subject to approval by the Board and subject to the approval of the LTIP by the shareholders of the Company, as soon as reasonably practicable after approval of the LTIP by the shareholders, the Company shall grant to the Executive performance share unit ("***PSU***") awards for 1,400,000 shares (the "***LTIP 3 and 4 Awards***") that shall vest upon the achievement of the volume weighted average price ("***VWAP***") and other metrics set forth in the Executive's LTIP 3 and LTIP 4 Award agreements subject to the Executive's employment on such vesting date. Each PSU represents the unsecured right to receive a number of ordinary shares the Company, in accordance with the terms and conditions of the LTIP and the Executive's award agreements. Subject to the payment of the aggregate par value thereof, the Executive shall not be required to pay any additional consideration for the issuance of the Class A ordinary shares, if any, upon settlement of the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 <u>Termination of Agreements</u>**. Nothing in this Agreement shall preclude the Company from amending or terminating any of the plans or programs applicable to salaried executives as long as such amendment or termination is applicable to all salaried executives.

**4. <u>Executive Benefits</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Retirement, Welfare and Fringe Benefits</u>**. During the Term, the Executive shall be eligible to participate in all employee retirement and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company's similarly situated employees generally, in accordance with the terms of such plans and as such plans or programs may be in effect from time to time. The Executive's participation in such plans will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Reimbursement of Business Expenses</u>**. During the Term, the Executive shall be authorized to incur reasonable expenses in carrying out the Executive's duties for the Company under this Agreement and shall be eligible for reimbursement of all reasonable business expenses that the Executive incurs during the Term in connection with carrying out the Executive's duties for the Company, subject to the Company's expense reimbursement policies as in effect from time to time. But in any case, includes all costs incurred while temporarily relocated for business purposes, (for the Executive and his family, if they relocate with the Executive), including any relocation costs, intermittent return flights, school fees (if applicable), accommodation costs, use of a vehicle, medical expenses, (including evacuation if necessary), and subsistence costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Vacation and Other Leave</u>**. During the Term, the Executive may be eligible for vacation, sick, or other paid time off subject to the Company's policies as in effect from time to time. Any paid time off taken pursuant to this <u>Section 4.3</u> must be approved in advance by the Company. The Executive shall also be eligible for all other holiday and leave pay generally available to other employees of the Company of the same seniority, which in any case will not be less than 30 business days paid leave per annum, beyond public holidays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Indemnification</u>**. The Executive will be insured under the Company's Director's and Officer's Liability Insurance to the extent the Company maintains such a policy and will be entitled to indemnification by the Company pursuant to the terms and conditions of the Company's memorandum and articles of incorporation to the same extent as the Company's officers and directors.

**5. <u>Termination of Employment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Generally</u>**. The Executive's employment by the Company, and the Term may be terminated at any time (i) by the Company with or without Cause, (ii) by the Company in the event that the Executive has incurred a Disability, (iii) by the Executive with Good Reason, (iv) by the Executive without Good Reason, or (v) due to the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Notice of Termination</u>**. Any termination of the Executive's employment under this Agreement (other than because of the Executive's death) shall be communicated by written notice of termination from the terminating party to the other party, which termination shall be effective (i) no less than thirty (30) days following delivery of such notice in the event of a termination by the Executive for Good Reason (subject to the provisions of <u>Section 5.5(c)</u>) or by the Company without Cause or due to Disability (*provided* that the Company shall be entitled to pay the Executive Base Salary in lieu of such notice) or (ii) immediately (subject to <u>Section 5.5</u> of this Agreement) in the event of a termination by the Company with Cause or resignation by the Executive without Good Reason. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination and shall state the specific reason(s) why the termination is being initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>Benefits Upon Termination</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Executive's employment by the Company is terminated during the Term hereof by the Company for Cause or due to Disability, by the Executive without Good Reason or due to the Executive's death (in any case, the date that the Executive's employment by the Company terminates is referred to as the "***Severance Date***"), the Company shall have no further obligation to make or provide to the Executive (or the Executive's estate in the case of his death), and the Executive (or his estate, as applicable) shall have no further right to receive or obtain from the Company, any payments or benefits other than payment, within thirty (30) days after the Severance Date, of (i) any Base Salary that had accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; and (ii) (iii) any reimbursement due to the Executive pursuant to <u>Section 4.2</u> for expenses incurred by the Executive on or before the Severance Date (the "***Accrued Obligations***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, during the Term, the Executive's employment is involuntarily terminated by the Company without Cause or by the Executive with Good Reason, the Company shall pay the Executive (in addition to the Accrued Obligations payable in accordance with <u>Section 5.3(a)</u>) (i) an amount equal to twelve (12) months of his Base Salary at the rate in effect on the Severance Date (the "***Severance Benefit***"), and (ii) accelerate the vesting of a pro rata amount of the Executive's STIP and LTIP awards and the NQSO Award that otherwise would vest at the end of the calendar year in which the Severance Date occurs, such amount to be based on the number of full (not partial) calendar months elapsed during such calendar year (for example, if the Executive's Severance Date is June 30, 2025, fifty percent (50%) of the STIP and LTIP awards and the NQSO Award that otherwise would vest at the end of the 2025 calendar year shall immediately vest, and the Executive shall forfeit the remaining fifty percent (50%) of the such awards scheduled to vest in the 2025 calendar year as well as the remainder of the award that otherwise would vest in subsequent calendar years). The Company shall pay the Severance Benefit, subject to <u>Section 5.4</u> of this Agreement, to the Executive in substantially equal installments over a period of twelve (12) months in accordance with the Company's payroll cycle, commencing with the first payroll cycle following the expiration of the full Release Period (as described in <u>Section 5.4(a)</u>) and subject to any applicable delay of payment rules pursuant to <u>Section 17</u> of this Agreement. Notwithstanding anything to the contrary in this <u>Section 5.3(b)</u>, if the Executive's termination of employment is not a "Separation from Service" within the meaning of Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the "***Code***") and the regulations and other published guidance thereunder (including Treasury Regulation §1.409A-1(h)), then, if required in order to comply with the provisions of Section 409A of the Code, payment of the Severance Benefit and related bonus amounts shall be delayed until such a Separation from Service occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing provisions of this <u>Section 5.3</u>, if the Executive breaches the Executive's obligations under <u>Section 6</u> of this Agreement, the Executive shall no longer be entitled to receive, and the Company shall no longer be obligated to pay, any remaining unpaid portion of the Severance Benefit as of the date of such breach. Any disputes with respect to the application of this <u>Section 5.3(c)</u> will be subject to <u>Section 13</u> hereof; *provided* that during the pendency of any such dispute, the Company will be entitled to withhold any payments pursuant to this <u>Section 5.3(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The foregoing provisions of this <u>Section 5.3</u> shall not affect: (i) the Executive's receipt of benefits otherwise due terminated employees under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan; (ii) the Executive's rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("***COBRA***") to continue participation in medical, dental, hospitalization and such other benefit plans covered by COBRA; or (iii) the Executive's receipt of benefits otherwise due in accordance with the terms of the Company's 401(k) plan (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made to the Executive pursuant to the provisions of this <u>Section 5.3</u> shall be in lieu of any severance benefits otherwise due to Executive under any severance pay plan or program maintained by the Company that covers its employees or executives generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 <u>Release; Exclusive Remedy</u>**.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ****As a condition precedent to any Company obligation to the Executive pursuant to <u>Section 5.3(b)</u> or <u>(c)</u>, the Executive shall, within sixty (60) days following his/her last day of employment with the Company (the full sixty (60) day period being the "***Release Period***"), execute, and not revoke within the applicable revocation period which ends prior to the end of the Release Period, and provide the Company with, a valid, executed general release substantially in the form presented by the Company at the time of his termination. Any payments that would otherwise be due during such period shall be accumulated and paid on the sixty-day anniversary of the last day of employment.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive agrees that the payments and benefits contemplated by <u>Section 5.3</u> shall constitute the exclusive and sole remedy for any termination of his employment during the term of this Agreement and the Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 <u>Certain Defined Terms</u>**. For purposes of this Agreement, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Cause***" shall mean that one or more of the following has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive has been convicted of, plead guilty or no contest to, or entered into a plea agreement with respect to (x) any felony (under the laws of the United States or any relevant state or jurisdiction, in the circumstances, thereof) or (y) another crime involving dishonesty or moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Executive has engaged in any willful misconduct (including any violation of federal securities laws), Gross Negligence, act of dishonesty, violence or threat of violence, in each case, that would reasonably be expected to result in a material injury to the reputation, business or business relationships of the Company or any of its subsidiaries or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive has breached a written policy of the Company or the rules of any governmental or regulatory body applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive has willfully failed to perform or uphold his/her duties under this Agreement and/or willfully fails to comply with lawful directives of the Board or Chairman of the Board, which failure does not cease within ten (10) days after written notice specifying such failure in reasonable detail is given to the Executive by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Executive has breached any fiduciary duty owed by Executive to the Company or any of its subsidiaries or affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Executive has materially breached this Agreement or any other contract to which he is a party with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Disability***" shall mean a physical or mental impairment which, as reasonably determined by the Board in good faith, renders the Executive unable to perform the essential functions of his/her employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than one hundred and eighty (180) days in any three hundred and sixty-five (365) day period, unless a longer period is required by federal or state law, in which case that longer period would apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Good Reason***" shall mean that one or more of the following has occurred without the Executive's written consent (which consent shall not be unreasonably withheld):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material negative change in the nature or scope of the Executive's responsibilities, duties or authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material reduction in the Executive's Base Salary, excluding any reduction up to ten percent (10%) that is applied across the Company's senior management group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's required re-location to a worksite location which is more than fifty (50) miles from the Executive's then current principal worksite without the Executive's consent (such consent not to be unreasonably withheld), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's material breach of this Agreement (excluding any delay of payment required or permitted under Code Section 409A).

*provided* that, in any such case, the Executive provides written notice to the Company that the event giving rise to such claim of Good Reason has occurred within thirty (30) days after the occurrence of such event, and such Good Reason remains uncured thirty (30) days after the Executive has provided such written notice; *provided further* that any resignation of the Executive's employment for "Good Reason" occurs no later than thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Gross Negligence***" shall mean a standard of conduct beyond negligence whereby that person acts with reckless disregard for the consequences of a breach of duty of care owed to another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 <u>Resignation from Directorships and Officerships</u>**. The termination of the Executive's employment with the Company for any reason shall constitute the Executive's resignation from (i) any director, officer or employee position the Executive has with the Company or any of its affiliates and (ii) all fiduciary positions (including as a trustee) the Executive holds with respect to any employee benefit plans or trusts established by the Company or any of its affiliates. The Executive agrees that this Agreement shall serve as written notice of resignation in this circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 <u>Post-Employment Activities</u>**. Beginning on the day following the Severance Date, Executive (i) shall remove any reference to the Company as Executive's current employer from any social media or other web- or cloud-based source the Executive either directly or indirectly controls, including, but not limited to, LinkedIn, Facebook and Google+, and (ii) will not represent that Executive is currently employed by the Company to any person or entity, including, but not limited to, on any social media or other web- or cloud-based source the Executive either directly or indirectly controls.

**6. <u>Protective Covenants</u>**. The Executive acknowledges and agrees that the Company has developed intellectual property, Trade Secrets and Confidential Information to assist it in its business. The Executive further acknowledges and agrees that the Company has substantial relationships with prospective or existing customers, as well as customer good will associated with its ongoing business. The Company employs or will employ the Executive in a position of trust and confidence, and may provide the Executive with extraordinary or specialized training in furtherance of the Executive's duties for the Company. The Executive therefore acknowledges and agrees that the Company has a right to protect these legitimate business interests. Therefore, in consideration for the Company's decision to employ or continue to employ the Executive; for the compensation and benefits provided to the Executive by the Company under this Agreement; in consideration of the time, investment and cost the Company has incurred and will continue to incur to train the Executive and enhance his/her skills, including, without limitation, extraordinary or specialized training; access to Trade Secrets or Confidential Information; and the Company permitting the Executive to come into contact with its customers and prospects, the Executive hereby agrees to the protective covenants in this Agreement. The Executive expressly agrees that the covenants in this <u>Section 6</u> shall continue in effect through the entire Restricted Period (as defined in <u>Section 6.3</u>) regardless of whether the Executive is then entitled to receive any further payments or benefits from the Company. For purposes of this <u>Section 6</u>, the Company shall mean the Company together with its parents, subsidiaries and affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Confidential Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive agrees at all times to hold in strictest confidence, and not to use, except for the benefit of the Company, any of the Company's Trade Secrets or Confidential Information or to disclose to any person, firm or entity any of the Company's Trade Secrets or Confidential Information except (i) as authorized in writing by the Company's Board, (ii) as authorized by the Company's management, pursuant to a written non-disclosure agreement, or (iii) as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive agrees that he/she will not, during the Term, knowingly improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity and that he will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Defend Trade Secrets Act (18 U.S.C. § 1833(b)) states: "An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal." Accordingly, to the extent applicable and to the extent subject to U.S. law, the Executive shall have the right to disclose in confidence Trade Secrets to U.S. federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The Executive shall also have the right to disclose Trade Secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>No Competing Employment</u>**. The Executive acknowledges that the nature of the Company's business and the Executive's position with the Company is such that if the Executive were to become employed by, or become substantially involved in, the business of a competitor of the Company during the Term or during the one (1) year following the termination of the Executive's employment with the Company, it would be very difficult for the Executive not to rely on or use the Company's Trade Secrets and Confidential Information. Thus, to avoid the inevitable disclosure of the Company's Trade Secrets and Confidential Information, and to protect such Trade Secrets and Confidential Information and the Company's relationships and goodwill with customers, during the Executive's employment with the Company and for a period of one (1) year after the date the Executive's employment with the Company terminates for any reason (the "***Restricted Period***"), the Executive shall not directly, or by assisting others, engage in the business of exploration or mining on any property (concession, exploration license, or otherwise), that was owned by the Company or its affiliates at the point of departure or during the Restricted Period (the "***Business***") in any capacity identical with or corresponding to the capacity or capacities in which employed by the Company, anywhere within the areas(s) where the Executive is working and/or for which the Executive is responsible at the time of termination of employment; *provided*, that the Executive may purchase and hold only for investment purposes less than two percent (2%) of the shares of any Company in competition with the Company whose shares are regularly traded on a national securities exchange or inter-dealer quotation system, and *provided further* that the Executive may provide services to any business or entity that has a line of business, division, subsidiary or other affiliate that is a competitive business if, during the Restricted Period, the Executive is not employed directly in such line of business or division or by such subsidiary or other affiliate that is a competitive business and is not involved directly in the management, supervision or operations of such line of business, division, subsidiary or other affiliate that is a competitive business. The parties acknowledge and agree that, if necessary to determine the reasonable geographic scope of this restraint, the Company may rely on appropriate documentation and evidence outside the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Non-Solicitation of Employees</u>**. During the Restricted Period, the Executive shall not directly or indirectly solicit, induce, recruit, encourage, take away, or hire (or attempt any of the foregoing actions) or otherwise cause (or attempt to cause) any officer, representative, agent, director, employee or independent contractor of the Company to leave his or her employment or engagement with the Company either for employment with the Executive or with any other entity or person, or otherwise interfere with or disrupt (or attempt to disrupt) the employment or service relationship between any such individual and the Company. The Executive will not be deemed to have violated this <u>Section 6.3</u> if employees respond to general advertisements for employment or if the Board provides unanimous prior written consent to the activities of the Executive (all such requests for consent will be given good faith consideration by the Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Non-Solicitation of Customers</u>.** During the Restricted Period, the Executive shall not, directly or by assisting others, take any action to solicit, divert, take away, contact, call upon, communicate with, or attempt to solicit, divert, take away, contact, call upon, communicate with any customers of the Company, including actively seeking prospective customers, with whom Executive had Material Contact during Executive's employment, for the purposes of inducing or attempting to induce or divert their Business away from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 <u>Non-Disparagement</u>**. The Executive agrees that at no time during his employment with the Company or thereafter shall he make, or cause or assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Company, or any of its respective directors, officers, representatives, agents or employees. The Company agrees, in turn, that it will not make, in any authorized corporate communications to third parties, and it will direct the members of the Board and the Chief Executive Officer, in each case, of the Company, not to make, cause or assist any other person to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 <u>Returning Company Documents</u>**. The Executive agrees that at the time of leaving the employ of the Company, he/she will deliver to the Company (and will not keep in his possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence (including emails), specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any items developed by the Executive pursuant to his employment with the Company or otherwise belonging to the Company, its successors or assigns, including, but not limited to, those records maintained pursuant to <u>Section 6.2</u>. The Executive is not required to return any personal items; documents, files, or materials containing personal information (except to the extent such materials also contain Trade Secrets or Confidential Information); or documents or agreements of which he is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 <u>Understanding of Covenants</u>**. The Executive represents that he/she (i) is familiar with the foregoing confidentiality, non-solicitation, non-competition and non-disparagement covenants, (ii) is fully aware of his/her obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage of the foregoing covenants, and (iv) agrees that such covenants are necessary to protect the Company's confidential and proprietary information, good will, stable workforce, and customer relations. The Executive acknowledges and agrees that the covenants contained in this Agreement are reasonable in time, scope and in all other respects; that such covenants shall be construed as agreements independent of each other and of any provision of this or any other contract between the parties hereto; that should any part or provision of any covenant be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability shall not render invalid, void or unenforceable any other part or provision of this Agreement. If any portion of the foregoing provisions is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, the territory, the definition of activities or the definition of information covered is considered to be invalid or unreasonable in scope, the invalid or unreasonable term shall be redefined, or a new enforceable term provided, such that the intent of the Company and the Executive in agreeing to the provisions of this Agreement will not be impaired and the provision in question shall be enforceable to the fullest extent of the applicable laws; and that the existence of any claim or cause of action by the Executive against the Company, whether predicated upon this or any other contract, shall not constitute a defense to the enforcement by the Company of said covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 <u>Remedy for Breach</u>**. The Executive agrees that a breach of any of the covenants of this <u>Section 6</u> would cause material and irreparable harm to the Company that would be difficult or impossible to measure, and that damages or other legal remedies available to the Company for any such injury would, therefore, be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if he/she breaches any term of this <u>Section 6</u>, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain injunctive or other appropriate equitable relief, without bond or other security, to restrain any such breach. Claims for damages and equitable relief in any court shall be available to the Company in lieu of, or prior to or pending determination in any arbitration proceeding. In the event the enforceability of any of the terms of this Agreement shall be challenged in court and the Executive is not enjoined from breaching any of the protective covenants, then if a court of competent jurisdiction finds that the challenged protective covenant is enforceable, the time periods shall be deemed tolled upon the filing of the lawsuit challenging the enforceability of this Agreement until the dispute is finally resolved and all periods of appeal have expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 <u>Defined Terms</u>**. For purposes of this <u>Section 6</u>, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Confidential Information***" shall mean any data and information (A) relating to the business of the Company, regardless of whether the data or information constitutes a Trade Secret; (B) disclosed to the Executive or of which he/she became aware of as a consequence of the Executive's relationship with the Company; (C) having value to the Company; (D) not generally known to competitors of the Company; and (E) which includes Trade Secrets, methods of operation, names of customers, price lists, financial information and projections, route books, personnel data, and similar information; provided, however, that Confidential Information shall not mean data or information which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by the Executive without authorization from the Company, which has been independently developed and disclosed by others, or which has otherwise entered the public domain through lawful means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Material Contact***" means the contact between the Executive and each customer (a) with whom or which the Executive dealt on behalf of the Company, (b) whose dealings with the Company were coordinated or supervised by the Executive; (c) about whom the Executive obtained Confidential Information in the ordinary course of business as a result of the Executive's association with the Company; or (d) who receives products or services authorized by the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for Executive within two years prior to the end of the Executive's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Trade Secrets***" shall mean any of the Company's information, without regard to for, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers, which is not commonly known by or available to the public and which information (A) derives economic value, actual or potential, form not being generally known to and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

