# EDGAR Filing Document

**Accession Number:** 0001894057
**File Stem:** 0001104659-25-122067
**Filing Date:** 2025-12
**Character Count:** 31358
**Document Hash:** 29eff14e2b43c111a7ea525e6d92b506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122067.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001104659-25-122067

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41223
- **FILM NUMBER:** 251579710

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

Date of Report (Date of earliest event reported): December 15, 2025

**<u>PAPAYA GROWTH OPPORTUNITY CORP. I</u>**

(Exact name of registrant as specified in its charter)

<u>Delaware</u> <u>001-41223</u> <u>87-3071107</u> <br> (State or other jurisdiction <br> of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification <br> Number)

<u>3500 South Dupont Highway, Suite HX-102, Dover, DE</u> <u>19901</u> <br> (Address of principal executive offices) (Zip Code)

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

**Not Applicable**

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ⌧

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

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

---

On November 11, 2025, the stockholders of Papaya Growth Opportunity Corp. I, a Delaware corporation (**SPAC**"), approved (i) an amendment (the "**Charter Amendment**") to SPAC's Second Amended and Restated Certificate of Incorporation (as amended, the "**Charter**") to extend the date by which SPAC has to consummate a business combination (the "**Combination Period**") to December 19, 2026 (or such earlier date as determined by SPAC's Board of Directors); and (ii) an amendment to SPAC's investment management trust agreement, dated January 13, 2022, with Continental Stock Transfer & Trust Company, as trustee (the "**IMTA**"), to allow the trustee to liquidate the trust account (as amended, the "**Trust Account**") established in connection with SPAC's initial public offering ("**IPO**") at such time as may be determined by SPAC as set forth in the Charter Amendment (the "**IMTA Amendment**"). In accordance with Rule 14c-2 under the Exchange Act, the Charter Amendment and the IMTA Amendment became effective December 15, 2025.

Accordingly, on December 15, 2025, the Charter Amendment was filed with the Delaware Secretary of State and SPAC entered into the IMTA Amendment.

The foregoing descriptions of the Charter Amendment and the IMTA Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of such documents, copies of which are filed as Exhibits 3.1 and 10.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year** |

---

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 5.07.** | **Submission of Matters to a Vote of Security Holders** |

---

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

In connection with the approval and implementation of the Charter Amendment, the holders of 61,828 shares of SPAC's Class A common stock issued in the IPO ("**Public Shares**") exercised their right to redeem their shares for cash at a redemption price of approximately $11.46 per share, for an aggregate redemption amount of approximately $0.7 million. Following such redemptions, 28,222 Public Shares remain outstanding.

**Additional Information and Where to Find It**

As previously reported, SPAC entered into a business combination agreement (as it may be amended or restated from time to time, the "**Business Combination Agreement**") on April 21, 2025, with Forbes & Manhattan Resources Inc., a company incorporated under the laws of the Province of Ontario, Canada ("**F&M**") and F&M Merger Sub 1 Inc., a Delaware corporation ("**Merger Sub**"), pursuant to which Merger Sub would merge with SPAC (the "**Merger**"), with SPAC surviving the Merger (as such surviving corporation, the "**Surviving Corporation**"), and would have become a direct subsidiary of F&M (collectively, the "**Business Combination**").

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

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

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

**Participants in Solicitation**

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

**Forward-Looking Statements**

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

**No Offer or Solicitation**

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

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [3.1](tm2533708d1_ex3-1.htm) | [Certificate of Amendment to Second Amended and Restated Certificate of Incorporation](tm2533708d1_ex3-1.htm) |
| [10.1](tm2533708d1_ex10-1.htm) | [Amendment to the Investment Management Trust Agreement](tm2533708d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
| Dated: December 17, 2025 | **PAPAYA GROWTH OPPORTUNITY CORP. I** | **PAPAYA GROWTH OPPORTUNITY CORP. I** |
|  | By: | /s/ Clay Whitehead |
|  | Name: | Clay Whitehead |
|  | Title: | Chief Executive Officer |