**7. <u>Defense of Claims</u>**. The Executive agrees that, during the Term, and for a period of five (5) years after termination of the Executive's employment, upon request from the Company, the Executive will cooperate with the Company in the defense of any claims or actions that may be made by or against the Company that affect the Executive's prior areas of responsibility, except if the Executive's reasonable interests are adverse to the Company in such claim or action. The Company agrees that it shall reimburse the reasonable out of pocket costs and attorney fees the Executive actually incurs in connection with him providing such assistance or cooperation to the Company, in accordance with the Company's standard policies and procedures as in effect from time to time, *provided* that the Executive shall have obtained prior written approval from the Company for any travel or legal fees and expenses incurred by him in connection with his obligations under this <u>Section 7</u>.

**8. <u>Source of Payments</u>**. All payments provided under this Agreement, other than payments made pursuant to a plan which provides otherwise, shall be paid in cash from the general assets of the Company, and no special or separate fund shall be established, and no other segregation of assets shall be made, to assure payment. The Executive shall have no right, title or interest whatsoever in or to any investments which the Company may make to aid the Company in meeting its obligations hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater than the right of an unsecured creditor of the Company.

**9. <u>Withholding</u>**. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such foreign, federal, state and local income, employment, or other taxes or other amounts as may be required to be withheld pursuant to any applicable law, regulation or contract.

**10. <u>Assignment; Binding Effect</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>By the Executive</u>**. This Agreement and any and all rights, duties, obligations or interests hereunder shall not be assignable or delegable by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>By the Company</u>.** This Agreement and all of the Company's rights and obligations hereunder shall not be assignable by the Company except as incident to a reorganization, merger or consolidation, or transfer of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 <u>Binding Effect</u>**. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto, any successors to or assigns of the Company and the Executive's heirs and the personal representatives of the Executive's estate.

**11. <u>Number and Gender</u>**. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders.

**12. <u>Section Headings</u>**. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.

**13. <u>Choice of Law, Forum, Conditions Precedent, and Binding Arbitration</u>**. This Agreement shall be deemed to have been executed and delivered within the Cayman Islands. The rights and obligations of the Parties shall be construed and enforced in accordance with, and governed by, the laws of the Cayman Islands, without regard to its conflicts of laws. If any of the provisions hereof are found to be unenforceable, the remainder shall be enforced as fully as possible and the unenforceable provision(s) shall be deemed modified to the limited extent required to permit enforcement of the Agreement.

Any dispute, claim or controversy arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Agreement to arbitrate, shall be determined by confidential binding arbitration in London, England, before one mutually selected arbitrator. The arbitrator must be a retired judge from the United States federal judiciary. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules. Notwithstanding the arbitrator's ability to deviate from any of the Expedited Procedures, the Parties specifically agree that each side will be limited to one fact-witness deposition and one expert witness deposition. E-discovery and document production is limited in strict adherence to the Expedited Procedures except that, upon election by Company and in Company's sole discretion, each Party shall be permitted to serve on the other Party no more than ten (10) interrogatories and ten (10) requests for admissions which are narrowly tailored to dispositive issues. Judgment on the Award may be entered in the state or federal courts located in London, England. The Arbitrator shall designate prevailing and non-prevailing party(s) to the arbitration and order the non-prevailing party(s) to pay all of the costs and attorney's fees incurred by the prevailing party(s) in connection with the Arbitration.

Prior to submitting any claims to JAMS for resolution, the parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiation between executives who have authority to settle the controversy and who are at a higher level of management than the persons with direct responsibility for administration of this Agreement. Any party may give the other party written notice of any dispute not resolved in the normal course of business. Within fifteen (15) days after delivery of the notice, the receiving party shall submit to the other a written response. The notice and response shall include with reasonable particularity (a) a statement of each party's position and a summary of arguments supporting that position, and (b) the name and title of the executive who will represent that party and of any other person who will accompany the Executive. Within thirty (30) days after delivery of the notice, the executives of both parties shall meet at a mutually acceptable time and place. Unless otherwise agreed in writing by the negotiating parties, the above-described negotiation shall end at the close of the first meeting of executives described above ("***First Meeting***"). Such closure shall not preclude continuing or later negotiations, if desired. All offers, promises, conduct and statements, whether oral or written, made in the course of the negotiation by any of the parties, their agents, executives, experts and attorneys are confidential, privileged and inadmissible for any purpose, including impeachment, in arbitration or other proceeding involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the negotiation. At no time prior to the First Meeting shall either side initiate an arbitration or litigation related to this Agreement except to pursue a provisional remedy that is authorized by law or by JAMS Rules or by agreement of the parties. However, this limitation is inapplicable to a party if the other party refuses to comply with the requirements contained herein. All applicable statutes of limitation and defenses based upon the passage of time shall be tolled while the procedures specified in this paragraph are pending and for fifteen (15) calendar days thereafter. The parties will take such action, if any, required to effectuate such tolling. If the matter is not resolved by negotiation pursuant to this paragraph of <u>Section 13</u> then the matter will proceed to mediation as set forth in the following paragraph.

The parties agree that any and all disputes, claims or controversies arising out of or relating to this Agreement shall be submitted to JAMS, or its successor, for mediation (if the claims have not been resolved in accordance with the preceding paragraph), and if the matter is not resolved through mediation, then it shall be submitted to JAMS, or its successor, for final and binding arbitration. Either party may commence mediation by providing to JAMS and the other party a written request for mediation, setting forth the subject of the dispute and the relief requested. The parties will cooperate with JAMS and with one another in selecting a mediator from the JAMS panel of neutrals and in scheduling the mediation proceedings. The parties agree that they will participate in the mediation in good faith and that they will share equally in its costs. All offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the parties, their agents, executives, experts and attorneys, and by the mediator or any JAMS executives, are confidential, privileged and inadmissible for any purpose, including impeachment, in any arbitration or other proceeding involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the mediation. Either party may initiate arbitration with respect to the matters submitted to mediation by filing a written demand for arbitration at any time following the initial mediation session or at any time following forty-five (45) days from the date of filing the written request for mediation, whichever occurs first ("***Earliest Initiation Date***"). The mediation may continue after the commencement of arbitration if the parties so desire. At no time prior to the Earliest Initiation Date shall either side initiate an arbitration or litigation related to this Agreement except to pursue a provisional remedy that is authorized by law or by JAMS Rules or by agreement of the parties. However, this limitation is inapplicable to a party if the other party refuses to comply with the requirements contained herein. All applicable statutes of limitation and defenses based upon the passage of time shall be tolled until fifteen (15) days after the Earliest Initiation Date. The parties will take such action, if any, required to effectuate such tolling.

The parties shall maintain the confidential nature of the arbitration proceeding and the Award, including the Hearing, except as may be necessary to prepare for or conduct the arbitration hearing on the merits, or except as may be necessary in connection with a court application for a preliminary remedy, a judicial challenge to an Award or its enforcement, or unless otherwise required by law or judicial decision.

*By initialing below, the Parties confirm they have read and understand this <u>good-faith negotiation, mediation, and arbitration provision</u>, and voluntarily agree to the procedures set forth above, including binding arbitration of all claims other than those relating to Company's Confidential Information pursuant to the Confidentiality Agreement. In doing so, the parties voluntarily give up important constitutional rights to trial by judge or jury, as well as rights to appeal. The Executive has the right to, and has advised Company he will, have an independent lawyer of the Executive's choice review these arbitration provisions, and this entire agreement, prior to initialing this provision below or signing this Agreement.* 

(Executive):<u> </u> (Company Representative):<u> </u>

**14. <u>Entire Agreement</u>**. This Agreement embodies the entire agreement of the parties hereto respecting the matters within its scope. Any prior negotiations, correspondence, agreements, proposals or understandings relating to the subject matter hereof shall be deemed to be of no force or effect, and the parties to any such other negotiations, commitments, agreements or writings shall have no further rights or obligations thereunder. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein.

**15. <u>Modifications, Waivers</u>**. This Agreement may not be amended, modified or changed (in whole or in part), except by an instrument in writing signed by both parties hereto; *provided* that this Agreement and the Term may be terminated by the Company on thirty (30) days' advance written notice to the Executive. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

**16. <u>Notices</u>**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefore, or<br> (iii) sent by overnight courier, signature required. Any notice shall be duly addressed to the parties as follows:

if to the Company:

Carla Parsons, Company Secretary

Blue Gold Limited

c/o Mourant Corporate Governance Services (Cayman) Limited

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

Cayman Islands

if to the Executive, to the address most recently on file in the payroll records of the Company.

**17. <u>Code Section 409A</u>**. To the extent applicable and to the extent the Executive if subject to U.S. taxation, all payments that may be made and benefits that may be provided pursuant to this Agreement are intended to qualify for an exclusion from Section 409A of the Code and any related regulations or other pronouncements thereunder and, to the extent not excluded, to meet the requirements of Section 409A of the Code. Any payments made under <u>Section 5</u> of this Agreement which are paid on or before the last day of the applicable period for the short-term deferral exclusion under Treas. Reg. Section 1.409A-1(b)(4) are intended to be excluded under such short-term deferral exclusion. Any remaining payments under <u>Section 5</u> are intended to qualify for the exclusion for separation pay plans under Treas. Reg. Section 1.409A-1(b)(9). Each payment made under <u>Section 5</u> shall be treated as a "separate payment", as defined in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Code Section 409A. Further, notwithstanding anything to the contrary, all severance payments payable under the provisions of <u>Section 5</u> shall be paid to the Executive no later than the last day of the second calendar year following the calendar year in which occurs the date of Executive's termination of employment. None of the payments under this Agreement are intended to result in the inclusion in the Executive's federal gross income on account of a failure under Section 409A(a)(1) of the Code. The parties intend to administer and interpret this Agreement to carry out such intentions. However, Company does not represent, warrant or guarantee that any payments that may be made pursuant to this Agreement will not result in inclusion in the Executive's gross income, or any penalty, pursuant to Section 409A(a)(1) of the Code or any similar state statute or regulation. Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides for the "deferral of compensation" within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** If the Executive is a "Specified Employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive's separation from service (within the meaning of Code Section 409A) (the "***Separation Date***"), and if an exemption from the six (6) month delay requirement of Code Section 409A(a)(2)(B)(i) is not available, then no such payment shall be made or commence during the period beginning on the Separation Date and ending on the date that is six (6) months following the Separation Date or, if earlier, on the date of the Executive's death. The amount of any payment that would otherwise be paid to the Executive during this period shall instead be paid to the Executive on the first day of the first calendar month following the end of the period. Each payment hereunder is intended to constitute a separate payment from each other payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** Payments with respect to reimbursements of expenses or benefits or provision of fringe or other in-kind benefits shall be made on or before the last day of the calendar year following the calendar year in which the relevant expense or benefit is incurred. The amount of expenses or benefits eligible for reimbursement, payment or provision during a calendar year shall not affect the expenses or benefits eligible for reimbursement, payment or provision in any other calendar year.

**18. <u>Severability</u>**. If this Agreement shall for any reason be or become unenforceable in any material respect by any party, this Agreement shall thereupon terminate and become unenforceable by the other party as well. In all other respects, if any provision of this Agreement is held invalid or unenforceable, the remainder of this Agreement shall nevertheless remain in full force and effect, and if any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances, to the fullest extent permitted by law.

**19. <u>Counterparts</u>**. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

**20. <u>Legal Counsel; Mutual Drafting</u>**. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language. The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

*[The remainder of this page has intentionally been left blank.]*

 

 

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

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| | | | |
|:---|:---|:---|:---|
| **COMPANY** | **COMPANY** | **EXECUTIVE** | **EXECUTIVE** |
| By: | Richard W. Gaenzle, Jr. |  |  |
| Its: | Chief Executive Officer | Print Name: | Andrew Cavaghan |

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**EXHIBIT A**

**<u>Executive's Current Affiliations</u>**

*Additional companies or partnerships set up within any of the above groups/categories undertaking similar activities to those already listed above taking no additional time from the Executive, <u>will also count as approved under this Exhibit A</u>.*

## Exhibit 99.6

**Exhibit 99.6**

**Dated:**

**BLUE GOLD HOLDINGS LIMITED (1)**

**- and -**

**LORENZ WERNDLE (2)**

**EMPLOYMENT AGREEMENT**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **Contents** | **Contents** |  |
| 1 | JOB TITLE AND DUTIES | 1 |
| 2 | COMMENCEMENT OF EMPLOYMENT | 2 |
| 3 | PROBATIONARY PERIOD AND TERM OF CONTRACT | 2 |
| 5 | COLLECTIVE AGREEMENTS | 3 |
| 6 | REMUNERATION | 3 |
| 7 | HOURS OF WORK | 3 |
| 8 | ABSENCE FROM WORK | 4 |
| 9 | SICK PAY | 4 |
| 10 | HOLIDAYS | 5 |
| 11 | OTHER PAID LEAVE | 5 |
| 12 | PENSION | 5 |
| 13 | PRIVATE HEALTH INSURANCE, LIFE ASSURANCE AND DIRECTORS' AND OFFICERS' LIABILITY INSURANCE | 6 |
| 14 | TRAINING | 6 |
| 15 | TERMINATION OF EMPLOYMENT | 7 |
| 16 | CONFIDENTIALITY | 8 |
| 17 | INTELLECTUAL PROPERTY RIGHTS | 9 |
| 18 | DISCIPLINARY PROCEDURES | 11 |
| 19 | GRIEVANCES | 11 |
| 20 | TERMINATION OBLIGATIONS | 11 |
| 21 | RESTRICTIVE COVENANTS | 11 |
| 22 | DATA PROTECTION | 14 |
| 23 | PREVIOUS AGREEMENTS AND WARRANTIES | 14 |
| 24 | ANTI-BRIBERY & CORRUPTION | 15 |
| 25 | GOVERNING LAW AND JURISDICTION | 15 |

---

i

**THIS AGREEMENT** is made on

**BETWEEN**:

(1) **BLUE GOLD HOLDINGS LIMITED**, a limited liability company
incorporated under the laws of England under company number 15271309 whose registered office is at 124 City Road, London, EC1V 2NX (the
" **Company** "); and

(2) **LORENZ WERNDLE** of 27 Upper Cranbrook Road, Bristol,
BS6 7UR ()"**you** ").

**BACKGROUND**

This Agreement is referred to as your Employment Agreement and sets out the terms and conditions of your employment with the Company, including those required in accordance with Section 1 of the Employment Rights Act 1996.

**IT IS HEREBY AGREED** as follows:

1 JOB TITLE AND DUTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 You are employed as **CHIEF FINANCIAL OFFICER** of Blue
Gold Limited. You will be responsible to the **Chief Executive Officer** of Blue Gold Limited, or such other person as the Company
designates from time to time. The Company reserves the right to require you to carry out other duties on behalf of the Company and/or
any subsidiary or holding company of the Company (as such terms are defined in section 1159 of the Companies Act 2006 (as amended) ()"**Associated Person** "), related to your function which are within your capabilities. For the purposes of this Employment Agreement, "**Group** "
means the Company and any Associated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 During your employment you agree that you will not, without
the prior written consent of the Company (such consent not to be unreasonably withheld) be engaged or interested, either directly or
indirectly and whether alone or in conjunction with any other person, firm or company, in any other business or employment which is similar
to or in any way connected with the business of the Company, its holding company or any subsidiary of its holding company or any Associated
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 During your employment, you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) loyally and diligently perform such duties and exercise such
powers for the Group as the Board and the CEO may from time to time reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) keep the Board and the CEO properly and regularly informed
about the business of the Group and your activities in that business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) comply with the reasonable and lawful directions given from
time to time by the Board and the CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) comply with any internal codes of conduct for employees of
the Group and all relevant policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cooperate with the Group in complying with its obligations
on health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly give the Company such information as the Group may
require to enable it to comply with its legal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promote and protect the interests of the Group, always giving
it the full benefit of your knowledge, expertise and skill, and you will not knowingly or deliberately do anything which is to its detriment,
including having any direct or indirect involvement in any situation whereby work or business opportunities are or may be diverted away
from the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) immediately notify the Company Secretary or a director of
the Company if you become aware of or involved in anything which adversely affects or may adversely affect the business, interests or
reputation of any member of the Group.

2 COMMENCEMENT OF EMPLOYMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Your new employment contract with the Company will commence on 25 June 2025 (notwithstanding the date of this agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Your period of continuous employment for statutory purposes commences on **3 September 2024** and does not include any period of
service with a previous company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 In accepting your appointment it shall be deemed that you have accepted all the terms and conditions set out in this Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 This Employment Agreement annuls any previous agreement with the Company whether verbal or written, given to you at any time.

3 PROBATIONARY PERIOD AND TERM OF CONTRACT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 [intentionally left blank]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Your appointment will be permanent, until terminated by either
party giving not less than three month's written notice to the other.

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| | |
|:---|:---|
| **4** | **PLACE OF WORK** |

---

Your place of work will be at your home address, but may be changed to a London office, if one is established in the future, but this would be on a hybrid basis, arrangement to be confirmed. For the proper performance of your duties you may be required to travel as required by the Company on reasonable notice.

5 COLLECTIVE AGREEMENTS

There are no collective agreements relevant to your employment.

6 REMUNERATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Your salary is £250,000 per annum on a full-time basis,
payable monthly by electronic transfer to your bank account on or before the last day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 You will be entitled to participate in the group STIP and
LTIP schemes once they have been approved by the board. The STIP for 2025 will be paid in cash if funds permit, but will otherwise be
paid in unlocked shares, at the discretion of the board, subject always to the rules of the respective plans, and you being in employment
and not under notice of termination of employment at the date any awards are due to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The Company reserves the right to deduct from your salary
one day's pay for each day of unauthorised absence. Unauthorised absence shall include any absence from work unless due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sickness absence which has been notified to the Company in
accordance with Clause 8.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absence for which the Company has given permission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Absence reasons outside your control, which are acceptable
to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Company shall be entitled to deduct from any sums payable
to you by the Company any sum from time to time owed by you to the Company or any Associated Person howsoever arising, and / or require
you to repay any such sum whether immediately or on terms otherwise acceptable by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Company shall reimburse you all travelling, hotel, mobile
telephone, entertainment and other expenses properly and reasonably incurred by you in the performance of your duties provided that you
comply with any guidelines or regulations issued by the Company and the production of any vouchers or other evidence of actual payment
of the expenses that the Company may require.

7 HOURS OF WORK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 You are contracted to work 40 hours per week from Monday
to Friday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 In certain circumstances it may be necessary to exceed your
contracted hours in order to ensure that your duties in accordance with your terms of employment are properly performed. You acknowledge
that you shall not receive further renumeration in respect of additional hours worked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 You agree that the limits on average weekly working time
set out in Regulation 4(1) of the Working Time Regulations will not apply to you but you may withdraw your consent on giving the Company
three months' notice in writing.

8 ABSENCE FROM WORK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 In the event of your absence for whatever reason you or someone
on your behalf should contact your supervisor or manager within one hour of your normal starting time on the first day of the absence
and inform them of the reason for your absence. You should then keep the Company informed on a regular basis of your progress and when
you expect to return to work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 If the absence is due to sickness a self-certification form should be completed on your return to work in respect of any absence of
seven calendar days or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 A medical certificate signed by your doctor as to the reason
for the absence must be handed or sent to your manager if you are absent for any period of eight (8) calendar days or more. A new medical
certificate should be sent to the Company to cover each week of absence thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 At any stage during a period of absence, the Company may
require you to undergo a medical examination by the Company's medical adviser or to provide evidence of your physical condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Abuse or non-compliance with these rules is a serious disciplinary
offence and can in appropriate cases lead to dismissal (whether with or without notice or payment in lieu), and irrespective of the fact
that no warnings have been given. Any unauthorised absence from work or conduct incompatible with the alleged sickness, injury or other
incapacity will be regarded by the Company as gross misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 It is necessary for the efficient operation of the Company
that all employees attend regularly. If you are unable to achieve this for reasons of poor health, the Company may not be able to continue
your employment. An employee's situation is regularly reviewed by the Company during any period of absence from work due to sickness,
injury or other incapacity and the Company reserves the right to terminate an employee's employment, regardless of whether you remain
entitled to statutory sick pay ()"**SSP** ").

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| | |
|:---|:---|
| 9 | SICK PAY |

---

If you are absent from work due to sickness, injury or other incapacity and provided you fully comply with the Company's rules on absence as set out in Clause 8 above, the Company will pay any SSP to which you may be entitled in accordance with its obligations. Any further payment by the Company is entirely at its discretion. Any discretionary payment which is made will include any SSP to which you may be entitled and will take account of any social security benefit for which you may be eligible (whether or not you are claiming it).

10 HOLIDAYS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The holiday year runs from 1 January to 31 December. Your
entitlement for the full year is **25** days per annum plus public holidays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Holidays must be agreed in writing in advance giving not
less than one month's notice, or one week's notice if the proposed leave is less than 5 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 No more than 10 consecutive working days' holiday may be
taken at any one time unless prior written permission is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 If you leave the Company's employment with an outstanding
holiday entitlement for the holiday year in which your employment terminates, you will, in addition to any other sums to which you may
be entitled, be paid a sum representing salary for the number of days holiday entitlement outstanding. If you leave the Company's employment
having taken more than the accumulated holiday entitlement for the current holiday year then a sum equivalent to wages for the additional
holiday taken will be deducted from any final payment to you and the balance will be paid to you. A day's holiday pay for these purposes
will be 1/260th of your annual basic pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 If you are absent from work through illness for a continuous
period of one month or more, you will only accrue holiday to which you are entitled pursuant to the Working Time Regulations 1998 during
such period, rather than the enhanced amount referred to in Clause 10.1.

11 OTHER PAID LEAVE

You may be eligible to take the following types of paid leave, subject to any statutory eligibility requirements or conditions and the Company's rules applicable to each type of leave in force from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) statutory maternity leave

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) statutory paternity leave

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) statutory adoption leave

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shared parental leave

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) parental bereavement leave

Please refer to the Employee Handbook for further information on other paid leave.

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|:---|:---|
| 12 | PENSION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 There is no contracting-out certificate in force in respect
of your employment. If you're eligible, you will automatically be enrolled into the Company's pension scheme. Once you have
been enrolled you will receive further information and details of your rights under the scheme.

13 PRIVATE HEALTH INSURANCE, LIFE ASSURANCE AND DIRECTORS' AND OFFICERS' LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 During your employment, the Company will, at its expense,
provide the following insured benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) private medical insurance cover for you, your spouse and dependent
children. This is a taxable benefit and you can choose to opt out of this;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) death-in-service insurance for you of four times your basic
salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directors' and officers' liability insurance, provided that
no undertaking is given regarding the continuation of the directors' and officers' liability insurance either during or after the Appointment,
other than that you will be covered for as long as it remains in place for the other directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The provision of these insured benefits will be subject to
the provisions governing such insurance and on such terms as the Company may from time to time decide, including, but not limited to,
deductibles, caps, exclusions and aggregate limits, and the obtaining of insurance at reasonable rates of premium. The Company reserves
the right to amend, replace or withdraw such benefits from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 You agree that, if the Company provides you with any insured
benefits, the Company will have no responsibility for the decisions taken by the insurers about any claim by the Company or you, and
that there are no circumstances in which the Group can be liable to you for any such insured benefits, or loss of such insured benefits,
which the insurers have declined to pay for whatever reason.

14 TRAINING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 During the Appointment, you are entitled to take part in
various training courses which we may provide from time to time in-house.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 If your employment with the Company is dependent upon the
possession of particular qualifications or registration with a statutory body or other authority; evidence of this must be produced on
request. Any additional training or costs required to maintain such qualifications will be at your expense unless specifically agreed
otherwise by the Company. Should the Company fund or part-fund such a course or qualification and you leave within 2 years of completing
the course, you agree to repay the Company contribution back to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The Company will provide you with any necessary on-the-job
specific training required. Failure to undertake or satisfactorily complete training when provided may lead to the Company taking action
against you including the possible termination your employment.

15 TERMINATION OF EMPLOYMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 The Company reserves the right to pay you salary in lieu
of notice instead of requiring you to work out any period of notice. The Company may at its discretion make any payment under this clause
as a lump sum or in equal instalments on the nominated day of the month when you would normally have received your basic salary if you
had worked through your notice period. If the Company decides to make such payments in instalments such payments will be reduced by any
remuneration earned by you from alternative employment during what would have been the notice period. You agree to notify the Company
without delay if you accept an offer of employment or any directorship, and if so requested by the Company to provide supporting documentary
evidence regarding your remuneration from subsequent employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Company may, notwithstanding any other provision of this
Agreement, and irrespective of whether the grounds for termination arose before or after your employment began, at any time, by notice
in writing to you, terminate your employment with immediate effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if a petition is presented or any order is made or any notice
is issued convening a meeting for the purpose of passing a resolution for your bankruptcy or you becomes bankrupt or makes any composition
or enters into any deed of arrangement with your creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if you are prohibited by law or by any decision of a regulatory
body from being a director or taking part in the management of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if you are convicted of a criminal offence other than one
which, in the opinion of the Board, does not affect your position as an employee of the Company, bearing in mind the nature of your duties
and the capacity in which you are employed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if you are guilty of any serious default or misconduct in
connection with, or affecting the business of, the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if you commit any serious or repeated breach of your obligations
under this Agreement, or are guilty of serious neglect or negligence in the performance of your duties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if you behave in a manner (whether on or off duty) which is
likely to bring the Group into disrepute or prejudice its interests or which seriously impairs your ability to perform your duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 After notice of termination has been given by either party,
provided that you continue to be paid and enjoy your full contractual benefits until your employment terminates in accordance with the
terms of this Agreement, the Company shall be entitled, without being in breach of this Agreement and so as not to give rise to any claim
against the Company, for all or part of the notice period to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exclude you from the premises of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) require you to carry out specified duties for the Company
other than your usual duties or to carry out no duties at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) announce to employees, suppliers and customers that you have
been given notice of termination or have resigned (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) instruct you not to communicate orally or in writing with
suppliers, customers, employees, agents or representatives of the Company until your employment hereunder has terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 On commencement of any period of exclusion pursuant to Clause
15.3 you will deliver up to the Company in accordance with Clause 20.1 all property belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 During any period of exclusion pursuant to Clause 15.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any untaken holiday entitlement accrued up to and including
the period of exclusion should be taken. You agree to notify the Company of any day or days during the exclusion period when you will
be unavailable due to holiday and will endeavour to agree convenient holiday dates in advance with the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you agree that you will continue to owe to the Company the
implied duties of good faith, loyalty and fidelity and that you will not, without the prior written consent of the Company, directly
or indirectly, whether alone or in conjunction with or on behalf of any other person and whether as a principal, shareholder, director,
employee, agent, consultant or otherwise, perform any duties for or provide any services to any other person, firm or company, whether
paid or unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Upon the Termination of employment, you will have no rights
as a result of this Agreement, or any alleged breach of this Agreement, to any compensation under or in respect of any incentive plans
in which you may participate, or have received grants or allocations at or before the date your employment terminates. Any rights which
you may have under such schemes will be exclusively governed by the rules of such schemes.