---

## Exhibit 3.1

#### Exhibit 3.1
**CERTIFICATE OF AMENDMENT**

**OF SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF**

**PAPAYA GROWTH OPPORTUNITY CORP. I**

**PAPAYA GROWTH OPPORTUNITY CORP. I, a corporation organized and existing under the laws of the State of Delaware, hereby certifies as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is "Papaya Growth Opportunity Corp. I". The original Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on October 8, 2021. A First Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on November 19, 2021. A Second Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on January 13, 2022, a Certificate of Amendment was filed with the Secretary of State of the State of Delaware on April 12, 2023, a Certificate of Amendment was filed with the Secretary of the State of Delaware on August 31, 2023, a Certificate of Amendment was filed with the Secretary of State of the State of Delaware on February 16, 2024, and a Certificate of Amendment was filed with the Secretary of State of the State of Delaware on January 14, 2025 (as amended, the "**Second Amended and Restated Certificate**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Amendment to the Second Amended and Restated Certificate (this "**Amendment**") further amends the provisions of the Second Amended and Restated Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment has been duly adopted by the affirmative consent of the holders of at least 65% of the outstanding shares of common stock in accordance with the Second Amended and Restated Certificate and the provisions of Section 228 of the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Second Amended and Restated Certificate is hereby amended by deleting Article IX, Section 9.01(b) in its entirety and inserting the following in lieu thereof:

"(b) Immediately after this Offering, a certain amount of the net offering proceeds received by the Corporation in the Offering (including the proceeds of any exercise of the underwriters' over-allotment option) and certain other amounts specified in the Corporation's registration statement on Form S-1, initially filed with the U.S. Securities and Exchange Commission (the "***SEC***") on November 24, 2021 (the "***Registration Statement***"), shall be deposited in a trust account (the "***Trust Account***"), established for the benefit of the Public Stockholders (as defined below) pursuant to a trust agreement described in the Registration Statement. Except for the withdrawal of interest to pay franchise and income taxes, and less interest in an amount up to $100,000 to pay dissolution expenses, none of the funds held in the Trust Account (including the interest earned on the funds held in the Trust Account) will be released from the Trust Account until the earliest to occur of (i) the completion of the initial Business Combination, (ii) the redemption of 100% of the Offering Shares (as defined below) if the Corporation is unable to complete its initial Business Combination by December 19, 2026 (the "***completion window***") (iii) the redemption by the Corporation of 100% of the Offering Shares before the end of the completion window at the sole discretion of the Board (the "***Early Termination Date***") and (iv) the redemption of shares in connection with a vote seeking to amend such provisions of this Second Amended and Restated Certificate as described in Section 9.07. Holders of shares of Common Stock included as part of the units sold in the Offering (the "***Offering Shares***") (whether such Offering Shares were purchased in the Offering or in the secondary market following the Offering and whether or not such holders are the "***Sponsor***" or officers or directors of the Corporation, or affiliates of any of the foregoing) are referred to herein as "***Public Stockholders.***"

[signature page follows]

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Amendment on this 15th day of December, 2025.

---

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

---

## Exhibit 10.1

#### Exhibit 10.1
**AMENDMENT NO. 6 TO INVESTMENT MANAGEMENT TRUST AGREEMENT**

THIS AMENDMENT NO. 6 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this "***Amendment***") is made as of December 15, 2025, by and between Papaya Growth Opportunity Corp. I, a Delaware corporation (the "***Company***"), and Continental Stock Transfer & Trust Company, a New York corporation (the "***Trustee***"). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in the Original Agreement (as defined below).