16 CONFIDENTIALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 You shall not, other than in the proper performance of your
duties at any time, whether before or after the termination of your employment with the Company, use, disclose or communicate and you
shall use your best endeavours to prevent the improper use, disclosure or communication, of any trade secrets or other information of
a secret or confidential nature (whether regarding the business, dealings, affairs, practice, accounts, finances, trading, technical
data, software or know-how), concerning the Company, any Associated Person, customer or prospective customer of the Company or any Associated
Person, in so far as they come to your knowledge during your employment. The information covered by this clause shall include, without
limitation, information relating to research, projects, investors, staff, principals or clients, contents of client contracts, financial
information of any kind, commission agreements with principals, databases and any information which is stamped or otherwise marked as
confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 The restrictions contained in this Clause 16 shall cease
to apply with respect to any information, confidential report or research which comes into the public domain otherwise than through an
unauthorised disclosure by you or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Nothing in this Employment Agreement precludes you or seeks
to hinder you from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making a protected disclosure in accordance with the provisions
of Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making any report or disclosure to any law enforcement authority
(including the police) or any regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assisting in any criminal investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making any disclosure where required by law or regulatory
obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) making a disclosure for the purpose of representing himself/herself
in any investigation/proceedings brought by your regulatory/professional body relating to matters arising from your employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) making a disclosure in compliance with an order of, or to
give evidence to, a court or tribunal of competent jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) making any report or disclosure for the purpose of seeking
tax, medical or other professional advice provided such individuals agree to keep the matters disclosed confidential.

17 INTELLECTUAL PROPERTY RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 If during your employment you (alone or with others) make
or discover any invention, discovery or improvement including without prejudice to the generality of the above any know-how, design process,
drawing, formula, computer programme or specification which relates or may relate to any research, product, service, process, equipment,
system or activity of the Company whether or not now or at any future time capable of being the subject of a UK or any other patent ("Invention")
you shall promptly disclose it to the Directors giving full particulars of it including all necessary drawings, models and specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 You agree and acknowledge that because of the nature of your
duties and the responsibilities arising from them you have a special obligation to further the interests of the Company such that all
Inventions made by you in the performance of your duties or as a result of any special project for the Company outside the scope of your
normal duties and, without prejudice to the generality of Clause 17.3 below, all rights, including Intellectual Property Rights, in such
Inventions shall belong to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 You hereby acknowledge and agree that the Intellectual Property
Rights in any work or material originated, conceived, written or made by you during your employment ("Work") shall vest automatically
and forthwith in the Company as soon as such rights come into existence. You hereby waive all and any moral rights that may attach to
such Work and the Company may in its absolute discretion make all such additions and alterations to and deletions from and adaptations
of such Work as it shall think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 You shall at the cost of the Company on demand execute all
such documents and do all such other acts as the Company shall require to enable the Company or its nominee to obtain the full title
to and benefit of any Invention or Work to which the Company is entitled and all rights (including Intellectual Property Rights) therein
and to secure such patent, utility model, copyright or design registration or similar protection in any part of the world as the Company
may consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 You hereby irrevocably appoint the Company to be your attorney
in your name and on your behalf to execute all such documents and do all such acts as may be necessary or desirable to give effect to
this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 If you shall, during your employment, make or discover any
Invention or make originate, conceive or write any Work in which, for whatever reason, any Intellectual Property Rights vest in or belong
to you and not the Company, then you shall, on demand by the Company and at the Company's expense assign to the Company with full title
guarantee all such Intellectual Property Rights for the whole term thereof and, pending such assignment, you shall hold such rights on
trust for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 During your employment and at all times thereafter you shall
not do anything to affect the validity of the protection afforded to the Company by Clause 17.4 above and at the request and expense
of the Company you shall give all assistance within your power as may be necessary to maintain such protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 The Company shall not be under any obligation to take any
steps to register any patent or other right in respect of or to develop or exploit any Invention or Copyright or Design Right Work made,
discovered, originated, conceived or written by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 For the purpose of this Clause 17, "Intellectual Property Rights" shall mean patents, utility models, copyrights, trade
marks, service marks, design rights, database rights, semi-conductor topography rights, rights of confidence and all applications and
rights of application for the same whether registered or unregistered and all similar rights that may exist at any time anywhere in the
world.

18 DISCIPLINARY PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Employees are expected to behave in a responsible manner
at all times and are also expected to comply with the standards, practices and reasonable instructions that are essential for the efficient
operation of the business and for the well-being, health and safety of those employed in it. Failure to meet these standards renders
an employee liable to disciplinary action. Further details are available in the Company's Disciplinary Policy, which does not form
part of your contract of employment.

19 GRIEVANCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 If you have a grievance in relation to your employment, you
should put it in writing and follow the procedure outlined in the Company Grievance policy, which does not form part of your contract
of employment. You are encouraged to initially discuss any grievance with your immediate superior or the Office Manager.

20 TERMINATION OBLIGATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 On the termination of your employment with the Company, you
shall immediately return to the Company all property belonging to the Company or any Associated Person or customers and all documents
and records containing or referring to any confidential information or giving details of customers of the Company or any Associated Person
giving details of any matter concerning the Company, any Associated Person or customer. You shall not, without the written consent of
the Company, retain any copies of any of these items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 To the extent that you hold any directorships in the Company
or any member of the Group, on the termination of your employment with the Company, or (if earlier) upon either party giving notice under
Clause 3.2 and the Company exercising its rights under Clause 15.3, you will resign at the request of the Company, without claim for
compensation, from all offices held by you in the Group and from all trusteeships held by you of any pension scheme or other trusts established
by the Company or any other member of the Group. Should you fail to do so, the Board is irrevocably authorised to appoint a person in
your name and on your behalf to sign any documents and take such other steps as are necessary to give effect to such resignations.

21 RESTRICTIVE COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 In this Agreement the following expressions have the following
meanings:

"Critical Person" means any person who was an employee, agent, director, partner, consultant, independent contractor or investor employed, appointed, engaged or investing by or in the Company or any Relevant Associated Person at any time within the Relevant Period who by reason of such employment, appointment, engagement or investment and in particular his/her seniority and expertise or knowledge of trade secrets or confidential information of the Company or any Relevant Associated Person or knowledge of or influence over the clients, customers or suppliers of the Company or any Relevant Associated Person is likely to be able to assist or benefit a business in or proposing to be in competition with the Company or any Relevant Associated Person;

"Relevant Associated Person" means any Associated Person (other than the Company) for which you have performed services under this Agreement at any time during the Relevant Period;

"Relevant Customer" means any person, firm, partnership or organisation who or which at any time during the Relevant Period is or was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) negotiating with the Company or a Relevant Associated Person
for the sale or supply of Relevant Products or Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a client or customer of the Company or any Relevant Associated
Person for the sale or supply of Relevant Products or Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the habit of dealing with the Company or any Relevant Associated
Person for the sale or supply of Relevant Products or Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) and in each case with whom or which you were directly concerned
or connected or of whom or which you had personal knowledge during the Relevant Period in the course of your employment hereunder;

"Relevant Period" means the period of 12 months immediately before the Termination Date;

"Relevant Products or Services" means products or services which are of the same kind as or of a materially similar kind to or competitive with any products or services made, sold or supplied by the Company or any Relevant Associated Person within the Relevant Period and with which the development, construction, manufacture, operation, sale or supply you were directly concerned or connected or of which you had personal knowledge during the Relevant Period in the course of your employment hereunder;

"Restricted Asset" means any mining asset leased, owned or operated by the Company or any Relevant Associated Person or in relation to which the Company or any Relevant Associated Person provided goods or services, in any case during the Relevant Period, in relation to which you were directly concerned or connected or of which you had personal knowledge during the Relevant Period in the course of your employment hereunder;

"Termination Date" means the date on which your employment under this Agreement terminates and references to "from the Termination Date" mean from and including the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 You will not without the prior written consent of the Company
directly or indirectly and whether alone or in conjunction with or on behalf of any other person and whether as a principal, shareholder,
director, employee, agent, consultant, partner or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1 within the Restricted Asset for a period of 12 months from
the Termination Date be engaged, concerned or interested in, or provide technical, commercial or professional advice to, any other business
which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) supplies Relevant Products or Services in competition with
the Company or any Relevant Associated Person; 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;(b) is or was at any time during the Relevant Period a Relevant
Customer of the Company or any Relevant Associated Person if such engagement, concern or interest causes or would cause the Relevant
Customer to cease or materially to reduce its orders or contracts with the Company or any Relevant Associated Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2 for a period of 12 months from the Termination Date so as
to compete with the Company or any Relevant Associated Person canvass, solicit or approach or cause to be canvassed, solicited or approached
any Relevant Customer for the sale or supply of Relevant Products or Services or endeavour to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.3 for a period of 12 months from the Termination Date so as
to compete with the Company or any Relevant Associated Person deal or contract with any Relevant Customer in relation to the sale or
supply of any Relevant Products or Services, or endeavour or undertake to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.4 for a period of 12 months from the Termination Date solicit,
induce or entice away from the Company or any Relevant Associated Person or, in connection with any business in or proposing to be in
competition with the Company or any Relevant Associated Person, employ, engage or appoint or in any way cause to be employed, engaged
or appointed a Critical Person whether or not such person would commit any breach of his or her contract or employment or engagement
by leaving the service of the Company or any Relevant Associated Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.5 use in connection with any business any name which includes
the name of the Company or any Associated Person or any colourable imitation of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Whilst the restrictions in this Clause 21 (on which you have
had an opportunity to take independent advice as you hereby acknowledge) are regarded by the parties as fair and reasonable, it is hereby
declared that each of the restrictions in this Clause 21 is intended to be separate and severable. If any restriction is held to be unreasonably
wide but would be valid if part of the wording (including in particular but without limitation the defined expressions referred to in
Clause 21.1) were deleted, such restriction will apply with so much of the wording deleted as may be necessary to make it valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The parties agree that the periods referred to in sub-clauses
21.2.1, 21.2.2, 21.2.3 and 21.2.4 above will be reduced by one day for every day during which at the Company's direction and pursuant
to Clause 15.13 above you have been excluded from the Company's premises and/or have not carried out any duties or have carried out duties
other than your normal duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 If you apply for or are offered a new employment, appointment
or engagement, before entering into any related contract, you will bring the terms of this Clause 22 to the attention of a third party
proposing directly or indirectly to employ, appoint or engage you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 Nothing in this Agreement will prevent you, after the termination
of your employment, from holding bona fide investments representing not more than five per cent of any class of shares or securities
in any company listed or dealt in on any recognised investment exchange, which would otherwise constitute a breach of clause of clause
21.2.1. 22 DATA PROTECTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 We will collect and process information relating to you in
accordance with the privacy notice which is on the intranet OR attached to this agreement. You are required to sign and date the privacy
notice and return to the Office Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 You shall comply with the Company's data protection policy
when handling personal data in the course of employment including personal data relating to any employee, worker, contractor, customer,
client, supplier or agent of ours. You will also comply with our IT and communications systems policy and social media policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 Failure to comply with the data protection policy or any
of the policies listed above in clause 22.2 may be dealt with under our disciplinary procedure and, in serious cases, may be treated
as gross misconduct leading to summary dismissal.

23 PREVIOUS AGREEMENTS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 This Agreement contains the entire and only agreement and
will govern the relationship between the Company and you in substitution for all previous agreements and arrangements whether written,
oral or implied between the Company and you relating to your employment all of which will be deemed to have terminated by mutual consent
with effect from the date of this Agreement. You acknowledge that in entering into this Agreement you have not relied on any representation
or undertaking by the Company whether oral or in writing except as expressly incorporated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 You warrant and represent to the Company that you will not
be in breach of any existing or any former terms of employment applicable to you whether express or implied or of any other obligation
binding on you by reason of you entering into this Agreement or performing all or any of your duties and obligations under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 You warrant that at the time of entering into this Agreement
you have the right to work in the United Kingdom and you agree to provide to the Company copies of all relevant documents in this respect
at the request of the Company. If at any time during the course of this Agreement you cease to have the right to work in the United Kingdom
the Company may terminate your employment without payment of compensation.

24 ANTI-BRIBERY & CORRUPTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 You warrant that you are familiar with the U.S. Foreign Corrupt
Practices Act of 1977, as amended, ("FCPA"), and the U.K. Bribery Act of 2010 ("UKBA"), and their purposes, including
(as applicable) their prohibition against taking corrupt actions in furtherance of an offer, payment, promise to pay or authorisation
of the payment of anything of value, including but not limited to cash, cheques, wire transfers, tangible and intangible gifts, favours,
services, and those entertainment and travel expenses that go beyond what is reasonable and customary and of modest value, to: (i) an
executive, official, employee or agent of a governmental department, agency or instrumentality, (ii) a director, officer, employee or
agent of a wholly or partially government-owned or - controlled company or business, (iii) a political party or official thereof, or
candidate for political office, or (iv) an executive, official, employee or agent of a public international organisation (e.g., the International
Monetary Fund or the World Bank) ("Government Official"); while knowing or having a reasonable belief that all or some portion
will be used for the purpose of: (a) influencing any act, decision or failure to act by a Government Official in his or her official
capacity, (b) inducing a Government Official to use his or her influence with a government or instrumentality to affect any act or decision
of such government or entity, or (c) securing an improper advantage; in order to obtain, retain, or direct business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 You warrant that you are now in compliance with the laws
of those countries where you operate, including all anti-bribery or anti-corruption laws, and will remain in compliance with such laws;
that you are now in compliance with the FCPA and with the UKBA; that you will not authorise, offer or make payments directly or indirectly
to any Government Official that would result in a violation of the FCPA or UKBA; and that no part of the payments received by you from
the Company will be used for any purpose that could constitute a violation of the laws of the territories in which the Company operates,
the FCPA, or the UKBA.

25 GOVERNING LAW AND JURISDICTION

This Statement shall be governed by and construed in accordance with the Laws of England and Wales whose Courts shall be the courts of competent jurisdiction.

Having read this Statement please sign the second copy and return it to your Line Manager as your acceptance of the terms and conditions of your employment. You should then retain the top copy of this Statement for future reference.

**IN WITNESS** whereof duly executed as a deed and delivered on the date first above written.

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| | |
|:---|:---|
| SIGNED as a deed by **ANDREW CAVAGHAN**, Director, duly authorised for and on behalf of **BLUE GOLD HOLDINGS LIMITED** in the presence of: |))) |

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| |
|:---|
| Witness's signature:  |
| Witness's name<br> (in capitals):  |
| Witness's address: |

---

---

| | |
|:---|:---|
| SIGNED as a deed by **LORENZ WERNDLE** in the presence of: |)) |

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| |
|:---|
| Witness's signature:  |
| Witness's name<br> (in capitals):  |
| Witness's address: |

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## Exhibit 99.7

**Exhibit 99.7**

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**BLUE GOLD LIMITED**

**(adopted pursuant to special resolutions of the Company passed on 10 June 2025 and effective on 25 June 2025)**

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**BLUE GOLD LIMITED**

**(adopted pursuant to a special resolution of the Company passed on 10 June 2025 and effective on 25 June 2025)**

1. The name of the Company is Blue Gold Limited.

2. The registered office of the Company is at the offices of Mourant Governance
Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands or at such other place as
the Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted and
the Company shall have full power and authority to carry out any object not prohibited by law as provided by Section 7(4) of the Companies
Act.

4. The Company shall have and be capable of exercising all the functions
of a natural person of full capacity irrespective of any question of corporate benefit as provided by Section 27(2) of the Companies Act.

5. Nothing in the preceding paragraphs shall be deemed to permit the Company
to carry on the business of a bank or trust company without being licensed in that behalf under the provisions of the Banks and Trust
Companies Act (as amended), or to carry on insurance business from within the Cayman Islands or the business of an insurance manager,
agent, sub-agent or broker without being licensed in that behalf under the provisions of the Insurance Act (as amended) or to carry on
the business of company management without being licensed in that behalf under the provisions of the Companies Management Act (as amended).

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

7. The liability of each member is limited to the amount from time to time
unpaid on such member's shares.

8. The authorised share capital of the Company is US$50,000 divided into
400,000,000 Class A ordinary shares of par value US$0.0001 per share and 100,000,000 preferred shares of par value US$0.0001 per share,
with the power for the Company, insofar as is permitted by law and the Articles, to redeem, purchase or redesignate any of its shares
and to increase or reduce the said share capital subject to the Companies Act and the Articles and to issue any part of its capital, whether
original, redeemed or increased with or without any preference, priority or special privilege or subject to any postponement of rights
or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue of shares
whether declared to be preference or otherwise shall be subject to the powers hereinbefore contained.

9. The Company may exercise the power contained in Section 206 of the Companies
Act to deregister in the Cayman Islands and be registered by way of continuation in another jurisdiction.

10. Capitalised terms that are not defined in this Memorandum bear the meanings
given to those terms in the Articles.

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**BLUE GOLD LIMITED**

**(adopted pursuant to a special resolution of the Company passed on 10 June 2025 and effective on 25 June 2025)**

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| **ARTICLE** | **PAGE** |
| TABLE A | 1 |
| DEFINITIONS AND INTERPRETATION | 1 |
| COMMENCEMENT OF BUSINESS | 6 |
| SITUATION OF REGISTERED OFFICE | 6 |
| SHARES | 6 |
| ISSUE OF SHARES | 7 |
| REDEMPTION, PURCHASE AND SURRENDER OF SHARES | 8 |
| TREASURY SHARES | 9 |
| MODIFICATION OF RIGHTS | 9 |
| COMMISSION ON SALES OF SHARES | 10 |
| SHARE CERTIFICATES | 10 |
| TRANSFER AND TRANSMISSION OF SHARES | 11 |
| LIEN | 13 |
| CALL ON SHARES | 13 |
| FORFEITURE OF SHARES | 14 |
| ALTERATION OF SHARE CAPITAL | 15 |
| GENERAL MEETINGS | 16 |
| NOTICE OF GENERAL MEETINGS | 17 |
| PROCEEDINGS AT GENERAL MEETINGS | 18 |
| VOTES OF SHAREHOLDERS | 20 |
| CLEARING HOUSES | 21 |
| WRITTEN RESOLUTIONS OF SHAREHOLDERS | 22 |
| DIRECTORS | 22 |
| TRANSACTIONS WITH DIRECTORS | 24 |
| POWERS OF DIRECTORS | 25 |
| PROCEEDINGS OF DIRECTORS | 26 |
| WRITTEN RESOLUTIONS OF DIRECTORS | 27 |
| PRESUMPTION OF ASSENT | 28 |
| BORROWING POWERS | 28 |
| SECRETARY | 28 |
| THE SEAL | 29 |
| DIVIDENDS, DISTRIBUTIONS AND RESERVES | 29 |
| SHARE PREMIUM ACCOUNT | 30 |
| ACCOUNTS | 30 |
| AUDIT | 30 |
| NOTICES | 31 |
| WINDING UP AND FINAL DISTRIBUTION OF ASSETS | 32 |
| INDEMNITY | 33 |
| DISCLOSURE | 33 |
| CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE | 33 |
| REGISTRATION BY WAY OF CONTINUATION | 34 |
| FINANCIAL YEAR | 34 |
| AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION | 34 |
| CAYMAN ISLANDS DATA PROTECTION | 34 |

---

i

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**BLUE GOLD LIMITED**

**(adopted pursuant to a special resolution of the Company passed on 10 June 2025 and effective on 25 June 2025)**

**TABLE A**

1. In these Articles, the regulations contained in Table A in the First
Schedule to the Companies Act (as defined below) do not apply except insofar as they are repeated or contained in these Articles.

**DEFINITIONS AND INTERPRETATION**

2. In these Articles, the following words and expressions shall have the
meanings set out below save where the context otherwise requires:

---

| | |
|:---|:---|
| **Applicable Law** | with respect to any person, all applicable provisions of all constitutions, treaties, statutes, laws (including the common law), codes, rules, regulations, ordinances or orders of any Governmental Authority, and any orders, decisions, injunctions, awards and decrees of or agreements with any Governmental Authority; |

---

---

| | |
|:---|:---|
| **Articles** | these articles of association of the Company, as amended or amended and restated from time to time by Special Resolution; |
| **Audit Committee** | the audit committee of the board of directors of the Company established pursuant to Article 155, or any successor audit committee; |
| **Auditors** | the auditor or auditors for the time being of the Company; |
| **Board of Directors** | the Directors assembled as a board or assembled as a committee appointed by that board; |
| **BGHL** | Blue Gold Holdings Limited, a private company limited by shares, formed under the laws of England and Wales; |
| **Business Combination** | the business combination among the Company, Perception and BGHL pursuant to the Business Combination Agreement; |
| **Business Combination Agreement** | the second amended and restated business combination agreement dated 12 June 2024 by and among Perception, the Company and BGHL, as amended, supplemented or otherwise modified from time to time; |
| **Chairperson** | has the meaning given in Article 130; |
| **Class** or **Classes** | any class or classes of Shares as may from time to time be issued by the Company; |
| **Class A Ordinary Share** | a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company; |
| **Companies Act** | the Companies Act (as amended); |
| **Company** | the above-named company; |
| **Company's Website** | the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company in connection with its initial public offering, or which has otherwise been notified to Shareholders; |
| **Deputy Chairperson** | has the meaning given in Article 130; |

---

---

| | |
|:---|:---|
| **Designated Stock Exchange** | any national securities exchange or automated system on which the Company's securities are traded, including, but not limited to, NASDAQ Global Market, The New York Stock Exchange or any over-the-counter (OTC) market; |
| **Directors** | the directors of the Company for the time being; |
| **Dividend** | any dividend (whether interim or final) resolved to be paid on Shares pursuant to these Articles; |
| **DPA** | has the meaning given in Article 177; |
| **Electronic Record** | has the same meaning as in the Electronic Transactions Act; |
| **Electronic Transactions Act** | the Electronic Transactions Act (as amended); |
| **Governmental Authority** | any nation or government or any province or state or any other political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, tribunal, government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organisation; |
| **Memorandum** | the memorandum of association of the Company, as amended or amended and restated from time to time by Special Resolution; |
| **Ordinary Resolution** | a resolution passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy, at a general meeting and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; |
| **paid up** | paid up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; |
| **Perception** | Perception Capital Corp. IV, an exempted company incorporated under the laws of the Cayman Islands; |

---

---

| | |
|:---|:---|
| **person** | any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having separate legal personality) or any of them as the context so requires; |
| **Personal Data** | has the meaning given in Article 177; |
| **Preferred Share** | a preferred share of a par value of US$0.0001 in the share capital of the Company; |
| **Register of Members** | the register of Shareholders to be kept pursuant to these Articles; |
| **Registered Office** | the registered office of the Company for the time being; |
| **Registration** | the registration of the Class A Ordinary Shares issued in the Business Combination that results in the Class A Ordinary Shares being able to be sold publicly on the Designated Stock Exchange without restriction under the United States Securities Act of 1933, as amended; |
| **Restricted Shares** | the Class A Ordinary Shares issued in the Business Combination, other than the Unrestricted Shares; |
| **Seal** | the common seal of the Company including any duplicate seal; |
| **SEC** | the United States Securities and Exchange Commission; |
| **Secretary** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |
| **Series** | a series of a Class as may from time to time be issued by the Company; |
| **Share** | a share in the capital of the Company and includes a fraction of any such share; |
| **Shareholder** | any person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; |

---

---

| | |
|:---|:---|
| **Share Premium Account** | the share premium account established in accordance with these Articles and the Companies Act; |
| **signed** | includes an electronic signature and a signature or representation of a signature affixed by mechanical means; |
| **Special Resolution** | a resolution passed by a majority of at least three-quarters of the votes of such Shareholders as, being entitled to do so, vote in person, where proxies are allowed, by proxy, at a general meeting and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; |
| **Treasury Shares** | Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled; |
| **Unrestricted Shares** | Class A Ordinary Shares that are: (i) issued to holders of shares in Perception that are not redeemed in the Business Combination; and (ii) previously Restricted Shares that have been released from lock-up pursuant to Article 39; and |
| **US Exchange Act** | the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time. |

---

3. In these Articles, unless there be something in the subject or context
inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing a gender shall include other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons only shall include companies, partnerships, trusts or associations or bodies of
persons, whether corporate or not;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the word "year" shall mean calendar year, the word "quarter" shall mean calendar quarter
and the word "month" shall mean calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference to a "dollar" or "$" is a reference to the legal currency of the United
States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to any enactment includes a reference to any modification or re-enactment thereof for the
time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any meeting (whether of the Directors, a committee appointed by the Board of Directors
or the Shareholders or any class of Shareholders) includes any adjournment of that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections 8 and 19 of the Electronic Transactions Act shall not apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a reference to "written" or "in writing" includes a reference to all modes of representing
or reproducing words in visible form, including in the form of an Electronic Record.

4. Subject to the two preceding Articles, any words defined in the Companies
Act shall, if not inconsistent with the subject or context, bear the same meaning in these Articles.

5. The table of contents to, and the headings in, these Articles are for
convenience of reference only and are to be ignored in construing these Articles.

**COMMENCEMENT OF BUSINESS**

6. The business of the Company may be commenced as soon after incorporation
as the Board of Directors shall see fit.

**SITUATION OF REGISTERED OFFICE**

7. The Registered Office shall be at such address in the Cayman Islands
as the Directors shall from time to time determine. The Company, in addition to the Registered Office, may establish and maintain such
other offices and places of business and agencies in such places as the Directors may from time to time determine.

**SHARES**

8. The Directors may impose such restrictions as they think necessary on
the offer and sale of any Shares.

9. The Directors may in their absolute discretion refuse to accept any
application for Shares and may accept any application in whole or in part.

10. The Company may on any issue of Shares deduct any sales charge or subscription
fee from the amount subscribed for the Shares.

11. No person shall be recognised by the Company as holding any Share upon
any trust, and the Company shall not be bound by or recognise (even when having notice thereof) any equitable, contingent, future or partial
interest in any Share, or (except as otherwise provided by these Articles or as required by law) any other right in respect of any Share
except an absolute right thereto in the registered holder.

12. The Directors shall keep or cause to be kept a Register of Members as
required by the Companies Act at such place or places as the Directors may from time to time determine. In the absence of any such determination,
the Register of Members shall be kept at the Registered Office.

13. The Directors in each year shall prepare or cause to be prepared an
annual return and declaration setting forth the particulars required by the Companies Act in respect of exempted companies and deliver
a copy thereof to the Registrar of Companies in the Cayman Islands.

14. The Company shall not issue Shares to bearer.

**ISSUE OF SHARES**

15. Subject to the provisions of the Memorandum and to any direction that
may be given by the Company in general meeting and, where applicable, the rules and regulations of the Designated Stock Exchange, the
SEC and/or any other competent regulatory authority or otherwise under Applicable Law, without prejudice to any rights attached to any
existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with
or without preferred, deferred or other rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise
and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Companies Act and these
Articles) vary such rights, and for such purposes the Directors may reserve an appropriate number of Shares for the time being unissued.

16. The Company may issue rights, options, warrants or convertible securities
or securities of a similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any Class of Shares
or other securities in the Company, upon such terms as the Directors may from time to time determine, and for such purposes the Directors
may reserve an appropriate number of Shares for the time being unissued.

17. The Company may issue units of securities in the Company, which may
be comprised of whole or fractional Shares, rights, options, warrants or convertible securities or securities of similar nature conferring
the right upon the holders thereof to subscribe for, purchase or receive any Class of Shares or other securities in the Company, upon
such terms as the Directors may from time to time determine.

18. Subject to Article 30, the Directors, or the Shareholders by Ordinary
Resolution, may authorise the division of Shares into any number of Classes and sub-classes and Series and sub-series and the different
Classes and sub-classes and Series and sub-series shall be authorised, established and designated (or re-designated as the case may be)
and the variations in the relative rights (including, without limitation, voting, dividend and redemption rights), restrictions, preferences,
privileges and payment obligations as between the different Classes and Series (if any) may be fixed and determined by the Directors or
the Shareholders by Ordinary Resolution.

19. The Directors may issue fractions of a Share and, if so issued, a fraction
of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium,
calls or otherwise howsoever), limitations, preferences, privileges, qualifications, restrictions, rights (including without prejudice
to the foregoing generality, voting and participation rights) and other attributes of a Share. If more than one fraction of a Share is
issued to or acquired by the same Shareholder, such fractions shall be accumulated.

20. The premium arising on all issues of Shares shall be held in the Share
Premium Account established in accordance with these Articles.

21. Payment for Shares shall be made at such time and place and to such
person on behalf of the Company as the Directors may from time to time determine. Payment for any Shares shall be made in such currency
as the Directors may determine from time to time, provided that the Directors shall have the discretion to accept payment in any other
currency or in kind or a combination of cash and in kind.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

22. Subject to the Companies Act and the rules of the Designated Stock Exchange,
the Company may:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Companies Act, including out of its capital, profits or the proceeds of a fresh issue of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) accept the surrender for no consideration of any paid up Share (including any redeemable Share) on such terms and in such manner as the Directors may determine.

23. Unless the Directors determine otherwise, any
Share in respect of which notice of redemption has been given shall not be entitled to participate in the profits of the Company in respect
of the period after the date specified as the date of redemption in the notice of redemption.

24. The redemption, purchase or surrender of any Share shall not be deemed
to give rise to the redemption, purchase or surrender of any other Share.

25. The Directors may when making payments in respect
of a redemption or purchase of Shares, if authorised by the terms of issue of the Shares being redeemed or purchased or with the agreement
of the holder of such Shares, make such payment either in cash or in specie including, without limitation, interests in a special purpose
vehicle holding assets of the Company or holding entitlement to the proceeds of assets held by the Company or in a liquidating structure.

**TREASURY SHARES**

26. Shares that the Company purchases, redeems or acquires (by way of surrender
or otherwise) may, at the option of the Company, be cancelled immediately or held as Treasury Shares in accordance with the Companies
Act. In the event that the Directors do not specify that the relevant Shares are to be held as Treasury Shares, such Shares shall be cancelled.

27. No dividend may be declared or paid, and no other distribution (whether
in cash or otherwise) of the Company's assets (including any distribution of assets to Shareholders on a winding up) may be declared or
paid in respect of a Treasury Share.

28. The Company shall be entered in the Register of Members as the holder
of the Treasury Shares provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Shareholder for any purpose and shall not exercise any right in
respect of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Companies
Act, save that an allotment of Shares as fully paid bonus shares in respect of Treasury Shares is permitted and Shares allotted as fully
paid bonus shares in respect of Treasury Shares shall be treated as Treasury Shares.

29. Treasury Shares may be disposed of by the Company on any terms and conditions
determined by the Directors.

**MODIFICATION OF RIGHTS**

30. If at any time the share capital of the Company is divided into different
Classes of Shares, the rights attached to any Class (unless otherwise provided by the terms of issue of the Shares of that Class) may,
whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of that Class where such
variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be
made only with the consent in writing of the holders of not less than a majority of the issued Shares of that Class, or with the approval
of a resolution passed by a majority of the votes cast at a separate meeting of the holders of the Shares of that Class. For the avoidance
of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent
from the holders of Shares of the relevant Class. To any such meeting, all the provisions of these Articles relating to general meetings
shall apply *mutatis mutandis*, except that the necessary quorum shall be any one or more persons holding or representing by proxy
not less than a majority of the issued Shares of that Class (provided that, if at any adjourned meeting of such holders a quorum as above
defined is not present, those Shareholders who are present shall form a quorum).