WHEREAS, on January 19, 2022, the Company consummated an initial public offering (the "***Offering***") of units of the Company, each of which is composed of one share of the Company's Class A common stock, par value $0.0001 per share, and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock;

WHEREAS, $293,250,000 of net proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting Agreement) were delivered to the Trustee to be deposited and held in the segregated Trust Account located in the United States for the benefit of the Company and the holders of Common Stock included in the Units issued in the Offering pursuant to the investment management trust agreement made effective as of January 13, 2022, by and between the Company and the Trustee (as amended, the "***Original Agreement***");

WHEREAS, the Original Agreement was amended on April 12, 2023 to: (i) provide the Company's Board of Directors with the right to extend the date by which the Company has to consummate a business combination (the "***Combination Period***") up to six (6) times for an additional one (1) month each time, from April 19, 2023 to October 19, 2023 and (ii) allow the Company to extend the Combination Period up to

six (6) times for an additional one (1) month each time from April 19, 2023 to October 19, 2023 (the "***First Amendment***");

WHEREAS, the Original Agreement was further amended on August 30, 2023 to: (i) provide the Company's Board of Directors with the right to extend the Combination Period from October 19, 2023 to February 19, 2024 and (ii) allow the Company to extend the Combination Period for an additional one (1) month each time from October 19, 2023 to February 19, 2024 (the "***Second Amendment***");

WHEREAS, the Original Agreement was further amended on December 14, 2023 to expand the list of permitted investments of the Trust Account (the "***Third Amendment***");

WHEREAS, the Original Agreement was further amended on February 16, 2024 to: (i) provide the Company's Board of Directors with the right to extend the Combination Period from February 19, 2024 to January 19, 2025 and (ii) allow the Company to extend the Combination Period for an additional one (1) month each time from February 19, 2024 to January 19, 2025 (the "***Fourth Amendment***");

WHEREAS, the Original Agreement was further amended on January 14, 2025 to: (i) provide the Company's Board of Directors with the right to extend the Combination Period from January 19, 2025 to December 19, 2025 and (ii) allow the Company to extend the Combination Period from January 19, 2025 to December 19, 2025 or such earlier date as determined by the Board (the "***Fifth Amendment***");

WHEREAS, the Company has sought the approval of the holders of its Class A common stock and holders of its Class B common stock, par value $0.0001 per share (together the "***Common Stock***") to: (i) provide the Company's Board of Directors with the right to extend the Combination Period from December 19, 2025 to December 19, 2026 (as extended, the "***Extended Date****")* (the "***Extension Amendment***") and (ii) allow the Company to extend the Combination Period from December 19, 2025 to the Extended Date or such earlier date as determined by the Board in its sole discretion (the "***Trust Amendment***");

WHEREAS, holders of 65% of the then issued and outstanding shares of Common Stock, voting together as a single class, approved the Extension Amendment and the Trust Amendment; and

WHEREAS, the parties desire to amend the Original Agreement, as amended by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment and Fifth Amendment, to, among other things, reflect the amendments contemplated by the Trust Amendment.

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. *Amendments to Trust Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The third WHEREAS clause of the Original Agreement is hereby amended and restated in its entirety as follows:

"WHEREAS, the Company may extend the period by which it has to consummate a Business Combination (as defined below) to the Extended Date or such earlier date as may be determined by the Board in its sole discretion (the "***Extension***"); and"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. *Miscellaneous Provisions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. *Successors.* All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. *Severability.* This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment 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 Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. *Applicable Law.* This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. *Counterparts.* This Amendment may be executed in several original or facsimile counterparts, each of which shall constitute an original, and together shall constitute but one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. *Effect of Headings.* The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. *Entire Agreement.* The Original Agreement, as modified by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

[*Signature page follows*]

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

---

| | |
|:---|:---|
| **Continental Stock Transfer & Trust Company, as Trustee** | **Continental Stock Transfer & Trust Company, as Trustee** |
| By: | /s/ Francis Wolf |
|  | Name: Francis Wolf |
|  | Title: Vice President |
| **Papaya Growth Opportunity Corp. I** | **Papaya Growth Opportunity Corp. I** |
| By: | /s/ Clay Whitehead |
|  | Name: Clay Whitehead |
|  | Title: Chief Executive Officer |

---

 

*[Signature Page to Amendment to Investment Management Trust Agreement]*