31. For the purposes of a separate Class meeting, the Directors may treat
two or more or all of the Classes of Shares as forming one Class of Shares if the Directors consider that such Classes of Shares would
be affected in the same way by the proposals under consideration, but in any other case shall treat them as separate Classes of Shares.

32. The rights conferred upon the holders of the Shares of any Class shall
not, unless otherwise expressly provided by the terms of issue of the Shares of that Class, be deemed to be varied by: (i) the creation
or issue of further shares ranking pari passu therewith; (ii) the redemption or purchase of any Shares of any Class by the Company; (iii)
the cancellation of authorised but unissued Shares of that Class; or (iv) the creation or issue of Shares with preferred or other rights
including, without limitation, the creation of any Class or issue of Shares.

**COMMISSION ON SALES OF SHARES**

33. The Company may, in so far as the Companies Act
permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally)
or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied
by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage
as may be lawful.

**SHARE CERTIFICATES**

34. The Shares will be issued in fully registered, book-entry form. A Shareholder
shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued. Share certificates representing
Shares, if any, shall be in such form as the Directors may determine. Share certificates shall be signed by one or more Directors or other
person authorised by the Directors. The Directors may authorise certificates to be issued with the authorised signature(s) affixed by
mechanical process. All certificates for Shares shall be consecutively numbered or otherwise identified and shall specify the Shares to
which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject to these Articles, no new
certificate shall be issued until the former certificate representing a like number of relevant Shares shall have been surrendered and
cancelled.

35. If a share certificate is defaced, worn out, lost or destroyed it may
be renewed on such terms (if any) as to evidence and indemnity and on payment of such fee, if any, and on such terms if any, as to evidence
and obligations to indemnify the Company as the Board of Directors may determine and (in the case of defacement or wearing out) upon delivery
of the old certificate.

36. Every share certificate sent in accordance with these Articles will
be sent at the risk of the Shareholder or other person entitled to the certificate. The Company will not be responsible for any share
certificate lost or delayed in the course of delivery.

37. Every share certificate of the Company shall bear legends required under
Applicable Law, including the US Exchange Act.

**TRANSFER AND TRANSMISSION OF SHARES**

38. Subject to these Articles and the rules or regulations of the Designated
Stock Exchange or any relevant rules of the SEC or securities laws (including, but not limited to the US Exchange Act), a Shareholder
may transfer all or any of his, her or its Shares.

39. Restricted Shares shall be subject to lock-up unless and until released
from lock-up in accordance with this Article 39. Restricted Shares shall be released from lock-up as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) five percent (5%) of the Restricted Shares shall be released from lock-up immediately upon the Registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an additional five percent (5%) of the Restricted Shares shall be released from lock-up on each month
following the Registration; provided that, in each such month, the volume weighted-average trading price of the Class A Ordinary Shares
on the Designated Stock Exchange is greater than ten dollars ($10.00) per Share for at least twenty (20) out of the applicable number
of trading days of that month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all remaining Restricted Shares shall be released from lock-up on the earlier to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Directors, in their sole and absolute discretion, resolving to release such Restricted Shares from
lock-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the volume weighted-average trading price of the Class A Ordinary Shares on the Designated Stock Exchange
exceeding twenty dollars ($20.00) for at least sixty (60) out of any ninety (90) day period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the second anniversary of the consummation of the Business Combination.

Each release of Restricted Shares from lock-up pursuant to the foregoing clauses (a) through (c) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) apply to each holder of Restricted Shares for the time being on a *pro rata* basis (to be determined
by reference to the number of Restricted Shares held by each such holder relative to the total number of Restricted Shares held by all
such holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) occur automatically without the need for any further action by the Directors upon the occurrence of the
relevant circumstances, and (if applicable) the satisfaction of the relevant conditions, specified above.

Additionally, and without limiting the foregoing provisions of this Article 39, the Directors shall have the power, at any time and from to time, to release from lock-up Restricted Shares held by one or more Shareholders in their sole and absolute discretion. As used in this Article 39, "**lock-up**" means that the Restricted Shares shall not be capable of, and shall be restricted from, being transferred unless and until such Restricted Shares are released from lock-up in accordance with this Article 39.

40. The instrument of transfer of any Share shall be in: (a) any usual or
common form; (b) such form as is prescribed by the Designated Stock Exchange; or (c) any other form as the Directors may determine, and
shall be executed by or on behalf of the transferor and if in respect of a nil or partly paid up Share, or if so required by the Directors,
shall also be executed on behalf of the transferee and shall be accompanied by the certificate (if any) of the Shares to which it relates
and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferor
shall be deemed to remain the holder of a Share until the name of the transferee is entered in the Register of Members in respect of the
relevant Shares.

41. Subject to the terms of issue thereof and the rules or regulations of
the Designated Stock Exchange or any relevant rules of the SEC or securities laws (including, but not limited to, the US Exchange Act),
the Directors may determine to decline to register any transfer of Shares without assigning any reason therefor.

42. Subject to these Articles and the rules or regulations of the Designated
Stock Exchange, the registration and transfer of Shares may be suspended at such times and for such periods as the Directors may from
time to time determine.

43. All instruments of transfer which are registered shall be retained by
the Company, but any instrument of transfer which the Directors may decline to register shall (except in any case of fraud) be returned
to the person depositing the same.

44. In case of the death of a Shareholder, the survivors or survivor (where
the deceased was a joint holder) and the executors or administrators of the deceased where the deceased was the sole or only surviving
holder, shall be the only persons recognised by the Company as having title to the deceased's interest in the Shares, but nothing in this
Article shall release the estate of the deceased holder whether sole or joint from any liability in respect of any Share solely or jointly
held by the deceased.

45. Any guardian of an infant Shareholder and any curator or other legal
representative of a Shareholder under legal disability and any person entitled to a share in consequence of the death or bankruptcy of
a Shareholder shall, upon producing such evidence of title as the Directors may require, have the right either to be registered as the
holder of the Share or to make such transfer thereof as the deceased or bankrupt Shareholder could have made, but the Directors shall
in either case have the same right to refuse or suspend registration as they would have had in the case of a transfer of the Shares by
the infant or by the deceased or bankrupt Shareholder before the death or bankruptcy or by the Shareholder under legal disability before
such disability.

46. A person so becoming entitled to a Share in consequence of the death
or bankruptcy of a Shareholder shall have the right to receive and may give a discharge for all dividends and other money payable or other
advantages due on or in respect of the Share, but such person shall not be entitled to receive notice of or to attend or vote at meetings
of the Company, or save as aforesaid, to any of the rights or privileges of a Shareholder unless and until such person shall be registered
as a Shareholder in respect of the Share provided always that the Directors may at any time give notice requiring any such person to elect
either to be registered or to transfer the Share and if the notice is not complied with within ninety (90) days the Directors may thereafter
withhold all dividends or other monies payable or other advantages due in respect of the Share until the requirements of the notice have
been complied with.

**LIEN**

47. The Company shall have a first and paramount lien on all Shares (whether
fully paid-up or not) registered in the name of a Shareholder (whether solely or jointly with others) for all debts, liabilities or engagements
to or with the Company (whether presently payable or not) by such Shareholder or the Shareholder's estate, either alone or jointly with
any other person, whether a Shareholder or not, but the Directors may at any time declare any Share to be wholly or in part exempt from
the provisions of this Article. The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon.
The Company's lien on a Share shall also extend to any amount payable in respect of that Share.

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

49. To give effect to any such sale the Directors may authorise any person
to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or the
purchaser's nominee shall be registered as the holder of the Shares comprised in any such transfer, and the purchaser shall not be bound
to see to the application of the purchase money, nor shall the purchaser's title to the Shares be affected by any irregularity or invalidity
in the sale or the exercise of the Company's power of sale under these Articles.

50. The net proceeds of such sale, after payment of costs, shall be applied
in payment of such part of the amount in respect of which the lien exists as is presently payable and any residue shall (subject to a
like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the
date of the sale.

**CALL ON SHARES**

51. Subject to the terms of the allotment the Directors may from time to
time make calls upon the Shareholders in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and
each Shareholder shall (subject to receiving at least fourteen (14) days' notice specifying the time or times of payment) pay to the Company
at the time or times so specified the amount called on the Shares. A call may be revoked or postponed as the Directors may determine.
A call may be required to be paid by instalments. A person upon whom a call is made shall remain liable for calls made upon them notwithstanding
the subsequent transfer of the Shares in respect of which the call was made.

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

53. The joint holders of a Share shall be jointly and severally liable to
pay all calls in respect thereof.

54. If a call remains unpaid after it has become due and payable, the person
from whom it is due shall pay interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the
Directors may determine, but the Directors may waive payment of the interest wholly or in part.

55. An amount payable in respect of a Share on allotment or at any fixed
date, whether on account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all
the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call.

56. The Directors may issue Shares with different terms as to the amount
and times of payment of calls, or the interest to be paid.

57. The Directors may, if they think fit, receive an amount from any Shareholder
willing to advance all or any part of the monies uncalled and unpaid upon any Shares held by such Shareholder, and may (until the amount
would otherwise become payable) pay interest at such rate as may be agreed upon between the Directors and the Shareholder paying such
amount in advance.

58. No such amount paid in advance of calls shall entitle the Shareholder
paying such amount to any portion of a dividend declared in respect of any period prior to the date upon which such amount would, but
for such payment, become payable.

**FORFEITURE OF SHARES**

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

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

61. A forfeited Share may be sold, re-allotted or otherwise disposed of
on such terms and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture
may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred
to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person.

62. A person any of whose Shares have been forfeited shall cease to be a
Shareholder in respect of them and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall
remain liable to pay to the Company all monies which at the date of forfeiture were payable by such person to the Company in respect of
those Shares together with interest, but such person's liability shall cease if and when the Company shall have received payment in full
of all monies due and payable by such person in respect of those Shares.

63. A certificate in writing under the hand of one Director or officer of
the Company that a Share has been forfeited on a specified date shall be conclusive evidence of the fact as against all persons claiming
to be entitled to the Share. The certificate shall (subject to the execution of any instrument of transfer) constitute a good title to
the Share and the person to whom the Share is disposed of shall not be bound to see to the application of the purchase money, if any,
nor shall such person's title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of the Share.

64. The provisions of these Articles as to forfeiture shall apply in the
case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par
value of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified.

**ALTERATION OF SHARE CAPITAL**

65. The Company may from time to time by Ordinary Resolution increase its
share capital by such sum to be divided into Shares of such Classes and amounts as the resolution shall prescribe.

66. All new Shares shall be subject to the provisions of these Articles
with reference to transfer, transmission and otherwise.

67. Subject to the Companies Act, the Company may by Special Resolution
from time to time reduce its share capital in any way, and in particular, without prejudice to the generality of the foregoing power,
may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel any paid-up share capital which is lost, or which is not represented by available assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay off any paid-up share capital which is in excess of the requirements of the Company,

and may, if and so far as is necessary, alter the Memorandum by reducing the amounts of its share capital and of its Shares accordingly.

68. The Company may from time to time by Ordinary Resolution alter (without
reducing) its share capital by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidating and dividing all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sub dividing its Shares, or any of them, into Shares of smaller amount than that fixed by the Memorandum
so, however, that in the sub division the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in the case of the Share from which the reduced Share is derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancelling any Shares which, at the date of the passing of the Ordinary Resolution, have not been taken,
or agreed to be taken by any person, and diminishing the amount of its authorised share capital by the amount of the Shares so cancelled.

**GENERAL MEETINGS**

69. For so long as any Shares are traded on a Designated Stock Exchange,
the Company shall in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices
calling it, unless such Designated Stock Exchange does not require the holding of an annual general meeting. Any annual general meeting
shall be held at such time and place as the Directors shall appoint in accordance with the rules of the Designated Stock Exchange provided
that Shareholders shall be given at least 120 days' prior notice of the annual general meeting. At these meetings the report of the Directors
(if any) shall be presented.

70. All general meetings other than annual general meetings shall be called
extraordinary general meetings.

71. The Directors may proceed to convene a general meeting whenever they
think fit, including, without limitation, for the purposes of considering a liquidation of the Company, and they shall convene a general
meeting on the requisition of the Shareholders holding at the date of the deposit of the requisition not less than one-third of the votes
that may be cast by all of the issued share capital of the Company as at the date of the deposit carries the right of voting at general
meetings.

72. The requisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must be in writing and state the objects of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must be signed by each requisitionist and deposited at the Registered Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may consist of several documents in like form each signed by one or more requisitionists.

73. If the Directors do not within twenty-one (21) days from the date of
the deposit of the requisition duly proceed to convene a general meeting, the requisitionists, or any of them representing more than one-half
of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held no
later than the day which falls three months after the expiration of the said twenty-one (21) days.

74. A general meeting convened as aforesaid by requisitionists shall be
convened in the same manner as nearly as possible as that in which general meetings are convened by the Directors. A general meeting may
be convened in the Cayman Islands or at such other location, as the Directors think fit.

75. Shareholders seeking to bring business before the annual general meeting
or to nominate candidates for election as Directors at an annual general meeting must deliver notice to the principal executive offices
of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where no annual general meeting of the Company was held in the preceding year or where the annual general
meeting is held more than 30 days before or 70 days after the one-year anniversary of a preceding year's annual general meeting,
notice of a Shareholder proposal must be received no later than the close of business on the later of the 90th day prior to such annual
general meeting and the 10th day following the day on which the public announcement of the date of such meeting is first made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for all other annual general meetings, not later than the close of business on the 90th day nor earlier
than the close of business on the 120th day prior to the scheduled date of the annual general meeting.

76. The only business that may be conducted at an annual general meeting
is business that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is specified in the notice of such meeting (including any supplement thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is brought by or at the direction of the Directors and/or the chairperson of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is otherwise properly brought before such meeting in accordance with these Articles by a Shareholder who
is a Shareholder of record at the time of giving of the notice and, at the time of the annual general meeting, is a Shareholder of record
who is entitled to vote at such meeting and has complied with the notice procedures specified in these Articles.

**NOTICE OF GENERAL MEETINGS**

77. At least five (5) calendar days' notice specifying the place, the day
and the hour of any general meeting and in case of special business the general nature of such business (and, in the case of an annual
general, meeting specifying the meeting as such), shall be given in the manner hereinafter mentioned to such persons as are under these
Articles or the conditions of issue of the Shares held by them entitled to receive notices from the Company. If the Directors determine
that prompt Shareholder action is advisable, they may shorten the notice period for any general meeting to such period as the Directors
consider reasonable.

78. A general meeting shall, notwithstanding that it is called by shorter
notice than that specified in the preceding Article, be deemed to have been duly called with regard to the length of notice if it is so
agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a meeting called as the annual general meeting by all the Shareholders entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting by a majority in number of the Shareholders having a right to attend
and vote at the meeting, being a majority together holding not less than ninety-five (95) per cent, by par value, of the Shares giving
that right.

79. In every notice calling a general meeting, there shall appear with reasonable
prominence a statement that a Shareholder entitled to attend and vote either (i) is entitled to appoint one or more proxies to attend
such meeting and vote instead of such Shareholder and that a proxy need not also be a Shareholder or (ii) has appointed a proxy who, unless
such appointment is revoked, will attend such meeting and vote on behalf of such Shareholder.

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

**PROCEEDINGS AT GENERAL MEETINGS**

81. All business that is transacted at an extraordinary general meeting
shall be deemed special, and also all business that is transacted at an annual general meeting, with the exception of the consideration
of the accounts and balance sheet and the reports of the Directors and Auditors, the election of Directors in the place of those retiring,
the appointment of additional Directors and the fixing of the remuneration of the Directors, shall be deemed special.

82. No business shall be transacted at any general meeting unless a quorum
is present. Save as otherwise provided in these Articles a quorum shall be the presence, in person or by proxy, of one or more persons
holding at least a majority in par value of the issued Shares which confer the right to attend and vote thereat.

83. Save as otherwise provided for in these Articles, if within half an
hour from the time appointed for the meeting a quorum is not present, the meeting, if convened on the requisition of or by Shareholders,
shall be dissolved. In any other case it shall stand adjourned to the same day in the next week, at the same time and place or to such
other day and at such other time and place as the Directors may determine and if at such adjourned meeting a quorum is not present within
fifteen (15) minutes from the time appointed for holding the meeting, the Shareholders present shall be a quorum.

84. A person may, with the consent of the Directors, participate at a general
meeting by means of telephone, video or similar communication equipment by way of which all persons participating in such meeting can
hear each other and such participation shall be deemed to constitute presence in person at such meeting.

85. The Chairperson (if any) or, if the Chairperson is not present within
fifteen (15) minutes after the time appointed for holding the meeting or is unwilling to act as chairperson of the meeting, some other
Director nominated by the Directors shall preside as chairperson at every general meeting, but if at any meeting neither the Chairperson
nor such other Director be present within fifteen (15) minutes after the time appointed for holding the meeting, or if neither of them
be willing to act as chairperson of the meeting, the Shareholders present shall choose some Shareholder present to be chairperson of the
meeting.

86. The chairperson of the meeting may with the consent of any meeting at
which a quorum is present (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place but
no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from
which the adjournment took place. The chairperson of the meeting may adjourn any meeting without the consent of such meeting if, in his
sole opinion, he considers it necessary to do so to: secure the orderly conduct or proceedings of the meeting; or give all persons present
in person or by proxy and having the right to speak and/or vote at such meeting, the ability to do so, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting
is adjourned for ten (10) days or more, seven (7) days' notice at the least specifying the place, the day and the hour of the adjourned
meeting, shall be given as in the case of the original meeting but it shall not be necessary to specify in such notice the nature of the
business to be transacted at the adjourned meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment
or of the business to be transacted at an adjourned meeting.

87. The Directors may cancel or postpone any duly
convened general meeting at any time prior to such meeting, except for general meetings requisitioned by the Shareholders in accordance
with these Articles, for any reason or for no reason at any time prior to the time for holding such meeting or, if the meeting is adjourned,
the time for holding such adjourned meeting. The Directors shall give the Shareholders notice in writing of any cancellation or postponement.
A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

88. At any general meeting, a resolution put to the vote of the meeting
shall be decided by a poll and not on a show of hands.

89. A poll shall be taken in such manner as the chairperson of the meeting
directs, and the result of the poll shall be deemed to be the resolution of the meeting.

90. All questions submitted to a meeting shall be decided by an Ordinary
Resolution except where a greater majority is required by these Articles or by the Companies Act. In the case of an equality of votes,
the chairperson of the meeting shall not be entitled to a second or casting vote and the resolution in question shall not be passed.

91. A poll shall be taken forthwith or at such time as the chairperson of
the meeting directs.

**VOTES OF SHAREHOLDERS**

92. Subject to any rights or restrictions attached to any Shares, on a poll,
every holder of Shares, present in person or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each Share
held by them.

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

94. A Shareholder who has appointed special or general attorneys or a Shareholder
who is subject to a disability may vote on a poll, by such Shareholder's attorney, committee, receiver, curator bonis or other person
in the nature of a committee, receiver, or curator bonis appointed by a court and such attorney, committee, receiver, curator bonis or
other person may on a poll vote by proxy; provided that such evidence as the Directors may require of the authority of the person claiming
to vote shall, unless otherwise waived by the Directors, have been deposited at the Registered Office not less than forty-eight (48) hours
before the time for holding the meeting or adjourned meeting at which such person claims to vote.

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

96. On a poll votes may be given either personally or by proxy and a Shareholder
entitled to more than one vote need not, if the Shareholder votes, use all their votes or cast all the votes the Shareholder uses in the
same way.

97. The instrument appointing a proxy shall be in writing under the hand
of the appointor or of the appointor's attorney duly authorised in writing, or if the appointor is a corporation, either under its common
seal or under the hand of an officer or attorney so authorised.

98. Any person (whether a Shareholder or not) may be appointed to act as
a proxy. A Shareholder may appoint more than one proxy to attend on the same occasion.

99. The instrument appointing a proxy and the power of attorney or other
authority (if any) under which it is signed, or a certified copy of such power or authority, must be deposited at the Registered Office,
or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company,
no later than the time appointed for holding the meeting or adjourned meeting; provided that the chairperson of the meeting may in the
chairperson's discretion accept an instrument of proxy sent by fax, email or other electronic means.

100. An instrument of proxy shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be in any common form or in such other form as the Directors may approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be deemed to confer authority to vote on any amendment of a resolution put to the general meeting for
which it is given as the proxy thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to its terms, be valid for any adjournment of the general meeting for which it is given.

101. The Directors may at the expense of the Company send to the Shareholders
instruments of proxy (with or without prepaid postage for their return) for use at any general meeting, either in blank or nominating
in the alternative any one or more of the Directors or any other persons. If for the purpose of any meeting invitations to appoint as
proxy a person or one of a number of persons specified in the invitations are issued at the expense of the Company, such invitations shall
be issued to all (and not to some only) of the Shareholders entitled to be sent a notice of the meeting and to vote thereat by proxy.

102. A vote given in accordance with the terms of an instrument of proxy
shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of proxy, or of the authority
under which the instrument of proxy was executed; provided that no intimation in writing of such death, insanity, revocation or transfer
shall have been received by the Company at the Registered Office before commencement of the meeting or adjourned meeting at which the
instrument of proxy is used.

103. Anything which under these Articles a Shareholder may do by proxy that
Shareholder may also do by a duly appointed attorney. The provisions of these Articles relating to proxies and instruments appointing
proxies apply, *mutatis mutandis*, to any such attorney and the instrument appointing that attorney.

104. Any Shareholder which is a corporation or partnership may, by a resolution
of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting or meetings
of the Company. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation or partnership as
the corporation or partnership could exercise if it were a Shareholder who was an individual and such corporation or partnership shall
for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present.

**CLEARING HOUSES**

105. If a clearing house (or its nominee(s)), being a corporation, is a Shareholder
it may, by resolution of its directors or other governing body or by power of attorney, authorise such person or persons as it thinks
fit to act as its representative or representatives at any general meeting or at any meeting of any class of Shareholders provided that,
if more than one person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each such
person is so authorised. A person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the
clearing house (or its nominee) which that person represents as that clearing house (or its nominee) could exercise if it were an individual
Shareholder holding the number and Class of Shares specified in such authorisation, notwithstanding any contrary provision contained in
these Articles.

**WRITTEN RESOLUTIONS OF SHAREHOLDERS**

106. No resolution of the Shareholders shall be valid or effective unless
passed at a duly convened general meeting of the Shareholders and, for the avoidance of doubt, the Shareholders shall not have the power
to pass resolutions in writing in lieu of a meeting.

**DIRECTORS**

107. There shall be a Board of Directors consisting of not less than three
(3) persons, provided, however, that the Directors may from time to time increase or reduce the limits in the number of Directors.

108. A Director need not be a Shareholder but shall be entitled to receive
notice of and attend all general meetings.

109. The Directors shall be divided into three classes designated as Class
I, Class II and Class III, respectively. Each class shall consist of as nearly equal numbers of Directors as possible and Directors shall
be assigned to each class in accordance with a resolution or resolutions adopted by the Board of Directors. Upon adoption of these Articles,
the existing Directors shall by resolution classify themselves as Class I, Class II or Class III Directors. The Class I Directors shall
stand appointed for a term expiring at the Company's first annual general meeting after the adoption of these Articles, the Class
II Directors shall stand appointed for a term expiring at the Company's second annual general meeting after the adoption of these
Articles and the Class III Directors shall stand appointed for a term expiring at the Company's third annual general meeting after
the adoption of these Articles. Commencing at the Company's first annual general meeting after the adoption of these Articles, and
at each annual general meeting thereafter, Directors appointed to succeed those Directors whose terms expire (including Directors re-appointed
at the expiry of such terms) shall be appointed by Ordinary Resolution for a term of office to expire at the third succeeding annual general
meeting after their appointment. Except as the Companies Act or other applicable law may otherwise require, in the interim between annual
general meetings or extraordinary general meetings called for the appointment of Directors and/or the removal of one or more Directors
and the filling of any vacancy in that connection, additional Directors and any vacancies in the board of Directors, including unfilled
vacancies resulting from the removal of Directors pursuant to these Articles, may be filled by the vote of a majority of the remaining
Directors then in office (notwithstanding that such remaining Directors may be insufficient to form a quorum for a meeting of Directors
in accordance with these Articles). Notwithstanding the foregoing provisions of this Article, each Director shall hold office until the
expiration of his or her term, until his or her successor shall have been duly elected and qualified or until his or her earlier death,
resignation or removal in accordance with these Articles. A Director appointed to fill a vacancy resulting from the death, resignation
or removal of a Director shall serve for the remainder of the full term of the Director whose death, resignation or removal shall have
created such vacancy.

110. The Directors, by majority vote, may appoint any person to be a Director,
either to fill a vacancy or as an additional Director; provided that the appointment does not cause the number of Directors to exceed
any number fixed by or in accordance with these Articles as the maximum number of Directors. Any Director appointed in accordance with
the preceding sentence shall hold office for the remainder of the full term of the class of Directors in which the new directorship was
created or the vacancy occurred and until such Director's successor shall have been duly elected and qualified or until his or her earlier
resignation, death or removal. When the number of Directors is increased or decreased, the Board of Directors shall, subject to Article
109, determine the class or classes to which the increased or decreased number of Directors shall be apportioned; provided, however, that
no decrease in the number of Directors shall shorten the term of any incumbent Director.

111. Each Director shall be entitled to such remuneration as approved by
the Board of Directors and this may be in addition to such remuneration as may be payable under any other provision of these Articles.
Such remuneration shall be deemed to accrue from day to day. The Directors and the Secretary may also be paid all travelling, hotel and
other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or
general meetings or in connection with the business of the Company. The Directors may, in addition to such remuneration as aforesaid,
grant special remuneration to any Director who, being called upon, shall perform any special or extra services to or at the request of
the Company.

112. The office of a Director shall be vacated on the occurrence of any of
the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Director resigns their office by notice in writing signed by that Director and left at the Registered
Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Director is absent from three consecutive meetings of the Board of Directors without special leave
of absence from the Directors, and the Directors pass a resolution determining that the relevant Director has by reason of such absence
vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Director becomes bankrupt or makes any arrangement or composition with such Director's creditors
generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Director dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Director ceases to be a Director by virtue of, or becomes prohibited from being a Director by reason
of, an order made under any provisions of any law or enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the Director is removed from office by notice addressed to such Director at their last known address
and signed by a majority of the co-Directors (not being less than two in number); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Director is removed from office by Ordinary Resolution.

**TRANSACTIONS WITH DIRECTORS**

113. A Director may hold any other office or place of profit under the Company
(other than the office of Auditor) in conjunction with their office of Director on such terms as to tenure of office and otherwise as
the Directors may determine.

114. No Director or intending Director shall be disqualified by their office
from contracting with the Company either as vendor, purchaser or otherwise, nor shall any such contract or any contract or arrangement
entered into by or on behalf of the Company in which any Director is in any way interested be liable to be avoided, nor shall any Director
so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement
by reason of such Director holding that office or of the fiduciary relationship thereby established, but the nature of the Director's
interest must be declared by such Director at the meeting of the Directors at which the question of entering into the contract or arrangement
is first taken into consideration, or if the Director was not at the date of that meeting interested in the proposed contract or arrangement,
then at the next meeting of the Directors held after such Director becomes so interested, and in a case where the Director becomes interested
in a contract or arrangement after it is made, then at the first meeting of the Directors held after such Director becomes so interested.

115. In the absence of some other material interest than is indicated below,
provided a Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with the Company
declares (whether by specific or general notice) the nature of their interest at a meeting of the Directors that Director may vote in
respect of any contract or proposed contract or arrangement notwithstanding that such Director may be interested therein and if such Director
does so their vote shall be counted and such Director may be counted in the quorum at any meeting of the Directors at which any such contract
or proposed contract or arrangement shall come before the meeting for consideration.

116. Where proposals are under consideration concerning the appointment (including
fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company or any company in which
the Company is interested, such proposals may be divided and considered in relation to each Director separately and in such cases each
of the Directors concerned shall be entitled to vote (and be counted in the quorum) in respect of each resolution except that concerning
the Director's own appointment.

117. Any Director may act independently or through the Director's firm in
a professional capacity for the Company, and the Director or the firm shall be entitled to remuneration for professional services as if
the Director were not a Director, provided that nothing herein contained shall authorise a Director or the Director's firm to act as Auditor
to the Company.

118. Any Director may continue to be or become a director, managing director,
manager or other officer or shareholder of any company promoted by the Company or in which the Company may be interested, and no such
Director shall be accountable for any remuneration or other benefits received by the Director as a director, managing director, manager
or other officer or shareholder of any such other company. The Directors may exercise the voting power conferred by the shares in any
other company held or owned by the Company or exercisable by them as directors of such other company, in such manner in all respects as
they think fit (including the exercise thereof in favour of any resolution appointing themselves or any of them directors, managing directors
or other officers of such company, or voting or providing for the payment of remuneration to the directors, managing directors or other
officers of such company).

119. A general notice that a Director is a shareholder, director, officer
or employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be
sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction between such firm or company
and the Company (and after such general notice it shall not be necessary to give special notice relating to any particular transaction
between such firm or company and the Company).

**POWERS OF DIRECTORS**

120. The business of the Company shall be managed by the Directors, who may
exercise all such powers of the Company as are not by the Companies Act or by these Articles required to be exercised by the Company in
general meeting, subject nevertheless to any regulations of these Articles, to the Companies Act, and to such regulations being not inconsistent
with the aforesaid regulations or provisions as may be prescribed by the Company in general meeting, but no regulations made by the Company
in general meeting shall invalidate any prior act of the Directors which would have been valid if such regulations had not been made.
The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by
any other Article.

121. The Directors may from time to time and at any time by power of attorney
appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Directors, to
be the attorney or attorneys of the Company for such purposes and with such powers authorities and discretions (not exceeding those vested
in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and
any such appointment may contain such provisions for the protection and convenience of persons dealing with any such attorneys as the
Directors may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions
vested in such attorney. The Directors may also appoint any person to be the agent of the Company for such purposes and with such powers,
authorities and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and
on such conditions as they determine, including authority for the agent to delegate all or any of their powers.

122. The Directors on behalf of the Company may pay
a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company
or to the Director's widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any
such gratuity, pension or allowance.

123. The Directors may exercise all the powers of the
Company to borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any
part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for
any debt, liability or obligation of the Company or of any third party.

124. The Directors shall have the authority to present
a winding up petition on behalf of the Company without the sanction of a resolution passed by the Company in general meeting.

125. All cheques, promissory notes, drafts, bills of exchange and other negotiable
or transferable instruments drawn by the Company, and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed
or otherwise executed, as the case may be, in such manner as the Directors shall from time to time by resolution determine.

**PROCEEDINGS OF DIRECTORS**

126. The Directors may meet together for the dispatch of business, adjourn
and otherwise regulate their meetings, as they think fit. Questions and matters arising at any meeting shall be determined by a majority
of votes. In the case of an equality of votes on any matter, the Chairperson shall not have a second or casting vote. A Director may,
and the Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

127. A Director or Directors may participate in any meeting of the Directors,
or of any committee appointed by the Board of Directors of which such Director or Directors are members, by means of telephone, video
or similar communication equipment by way of which all persons participating in such meeting can hear each other and such participation
shall be deemed to constitute presence in person at the meeting.

128. The quorum necessary for the transaction of the business of the Directors
shall be a majority in number of the Directors then in office.

129. The continuing Directors or a sole continuing Director may act notwithstanding
any vacancies in their number, but if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance
with these Articles the continuing Directors or Director may act for the purpose of filling up vacancies in their number, or of summoning
general meetings, but not for any other purpose. If there be no Directors or Director able or willing to act, then any two Shareholders
may summon a general meeting for the purpose of appointing Directors.

130. The Directors may from time to time elect and remove a chairperson of
the Board of Directors (the Chairperson) and, if they think fit, a deputy chairperson of the
Board of Directors (the Deputy Chairperson) and determine the period for which they respectively
are to hold office. The Chairperson or, failing them, the Deputy Chairperson shall preside at all meetings of the Directors, but if there
be no Chairperson or Deputy Chairperson, or if at any meeting the Chairperson or Deputy Chairperson be not present within five (5) minutes
after the time appointed for holding the same, the Directors present may choose one of their number to serve as the chairperson of the
meeting.

131. A meeting of the Directors for the time being at which a quorum is present
shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.

132. Without prejudice to the powers conferred by these Articles, the Directors
may delegate any of their powers to committees consisting of such member or members of their body as they think fit. Any committee so
formed shall, in the exercise of the powers so delegated, conform to any regulations that may be imposed on them by the Directors. The
Directors may, by power of attorney or otherwise, appoint any person to be an agent of the Company on such condition as the Directors
may determine, provided that the delegation is not to the exclusion of their own powers.

133. The meetings and proceedings of any such committee consisting of two
or more Directors shall be governed by the provisions of these Articles regulating the meetings and proceedings of the Directors so far
as the same are applicable and are not superseded by any regulations made by the Directors under the preceding Article.

134. The Directors may appoint such officers as they consider necessary on
such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the
Directors may think fit. Unless otherwise specified in the terms of the officer's appointment an officer may be removed by resolution
of the Directors or Shareholders.

135. All acts done by any meeting of Directors, or of a committee of Directors
or by any person acting as a Director, shall, notwithstanding it be afterwards discovered that there was some defect in the appointment
of any such Director or person acting as aforesaid, or that they or any of them were disqualified, or had vacated office, or were not
entitled to vote, be as valid as if every such person had been duly appointed, and was qualified and had continued to be a Director and
had been entitled to vote.

136. The Directors shall cause minutes to be made of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee of Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings of all meetings of the Company and of the Directors and of any committee
of Directors.

Any such minutes, if purporting to be signed by the chairperson of the meeting at which the proceedings took place, or by the chairperson of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of the proceedings.

**WRITTEN RESOLUTIONS OF DIRECTORS**

137. A resolution in writing signed by all of the Directors for the time
being entitled to attend and vote at a meeting of the Directors shall be as valid and effective as a resolution passed at a meeting of
the Directors duly convened and held and may consist of several documents in the like form each signed by one or more of the Directors.

**PRESUMPTION OF ASSENT**

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

**BORROWING POWERS**

139. The Directors may exercise all the powers of the Company to borrow money
and hypothecate, mortgage, charge or pledge its undertaking, property, and assets or any part thereof, and to issue debentures, debenture
stock or other securities, whether outright or as collateral security for any debt liability or obligation of the Company or of any third
party.

**SECRETARY**

140. The Directors may appoint any person to be a Secretary who shall hold
office for such term, at such remuneration and upon such conditions and with such powers as they think fit. Any Secretary so appointed
by the Directors may be removed by the Directors or by the Company by Ordinary Resolution. Anything required or authorised to be done
by or to the Secretary may, if the office is vacant or there is for any other reason no Secretary capable of acting, be done by or to
any assistant or deputy Secretary or if there is no assistant or deputy Secretary capable of acting, by or to any officer of the Company
authorised generally or specially in that behalf by the Directors, provided that any provisions of these Articles requiring or authorising
a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both
as Director and as, or in the place of, the Secretary.

141. No person shall be appointed or hold office as Secretary who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sole Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation the sole director of which is the sole Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sole director of a corporation which is the sole Director.

**THE SEAL**

142. The Directors shall provide for the safe custody of the Seal and the
Seal shall never be used except by the authority of a resolution of the Directors or of a committee of the Directors authorised by the
Directors in that behalf. The Directors may keep for use outside the Cayman Islands a duplicate Seal. The Directors may from time to time
as they see fit (subject to the provisions of these Articles relating to share certificates) determine the persons and the number of such
persons in whose presence the Seal or the facsimile thereof shall be used, and until otherwise so determined the Seal or the duplicate
thereof shall be affixed in the presence of any one Director or the Secretary, or of some other person duly authorised by the Directors.

**DIVIDENDS, DISTRIBUTIONS AND RESERVES**

143. Subject to the Companies Act, these Articles, and the special rights
attaching to Shares of any Class, the Directors may, in their absolute discretion, declare dividends and distributions on Shares in issue
and authorise payment of the dividends or distributions out of the funds of the Company lawfully available therefor. No dividend or distribution
shall be paid except out of the realised or unrealised profits of the Company, or out of the Share Premium Account, or as otherwise permitted
by the Companies Act.

144. Except as otherwise provided by the rights attached to Shares, or as
otherwise determined by the Directors, all dividends and distributions in respect of Shares shall be declared and paid according to the
par value of the Shares that a Shareholder holds. If any Share is issued on terms providing that it shall rank for dividend or distribution
as from a particular date, that Share shall rank for dividend or distribution accordingly.

145. The Directors may deduct and withhold from any dividend or distribution
otherwise payable to any Shareholder all sums of money (if any) then payable by the Shareholder to the Company on account of calls or
otherwise or any monies which the Company is obliged by law to pay to any taxing or other authority.

146. The Directors may declare that any dividend or distribution be paid
wholly or partly by the distribution of specific assets and in particular of shares, debentures or securities of any other company or
in any one or more of such ways and, where any difficulty arises in regard to such distribution, the Directors may settle the same as
they think expedient and in particular may issue fractional Shares and fix the value for distribution of such specific assets or any part
thereof and may determine that cash payments shall be made to any Shareholder upon the basis of the value so fixed in order to adjust
the rights of all Shareholders and may vest any such specific assets in trustees as may seem expedient to the Directors.

147. Any dividend, distribution, interest or other monies payable in cash
in respect of Shares may be paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered
address of the holder or, in the case of joint holders, to the registered address of the holder who is first named on the Register of
Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall
(unless the Directors in their sole discretion otherwise determine) be made payable to the order of the person to whom it is sent. Any
one of two or more joint holders may give effectual receipts for any dividends, bonuses, or other monies payable in respect of the Share
held by them as joint holders.

148. Any dividend or distribution which cannot be paid to a Shareholder and/or
which remains unclaimed after six (6) months from the date of declaration of such dividend or distribution may, in the discretion of the
Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted as a trustee in respect
of that account and the dividend or distribution shall remain as a debt due to the Shareholder. Any dividend or distribution which remains
unclaimed after a period of six years from the date of declaration of such dividend or distribution shall be forfeited and shall revert
to the Company.

149. No dividend or distribution shall bear interest against the Company.

**SHARE PREMIUM ACCOUNT**

150. The Directors shall establish an account on the books and records of
the Company to be called the Share Premium Account and shall carry to the credit of such account from time to time a sum equal to the
amount or value of the premium paid on the issue of any Share.

**ACCOUNTS**

151. The Directors shall cause proper books of account to be kept with respect
to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place,
all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be
kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and
to explain its transactions.

152. The books of account shall be kept at the Registered Office or at such
other place as the Directors think fit, and shall always be open to inspection by the Directors.

153. The Board of Directors shall from time to time determine whether and
to what extent and at what time and places and under what conditions or articles the accounts and books of the Company or any of them
shall be open to the inspection of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right of
inspection of any account or book or document of the Company except as conferred by law or authorised by the Board of Directors or by
resolution of the Shareholders.

**AUDIT**

154. The accounts relating to the Company's affairs shall be audited in such
manner as may be determined from time to time by resolution of the Shareholders or failing any such determination, by the Board of Directors,
or failing any determination as aforesaid, shall not be audited.

155. Without prejudice to the freedom of the Directors to establish any other
committee, if any of the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required
by the Designated Stock Exchange, the Directors shall establish and maintain an audit committee (the Audit Committee)
as a committee of the Board of Directors and shall adopt a formal written audit committee charter and review and assess the adequacy of
the formal written charter on an annual basis. The composition and responsibilities of the Audit Committee shall comply with the rules
and regulations of the SEC and the Designated Stock Exchange. The Audit Committee shall meet at least once every financial quarter, or
more frequently as circumstances dictate.

156. If any of the Shares (or depositary receipts therefor) are listed or
quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing
basis and shall utilise the Audit Committee for the review and approval of potential conflicts of interest.

157. The remuneration of the Auditor shall be fixed by the Audit Committee,
if one exists, and otherwise by the Board of Directors.

**NOTICES**

158. Except as otherwise provided in these Articles and subject to the Designated
Stock Exchange Rules, at the discretion of the Board, any notice or document may be served by the Company to any Shareholder either personally,
or by posting it by airmail or by courier service in a prepaid letter addressed to such Shareholder at his or her address as appearing
in the Register of Members, or by electronic mail to any electronic mail address such Shareholder may have specified in writing for the
purpose of such service of notices, or by facsimile to any facsimile number such Shareholder may have specified in writing for the purpose
of such service of notices, or by placing it on the Company's Website should the Board deem it appropriate.

159. Any notice or document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five (5) days after the time when the letter containing the
same is posted;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) courier service, shall be deemed to have been served three (3) days after the time when the letter containing
the same is delivered to the courier service;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing it on the Company's Website, shall be deemed to have been served immediately upon the time when
the same is placed on the Company's Website.

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

161. In the case of joint holders of a Share, all notices shall be given
to that one of the joint holders whose name stands first in the Register of Members in respect of the joint holding, and notice so given
shall be sufficient notice to all the joint holders.

162. Any Shareholder present, either personally or by proxy, at any meeting
of the Company shall for all purposes be deemed to have received due notice of such meeting and, where requisite, of the purposes for
which such meeting was convened.

163. Any summons, notice, order or other document required to be sent to
or served upon the Company, or upon any officer of the Company may be sent or served by leaving the same or sending it through the post
in a prepaid letter envelope or wrapper, addressed to the Company or to such officer at the Registered Office.

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

**WINDING UP AND FINAL DISTRIBUTION OF ASSETS**

165. If the Company shall be wound up the liquidator shall apply the assets
of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit.

166. If the Company shall be wound up, and the assets available for distribution
amongst the Shareholders shall be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly
as may be, the losses shall be borne by the Shareholders in proportion to the par value of the Shares held by them. If in a winding up
the assets available for distribution amongst the Shareholders shall be more than sufficient to repay the whole of the share capital at
the commencement of the winding up, the surplus shall be distributed amongst the Shareholders in proportion to the par value of the Shares
held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due of
all monies payable to the Company for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of Shares
issued upon special terms and conditions.

167. If the Company shall be wound up (whether the liquidation is voluntary,
under supervision or by the Court) the liquidator may, with the authority of a Special Resolution, divide among the Shareholders in specie
the whole or any part of the assets of the Company, and whether or not the assets shall consist of property of a single kind, and may
for such purposes set such value as the liquidator deems fair upon any one or more class or classes of property, and may determine how
such division shall be carried out as between the Shareholders. The liquidator may, with the like authority, vest any part of the assets
in trustees upon such trusts for the benefit of Shareholders as the liquidator, with the like authority, shall think fit, and the liquidation
of the Company may be closed and the Company dissolved, but so that no Shareholder shall be compelled to accept any Shares in respect
of which there is liability.

**INDEMNITY**

168. Every Director or officer of the Company shall be indemnified out of
the assets of the Company against any liability incurred by that Director or officer as a result of any act or failure to act in carrying
out their functions other than such liability (if any) that the Director or officer may incur by their own actual fraud, wilful default
or wilful neglect. No such Director or officer shall be liable to the Company for any loss or damage in carrying out their functions unless
that liability arises through the actual fraud, wilful default or wilful neglect of such Director or officer. References in this Article
to actual fraud, wilful default or wilful neglect mean a finding to such effect by a competent court in relation to the conduct of the
relevant party.

169. The Directors shall have the power to purchase and maintain insurance
for the benefit of any person who is or was a Director or officer of the Company indemnifying them against any liability which may lawfully
be insured against by the Company.

**DISCLOSURE**

170. Any Director, officer or authorised agent of the Company shall, if lawfully
required to do so under the laws of any jurisdiction to which the Company is subject or in compliance with the rules of any stock exchange
upon which the Company's shares are listed or in accordance with any contract entered into by the Company, be entitled to release
or disclose any information in their possession regarding the affairs of the Company including, without limitation, any information contained
in the Register of Members.

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

171. For the purpose of determining Shareholders entitled to notice of, or
to vote at any meeting of Shareholders or any adjournment thereof, or Shareholders entitled to receive payment of any dividend or other
distribution, or in order to make a determination of Shareholders for any other purpose, the Directors may, by any means in accordance
with the requirements of any Designated Stock Exchange, provide that the Register of Members shall be closed for transfers for a stated
period which shall not in any case exceed thirty days.

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

173. If no record date is fixed for the determination of Shareholders entitled
to notice of or to vote at a meeting of Shareholders or Shareholders entitled to receive payment of a dividend, the date on which notice
of the meeting is mailed or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be,
shall be the record date for such determination of Shareholders. When a determination of Shareholders entitled to vote at any meeting
has been made in the manner provided in the preceding Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

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

**FINANCIAL YEAR**

175. The Directors shall determine the financial year of the Company and
may change the same from time to time. Unless they determine otherwise, the financial year shall end on 31 December in each year.

**AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION**

176. The Company may from time to time alter or add to these Articles or
alter or add to the Memorandum with respect to any objects, powers or other matters specified therein by passing a Special Resolution.

**CAYMAN ISLANDS DATA PROTECTION**

177. The Company is a "data controller" for the purposes of the
Data Protection Act (as amended) (the DPA). By virtue of subscribing for and holding Shares in
the Company, Shareholders provide the Company with certain information (Personal Data) that constitutes
"personal data" under the DPA. Personal Data includes, without limitation, the following information relating to a Shareholder
and/or any natural person(s) connected with a Shareholder (such as a Shareholder's individual directors, members and/or beneficial owner(s)):
name, residential address, email address, corporate contact information, other contact information, date of birth, place of birth, passport
or other national identifier details, national insurance or social security number, tax identification, bank account details and information
regarding assets, income, employment and source of funds.

178. The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under the Memorandum and these Articles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those relating to anti-money laundering and
counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax information, requests from governmental,
regulatory, tax and law enforcement authorities, beneficial ownership and the maintenance of statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties to whom Personal Data may be transferred,
including to manage and administer the Company, to send updates, information and notices to Shareholders or otherwise correspond with
Shareholders regarding the Company, to seek professional advice (including legal advice), to meet accounting, tax reporting and audit
obligations, to manage risk and operations and to maintain internal records.

179. The Company transfers Personal Data to certain third parties who process
the Personal Data on the Company's behalf, including third party service providers that it appoints or engages to assist with its management,
operation, administration and legal, governance and regulatory compliance. In certain circumstances, the Company may be required by law
or regulation to transfer Personal Data and other information with respect to one or more Shareholders to a governmental, regulatory,
tax or law enforcement authority. That authority may, in turn, exchange this information with another governmental, regulatory, tax or
law enforcement authority established in or outside the Cayman Islands.